Complete news archive

  • CRR boost?

    The European Commission's CRR 2 reforms, which it unveiled last week, include proposals that appear to increase the attractiveness of securitisation in connection with the leverage ratio and net stable funding ratio (NSFR). The package embeds three main Basel 3 elements into EU law: the fundamental review of the trading book (FRTB), the leverage ratio and the NSFR.

    IFRS accounting .......

    News 29 November 2016

  • Strong performance spurs SFR upgrades

    The class B, C and D notes of Invitation Homes 2013-SFR1 have been upgraded by Moody's as a result of the steady build-up in equity in the properties backing the securitisation. IH 2013-SFR1 was the first-ever single-family rental securitisation (SCI 1 November 2013) and the move marks the first-ever upgrade for the segment.

    Moody's has upgraded the class B notes .......

    News Round-up 29 November 2016

  • CCP recovery rules proposed

    The European Commission has proposed new rules to install a recovery and resolution framework to ensure that central counterparties (CCPs) can be dealt with effectively, should they come into financial difficulty. This resolution framework is also aimed at helping to avoid the costs associated with the restructuring of failing CCPs falling on taxpayers.

    The rules require CCPs and authorities to .......

    News Round-up 29 November 2016

  • Class X CMBS cash put aside

    The note trustee for Titan Europe 2006-5, US Bank (previously ABN Amro), has instructed the cash manager to retain €50m to provide for potential liability arising from class X noteholder contentions. As with a further four other Titan deals which are subject to class X noteholder litigation, it is unknown whether additional class X interest following default will ultimately rank .......

    News Round-up 29 November 2016

  • Rare Irish RMBS priced

    Lone Star has privately placed a rare Irish non-conforming RMBS. Dubbed European Residential Loan Securitisation 2016-1, the €536.6m transaction is backed by both performing (representing 32.58% of gross book value) and non-performing (63.81%) mortgages originated by Irish Nationwide Building Society.

    The loans were extended primarily to borrowers in Ireland, although there are £2.07m of loans secured over residential properties located .......

    News 29 November 2016

  • Euro secondary surge

    There is a surge in activity throughout the European securitisation secondary market.

    Activity has picked up across the board following the US holiday last Thursday and this week is seeing a notable pick-up in BWICs either side of month-end. Until now the buying bias remains and spreads have held up in the majority of sectors. However, continuing concern around the .......

    SCIWire 29 November 2016

  • Digging deeper

    US CLOs becoming 'riskier', but investors remain optimistic

    A recent JPMorgan study of 48 US CLOs shows that from 2013 to date there has been an average increase in WARF score from 2,719 to 2,899, while yields have decreased on average 48bp. The findings suggest that investors are not being adequately compensated, but market participants remain optimistic about the sector.

    Mike Terwilliger, md and global portfolio manager for .......

    News Analysis 28 November 2016

  • Developing marketplace

    Key themes discussed as marketplace lending sector evolves

    Representatives from Orchard Platform, MountainView and Global Debt Registry joined SCI over the summer to discuss marketplace lending developments. This Q&A article highlights some of the main talking points from the session, including the importance of thorough due diligence and data verification, regulatory developments and the prospect of market consolidation. The full webinar can be viewed here.

    Q: .......

    Talking Point 28 November 2016

  • French firm makes senior hire

    Cartesia has hired Jérôme Anglade as partner and md. He will be in charge of the CLO and structured credit business, working alongside Tanguy Boullet and Hadrien Carré.

    Anglade has 20 years' experience in structured credit, including 11 years at Morgan Stanley in London, where he was responsible for the European structured credit business. He also has experience in marketplace .......

    Job Swaps 28 November 2016

  • Innovative Griffon deal welcomed

    Griffon Funding - which Barclays closed in September - has been hailed as an innovative model for banks seeking to reduce their regulatory capital requirements. The £2.43bn privately-placed true sale balance sheet CMBS is backed by 57 loans secured by 1,516 properties and over 12,000 lease contracts.

    Carlos Terré, deputy head of structured finance at Scope and lead analyst, states .......

    News 28 November 2016

  • Sporadic issuance projected

    European CMBS new issuance will focus on riskier loans in 2017, according to Moody's. The agency expects volume to be sporadic, as issuance focuses on more complex loans, coupled with bond pricing fluctuations in the wider securitisation market.

    Pricing will continue to be the main restriction for new issuance. Moody's anticipates wider securitisation market volatility, which is in stark contrast .......

    News Round-up 28 November 2016

  • Good credit quality anticipated

    Moody's expects the performance of the Indian, Korean and Singaporean securitisation markets to be stable in 2017. Good credit quality across most asset classes is anticipated.

    "In India, robust growth and low oil prices will underpin stable auto ABS performance, despite the economic disruption from the country's demonetisation," says Yian Ning Loh, a Moody's svp. "In Korea, low unemployment and .......

    News Round-up 28 November 2016

  • Fixed income firm nabs sales duo

    Alcentra has made two new hires to its business development team in London. Nicholas Pont joins as md, senior institutional marketer and Sam Morse as executive director, institutional marketer.

    Pont was previously at PIMCO, where he was head of UK and Ireland business development. In his new role at Alcentra, Pont will be responsible for selling Alcentra's entire suite of .......

    Job Swaps 28 November 2016

  • Liquidity facility reduction agreed

    Unique Pub Finance Co last week canceled £37m out of the £190m liquidity facility amount available to the UK whole business securitisation via an agreement with RBS. Going forward, the liquidity facility amount will be sized to cover the maximum amount of debt service over any future 18-month period, with the amount available for the class M and N notes .......

    News Round-up 28 November 2016

  • Issuance landscape surveyed

    Central bank quantitative easing measures will influence EMEA ABS and RMBS the most, according to half of the market participants recently polled by Moody's. Some consider that such measures are cannibalising issuance, while 45% of those surveyed expect levels to remain stable in 2017.

    "Specialised lenders and non-bank entities will make up an increasing share of issuance in 2017, particularly .......

    News Round-up 28 November 2016

  • SCI Start the Week - 28 November

    A look at the major activity in structured finance over the past seven days.

    Pipeline
    With the week dominated by Thanksgiving, there were few pipeline additions. These amounted to three ABS, an ILS, an RMBS, two CMBS and a CLO.

    CNY4bn Bavarian Sky China 2016-2 Trust, US$709m Labrador Aviation Finance 2016 and Red & Black Auto Lease Germany 2 accounted for the ABS. The ILS was €180m Horse Capital I and the RMBS .......

    News 28 November 2016

  • CLO firm nabs sales pair

    Palmer Square Capital has hired Brad McClintock and Michael Daniel for its business development team. They will focus on expanding the firm's investor outreach across its fund and separately managed accounts.

    McClintock takes up the role of svp in business development at Palmer Square Capital. Prior to this role, he was svp in institutional sales for Scout Investments.

    Daniel will .......

    Job Swaps 25 November 2016

  • Euro risk retention 'agreement reached'

    The European Parliament appears to have reached a consensus on its approach to securitisation. The MEPs responsible for the new securitisation bills are understood to have come to an agreement on risk retention, which had been the main sticking issue.

    Risk retention recommendations ranged from the current 5% right up to 25%, with Rabobank credit analysts attributing a stalemate on .......

    News 25 November 2016

  • Car trouble?

    Auto loan deterioration affects ABS value

    US auto ABS issuance is booming, but collateral continues to deteriorate and delinquencies have climbed by more than 10% year-on-year. With investors required to exercise ever greater vigilance, some compensation by way of spread widening may be necessary.

    "Delinquencies and losses have been climbing in the auto ABS sector. While these time series have not yet deteriorated as far as .......

    News Analysis 25 November 2016

  • Valuation role for structured credit pro

    Alan Packman has joined Moody's Analytics in London as a product specialist in its structured analytics & valuations department. Packman previously worked at Stifel, where he was an md in asset-backed finance. Prior to that, he worked at UBS, where he was executive director and European head of global CDO trading.

    .......

    Job Swaps 25 November 2016

  • 2017 CMBS slowdown expected

    A recent recovery in US CMBS issuance will not be sufficient to balance out an anaemic first half of the year, says Kroll Bond Rating Agency. The start of 2017 is also expected to be slow, and full-year 2017 issuance is predicted to undershoot 2016.

    CMBS issuance grew for six straight years before stopping abruptly this year as the global .......

    News Round-up 24 November 2016
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