Issue 496 - 8th July
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News Analysis
- Structured Finance
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Big appetite
ABS investors hungry for more deals
While political developments on the other side of the Atlantic may have increased risk, US ABS still provides ample opportunities to invest. Gross ABS issuance is up to almost US$90bn for the year so far, as investor demand remains high. ABS spread...
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- Structured Finance
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News
- Structured Finance
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SCI Start the Week - 4 July
A look at the major activity in structured finance over the past seven days
Pipeline Additions to the pipeline were limited once again last week, although two large Chinese deals added variety. The week's three ABS were CNY3bn Driver China Four Trust, US$340.5m Engenium Capital Equipment Dollar Trust and US$1.169bn Verizon...
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- CLOs
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Manager options outlined
If Brexit concludes with the UK outside of the EU passporting regime, UK entities may be limited in acting as managers of and risk-retention holders for European CLOs (SCI 30 June). An informal survey of presale documents undertaken by Wells Fargo st...
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- CMBS
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Risk retention expectations surveyed
Just over half (51%) of the respondents polled in Morgan Stanley's latest US CRE survey believe the market will pay up for risk retention-compliant CMBS deals. Opinions varied about anticipated quality differences in transactions retained by banks ve...
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- Structured Finance
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Job Swaps
- Structured Finance
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International expansion eyed
Tikehau Capital has completed two share capital increases of €510m and signed up two new i...
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Secondary markets advisors sought
ESMA has published a call for candidates to form a consultative working group (CWG) for its secondar...
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- CMBS
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Portfolio solutions head poached
Federico Montero has joined Evercore's investment banking business in London as an md, leading its E...
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JQH loan transferred
The US$44.95m Chateau on the Lake loan securitised in Wells Fargo Commercial Mortgage Trust 2015-C26...
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Multifamily lender acquired
Cornerstone Real Estate Advisers is set to buy Ares' agency lending subsidiary, ACRE Capital, for US...
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- Structured Finance
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News Round-up
- ABS
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PREPA compromise confirmed
A number of parties within PREPA's restructuring support agreement (RSA) recently agreed to...
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Italy SME weakening noted
The Italian ABS SME securitisation market is being increasingly dominated by originators with both l...
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- Structured Finance
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Leverage ratio response outlined
Five organisations have issued a joint response to proposed revisions to the Basel 3 levera...
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RFC issued on IO clarification
Moody's is seeking comment on a proposed clarification to the methodology it uses to rate interest-o...
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Florida NPLs sold
Freddie Mac is continuing its bulk offloading of NPLs, with its latest auction seeing it sell a comb...
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Further leverage ratio objections raised
The FIA has added its voice to the chorus urging the Basel Committee to rethink its proposed revisio...
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Global issuance trends diverging
S&P reports that that there is a clear divide in recent structured finance issuance trends,...
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Brexit ratings outlook 'unchanged'
Fitch has reassured the market that no more UK structured finance rating actions are expect...
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- CDS
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Portugal Telecom bankruptcy called
ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a bankruptcy credit event...
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- CLOs
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CLO pay-downs drop
The number of CLOs paid down in JPMorgan's CLO index (CLOIE) since the May rebalance through 30 June...
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CLO equity distributions dropping
Equity distributions for US CLOs continued their decline in 1H16, a trend that started in 2013 for 1...
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CPT metric provides CLO insight
DFG Investment Advisers had the highest collateral portfolio turnover (CPT) among US CLO managers in...
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- CMBS
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CMBS downgraded on London fears
Fitch has downgraded the class A notes of Ulysses (European Loan Conduit No. 27) and placed the clas...
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Gating suspensions highlight risks
Fitch says that the UK's EU referendum result is posing immediate risks to commercial real estate th...
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Private label CMBS volume drops
Private label US CMBS issuance has dropped to its lowest level since early 2012, according to Kroll...
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Commercial, multifamily expectations flat
Originations of commercial and multifamily mortgages will total US$500bn this year, expects the Mort...
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CBD prices bounce back
The Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index incre...
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BBC-linked CMBS downgraded
Fitch has downgraded the class A notes of Juturna (European Loan Conduit No. 16) and Pacific Quay Fi...
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CMBS delinquencies ratchet up
Trepp's US CMBS delinquency rate took a significant jump up in June, as a number of loans reached th...
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- Insurance-linked securities
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Cat bond activity dips
Insurers and reinsurers' overall cat bond sponsorship approached US$3bn for the first half of this y...
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Discount note cat bond emerges
Swiss Re Capital Markets has placed a US$100m transaction in the ILS market, the first catastrophe b...
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- NPLs
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GSE NPL programmes 'favourable'
The US FHFA has released its first report covering the progress and results from Fannie Mae and Fred...
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- Risk Management
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Derivatives notionals up
Trading revenue of US commercial banks and savings associations rose to US$5.8bn in 1Q16, from US$4....
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SFIG warns against tax rules
The Structured Finance Industry Group (SFIG) has sent a letter to the US Treasury Department outlini...
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- RMBS
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Single security, CSP update provided
The FHFA has released an update on the implementation of the single security and common securitisati...
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RMBS deal agent costs considered
The rating implications of including a deal agent in a US RMBS transaction would likely be modest, s...
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RMBS upgraded on CIFG merger
Moody's has upgraded 11 classes of structured finance securities as a result of Assured Guaranty Cor...
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- ABS
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