Issue 465 - 27th November
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News Analysis
- RMBS
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Fighting Irish
RMBS fundamentals trending up
The performance of Irish RMBS continues to improve against the backdrop of a stable economy. A potential slowdown in the recovery and lingering NPLs point to a number of challenges, but a dramatic downturn is not anticipated. "Clearly, the level of...
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- ABS
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Utility factor
PREPA deal presents opportunities, risks
Puerto Rico Electric Power Authority (PREPA) plans to exchange newly issued utility cost recovery charge (UCRC) ABS bonds to its uninsured bondholders as part of an agreement to reduce its debt burden. The deal remains in limbo for now, however, as P...
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- RMBS
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SCIWire
- Secondary markets
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Euro secondary undented
A typically quiet Friday has failed to dent the positive tone in the European securitisation seconda...
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Trups CDOs quiet
The US Trups CDO market is quiet again after a small flurry of BWIC activity last week. "It's pret...
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Euro secondary UK focused
The heightened focus on UK RMBS is continuing in the European securitisation secondary market. "Ov...
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US RMBS restricted
Activity and transparency in the US non-agency RMBS secondary market is restricted in this shortened...
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Euro secondary stays strong
Despite weaker global markets and reduced volumes the European securitisation secondary market is st...
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Euro secondary activity fades
Activity in the European securitisation secondary market is fading away thanks to the US public holi...
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Euro secondary slumbers
The European securitisation secondary market is taking it easy through the US public holiday but mar...
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- Secondary markets
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News
- Structured Finance
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SCI Start the Week - 23 November
A look at the major activity in structured finance over the past seven days
Pipeline Last week it was RMBS and CMBS which dominated the pipeline's additions. In contrast to the week before, there were only three ABS and one CLO, while there were five RMBS and four CMBS. €800.4m Bavarian Sky 4, US$332.5m DRB Prim...
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- Structured Finance
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Job Swaps
- Structured Finance
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Structuring head recruited
Demica has appointed François Terrade as head of structuring, responsible for creating fina...
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China committee assembled
The China Asset Securitisation and Structured Finance Professional Committee has held its i...
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- CDO
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Zohar bankruptcy filed
Patriarch Partners has filed a Chapter 11 bankruptcy petition for Zohar CDO 2003-1. The fir...
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- CLOs
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Asset manager expands board
David Richards has been appointed to American Capital's board of directors after it voted to increas...
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- Insurance-linked securities
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JLT partner relocates
Nick Duffin has transferred from JLT Re's London office to join JLT Bermuda as a partner. He joined...
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- RMBS
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Marketing head brought in
Clayton Holdings has hired Mark Hughes as evp of sales and marketing. He will be responsible for sal...
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- Structured Finance
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News Round-up
- ABS
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Marketplace ABS deals struck
Victory Park Capital (VPC) has closed a pair of securitisation financings: a A$100m ABS warehouse pr...
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Auto incentive warning
The proliferation of vehicle incentives could depress the value of used vehicles and contribute to h...
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Agricultural receivables deal debuts
BSEC has launched a trade receivables securitisation for Debbané Frères, a provide...
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Consumer ABS programmes minted
Latitude Financial Services - the renamed GE Consumer Finance business acquired by KKR, Varde Partne...
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US job growth supports card ABS
Strong employment growth should keep US credit card ABS performance metrics near records through the...
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Euro auto delinquencies down
European auto ABS performance continued to improve in 3Q15 as arrears reached record lows, says Fitc...
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HERO hits the market
Renovate America has issued the first ever 'green' PACE securitisation. HERO Funding Trust 2015-3 re...
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- Structured Finance
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Prudential changes proposed
The Australian Prudential Regulation Authority (APRA) has released a paper that sets out revisions t...
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BDC shareholder activism eyed
Depressed share price valuations and governance concerns have ignited shareholder activism campaigns...
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Aussie ABS, RMBS defaults to inch up
The delinquency and default rates for Australian ABS and RMBS will rise slightly next year from thei...
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Pass-through tax treatment mooted
The US Bipartisan Budget Act of 2015 - signed earlier this month - is set to imp...
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Bank's LatAm exit raises concerns
Deutsche Bank's decision to close its operations in Argentina and Mexico is credit negative for the...
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- CDS
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CDS volumes rise
Emerging markets CDS trading in 3Q15 was US$376bn, according to EMTA's latest index results for the...
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- CMBS
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Post-issuance changes eyed
Fitch reports that US borrowers are increasingly seeking to change the terms of their CMBS loan shor...
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Windermere clarity requested
Hayfin Capital Management has made a request to the English High Court to decide how intere...
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Multifamily attracting investors
The CRE multifamily sector is seeing increased investment as underwriting standard...
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- Insurance-linked securities
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Ratings withdrawn on 'lack of interest'
S&P has withdrawn its ratings on all notes, except one, issued by Ballantyne Re. The agency...
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- Risk Management
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ESMA, SFC sign MOU
ESMA and the Securities and Futures Commission (SFC) of Hong Kong have concluded a ...
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Hong Kong OTC proposals set out
The Hong Kong Securities and Futures Commission (SFC) has opened a consultation on proposals to upda...
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- RMBS
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Property market sensitivity weighed
A 20% decline in Australian property values would affect only a small proportion of triple-A rated p...
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Spanish repossession recovery to continue
Moody's expects recoveries on repossessed Spanish properties to continue rising. Recovery rates have...
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NPL, RPL RFC issued
Moody's is requesting feedback on proposed changes to its methodology for rating securities backed b...
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GE portfolio sold off
GE Capital has agreed to sell a £3.8bn portfolio of first lien mortgage loans from its UK H...
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Largest ACIS deal inked
Freddie Mac has obtained the largest insurance policy to date under its Agency Credit Insurance Stru...
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Aussie affordability deteriorating
Moody's reports that housing affordability in Australia has deteriorated significantly over the 12 m...
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- ABS
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