Blog | securitisation

No Deal: S&P and Moody's fined over $2bn for ABS mis-ratings

Feb 2015: S&P settled a claim of wrongdoing on its ratings. Details in this Bloomberg article here and here and Reuters article here. ...

Dr P Singh

Jan 15, 20171 min read

Salary-backed ABS

2014: Moody's rated an ABS backed by receivables that are salary payment obligations of employees who have taken loans. These employees...

Dr P Singh

Jan 12, 20171 min read

CLN of SME loans

Jan 2016: Santander issued a credit-linked note (CLN) secured by 6000 spanish SME loans worth €2.3bn, in which the first loss was...

Dr P Singh

Jan 12, 20171 min read

Project finance: CLO, synthetic CLO and synthetic CBO

1998: from this date, several CLOs and (later) synthetic CLO issues have occurred. Details here In synthetic CLOs, the credit risk is...

Dr P Singh

Jan 12, 20171 min read

Microfinance loans ABS

2010: A microfinance ABS of loans originated by multiple microfinance institutions (MFIs) Details here and here 2012: A microfinance...

Dr P Singh

Jan 12, 20171 min read

DPR ABS issue by Garanti DPR

Dec 2016: Garanti is a Turkish bank that has a programme of issuance of ABS secured by existing and future receivables called...

Dr P Singh

Jan 10, 20171 min read

NPL ABS

Aug 2016: Italy issued the first European NPL ABS. "The NPLs consist of defaulted mortgage loans, equal to €300.4 million, which are...

Dr P Singh

Jan 10, 20171 min read

CMBS - multiseller

Nov 2016: Institutional Mortgage Company of Canada issued a further CMBS, but its "...first multi-seller transaction for IMSCI with...

Dr P Singh

Jan 10, 20171 min read

Dutch RMBS platform by PE firm

2014: Bridge financing from RBS was used to acquire then securitise a pool of non-core mortgage loans sold by a Dutch bank to a private...

Dr P Singh

Jan 9, 20171 min read

Virgin Money RMBS

Jan 2016: Virgin issued RMBS that was s144A and Reg S compliant and in $, €, and £ currencies. It completed a second issue later in the...

Dr P Singh

Jan 9, 20171 min read

No deal: types of assets securitised

Weil Gotshall lists the kinds of assets securitised and the kinds put into CLOs or CDOs (not exhaustive) (link): Aircraft loans and...

Dr P Singh

Jan 8, 20171 min read

Shipping loans platform

Sep 2016: KKR and a SWF will invest in a $1.5bn pool of loans that are performing and NPL sold by Nord LB and secured by 100 ships. The...

Dr P Singh

Jan 8, 20171 min read

CMBS master trust and triple-net lease issue

Dec 2016: SCF Realty Capital (part of Blackrock) issued a CMBS structured as a master trust that can issue multiple series of notes...

Dr P Singh

Jan 8, 20171 min read

SME ABS synthetic

March 2012: Commerzbank used a synthetic structure to remove credit risk and achieve capital relief on a pool of SME loans. The capital...

Dr P Singh

Jan 6, 20171 min read

CMBS, MTN & bank platform

Mar 2013: An innovative platform that enables commercial property company Intu to ringfence a pool of commercial properties and use them...

Dr P Singh

Jan 6, 20171 min read

ABS of multiple banks' trade finance assets via Trade MAPS programme

Dec 2013: An innovative and global programme that allows multiple banks to sell their trade receivables to a central issuer of ABS. Citi...

Dr P Singh

Jan 6, 20171 min read

Project finance Bond (ABS) in French telecoms sector

Jul 2014: A French project bond (I will regard the bond as an ABS since it is listed and rated) has been issued to refinance a series of...

Dr P Singh

Jan 6, 20171 min read

£6.1bn RMBS by Cerebrus

Apr 2016: the biggest RMBS in Europe since the 2007 financial crisis according to law firm Linklaters who acted for Cerebrus. Cerebrus...

Dr P Singh

Jan 6, 20171 min read

CMBS backed by FRN

Mar 2016: BoAML securitised a loan it made to Blackstone to acquire a portfolio of German commercial properties. The issue was...

Dr P Singh

Jan 6, 20171 min read

No Deal: ABS & CMBS 2016 review by TCW

Jan 2017: see the reviews here and here

Dr P Singh

Jan 6, 20171 min read