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Wednesday, 18 October 2017

Ana Baric' s stories

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  • EU flags fly in front of the ECB headquarters in Frankfurt

    ECB eyes deadlines for banks to cover bad loans

    Top News | 06 October 2017

    The European Central Bank plans to require banks to set aside enough cash to cover the full amount of any loan that falls into arrears, as it seeks to make it prohibitively expensive for lenders to just sit on bad loans.

  • Belmont poised for entry

    Structured Finance | 06 October 2017

    The growth of alternative lenders in the securitisation market is set to continue with Belmont Green Finance, its debut deal consisting of UK buy-to-let and non-conforming mortgages with investors continuing to devour RMBS.

  • ECB launches public consultation on NPL addendum

    Structured Finance | 06 October 2017

    The European Central Bank has launched a public consultation on a draft addendum to its guidance on non-performing loans, according to a press release from last Wednesday.

  • NewDay brings second UK credit card ABS since summer

    Structured Finance | 06 October 2017

    NewDay has swooped back into the market with its second UK credit card ABS since this summer, bolstered by investor demand for its previous trade and rampant credit card originations.

  • CLO senior spreads compressed by investor demand

    Ticker | 04 October 2017

    Price tightening on CLOs has filtered down the capital structure, tightening senior spreads from their summer levels.

  • NewDay logo

    NewDay brings second UK credit card ABS since summer

    Ticker | 03 October 2017

    NewDay has swooped back into the market with its second UK credit card ABS since this summer, bolstered by investor demand for its previous trade and rampant credit card originations.

  • Globaldrive 2017-A German auto deal speeds by

    Structured Finance | 22 September 2017

    Globaldrive 2017-A German Auto ABS, a €650.5m securitisation of German auto loan receivables, priced intraday last Wednesday - an unusually swift turnaround even for a well-known name.

  • Logo of the European Banking Authority

    ABS: EBA launches risk transfer consultation on securitisation

    Ticker | 20 September 2017

    The European Banking Authority has launched a public consultation on its discussion paper on significant risk transfer in securitisation.

  • Post-summer fillip for currency deals

    Structured Finance | 15 September 2017

    Issuance has begun to pick up in the US and Europe after the usual summer lull, with a colourful array of currencies hitting the market over recent deals. Two transactions have dual sterling and US dollar tranches and another offered rare Norwegian krone.

  • TABS 1 pulls together its maiden securitisation

    Structured Finance | 15 September 2017

    Together Asset Backed Securitisation 1 is piquing the interest of a yield-starved market with a rare RMBS partly backed by UK second-lien mortgages.

  • ESNs provide new but complex funding source - Moody's

    Ticker | 13 September 2017

    European secured notes (ESNs), a form of collateralised bond being created in the EU, will provide banks with a new funding option. However, they also pose complex credit risks, according to a report from Moody’s summarised below:

  • Doubts remain on Italian NPL ABS

    Structured Finance | 01 September 2017

    A refreshed Italian non-performing loan securitisation law and a spike in NPL sales this summer have bolstered hopes for the asset class - but prematurely, say some market participants.

  • Self-cert regulation creates summer blues

    Structured Finance | 18 August 2017

    The structured finance market is gearing up for frantic last-ditch lobbying of the European Union to reverse its proposal to ban self-certified loans in securitised deals from 2019.

  • Blackstone grabs stake in €30bn of Banco Popular loans

    People & Markets | 11 August 2017

    US private equity firm Blackstone is buying a majority stake in Banco Popular’s real estate portfolio, which includes €30bn in estate properties and loans and the full share capital of its real estate management company Aliseda.

  • UK student loan ABS still languishing

    Structured Finance | 11 August 2017

    It has been half a year since the UK government began marketing the inaugural securitisation of income contingent student loans. Though a new UK government has been in place since June, the sale remains in limbo.

  • Diesel ban threatens to stall German auto sector

    Ticker | 03 August 2017

    A Moody’s report calling an effort to ban diesel cars from the German city of Stuttgart a “credit negative” has once again highlighted the risks of German and European auto ABS.

  • CLOs shift to complex risk retention vehicles

    Structured Finance | 28 July 2017

    European CLO managers are turning to a more complex solution for solving risk retention rules, taking advantage of a more settled regulatory climate and funding incentives.

  • RMBS: Mixed collateral doesn't hold Dutch Property Finance back

    Ticker | 27 July 2017

    The mixed collateral underlying RNHB’s Dutch Property Finance 2017-1 may have concerned some investors, but the deal’s tight final terms suggest that many more are unfazed.

  • ABS: Aurorus tail risk becomes investor concern

    Ticker | 26 July 2017

    Aurorus 2017, a Dutch consumer loan deal, has been on roadshow for almost a week, giving investors time to decide whether its tail risk is outweighed by the opportunity to buy niche collateral.

  • Housing

    Dutch Property Finance IPTs weighed in tandem with call period

    Ticker | 25 July 2017

    Initial pricing thoughts are out on Dutch Property Finance 2017-I, a Dutch mortgage loan RMBS that is testing market appetite for buy-to-let Dutch collateral with a potentially longer call period.

  • EU self-cert ban shakes market

    Structured Finance | 21 July 2017

    UK non-conforming RMBS spreads widened after news that an EU Capital Markets framework may ban self-certified mortgage securitisation - but they soon bounced back.

  • Moody's sign

    "Robo-advisers" could improve UK mortgage pool - Moody's

    Ticker | 18 July 2017

    Robo-advisers, fintech digital platforms that provide automated, algorithm-driven financial options, could improve the UK consumer and mortgage loan market, says a Moody’s report.

  • Market unfazed by ECB tapering signal

    Structured Finance | 14 July 2017

    Recent signals from the European Central Bank that it might wind down its asset-backed securities purchase programme (ABSPP) have left the market untroubled - even though the scheme has been widely critiqued for sucking paper from the market supply and pushing in already tight deal spreads.

  • European Commission sign

    RMBS: European Commission considers NPL secondary market

    Ticker | 10 July 2017

    As part of its efforts to tackle non-performing loans, the European Commission has launched a public consultation on developing secondary markets for the distressed asset class.

  • British pound sterling banknotes

    Sterling ABS set to price tight despite UK risks

    Ticker | 03 July 2017

    Well-known issuers such as Globaldrive and RMS are offering tried-and-tested supply to the sterling market, but one investor cautioned that despite no evidence of market loss, the current UK consumer boom may not last.

  • Heathrow offers 15-year euro deal

    Structured Finance | 30 June 2017

    A €500m 15-year deal offered by Heathrow Funding was executed swiftly and with a strong book size on Wednesday, despite fears of rising rates.

  • Auto deals test appetite for Portuguese risk

    Structured Finance | 30 June 2017

    Two new auto loan deals, Ulisses Finance 1 and Aqua Finance No 4, did not appear to step on each other’s toes as they tested market appetite for Portuguese credit and issuer risk.

  • Airport

    Heathrow offers 15-year euro deal despite rate hike fears

    Ticker | 28 June 2017

    A €500m 15-year deal from Heathrow Funding has been executed swiftly and with a strong book size despite fears of rising rates. The whole business securitisation was executed within one day, a rarity for the structured finance market.

  • Portugal

    Auto deals test appetite for Portuguese credit and issuer risk

    Ticker | 28 June 2017

    Two new auto loan deals, Ulisses Finance 1 and Aqua Finance No 4, do not appear to be stepping on each other’s toes as they test market appetite for Portuguese credit and issuer risk.

  • European deal flow picks up

    Structured Finance | 23 June 2017

    A flurry of deals last week was gobbled up by investors happy to see geographical and asset variety stretching from UK RMBS to Italian auto - before a feared summer slump kicks in.

  • STS implementation pushed back six months

    Ticker | 22 June 2017

    The expected implementation date for the Simple, Transparent and Standardised (STS) Securitisation framework has been pushed back six months to January 2019, according to market sources.

  • Laundry hangs from a houseboat at the Prinsengracht canal in Amsterdam

    Dutch drought quenched by two prime RMBS

    Ticker | 22 June 2017

    The Dutch prime RMBS drought has officially ended with the emergence of Cartesian 2 on Thursday morning, while price guidance is out on STORM 2017-II.

  • FCA Bank logo

    A-BEST 12 pits tighter yields against peripheral risk

    Ticker | 21 June 2017

    The trade-off between tight spreads and peripheral paper is back on the table with FCA Bank’s A-BEST 12, a re-marketed Italian auto deal.

  • ABS enjoys one of its strongest post-crisis performance periods - JP Morgan

    Ticker | 19 June 2017

    Since the 2008 financial crisis, the last six months have represented one of the international ABS market’s strongest performance periods, says a JP Morgan report.

  • UK student loan securitisation still on hold

    Ticker | 16 June 2017

    One of the most anticipated securitisations of the year, an inaugural income-contingent student loan ABS, is still on hold following the UK general election.

  • Global ABS gathering tries to move on

    Structured Finance | 09 June 2017

    Ten years after the start of the sub-prime mortgage securitisation crisis, Global ABS, the largest annual gathering for the European structured finance industry, drew more than 3,500 people to Barcelona to discuss the market.

  • UK buy-to-let drives ABS action

    Ticker | 05 June 2017

    While European ABS volumes have fallen by more than 40% since this time last year, a flurry of UK buy-to-let deals has injected some life into the market.

  • New Italian ABS law nears but loose ends remain

    Ticker | 05 June 2017

    A draft bill of a new Italian securitisation law, which is currently being negotiated by the Italian parliament, is expected to be passed by June 23.

  • From pariah to great CMU hope

    Structured Finance | 02 June 2017

    European Union policymakers have finally agreed on a simple, transparent and standardised securitisation framework that they say could unlock up to €150bn of additional funding for the economy.

  • TwentyFour Asset Management logo

    Investors ponder Oat Hill BTL deal

    Ticker | 01 June 2017

    Oat Hill No 1, the second buy-to-let RMBS from TwentyFour Asset Management’s mortgage fund, has approximately £325m of orders at IPTs, with formal price guidance expected this afternoon ahead of pricing on Friday.

  • EU agrees package to spur European securitisation

    Ticker | 31 May 2017

    The European Parliament, Council and Commission have finally agreed on a long-awaited and debated “simple, transparent and standardised” securitisation framework that could unlock up to €150bn of additional funding for the economy.

  • Subscription levels soar as supply tap finally opens

    Structured Finance | 26 May 2017

    Investors, who have had little opportunities to buy fresh primary structured finance supply in 2017, were finally able to get their hands on paper this week, spurring strong levels of oversubscription in new deals.

  • European CLOs hunt VodafoneZiggo, Xella and Eircom

    Ticker | 23 May 2017

    VodafoneZiggo, Xella International Gmbh and Eircom Group Plc were the names most widely bought by European CLO managers in the first quarter, according to data produced by Thomson Reuters LPC.

  • European mobile handset ABS could grow - Fitch

    Ticker | 19 May 2017

    Public securitisations of equipment instalment plans (EIP) may emerge in Europe in the next year to 18 months, according to a Fitch report. The ratings agency says that this is a consequence of changing mobile phone contract structures.

  • CLOs' relative value has improved - BNP Paribas

    Ticker | 18 May 2017

    The relative value of CLOs has improved, given tightening in other credit markets, according to BNP Paribas’ May CLO report.

  • US hedge fund BlueMountain targets new European CLO

    Ticker | 17 May 2017

    BlueMountain Capital Management, a US-based hedge fund, is continuing to build its European presence with a new CLO, BlueMountain Fuji EUR CLO II.

  • PGIM logo

    Dryden 35 CLO brings vintage 2015 refi to market

    Ticker | 04 May 2017

    PGIM, a subsidiary of Prudential Financial, is out with Dryden 35 Euro CLO 2014, a €442.6m refi CLO backed by secured senior loans and bonds. It is expected to price on Friday or early next week.

  • Non-performing Irish RMBS highlights Italian potential

    Ticker | 27 April 2017

    This week’s Lone Star European Residential Loan Securitisation 2017-NPL1 DAC [ERLS 2017-NPL1] has set a reference price marker for non-performing Irish mortgage loans and the implications may extend far beyond Ireland.   

  • MOVES-Tyron Eng joins Nomura's European ABS desk

    Ticker | 27 April 2017

    Tyron Eng has joined Nomura as an executive director and European asset-backed securities trader, a spokesperson at the bank confirmed to IFR.‎

  • Pricing Bradford & Bingley a "devil's task"

    Ticker | 13 April 2017

    The senior notes on Ripon Mortgages and Harben Financial, two long-awaited RMBS take-outs of Bradford & Bingley buy-to-let mortgages, have priced above par. Both deals were previously owned by the government vehicle UK Asset Resolution.   

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