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Structured Finance

Global Home > Structured Finance

APAC Structured Finance Stable in 1Q19

A total of 227 tranches from the transactions in APAC were affirmed, with RMBS accounting for 110 tranches, followed by auto ABS at 60, credit card ABS at 42, unsecured consumer loan ABS at five, single borrower CMBS at five, structured credit at three and ABCP at two.

Fewer OI Debt Relief Filings Neutral for French SF Deals

The falling number of over-indebtedness (OI) filings by French retail borrowers is neutral for French structured finance (SF) transactions. While the decline signals that fewer borrowers are struggling to repay their debts, those who do file are likely to have particularly weak credit profiles, reducing recoveries. 

LIBOR Mortgages Pose Basis, Legal and Practical Risk for UK RMBS

The discontinuation of LIBOR could introduce basis risk for the UK non-conforming and buy-to-let (BTL) RMBS markets if assets and liabilities reset to different reference rates. Senior tranches are well protected, but junior tranches of legacy non-conforming transactions and excess spread notes of more recent BTL securitisations are more exposed.

 

Now Available On-Demand
A series of comments published by Fitch on the transition away from IBOR.


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Mortgage Market Index Report, UK

Late-stage arrears in rated UK non-conforming pools have risen over the past six months while arrears for prime mortgages have been stable. Continued Brexit uncertainty point to downside risks for the UK mortgage market. Download our Mortgage Market Index report for the UK to learn more

Webcast

IBOR Transition Webinar

Available On-Demand

Fitch’s Chief Credit Officer, Jeremy Carter, and Group Credit Officer, Andreas Wilgen, discuss the progress which has been made to prepare financial markets for the discontinuation of IBOR indices and highlight the risks which still remain.

 

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Asia-Pacific Structured Finance Newsletter (February 2019)

Welcome to the Asia-Pacific Structured Finance Newsletter. This newsletter presents a quick summary of structured finance news and developments in APAC each month.


Click here for signing up APAC Structured Finance Newsletter

IBOR Transition Makes Progress, but Key Risks Unaddressed

Substantial progress in recent months will better prepare financial markets for the discontinuation of IBOR indices, but transition risks remain, Fitch Ratings says in a new report. Our ratings address the payment of interest (and principal) in accordance with the underlying terms of an obligation and would not be directly affected by transition from one reference rate to another or any accompanying spread adjustment.

Trust Companies Improve Bankruptcy Remoteness in China ABSP Securitisation

The introduction of trust companies into China's asset-backed specific plan (ABSP) scheme to serve as asset managers and the direct application of the trust law better ringfences securitised assets from the bankruptcy of asset managers and is a positive development in the securitisation market.

Webinar on Demand

European CLO 2.0: Selected Transaction Features Explained from a Credit Perspective

Listen on demand as our senior analysts from Fitch’s structured credit team discuss a number of structural features observed in European CLO 2.0 deals. During the call they explained the most relevant definition of these features from a credit perspective and explored the reasons behind them.  Listen on Demand

 

2019 Outlook: Global Housing and Mortgage

Stretched affordability and overheated home prices in several major cities have been key themes of our global housing and mortgage outlooks for the past five years. Now as part of our 2019 Outlooks series, we take a forward look at this sector for the year ahead.

 

Press ReleaseGlobal Home Price Growth under Pressure

2019 Risks to Watch - Global Housing Markets

As part of our Risks to Watch series, Suzanne Albers, Senior Director on the Structured Finance team, discusses key credit concerns across global housing markets over the next 12 months.

2019 Risks to Watch – U.S. Consumer Lending

As part of our Risks to Watch series, Michael Taiano, Senior Director, Financial Institutions, and Ian Rasmussen, Senior Director, ABS, discuss the key credit concerns of consumer lending over the next 12 months.

2019 Outlook - Aviation Roundtable

Kevin Duignan, Head of Financial Institutions, discusses the outlook for aviation across corporates, financial institutions, and structured finance with Craig Fraser, Nathan Flanders, and Hylton Heard.

 

2019 Outlook

Stable Outlooks for China Structured Finance but Household Debt Growing

Our stable sector outlook reflects slowing (yet ongoing) economic growth coupled with stringent underwriting standards maintained by banks and auto finance companies in housing loans and auto loans, respectively.

Experience Credit Outlooks 2019

Our annual Credit Outlooks are now available. We're producing reports, video, webinars, and commentary across all sectors and regions to give you in-depth insight into credit in 2019 and beyond.

2019 outlooks

Fitch 2019 Outlook: EMEA Structured Finance

Fitch Ratings has a stable asset performance outlook for almost all sectors and countries within EMEA Structured Finance (SF). As quantitative easing ends in Europe, borrow ing costs should increase f or both consumers and corporates, although we expect f avourable economic conditions in most countries to continue in 2019.

ABCP Scorecard

The ABCP Scorecard features snapshots for each of the ABCP programmes rated by Fitch globally.

Contacts

Marjan van der Weijden

Global

Marjan van der Weijden

Analytical Group Head

+1 212 612 7850

Doug Murray

Global

Doug Murray

Business Group Head

+1 212 908 0518

Ben McCarthy

APAC

Ben McCarthy

Analytical

+61 2 8256 0388

Sing Chan Ng

APAC

Sing Chan Ng

Business

+65 6796 7210

Susanne Matern

EMEA

Susanne Matern

Regional Group Head

+49 69 768076 237

Beatrice Mezza

EMEA

Beatrice Mezza

Business

+44 20 3530 1273

Gregory Kabance

LATAM

Gregory Kabance

Analytical

+1 312 368 2052

Samuel Fox

LATAM

Samuel Fox

Business

+1 312 606 2307

Rui Pereira

North America

Rui Pereira

Regional Group Head

+1 212 908 0766

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