Friday Workout — Securitisation has a bad wrap; Imploding Subs

FCA finalises UK motor finance redress scheme, pegs total cost at £9.1bn

9fin | The UK’s Financial Conduct Authority confirmed its long-awaited scheme for settling complaints over motor finance commissions on Monday (30 March), tightening eligibility to exclude a couple millions of agreements initially expected to qualify and estimating a total cost to the industry of about £9.1bn.

Pricing emerges on Boyu’s Starbucks China acquisition loan

9fin | Boyu Capital has closed a 10-year acquisition loan of around CNY 10bn-equivalent ($1.45bn) for its proposed purchase of up to 60% of Starbucks China, 9fin sources said.

Winding Up — Co-ops. A double-edged sword?

SRT spreads after Iran – will they, won’t they?

Since the start of the Middle Eastern conflict on 26 February, the significant risk transfer market has been waiting to see if, when and how much it would affect spreads. Certainly, no one could accuse investors in this market of a knee-jerk reaction.

Excess Spread — Where’s the money?

9fin | At this point in the MFS saga, it’s pretty clear that a lot of money has gone missing! The latest court documents suggest £1.3bn, of £2.6bn in debt facilities — half the money, or everything double-pledged.

Basel Endgame re-proposal sows optimism for US SRT

9fin | The Basel Endgame re-proposals are set to ease the path of US credit risk transfers by facilitating simpler and more varied structures.