ABS

  • Five Guys taps ABS appetite

    Five Guys Enterprises has become the latest company to bring a whole business securitisation. The US$440m Five Guys Funding transaction is secured by most of its revenue-generating assets in the US and Canada.

    The collateral includes existing and future domestic franchise agreements, existing and future company-operated restaurant royalties, US and Canadian intellectual property and related license agreements, collections from company-operated .......

    News 11 May 2017

  • Channel Tunnel refinancing underway

    Groupe Eurotunnel is set to refinance its Channel Link Enterprises Finance (CLEF) whole business securitisation, as part of an ongoing strategy to optimise the structure of its debt and to reduce the cost of its debt service. The company proposes to issue up to €2bn-equivalent senior subordinated variable and fixed-rate notes, split across a number of tranches due in 2050.

    News 10 May 2017

  • Container ABS wave continues

    Textainer Equipment Management is in the market with the latest container ABS (see SCI's deal pipeline). The deal's arrival comes as part of a flurry of activity in the sector, which is riding high on a rebound in shipping container prices.

    SeaCo priced the US$294m Global SC Finance IV Series 2017-1 transaction last month (see SCI's primary issuance .......

    News 10 May 2017

  • US ABS firm

    Tone and spreads remain firm in the US ABS secondary market though activity has dipped.

    Flow and BWIC volume last week and this has declined from previous high levels as market participants' focus has been drawn to primary with heavy issuance expected this month. That supply is yet to fully materialise, but when it does could also boost BWICs once .......

    SCIWire 9 May 2017

  • Euro ABS/MBS quiet

    Despite the resolution of the French presidential election the European ABS/MBS secondary market remains quiet.

    "Overall, it's still very quiet," says one trader. "We had a new Bavarian SKY issue announced yesterday, but that's the first primary deal in a few weeks."

    The trader continues: "In secondary not much happened between the two rounds of the French presidential election. We're .......

    SCIWire 9 May 2017

  • Job swaps round-up - 5 May

    North America

    Hunton & Williams has hired John Dedyo as corporate partner to its New York office. Dedyo represents issuers, underwriters, asset managers, credit enhancers, rating agencies and investors in all aspects of privately placed and publicly offered securitisation transactions. Dedyo was previously a partner at Weil, Gotshal & Manges.

    Ares Management and Ares Commercial Real Estate (ACRE) has hired .......

    Job Swaps 5 May 2017

  • ILS firm seeks P2P platform funding

    Sequant Re is looking to raise capital through a peer-to-peer platform which connects investors directly with companies and funds seeking to raise funds or gain market exposure. The novel approach may seem more suited to a technology start-up, but should bring new investors into the ILS market.

    Sequant Re has been listed on peer-to-peer platform The OCMX. As part of .......

    News 5 May 2017

  • Risk transfer round-up - 5 May

    Capital relief trade activity has been relatively subdued this week. However, sources report that the EIF is planning to tap the market again in two months.

    The fund completed its first EFSI risk transfer transaction last month (SCI 26 April), as part of a programme to stimulate SME lending in Europe. Not much is known about the forthcoming transaction, other .......

    News 5 May 2017

  • Alitalia exposure examined

    Italy's troubled flagship airline Alitalia has been placed under special administration. Should the company ultimately be liquidated, a number of aircraft ABS could face temporary cashflow disruptions as aircraft are repossessed, repaired and re-leased by the lessors.

    The Italian government has provided Alitalia with a €600m bridge loan to keep it operational and three administrators have been named to direct .......

    News 4 May 2017

  • Irish NPL wave expected

    Allied Irish Bank last month sold €400m gross book value of non-performing buy-to-let loans to Goldman Sachs at a 50% discount to their original value. The transaction signals a shift in the seller base for non-performing loans from foreign banks and bad bank NAMA to domestic Irish lenders.

    According to Tom McAleese, md at Alvarez and Marsal, between 2011 and .......

    News Analysis 3 May 2017

  • Credit card charge-offs ramp up

    Several US credit card banks have reported higher-than-expected net charge-off rates on their card portfolios in their 1Q17 earnings reports. The move seemingly coincides with lenders taking on more risk based on perceived borrower quality and larger credit limits. At the same time, borrowers appear to be taking on too much debt relative to their income growth prospects.

    Year-on-year, net .......

    News 3 May 2017

  • Chinese NPL ABS to expand

    The Chinese government is set to allow some mid-sized banks to issue non-performing loan ABS this year, providing them with a new channel to offload bad loans. The move is part of an attempt to establish a risk curve, which aims to increase the alternatives available in the credit market.

    Efforts to use securitisation as one of the means to .......

    News 2 May 2017

  • Job swaps round-up - 28 April

    EMEA

    Ashurst has promoted Alex Biles and Malcolm Charles to its partnership in London. Biles advises on a broad range of debt capital market products, including structured finance. Charles is a member of the firm's corporate trust and agency practice, advising on securitisations.

    Tikehau Capital has appointed Peter Cirenza as head of its London operations. His new role is aimed .......

    Job Swaps 28 April 2017

  • Multi-seller ABS approach to flourish

    Marketplace loan ABS involving a multi-seller approach is expected to become more commonplace, due to the extra control that online lending platforms can exert over the securitisation process. Investors and loan sellers also benefit from a consistent securitisation programme, but a degree of expertise is required to handle the greater complexity involved in executing such transactions effectively.

    Marlette Funding recently .......

    News Analysis 28 April 2017

  • Risk transfer round-up - 28 April

    Deutsche Bank closed its CRAFT CLO 2017-1 this week (see SCI's capital relief trades database). The US$371m seven-year notes reference a US$5.3bn corporate loan portfolio and have a three-year call.

    Sources also suggest that Nordea is prepping another risk transfer transaction. The Nordic issuer's last trade was an €8.4bn transaction with PGGM last year (SCI 25 August 2016).

    At .......

    News 28 April 2017

  • Cypriot securitisation bill pending

    A new Cypriot securitisation framework is currently pending parliamentary approval. The bill is expected to address the restricted scope of eligible investors in the country's non-performing loan market.

    Current Cypriot securitisation legislation - the 'Purchase and Sale of Credit Facilities and Relevant Matters Law of 2015' - is "restricted in both scope and application", according to Thomas Keane, partner at .......

    News 27 April 2017

  • Euro secondary stifled

    The hoped for boom in the European securitisation secondary market this week is being stifled.

    Market sentiment remains very positive bolstered by the rally in wider markets, but sellers remain thin on the ground as most investors seek to retain current positions. Consequently, flows and BWIC volumes have eased as the week has progressed, but secondary spreads are holding firm across the .......

    SCIWire 27 April 2017

  • First EFSI risk transfer boosts SME lending

    The EIB Group has provided a mezzanine tranche guarantee of around €90m to Commerzbank in connection with the first deal under the European Fund for Strategic Investments (EFSI). Dubbed CoCo III-1, the risk transfer transaction references a €1.5bn portfolio of European corporate loans (see SCI's capital relief trades database).

    The EFSI is the central pillar of the Investment .......

    News 26 April 2017

  • Debut issuer brings unusual ILS

    NMI Holdings has priced US$211.3m of 10-year mortgage insurance-linked notes. The ILS, Oaktown Re Series 2017-1, sponsored by NMI Holdings subsidiary National Mortgage Insurance Corporation (National MI), is being privately offered.

    National MI will receive US$211.3m of fully collateralised excess of loss reinsurance protection, covering an existing portfolio of mortgage insurance policies written from 2013 through 2016. The ILS is .......

    News 26 April 2017

  • Bill to repeal Dodd-Frank scrutinised

    Hearings are scheduled for today on a draft bill published last week by House Republicans which would repeal much of the Dodd-Frank Act. The Financial CHOICE Act would repeal risk retention rules for CLOs and all other asset classes except residential mortgages and would also repeal Volcker Rule restrictions on banks owning the debt securities of CLOs that hold anything .......

    News 26 April 2017

  • Wireless spectrum auction 'ABS positive'

    T-Mobile won the most number of licences in the US Federal Communication Commission's 600-megahertz spectrum auction earlier this month, spending US$8bn in the US$19.8bn auction. This win is credit positive for wireless tower ABS sponsored by American Tower Corporation, Crown Castle International and SBA Communications, says Moody's.

    The rating agency believes T-Mobile will be prompted to spend more to upgrade .......

    News 25 April 2017
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