In case you missed it, Joe Cass, Director of Market Outreach, provides a video summary of investors' sentiment, concerns and challenges regarding Structured Finance. Learn why European CMBS is an area of concern for a number of investors and why they feel it is the sector most vulnerable to a downturn, along with how ratings might move in an economic downturn. Also learn why ESG is increasingly important for Structured Finance investors. Watch here.
 New Issues And Presales
Black Diamond CLO 2019-1 DAC is a broadly syndicated collateralized loan obligation (CLO) managed by Black Diamond CLO 2019-1 Adviser, LLC (Black Diamond). Black Diamond is a special-purpose management affiliate of Black Diamond Capital Management LLC (BDCM). Based on provisions in the transaction documents: The transaction will be collateralized by at least 90.0% senior secured obligations. View full report.
We have received loan-level data as of April 2019. We have also received historical performance data for the loans in the RMS 25 pool since 2011 and for those in the Moorgate pool since 2014 (see details in chart 6). The quality of data provided is in line with our standards. We also have previous experience observing performance of the RMS 25 and Moorgate 2014-1 subpool as part of our surveillance of these transactions. The pools were audited by Deloitte, and the scope and results were in line with what we typically see in the U.K. market and are within our permitted range. Read more.
 Recent Rating Actions
STORM 2014-I Ratings Raised On Two Classes; Two Affirmed
We have reviewed STORM 2014-I by conducting our credit and cash flow analysis under our European residential loans criteria and our counterparty criteria. Following our review, we have raised our ratings on the class C and D notes and affirmed our ratings on the class A and B notes. STORM 2014-I is a Dutch RMBS transaction, which closed in February 2014, and securitizes first-ranking mortgage loans originated by Obvion. Learn more.
We have reviewed Grecale ABS' series 2009 following the publication of our updated counterparty criteria on March 8, 2019. We have affirmed our 'A+ (sf)' rating on the class A notes. Grecale ABS' series 2009 is backed by a pool of first-lien mortgage loans secured over residential properties in Italy. Unipol Banca originated the pool, which comprises loans granted to prime borrowers. View full report.
 Publications From Other Sectors
As we continue to exit the long shadow of the global financial crisis, questions remain about unconventional monetary policies. This will affect the U.S. Federal Reserve first, with other major central banks (eventually) following. Specifically, what will the terminal balance sheet look like? Will central banks go back to using the policy rate (PR) as the only tool with no quantitative easing (QE) and no excess bank reserves (1)? Or will QE--and larger balance sheets--be a permanent fixture of the landscape? How will central banks make that decision? Questions remain about unconventional monetary policy. View full report.
For access to more of our research and insights, please visit our dedicated Structured Finance website. If you have any questions regarding the reports included in this email, or would like to get in touch with one of our analysts, please contact us.
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Kind regards,
Andrew South
Head of Structured Finance Research, EMEA
S&P Global Ratings
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