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Issue 595 - 15th June

  • News Analysis

    • Capital Relief Trades
      • IFRS 9 benefit welcomed

        The first-time adoption of IFRS 9 has had a muted impact on bank capital ratios and this has been reflected in existing capital relief trades through P&L gains (SCI 14 May). Indeed, the benefit can be acquired whether the first-loss tranche i...


  • News

    • Structured Finance
      • SCI Start the Week - 11 June

        A look at the major activity in structured finance over the past seven days

        Pipeline Non-auto related ABS deals have dominated the pipeline recently. Indeed, transactions representing a broad mix of asset types and jurisdictions were announced last week. The non-auto deals remaining in the pipeline by the end of the week...

    • Capital Relief Trades
      • Risk transfer round-up - 15 June

        Deutsche Bank is expected to execute two capital relief trades this month. One is a corporate deal from its CRAFT programme and the other is an SME deal from its GATE programme. The bank is also believed to be prepping a trade finance transaction fro...

    • NPLs
      • Bankruptcy law brings transparency

        India’s landmark Insolvency and Bankruptcy Code (IBC) has inflicted heavy losses on the nation’s banks this year. The law has nevertheless provided more transparency in the market and has reduced non-performing loan recovery perio...

      • Creval completes second NPL deal

        Credito Valtellinese (Creval) has completed a €586.35m non-performing loan securitisation with a gross book value equal to €1.67bn, as at the 31 December 2017 cut-off date. The senior notes of the deal – dubbed Aragorn NPL...

    • RMBS
      • Innovative RMBS prepped

        Mars Capital is in the market with a non-standard multi-lender £271.055m UK RMBS, dubbed Trinidad Mortgage Securities 2018-1. The transaction is backed by three individual portfolios of new and legacy first- and second-ranking mortgages, se...


  • Talking Point

    • Capital Relief Trades
      • CRI explained

        Stephen Taylor, head of structured and capital solutions EMEA at Aon Risk Solutions, outlines the be...

        Q: What is credit risk insurance? A: Credit risk insurance (CRI) is used to transfer credit risk to insurers. One of the benefits of using CRI in securitisation structures is that this credit enhances the asset pool (subject to the legal/accountin...


  • Market Moves

    • Structured Finance
      • Market moves - 15 June

        CLO name change The name of Babson Euro CLO 2014-1 has been changed to Barings Euro CLO 2014-1. The move is effective from 13 June. Europe MDB Group (MeDirect) has recruited Michael Curtis as cio, responsible for core credit activities and spea...



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