News Analysis

Capital Relief Trades

• CRT resilience highlighted

  Investors undeterred by turn in credit cycle

  Widening credit spreads and an expected turn in the credit cycle have not induced significant changes in the structuring of capital relief trades, thanks to the positive performance of the asset class. Indeed, investors continue to allocate more capi...

NPLs

• Retention questioned

  Call for NPL regulatory differentiation

  Questions are emerging over the relevance of risk retention in the context of European non-performing loan securitisations. Given its utility in transferring risk on capital-intensive portfolios, securitisation could play a greater role in resolving...

News

Structured Finance

• SCI Start the Week - 6 August

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

  Pipeline The pipeline was once again dominated by ABS deals last week. A handful of CMBS and RMBS were also announced. The US$333.33m Ally Master Owner Trust Series 2018-3, US$333.33m Ally Master Owner Trust Series 2018-4, US$1.28bn AmeriCredit Au...

• Market moves - 10 August

  Company developments and new hires in the structured finance sector

  CDOs transferred Dock Street Capital Management has replaced Deerfield Capital Management as collateral manager of the Knollwood CDO and Mid Ocean CBO 2001-1 transactions. Moody’s has confirmed that the move will not impact its ratings on...

Capital Relief Trades

• Second Magdalena deal priced

  Santander SME portfolio attracts further investor interest

  Santander has completed its second FT Pymes Magdalena risk transfer transaction. The €166.3m CLN references a €2.5bn Spanish SME portfolio and pays three-month Euribor plus 8.85%. The portfolio comprises a diversified and granular...

• Risk transfer round-up - 10 August

  CRT sector developments and deal news

  Banco Comercial Portugues is believed to be prepping a significant risk transfer deal for 4Q18. According to SCI’s capital relief trades database, the Portuguese lender’s last deals were Caravela SME No. 4 and Caravela SME No. 3 i...

NPLs

• CEE foothold extended

  AnaCap acquires its first Slovenian NPL pool

  AnaCap has acquired a corporate debt portfolio of performing and non-performing first-lien loans from Nova KBM, Slovenia’s second-largest bank. The acquisition was made via its AnaCap Credit Opportunities III fund, which targets performing,...

• Project Glas completed

  PTSB disposal raises prospects for private dwelling house transactions

  Permanent TSB has completed the sale of Project Glas - a €2.1bn (GBV) portfolio of Irish buy-to-let properties and private dwelling houses (PDHs) - to Lone Star subsidiary Start Mortgages. The transaction is seen as a test case for further I...