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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 14, 20171 min read
3 views
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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
6 views
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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
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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
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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
30 views
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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
11 views
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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
8 views
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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
3 views
0 comments
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
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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
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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
7 views
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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
36 views
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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
13 views
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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
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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
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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
4 views
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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
3 views
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£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
2 views
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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
10 views
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No Deal: ABS & CMBS 2016 review by TCW
Jan 2017: see the reviews here and here
Dr P Singh
Jan 6, 20171 min read
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