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News
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CQS SRT finalised
Unusual reference pool securitised
An unusual significant risk transfer transaction referencing a €1.78bn static portfolio of Italian payroll-dedu...
24 December 2019
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News
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SCI Start the Week - 23 December
A review of securitisation activity over the past seven days
Transaction of the week A pair of Italian non-performing loan securitisations – dubbed Futura 2019 and Iseo S...
23 December 2019
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Market Moves
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MNHD plans programmatic issuance
Sector developments and company hires
Egyptian securitisation debuts Egyptian real estate developer Madinet Nasr Housing and Development (MNHD) has closed it...
23 December 2019
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News
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Canadian restructuring
Alberta energy market stress hits CMBS
Calgary-based real estate investment firm Strategic Group last week submitted an initial application filing under Canada...
20 December 2019
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News
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Nordic SRT inked
Nordea returns with capital relief trade
Nordea has priced a €5.1bn synthetic securitisation of Nordic corporate and SME loans. Dubbed Matador, the fund...
20 December 2019
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News
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SCI's latest podcast is now live!
The editorial team discuss key issues in securitisation today...
In this episode of the SCI podcast, Mark Pelham and Corinne Smith discuss our new research report on standardised banks&...
19 December 2019
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News
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NPL boost?
Hoist Finance acquires landmark French portfolio
Hoist Finance has acquired a French non-performing mortgage portfolio with more than 3,500 claims and an outstanding bal...
19 December 2019
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Market Moves
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Risk participation programme agreed
Sector developments and company hires
CLO vulnerabilities eyed The Financial Stability Board has published a report assessing the financial stability implica...
19 December 2019
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Market Moves
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GSE price-fixing lawsuit settled
Sector developments and company hires
CLO manager transfer Hunt Investment Management has assigned collateral manager duties for the Hunt CRE 2017-FL1 and...
18 December 2019
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News
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UK auto SRT finalised
Santander completes retained first-loss deal
Santander has completed a synthetic securitisation of UK auto loans. Dubbed Motor Securities 2018-1, the financial guara...
18 December 2019
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News
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Year-end melee
UMBS pooling proposal under scrutiny
US securitisation market participants are having to address a melee of important issues ahead of year-end. The one that...
17 December 2019
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News
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NPL ABS pair inked
Guber, UBI Banca hit the market
A pair of Italian non-performing loan securitisations – dubbed Futura 2019 and Iseo SPV – have close...
17 December 2019
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Market Moves
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Structured credit pro returns to the buy-side
Sector developments and company hires
EMEA Kingswood Holdings has appointed Lindsey McMurray and Howard Garland to its board from Pollen Street Capital. Th...
17 December 2019
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News Analysis
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Economic efficiency
Standardised bank SRT pros, cons weighed
Various factors should be considered when contemplating whether to execute a significant risk transfer transaction, espe...
16 December 2019 Free
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News Analysis
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Brand value
WBS issuer differentiation highlighted
In an unsolicited comment, Fitch last week suggested that the overall benefits of US whole business securitisation are o...
16 December 2019
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News
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SCI Start the Week - 16 December
A review of securitisation activity over the past seven days
Transaction of the week The National Bank of Greece has completed its first secured non-performing loan transaction. Du...
16 December 2019
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News
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Risk transfer round-up - 16 December
CRT sector developments and deal news
Deutsche Bank is rumoured to be readying a capital relief trade from the CRAFT programme. The last CRAFT significant ris...
16 December 2019
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News
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Mixed motivations
THRP sets stage for US bank CRT
A combination of macro and micro factors are understood to have influenced the issuance of JPMorgan’s recent C...
13 December 2019
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News
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Riding the wave
NBG offloads secured NPL exposures
The National Bank of Greece has completed its first secured non-performing loan transaction. Dubbed Project Symbol, the...
13 December 2019
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News Analysis
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CET1 ratios eyed
Disposals, securitisations to protect bank capital
European bank CET1 ratios have stabilised over recent years, as Basel 3 capital requirements and other supervisory measu...
12 December 2019
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News
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Sticking with the programme
ABSPP hits new high, but total volumes remain low
Latest figures from the ECB show that its ABSPP holdings are at an all-time high. However, the programme remains far fro...
12 December 2019
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News Analysis
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2020 vision
Looking for relative value in European securitisation
Next year seems likely to present structured finance investors with even greater challenges in the search for yield. Nev...
11 December 2019
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News
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Ratings volatility?
CLO single-B minus scenarios tested
Single-B minus rated obligors currently constitute a record high of nearly 19% of US broadly-syndicated loan CLO exposur...
10 December 2019
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Market Moves
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Alternative credit platform expands
Sector developments and company hires
CFO appointed Annaly Capital Management has appointed Serena Wolfe as cfo and a member of its operating committee. Gl...
10 December 2019
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News Analysis
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IT solution
Infrastructure ABS could hold the key to a brighter future for Europe's banks
The European banking sector is struggling under the burden of shrinking profits and growing costs, yet benefits from con...
9 December 2019
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News
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SCI Start the Week - 9 December
A review of securitisation activity over the past seven days
Transaction of the week NIBC recently priced the first fully-compliant ESG CLO, North Westerly VI, utilising a wholly e...
9 December 2019
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News
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Mutual agreement
BPPB SRT debuts
Further details have emerged about the EIF and Banca Popolare di Puglia e Basilicata’s (BPPB) €60m fi...
9 December 2019
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The Structured Credit Interview
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Core qualities
Caroline Chen, svp and research analyst at Income Research & Management, answers SCI's questions
Q: How and when did Income Research & Management become involved in the securitisation market? A: Income Rese...
9 December 2019
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Market Moves
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Turbo feature for CLO reset
Sector developments and company hires
Early upgrade DBRS Morningstar has taken the unusual step of upgrading from double-B (low) to double-B the class E no...
9 December 2019
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News Analysis
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ABS focus
Music, sports, entertainment firm grows securitisation capabilities
23 Capital recently made a number of hires to boost their securitisation capabilities, signalling the firm’s c...
6 December 2019
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News
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Grattan refinanced
Bank of Ireland completes CRT
Bank of Ireland has originated a €265m funded and unfunded financial guarantee that references a partially disc...
6 December 2019
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News
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Alternative appetite
Euro CMBS specialist property exposure to rise
Appetite for European CMBS secured by specialist or alternative assets is expected to grow in 2020, as the sector become...
6 December 2019
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Market Moves
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ABS head retired
Sector developments and company hires
ABS head retires Janus Henderson’s head of ABS investment Ed Panek has now retired from the company and the...
6 December 2019
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News Analysis
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Moving into the mainstream
Booming aviation ABS sector shakes off esoteric label?
Aviation ABS issuance has seen strong growth, with 2019 set to be a bumper year and investors also drawn to the asset cl...
5 December 2019
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News
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Cigarette slump?
Dispute revenue to offset declining MSA cashflows
US cigarette shipments have declined by an average of 3.2% per year since 2000 and are expected to decrease by 4%-5% ove...
4 December 2019
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News
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US CLO debuts
Transaction marks first for bank's AM arm
Morgan Stanley’s asset management division is entering the CLO space with a new transaction. Dubbed 5...
4 December 2019
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Market Moves
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Credit analysts poached
Sector developments and company hires
Credit analysts poached Cairn Capital has appointed José Ferrero and Vihren Jordanov as senior credit analy...
4 December 2019
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News Analysis
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First "true" ESG CLO launched
Transaction marks first of many ESG deals for issuer
NIBC recently priced the first fully-compliant ESG CLO, North Westerly VI, utilising a wholly exclusionary loan section...
3 December 2019
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News
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Confidentiality issues persist
Disclosure questions unresolved for CRT market
ESMA’s updated questions and answers on the Securitisation Regulation, clarifies different aspects of the Euro...
2 December 2019
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News
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SCI Start the Week - 2 December
A review of securitisation activity over the past seven days
Transaction of the week Credit Agricole is marketing a securitisation of Dutch consumer loans originated via subsidiari...
2 December 2019
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News
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Full-stack debut
BDK completes first auto SRT
Bank Deutsches Kraftfahrzeuggewerbe (BDK) has debuted its first full-stack capital relief trade. Dubbed Red & Bl...
2 December 2019
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News
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Spanish SRT inked
Banco Cetelem completes full-stack auto ABS
Banco Cetelem has completed the first full-stack Spanish auto significant risk transfer transaction from BNP Paribas&...
2 December 2019
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Market Moves
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Euro AM promotes three
Sector developments and company hires
AM promotes three Alcentra has promoted Daniel Fabian to president and coo. In this role, he will manage the company&a...
2 December 2019
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News
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Confidentiality issues persist
Disclosure questions unresolved for CRT market
ESMA’s updated questions and answers on the Securitisation Regulation, clarifies different aspects of the Euro...
2 December 2019
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News
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Confidentiality issues persist
Disclosure questions unresolved for CRT market
ESMA’s updated questions and answers on the Securitisation Regulation, clarifies different aspects of the Euro...
2 December 2019
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News
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Confidentiality issues persist
Disclosure questions unresolved for CRT market
ESMA’s updated questions and answers on the Securitisation Regulation, clarifies different aspects of the Euro...
2 December 2019
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News
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Confidentiality issues persist
Disclosure questions unresolved for CRT market
ESMA’s updated questions and answers on the Securitisation Regulation, clarifies different aspects of the Euro...
2 December 2019
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News
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Risk transfer round-up - 28 November
CRT sector developments and deal news
HSBC is rumoured to be readying a UK and European corporate loan SRT. This is one of two rumoured corporate SRTs that th...
2 December 2019
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News
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Dutch consumer ABS prepped
Transaction features several departures from previous deals
Credit Agricole is marketing a securitisation of Dutch consumer loans originated via subsidiaries of Credit Agricole Con...
29 November 2019
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News
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Dutch consumer ABS prepped
Transaction features several departures from previous deals
Credit Agricole is marketing a securitisation of Dutch consumer loans originated via subsidiaries of Credit Agricole Con...
29 November 2019
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Market Moves
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Euro lending support announced
Sector developments and company hires
Euro lending support announced The EIF has committed €100m to online lending marketplace October. The investm...
28 November 2019
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News
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RMBS 'milestone' prepped
Inaugural non-bank transaction marks post-crisis first
Provident Funding Associates, a non-bank mortgage lender, has prepped its inaugural securitisation of residenti...
27 November 2019
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Market Moves
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Italian market developments 'positive' for ABS
Sector developments and company hires
Italian market developments ‘positive’ for ABS Recent market developments in in the Cessione del Q...
27 November 2019
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News
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Italian SRT inked
UBI Banca seals the triple
UBI Banca has completed its third capital relief trade (CRT) following its inaugural transaction two years ago. Dubbed U...
26 November 2019
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News Analysis
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Indian innovation
Diverse Indian ABS market sees growing, global investor base
The Indian securitisation market continues to grow and develop, with an increasingly global investor base eager to tap i...
26 November 2019
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Market Moves
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Mortgage partnership announced
Sector hires and company developments
Euro credit team bulks up CIFC has hired Anders Samuelsen from Muzinich as it continues to build its European team. &a...
25 November 2019
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News
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Inaugural cat bonds inked
Transaction marks number of firsts
The World Bank has issued the first cat bond transaction to provide natural disaster cover to the Philippines a...
25 November 2019
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News
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SCI Start the week - 25 November
A review of securitisation activity over the past seven days
Transaction of the week Hercules tapped Alpha Bank is set to securitise a €12bn mixed portfolio of retail s...
25 November 2019
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Market Moves
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FRTB consultation launched
Sector developments and company hires
APAC poll highlights key risks More than 80% of market participants polled by Moody’s at its recent Asia Pac...
22 November 2019
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News Analysis
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New ground
O&G securitisations open up new asset class to ABS investors
For the first time, working interests in oil and gas wellbores have been securitised, marking a new partnership between...
22 November 2019
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News Analysis
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Template concerns
Paper proposes mitigants for unintended consequences
Major risk-sharing transaction investor PGGM has published a position paper on the ESMA securitisation disclosure templa...
22 November 2019
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Market Moves
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Ceo retires
Sector developments and company hires
Capital markets head appointed 23 Capital has hired Sreesha Vaman as md, head of capital markets. 23 Capital is a capi...
21 November 2019
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News
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Ramping up
Standard Chartered boosts corporate issuance
Standard Chartered has completed a US$135m CLN that references a US$1.5bn portfolio of US and European corporate revolve...
21 November 2019
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Market Moves
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Legal firm beefs up
Sector developments and company hires
GSE capital rule eyed The FHFA plans to re-propose the entire regulation on capital requirements for Fannie Mae and Fr...
20 November 2019
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News
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Hercules tapped
Alpha Bank preps NPL securitisation
Alpha Bank is set to securitise a €12bn mixed portfolio of retail secured and unsecured loans, mortgage and who...
20 November 2019
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Market Moves
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Italian AM expands to US
Sector developments and company hires
Azimut expands Italian asset manager Azimut has established a US-based operation named Azimut Alternative Capital Part...
19 November 2019
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News
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Growth surge?
Russian structured bonds expected to grow
The Russian structured finance market has traditionally been dominated by a small number of asset classes and securitise...
19 November 2019
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News Analysis
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US CRT pick-up?
Volumes to remain restricted to large banks
The US capital relief trades market is witnessing a long-awaited uptick, with three deals reportedly being readied. JPMo...
18 November 2019
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Market Moves
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Structured credit head announced
Sector developments and company hires
Acquisition finalised Artex has completed the acquisition of Horseshoe Insurance Services Holdings. This acquisition s...
18 November 2019
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News
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SME programmes launched
EIF supports two inaugural funding initiatives
The EIF has for the first time provided funding support for a German online SME lending platform. In another fi...
18 November 2019
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News
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SCI Start the Week - 18 November
A review of securitisation activity over the past seven days
Transaction of the week UniCredit has completed what is believed to be the largest European ABS transaction post-crisis...
18 November 2019
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News
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Full-stack trend continues
FCA completes Italian auto SRT
Fiat Chrysler Automobiles (FCA) has completed a €912.6m true sale significant risk transfer securitisation back...
15 November 2019
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Market Moves
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Morgan loan prepays
Sector developments and company hires
Coupon swaps planned The New York Fed's open market trading desk plans to conduct four small value agency RMBS...
15 November 2019
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News
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Spanish RPL RMBS prepped
Transaction resecuritises paid-off SRF loans
Barclays and Natwest are lead managers on a €518m reperforming Spanish RMBS, featuring legacy mortgages previou...
15 November 2019
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News
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Risk transfer round-up - 15 November
CRT sector developments and deal news
Santander is rumoured to be prepping a synthetic securitisation of German consumer loans. This is one of two synthetic c...
15 November 2019
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News Analysis
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Meaningful progress
Non-agency eMortgage securitisation on the cards
Meaningful progress in the origination and subsequent securitisation of eMortgages in the US non-agency mortgage market...
15 November 2019
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News
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ERLS returns
Lone Star prints Irish NPL RMBS
Lone Star has priced its latest Irish non-performing loan RMBS at the same levels as its previous ERLS deal from July. D...
15 November 2019
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News
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Landmark ABS inked
UniCredit completes large corporate ABS
UniCredit has completed what is believed to be the largest European ABS transaction post-crisis. Dubbed Impresa Two, the...
14 November 2019
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News
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Alhambra priced
SME ABS gets over the line at last
The long-awaited Spanish SME ABS Alhambra SME Funding 2019-1 has priced. The closest Europe has yet seen to a public mid...
14 November 2019
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Market Moves
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ESG initiative launched
Sector developments and company hires
Alt heads named test Allianz Global Investors has unveiled leadership changes that will take effect on 1 January 2020....
13 November 2019
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The Structured Credit Interview
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Choose risk
Richard Robb, ceo of Christofferson, Robb & Company (CRC), an investment manager in New York and...
Q: How is CRC involved in the capital relief trade or risk sharing market? A: We continue to invest in bilateral risk s...
13 November 2019
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News
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Performance tracked
Peripheral NPL ABS compared
JPMorgan has launched respective performance trackers for Italian and Iberian non-performing loan securitisations, summa...
12 November 2019
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Market Moves
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First RMBS tied to AONIA marketing
Company hires and sector developments
AONIA debut Commonwealth Bank of Australia’s new A$1bn Medallion Trust Series 2019-1 is set to become the fi...
11 November 2019
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News
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SCI Start the Week - 11 November
A review of securitisation activity over the past seven days
Stories of the week Pursuing illiquidity premia Corbin Capital answers SCI's questions Risk transfer return Bank...
11 November 2019
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Market Moves
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MPL ABS breaches liquidity covenant
Sector developments and company hires
EMEA BTIG has established a fixed income credit division in London to service clients across EMEA. The team is led by...
8 November 2019
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News Analysis
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Liquidation challenges
Greek economy precludes enforcement option
An improvement in economic fundamentals and reform efforts has boosted both the deal flow and prospects of the Greek non...
8 November 2019
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News
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Risk transfer return
Bank of Ireland issues mezzanine tranche
Bank of Ireland has issued an additional mezzanine tranche on top of the junior tranche of a 2017 capital relief trade d...
8 November 2019
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News
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Risk transfer round-up - 8 November
CRT sector developments and deal news
BMO will call a capital relief trade dubbed Muskoka Series 2017-1 in December. The senior secured and senior unsecured U...
8 November 2019
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Market Moves
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Counter suit filed over servicing system
Sector developments and company hires
Servicing system suit PennyMac Financial Services has filed a counter suit against Black Knight, alleging that Black...
7 November 2019
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News Analysis
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Rollover prepped
NPL CRT to be refinanced
Hoist Finance is readying a rated securitisation backed by Italian unsecured non-performing loans with a gross book valu...
7 November 2019
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The Structured Credit Interview
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Pursuing illiquidity premia
Corbin Capital ceo Tracy McHale Stuart and cio Craig Bergstrom answer SCI's questions
Q: How and when did Corbin Capital become involved in the securitisation market? TMS: We’ve been involved i...
6 November 2019
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Market Moves
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CMBS md recruited
Sector developments and company hires
North America Incapital has appointed William White as md, CMBS. Based in Boca Raton, he will report to co-heads of f...
6 November 2019
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News
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SCI Capital Relief Trades Awards 2019
Personal Contribution to the Industry: Mascha Canio, Head of Credit & Insurance Linked Investmen...
Heading up a team responsible for one of the largest investment portfolios in the sector that has driven market growth w...
6 November 2019 Free
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Market Moves
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NPL ABS inked
Sector developments and company hires
Eminent domain mods introduced To address the heightened risk to borrowers and investors of a multifamily property loca...
5 November 2019
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News
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SCI Capital Relief Trades Awards 2019
Advisor/Service Provider of the Year: Scope Ratings
Scope Ratings has been selected as SCI’s Advisor/Service Provider of the Year, thanks to its involvement in in...
5 November 2019 Free
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News
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SCI Capital Relief Trades Awards 2019
Credit Insurer of the Year: Arch Capital Group
Arch Capital Group Ltd (ACGL) is SCI’s Credit Insurer of the Year in recognition of its position as global lea...
4 November 2019 Free
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News
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SCI Start the Week - 4 November
A review of securitisation activity over the past seven days
Transaction of the week Goldman Sachs is in the market with an unusual UK buy-to-let RMBS secured by properties owned p...
4 November 2019
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News Analysis
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Tactical opportunity?
Downturn could spur CRT secondary activity
Capital relief trade secondary market activity remains minimal. However, a credit downturn could spur trading opportunit...
4 November 2019
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Market Moves
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RFC issued on disclosures
Sector developments and company hires
CDO transfer CVP CLO Manager has resigned as investment manager to the CVP Cascade CLO-1 and CLO-2 transactions. It has...
1 November 2019
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News Analysis
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Cautious optimism
NPL ABS opinion welcomed, although challenges remain
The EBA’s recent opinion on non-performing loan securitisations (SCI 24 October) has been welcomed by market p...
1 November 2019
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News Analysis
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Tough approach continues
RTS leaves disclosure challenges unresolved
The European Commission’s long-awaited regulatory technical standards on securitisation disclosures (SCI 18 Oc...
1 November 2019
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News Analysis
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SRT report pending
EBA to propose harmonised excess spread treatment
The EBA is set to propose a harmonised regulatory treatment for excess spread in significant risk transfer transactions...
1 November 2019
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News
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SCI Capital Relief Trades Awards 2019
Law Firm of the Year: Clifford Chance
Clifford Chance has been involved in the capital relief trades market from the beginning and the past year has underscor...
1 November 2019 Free
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Market Moves
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GARC deal expected
Sector developments and company hires
EMEA Florent Trouiller has joined Norton Rose Fulbright as a partner in its Luxembourg office. Trouiller practises ta...
31 October 2019
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News
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Risk transfer round-up - 31 October
CRT sector developments and deal news
Santander is rumoured to be readying two synthetic securitisations of consumer loans. The issuer has been active in the...
31 October 2019
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News
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SCI Capital Relief Trades Awards 2019
Investor of the Year: European Investment Fund
The European Investment Fund (EIF) provides an unparalleled level of support to the capital relief trades market in Euro...
31 October 2019 Free
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News
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Niche programme
Unusual UK BTL RMBS marketing
Goldman Sachs is in the market with an unusual UK buy-to-let RMBS secured by properties owned primarily by residents of...
31 October 2019
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News
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Untapped potential?
New style reinsurance vehicles yet to take off
Almost a year since launch risk-remote reinsurance capacity vehicle Vermeer Re is yet to have any direct imitators. Howe...
31 October 2019
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Market Moves
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Anti-NSDA provisions welcomed
Sector developments and company hires
Anti-NSDA provisions welcomed The inclusion of anti-net short debt activism (NSDA) provisions in offering documentation...
30 October 2019
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News
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SCI Capital Relief Trades Awards 2019
Innovation of the Year: FCT Jupiter 2019
Societe Generale’s US$3.4bn FCT Jupiter 2019 transaction has won SCI’s Innovation of the Year Award...
30 October 2019 Free
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Market Moves
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Abacus case settled
Sector developments and company hires
Abacus case settled Judge Jennifer Frisch of the Minnesota District Court has terminated the Abacus 2006-10 case (SCI 2...
29 October 2019
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News
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SCI Capital Relief Trades Awards 2019
Impact Deal of the Year: Room2Run
As the first-ever synthetic impact securitisation with a multilateral development bank (MDB), Room2Run helped to free up...
29 October 2019 Free
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News
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SCI Capital Relief Trades Awards 2019
Transaction of the Year: Syon Securities 2019
Lloyds Banking Group’s synthetic UK RMBS Syon Securities 2019 was motivated by prudent risk management as part...
28 October 2019 Free
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News
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SCI Start the Week - 28 October
A review of securitisation activity over the past seven days
Transaction of the week Fannie Mae has priced its first credit risk transfer transaction referencing a pool of multifam...
28 October 2019
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News
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Overcoming stigma
Opportunities eyed in land banking
One sector that continues to be underserved by financial institutions post-crisis is land banking. As such, it offers op...
28 October 2019
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Market Moves
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CMBS refi inked
Sector developments and company hires
CLO firm names IR head Pemberton has hired Cary Gibson to the role of director and head of investor relations. Gibson...
25 October 2019
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News
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SCI's latest podcast is now live!
The editorial team discuss the hottest topics in securitisation today...
In this month's exciting edition of the SCI podcast, the team talks about standardised banks and the barriers th...
25 October 2019
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News Analysis
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One-stop shop
New firm offers range of innovative securitised products
Gessler Capital was recently launched with a view to meet increasing demands from issuers that want off-balance sheet se...
25 October 2019
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News
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SCI Capital Relief Trades Awards 2019
Arranger of the Year: Credit Suisse
Credit Suisse is SCI’s Arranger of the Year in recognition of the variety of structures it has placed and the...
25 October 2019 Free
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News
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Multifamily CRT debuts
DUS, MCIRT programmes complemented
Fannie Mae has priced its first credit risk transfer transaction referencing a pool of multifamily loans. Dubbed Multifa...
25 October 2019
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Market Moves
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CRR amendments for NPEs recommended
Sector developments and company hires
CRR amendment opinion published The EBA has published an opinion on the regulatory treatment of securitisations of non...
24 October 2019
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News
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SCI Capital Relief Trades Awards 2019
Issuer of the Year: Santander
Santander was one of the banks that actively participated in efforts to extend the STS designation to synthetic securiti...
24 October 2019 Free
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News
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CRE CRT inked
Innovative financial guarantee debuts
Raiffeisen has completed an approximately €95m unfunded financial guarantee that references a €1.2bn p...
24 October 2019
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News
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Scalable and repeatable
MSR securitisation on the cards?
A securitisation at some point in the future - and given market conditions conducive to such a securitisation, which do...
24 October 2019
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News
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GACS structured
Mortgage NPL ABS prepped
UniCredit is in the market with a non-performing loan securitisation that references €6bn - in gross book value...
23 October 2019
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News Analysis
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Correlation evolution
Tranche trading continues to gain traction
Bespoke and index tranche trading volumes have been increasing for the last few years, supported by the low yield enviro...
23 October 2019
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News
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Fully equipped
US equipment ABS booming in primary and secondary
With two deals pricing last week (Ascentium Equipment Receivables 2019-2 and CNH Equipment Trust 2019-C) and another - t...
22 October 2019
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Market Moves
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Firm files Chapter 11
Company hires and sector developments
Chapter 11 filing Highland Capital Management LP (HCMLP) has commenced voluntary Chapter 11 proceedings, citing a judg...
22 October 2019
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News Analysis
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Re-bridging concerns dismissed
Re-bridging loans in CRE CLOs "can offer benefits"
Re-bridging loans have started to appear in CRE CLO transactions, where a borrower has used a new bridge loan to refinan...
22 October 2019
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News
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SCI Start the Week – 21 October
A review of securitisation activity over the past seven days
CRT awards winners The winners of SCI's inaugural Capital Relief Trades Awards were revealed at the annual SCI CRT Semi...
21 October 2019
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News Analysis
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Positive outlook
Italian non-performing lease ABS on the cards
Italian non-performing lease securitisation volumes could reach €2bn next year, as investors seek new opportuni...
21 October 2019
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Market Moves
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RTS draft published
Sector developments and company hires
The European Commission has published the Delegated Regulation on Regulatory Technical Standards (RTS) regarding the dis...
18 October 2019
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News
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Risk transfer round-up - 18 October
CRT sector developments and deal news
Nordea is rumoured to be prepping a corporate capital relief trade for this year. The Nordic lender’s last ris...
18 October 2019
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News Analysis
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ESG scores launched
New scoring system has "limited" credit rating impact
Fitch has introduced new ESG Relevance scores for structured finance and covered bonds, which communicate how material a...
18 October 2019
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News
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Best in class
SCI Capital Relief Trades Awards winners revealed
The winners of SCI’s inaugural Capital Relief Trades Awards were revealed at a ceremony last night. The select...
18 October 2019 Free
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News
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Inaugural French ABS prepped
ABS is first SME deal from promotional bank
Bpifrance is marketing a debut €2bn SME ABS. The transaction, dubbed Bpifrance 2019-1, is a three-year...
18 October 2019
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News Analysis
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Optimisation opportunities
Synthetic, true sale options explored for emerging markets
Qbera Capital has plans to deliver innovative balance sheet optimisation strategies to financial institutions and non-ba...
16 October 2019
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News
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Positive impact
Capital allocation factor debuts
Societe Generale has completed an innovative risk transfer transaction that, for the first time, incorporates a capital...
16 October 2019
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Market Moves
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Euro advisory firm boosts SF expertise
Company hires and sector developments
Euro advisory firm boosts SF expertise Zedra has hired Rens van Hoof as head of capital market solutions out of its Am...
16 October 2019
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Market Moves
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Indian ABS soars
Sector developments and company hires
CLO business announced AllianceBernstein has announced a new loan and CLO management business, hiring Scott Macklin to...
15 October 2019
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Market Moves
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Serbian NPL disposal plans announced
Sector developments and company hires
Associate appointed Channel Capital Advisors has hired Pouya Jafari as an associate in London. He was previously a cre...
14 October 2019
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News
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Affordable housing eyed
Agency CMBS eminent domain exposure gauged
The King County Housing Authority (KCHA), a municipal corporation created by the State of Washington, last week acquired...
14 October 2019
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News
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Auto SRT finalised
Excess spread follows new regulatory guidance
Santander has completed its eighth transaction from the Kimi programme. The €799m true sale significant risk tr...
14 October 2019
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News
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SCI Start the Week - 14 October
A review of securitisation activity over the past seven days
SCI CRT Seminar The line-up for SCI's 5th Annual Capital Relief Trades Seminar on 17 October has been finalised. Hosted...
14 October 2019
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News Analysis
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Meaningful constituent?
Perceived difference between IRB, standardised banks narrowing
Recent transactions imply that the difference between how IRB and standardised banks are perceived by capital relief tra...
14 October 2019
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News Analysis
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Hercules sets forth
Greek asset protection scheme approved
The European Commission has announced that the Greek government’s asset protection scheme - dubbed Hercules -...
11 October 2019
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News Analysis
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Framework focus
EBA synthetics paper welcomed, despite concerns
Risk transfer market participants have welcomed the EBA’s discussion paper on STS synthetics (SCI 25 September...
11 October 2019
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Market Moves
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Structured finance head appointed
Sector developments and company hires
EBA’s agenda released The EBA has published its 2020 agenda, detailing its work activities for the coming ye...
11 October 2019
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News
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CRT line-up finalised
Awards ceremony to round off risk transfer event
The line-up for SCI’s 5th Annual Capital Relief Trades Seminar on 17 October has been finalised. Hosted by All...
11 October 2019 Free
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News
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Risk transfer round-up - 10 October
Capital relief trade sector developments and deal news
RBS is rumoured to be readying a capital relief trade backed by project finance loans. According to SCI data, this would...
10 October 2019
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Market Moves
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Co-founder to depart
Company hires and sector developments
Co-founder moves on BlueMountain’s co-founder and co-president Stephen Siderow is set to leave the firm, but...
10 October 2019
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News
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Synthetic RMBS debut
Non-GSE CRT deal prepped
JPMorgan Chase Bank (JPMCB) is marketing what is believed to be the first rated synthetic mortgage risk transfer transac...
10 October 2019
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News
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Danish firm's debut CLO prepped
Inaugural ESG-compliant deal likely to be first of many
Capital Four is set to price its debut BSL CLO this week, dubbed Capital Four CLO I. The €359.4m tran...
10 October 2019
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News Analysis
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Performance hurdles
Loan sell-offs hampering US CLOs
Increasing numbers of loan sell-offs are hampering performance in US CLOs relative to other US credit markets. The issue...
10 October 2019
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Market Moves
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Credit system "positive" for China SF deals
Sector developments and company hires
Credit system a positive for China SF deals China’s plan to establish a comprehensive, nationwide credit inf...
9 October 2019
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News Analysis
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Opening up
Platform hopes to securitise global banks' trade finance assets
While trade finance assets are of growing interest to investors, due to the attractive risk-return profiles on offer, ma...
9 October 2019
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Market Moves
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Bank leaves CDS committee
Sector developments and company hires
Bank leaves CDS committee Societe Generale has decided to leave the Credit Determinations Committee. The bank is not h...
7 October 2019
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News
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SCI Start the Week – 7 October
A review of securitisation activity over the past seven days
Transaction of the week RMF is marketing its first private RMBS backed by jumbo proprietary reverse mortgages loans and...
7 October 2019
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News Analysis
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Rating challenges
Limited appetite for rated senior mezz
Issuers have typically refrained from seeking ratings on the senior mezzanine tranches of dual-tranche capital relief tr...
7 October 2019
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News
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Risk transfer round-up - 4 October
Capital relief trade sector developments and deal news
HSBC is rumoured to be readying a corporate capital relief trade for 4Q19. According to SCI data, the lender’s...
4 October 2019
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News
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Spanish SRT finalised
Santander completes full-stack auto ABS
Santander has priced a €555.5m true sale significant risk transfer transaction dubbed Santander Consumer Spain...
4 October 2019
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News
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Reverse mortgage RMBS prepped
First post-crisis deal backed by newly-originated reverse mortgage loans markets
RMF is marketing its first private RMBS backed by jumbo proprietary reverse mortgages loans and, according to KBRA, the...
4 October 2019
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Market Moves
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ILS acquisition announced
Company hires and sector developments
Acquisition announced Artex Risk Solutions has announced that it has reached agreement to acquire Horseshoe Insurance...
3 October 2019
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News Analysis
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Index ingenuity
Credit derivatives strategy finds value in capital constraints
With doveish central bank policy in the US and Europe having a tightening effect on yields across a range of asset class...
3 October 2019
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News
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Nascent stages
CRT mezz investor base needs time to develop
The pace of growth of the risk transfer market is likely to be tied to the development of the synthetic mezzanine risk m...
3 October 2019
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News Analysis
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Problem solving
Credit derivative hedges mooted in a deteriorating environment
The end of the credit cycle and fears over global geopolitical and natural events are driving European portfolio manager...
3 October 2019
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News Analysis
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Issuance wave
Opel and Sabadell settle first full-stack SRTs
Opel and Sabadell have settled their first full-stack significant risk transfer transactions. The true sale deals are th...
2 October 2019
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News
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Autumn sales
Italian NPL, UTP disposals continue apace
Illimity Bank and a Cerberus Capital Management affiliate have acquired a second unlikely-to-pay loan portfolio from Ban...
2 October 2019
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Market Moves
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CLO firm co-founder to retire
Sector developments and company hires
30-year CIRT debuts Fannie Mae has completed its sixth Credit Insurance Risk Transfer transaction of 2019: CIRT 2019-3...
2 October 2019
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News Analysis
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ABS key to energy upgrade initiative?
Securitisation could solve efficiency projects challenge
The European Commission reports that 75% of Europe’s building stock is not energy efficient, but sourcing the...
2 October 2019
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Market Moves
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B-piece service bulks out
Sector developments and company hires
B-piece service bulks out Greystone, has added Paul Smyth, Cary Williams, and Paul Jankovsk...
30 September 2019
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News
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Development drive
Canadian private RMBS boost
Home Trust Company became the fourth issuer to tap the Canadian private RMBS market with its private placement of Classi...
30 September 2019
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News
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SCI Start the Week - 30 September
A review of securitisation activity over the past seven days
Transaction of the week FirstKey Mortgage is marketing the first securitisation backed by manufactured homes (MH) since...
30 September 2019
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News Analysis
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Full-stack SRT boost
Opel, Sabadell achieve funding and capital relief
Banco Sabadell and Opel Bank last week priced respectively full stack consumer and auto ABS deals – dubbed Sab...
27 September 2019
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News Analysis
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Portfolio-based cover opportunities eyed
New reinsurance platform to harness synthetic ABS overlap opportunities
BPL Global is to launch a new reinsurance platform and has hired Gregory King-Underwood as director to spearhead the fir...
27 September 2019
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News
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Polish debut
STS ABS gains EIB support
PKO Leasing has closed Polish Lease Prime 1, the largest-ever Polish securitisation. The PLN2.5bn revolving lease ABS is...
26 September 2019
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Market Moves
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Aussie auto ABS debut prepped
Sector developments and company hires
Aussie auto debut prepped The first public term securitisation backed by collateral originated by Mercedes-Benz Financ...
26 September 2019
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News Analysis
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STS synthetics framework unveiled
EBA publishes landmark consultation
The EBA has published its long-awaited discussion paper on its proposals for an STS framework for synthetic securitisati...
25 September 2019
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Market Moves
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US CLO firm leadership shake-up
Sector developments and company hires
CLO firm makes md appointment MidOcean Partners has hired Natalya Michaels as md, focusing on marketing, investor rela...
25 September 2019
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Market Moves
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Ceo appointed
Sector developments and company hires
Ceo appointed CAC Specialty has appointed Michael Rice as ceo, bringing more than 25 years of experience in the insura...
24 September 2019
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News
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First post-crisis MH deal prepped
Transaction largely backed by legacy securitisation loans
FirstKey Mortgage is marketing the first securitisation backed by manufactured homes (MH) since the financial crisis (SC...
24 September 2019
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Market Moves
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Master trust margins amended
Sector developments and company hires
Holmes Master Trust margins amended Moody’s comments that the proposed amendments to the 2017-1 Class A2 and...
23 September 2019
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News
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SCI Start the Week - 23 September
A review of securitisation activity over the past seven days
Transaction of the week Deutsche Bank is marketing a £114m UK CMBS, dubbed Deco 2019-RAM. The transaction main...
23 September 2019
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Market Moves
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Law firm nabs SF vet
Sector developments and company hires
Law firm beefs up Orrick has hired structured finance lawyer Richard Hanson as a partner based in London. He joins fro...
20 September 2019
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News Analysis
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Investor reassurance
Spanish Supreme Court ruling assuages NPL ABS investor concerns
Spain’s Supreme Court has ruled that Spanish banks are obliged to wait until at least 12 monthly instalments a...
20 September 2019
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News Analysis
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Legacy SRT call possibility
Regulatory triggers could lead to SRTs being called next year
Banks could potentially call legacy capital relief trades (CRTs) next year, as higher senior risk weights for these deal...
20 September 2019
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News Analysis
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Case for STS synthetics outlined
Benefits of STS on synthetics clear, but objections could be raised
The EBA is set to release its discussion paper on the application of the STS label to synthetic securitisation next week...
20 September 2019
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News
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Risk transfer round-up - 20 September
CRT sector developments and deal news
Standard Chartered is rumoured to be prepping a corporate capital relief trade for 4Q19. The bank’s last risk...
20 September 2019
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News
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Risk transfer round-up - 20 September
CRT sector developments and deal news
Standard Chartered is rumoured to be prepping a corporate capital relief trade for 4Q19. The bank’s last risk...
20 September 2019
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News
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Credit-granting guidance outlined
"Bright-line" verification test still absent
The EBA recently published an answer to a question posed by AFME in relation to Article 9(3) of the Securitisation Regul...
19 September 2019
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Market Moves
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CMBS NOI slowing
Sector developments and company hires
Aircraft ratings review Moody’s has published a new overview which examines ABS issued in the US since 2013,...
19 September 2019
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News
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Broader base
New investors come to STS, but for what reason?
A growing number of new investors, including bank treasuries, are participating in European STS securitisations...
18 September 2019
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News Analysis
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Drilling down
Opportunities on offer in consumer, despite downturn concerns
Consumer finance in the US is still a relatively untapped asset class among institutional investors, despite the relativ...
17 September 2019
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News
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UK CMBS prepped
Retail-backed CMBS markets despite major tenant concerns
Deutsche Bank is marketing a £114m UK CMBS, dubbed Deco 2019-RAM. The transaction mainly comprises a &poun...
16 September 2019
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Market Moves
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CLO downgrade announced
Sector developments and company hires
CDS hire announced Axiom Alternative Investments has appointed Bedis Gharbi as senior portfolio manager, to support th...
16 September 2019
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News
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SCI Start the week - 16 September
A review of securitisation activity over the past seven days
Transaction of the week Alior Leasing has launched a 12 month revolving cash securitisation of auto leasing loans and...
16 September 2019
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News Analysis
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Targeting opportunities
Servicers continue hunt for Greek NPL ABS
Hipoges Iberia, the Iberian servicer, is targeting opportunities in the Greek non-performing loan market that include NP...
13 September 2019
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Market Moves
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ECB stimulus announced
Sector developments and company hires
ECB stimulus package outlined The ECB has announced that it is cutting the interest rate on the deposit facility will...
13 September 2019
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News
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Competitive boost
QMP expiration levels playing field
The US Treasury’s plan to reform the country’s housing system is expected to level the playing field...
13 September 2019
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News Analysis
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Roll play
Asian CDS index changes could boost market
Impending changes to Asia’s CDS index are grabbing traders’ attention. Meanwhile, other structured f...
13 September 2019
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News
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Green ABS recommendations outlined
Securitisation could be key tool in climate change battle
Green securitisation can play an important role in helping to close the yearly investment gap of almost €180bn&...
12 September 2019
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News
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Risk transfer round-up - 12 September
CRT sector developments and deal news
Intesa Sanpaolo is rumoured to be prepping for 4Q19 two capital relief trades that reference respectively corporate and...
12 September 2019
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News Analysis
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Risk profile
Basel 4 impact to vary based on business model
The EBA last month published its advice on the implementation of Basel 4 in the EU, with its impact assessment suggestin...
12 September 2019
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News
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Polish ABS inked
Securitisation features auto lease collateral
Alior Leasing has launched a 12 month revolving cash securitisation of auto leasing loans and leases extended to sole tr...
11 September 2019
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Market Moves
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CLO firm incorporates ESG approach
Company hires and sector developments
Cayman CLO first Maples Group has supported the first ever US CLO to issue out of the Cayman Island. The transaction w...
11 September 2019
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Market Moves
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Country md announced
Company hires and sector developments
Country md announced Jervis Smith has been appointed country md of Vistra Luxembourg, responsible for leading Vistra&a...
10 September 2019
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News Analysis
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Performance questions
CMV conflict concerns aired
Scepticism about whether CLO managers and their investment affiliates can be truly independent of each other has accompa...
10 September 2019
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News Analysis
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Maltese benefits
Jurisdiction especially suited to innovative transport ABS
Malta provides a legal and tax framework that provides the same benefits for the establishment of SPVs as more well-know...
10 September 2019
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Market Moves
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CLO firm bulks up
Company hires and sector developments
CLO firm bulks up Adrienne Dale has joined MidOcean Credit Partners a portfolio manager for its CLO strategies. She wi...
9 September 2019
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News
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SCI Start the Week - 9 September
A review of securitisation activity over the past seven days
Transaction of the week The EIF has launched two new funding initiatives to support SMEs in Europe, including a first-o...
9 September 2019
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Market Moves
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ILS deputy head hired
Company hires and sector developments
Blockchain standardisation steps taken The standardisation of blockchain technology, which the International Organisat...
6 September 2019
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News
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Reform plans released
GSEs to be recapitalised and repositioned
The US Treasury has released its plan to reform the country’s housing finance system. The Treasury Housing Ref...
6 September 2019
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News
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SME initiatives inked
EIF launches further guarantee programmes for businesses across Europe
The EIF has launched two new funding initiatives to support SMEs in Europe, including a first-of-its kind initiative in...
6 September 2019
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Market Moves
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Ceo appointed
Sector developments and company hires
Analytics head nabbed Merion Square Capital has hired Jeff Fraser as head of analytics, based at the firm’s...
5 September 2019
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News
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STS success?
Market warms to STS, but threats hover on the horizon
While STS lead to a dampening effect on ABS issuance at the start of the year, it is starting to bring in longer term in...
5 September 2019
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Talking Point
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Navigating the new
New European CLO investors must chart a steady course
The remainder of the year looks set to be an active one for European CLOs. To sustain growth, the market needs to find n...
5 September 2019
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News Analysis
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Going concern?
Synthetics could help address UTP burden
Synthetic securitisation is being put forward as one way of proactively addressing the unlikely-to-pay loan burden in It...
5 September 2019
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Market Moves
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Structured credit vets nabbed
Sector developments and company hires
EBA makes STS digital move The EBA has announced that it has added the STS Regulation to its online Interactive Single...
4 September 2019
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Market Moves
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Tesco portfolio disposal sealed
Company developments and sector hires
Auto deal debut Oodle Financial Services is marketing an inaugural static cash securitisation of auto receivables exte...
3 September 2019
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News Analysis
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Boost for Brazilian RMBS?
Number of risks from index-linked mortgages possible
A resolution in Brazil, intended to widen the pool of funds available to finance the purchase of homes in the country, h...
2 September 2019
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Market Moves
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RAIT sale
Company developments and sector hires
Aussie bank secures warehouse line Yellow Brick Road (YBR), an Australian non-bank lender, has received final credit a...
2 September 2019
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News
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SCI Start the Week - 2 September
A review of securitisation activity over the past seven days
Market commentary A new Fitch study shows that there is a wide range in trustee reported market values for defaulted lo...
2 September 2019
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News
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Strong performance
Refi PSL ABS upgraded
Moody's has lowered its expected default rate for typical unseasoned refinancing private student loan (PSL) ABS...
30 August 2019
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News Analysis
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Regulatory boost
Italian SRT issuance picks up
Italian capital relief trades are experiencing a strong pick-up in issuance this year as regulatory changes enable more...
30 August 2019
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Market Moves
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Portuguese ABS framework updated
Sector developments and company hires
Portuguese ABS framework updated A new regulation has been introduced in Portugal providing for the execution of regul...
30 August 2019
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News Analysis
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NPL relief
ECB extends provisioning calendar
The ECB is set to align its supervisory expectations regarding the provisioning of new non-performing loans with an Apri...
30 August 2019
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News
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Esoteric opportunities
Structured solutions to address corporate risk transfer needs
The newly-formed CAC Specialty (SCI 21 August) is seeking to capitalise on the convergence of the insurance and capital...
30 August 2019
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Market Moves
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Structured credit head steps down
Company hires and sector developments
BUMF 6 claim filed Business Mortgage Finance 6 has issued a claim against Roundstone Technologies (RTL) in the London...
29 August 2019
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News Analysis
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Back to work
UK deal flow restarts ahead of expected busy months ahead
Oak No. 3 has become the first ‘post-summer’ UK ABS/MBS deal to price. It is expected to be the firs...
29 August 2019
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News
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Multifamily delinquencies ticking up
Growing student housing vacancies major factor
Delinquencies among multifamily loans in CMBS have recently increased and are expected to grow further. A Morningstar re...
29 August 2019
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News
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Risk transfer round-up - 28 August
CRT sector developments and deal news
Credit Suisse has called two transactions from its Magnolia Finance V programme. The transactions were issued in 2013 an...
28 August 2019
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Market Moves
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Ceo replaced
Sector developments and company hires
New ceo appointed Oaktree Specialty Lending has announced that ceo and cio Edgar Lee has resigned from the company for...
27 August 2019
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News
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Euro CLOs strong
Market maintaining positive path
The European CLO market has had a strong 2019 so far. That strength looks set to continue in the months ahead. Figures...
27 August 2019
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Market Moves
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Broker charged over mispricing
Sector developments and company hires
Broker charged over mispricing The US SEC has charged New York-based broker-dealer AOC Securities and its former ceo R...
23 August 2019
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News
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Debut consumer securitisation prepped
Australian non-bank markets inaugural ABS
Wingate Consumer Finance is marketing an inaugural term securitisation of personal loans extended to borrowers in Austra...
23 August 2019
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News Analysis
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Counterintuitive results
EBA consultation incentivises unfunded SRT format
The EBA’s consultation on the determination of the weighted average maturity of a securitisation tranche (SCI...
23 August 2019
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Market Moves
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Warehouse line closed
Company hires and sector developments
CRE appointments Arbor Realty Trust has appointed Danny van der Reis as evp, structured asset management, reporting to...
22 August 2019
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News Analysis
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Private market thriving
Specialty finance firms find multiple benefits in private deals
Private securitisations are thriving, particularly among specialty finance companies, as a flexible and economic funding...
22 August 2019
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News
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Deleveraging boost
Monte dei Paschi completes NPL disposals
Banca Monte dei Paschi di Siena has sold a further four non-performing loan portfolios for approximately €340m...
21 August 2019
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Market Moves
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Volcker rule amended
Company hires and sector developments
Aviation firm appoints treasurer Wings Capital Partners has hired Jakob Gallagher as vp, treasurer and capital markets...
21 August 2019
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News
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Red ahead
Non-resident Aussie RMBS hits the market
Columbus Capital is prepping a rare Australian RMBS backed by fully amortising (accounting for 86.1% of the pool) and in...
20 August 2019
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Market Moves
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CLO ESG impact assessed
Sector developments and company hires
ESG impact assessed The credit impact of environmental, social and governance (ESG) investment criteria on CLOs rated...
19 August 2019
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News
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SCI Start the Week - 19 August
A review of securitisation activity over the past seven days
Transaction of the week CFO backed by PE portfolio (SCI 13 August) Nassau Alternative Investments is marketing a colla...
19 August 2019
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Market Moves
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Whole biz downgrade announced
Company developments and company hires
Acquisitions Crescent Capital BDC is set to acquire Alcentra Capital Corp, a middle-market BDC. The transaction is the...
16 August 2019
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News
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Pricing tension
Houlihan Lokey model leveraged in shipping deal
Nord LB completed a landmark €2.6bn shipping non-performing loan deal with Cerberus in April that utilised Houl...
16 August 2019
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News
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Consent challenges
Transactions losing value without Libor fallback language
Investors are working with an asset registry and communication platform to obtain noteholder consent in order t...
16 August 2019
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News Analysis
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Brexit impact gauged
UK ABS expected to withstand no-deal
A no-deal Brexit scenario isn’t expected to significantly affect the economics of UK ABS transactions. However...
16 August 2019
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News
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Higher yields?
Bluestone debuts UK RMBS
Bluestone Mortgages is in the market with its first UK RMBS. Dubbed Genesis Mortgage Funding 2019-1, the transaction is...
16 August 2019
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News
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Risk transfer round-up - 16 August
CRT sector developments and deal news
UBI Banca is rumoured to be prepping an SME and corporate SRT for 3Q19. The alleged transaction is riding a wave of Ital...
16 August 2019
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Market Moves
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Syncora Guarantee acquired
Sector developments and company hires
Syncora sale GoldenTree Asset Management entity Star Insurance Holdings is set to acquire Syncora Holdings’ N...
15 August 2019
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Market Moves
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NPL disposals inked
Sector developments and company hires
ABSF tender The Australian Office of Financial Management is inviting tender submissions for the provision of investme...
14 August 2019
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News Analysis
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Balancing act
European CMBS learning from US CRE structures
European CMBS are increasingly likely to continue following patterns set by their US counterparts and the market could e...
14 August 2019
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News
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Insurer markets CFO
Transaction backed by 'highly diverse' PE portfolio
Nassau Alternative Investments is marketing a collateralised fund obligation (CFO) comprising private equity (PE) fund c...
13 August 2019
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News Analysis
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Tweaking tradition
Dutch securitisation evolving across established sectors
The Dutch securitisation market is seeing innovation and growth away from its traditional strong focus on prime RMBS. Th...
13 August 2019
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News Analysis
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STS mirage
"Still no level playing field" despite regulation
Despite the high bar that issuers must clear to achieve the STS designation on securitisations, the deals continue to ha...
12 August 2019
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News
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SCI Start the Week - 12 August
A review of securitisation activity over the past seven days
SCI CRT awards Don't miss out on your chance to win: the submissions deadline for the inaugural SCI Capital Relief Trad...
12 August 2019
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News
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Venture ABS prepped
Horizon Technology Finance hits the market
Horizon Technology Finance is marketing an ABS backed by secured liens on non-investment grade performing loans made to...
9 August 2019
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Market Moves
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AM acquisition
Sector developments and company hires
Asset management acquisition Assured Guaranty US Holdings is set to acquire all of the outstanding equity interests in...
9 August 2019
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Market Moves
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AM acquisition
Sector developments and company hires
Asset management acquisition Assured Guaranty US Holdings is set to acquire all of the outstanding equity interests in...
9 August 2019
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News Analysis
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Senior mezz eyed
CRT issuers target asset managers
Banks are targeting asset managers for the senior mezzanine tranches of dual-tranche capital relief trades, given that t...
9 August 2019
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News Analysis
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Track record
Middle market origination processes scrutinised
A deteriorating credit environment is expected to prove challenging for new US middle market loan platforms, whose fee r...
9 August 2019
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News Analysis
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New ventures
Asset manager building out structured credit strategies
BlueBay is expanding its structured finance and CLO investment strategies. As well as aiming...
9 August 2019
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News
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Risk transfer round-up - 9 August
CRT sector developments and deal news
BNP Paribas is rumoured to be prepping a corporate capital relief trade for 3Q19. The lender’s last risk trans...
9 August 2019
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News
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NPL disposals sealed
Two banks offload Italian loan portfolios
Two disposals of Italian non-performing and performing loans (NPLs) originated by Unicredit and ING have been sealed. Th...
8 August 2019
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News
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Branching out
UK marketplace lender brings US deal
Funding Circle Holdings is in the market with its first ABS collateralised by loans made to SMEs incorporated in the US....
7 August 2019
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Market Moves
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Alt credit co-head hired
Company hires and sector developments
Alt credit co-head nabbed Ares has hired Joel Holsinger to its credit group as co-head of alternativ...
7 August 2019
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News
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JV agreed
Intesa readies UTP securitisation
Intesa San Paolo has reached an agreement with Prelios that involves the securitisation of a €3bn (GBV) corpora...
7 August 2019
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News
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Whole biz debut double
Early learning, pet supply franchises securitised
Two US whole business securitisations are marketing, representing debut transactions from both firms. The deals comprise...
6 August 2019
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Market Moves
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CLO partner appointed
Sector developments and company hires
CLO firm partner promotion DFG Investment Advisers has promoted Timothy Milton to partner. Since joining the firm in 2...
6 August 2019
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News Analysis
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Keeping it private
Public European middle market CLOs are struggling, but private deals are booming
The success of middle market CLOs in the US and the ever-present search for yield has led to much talk about the Europea...
6 August 2019
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News
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SCI Start the Week - 5 August
A review of securitisation activity over the past seven days
Market commentary Portuguese RMBS outperformed other securitisation asset classes last week, boosted by the surprise ca...
5 August 2019
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Market Moves
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CLO head hired
Sector developments and company hires
BUMF 6 injunctions granted Final injunctions have been granted against Greencoat Investments (GIL) (including against...
2 August 2019
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News Analysis
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Performance model revealed
Innovative approach highlights smaller manager outperformance
Smaller, less well-known CLO managers often outperform their larger competitors, a new analytical model has revealed. Th...
2 August 2019
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News
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Dual-tranche deal finalised
Standard Chartered targets wide distribution
Standard Chartered has completed a dual-tranche capital relief trade that references an undisclosed US$2bn portfolio of...
2 August 2019
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News
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Landmark SRTs inked
BP Bari completes capital relief trades
Banca Popolare di Bari has completed two capital relief trades that reference respectively a €1.1bn Italian SME...
2 August 2019
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News
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Crunching the numbers
'Anomalous' acquisition of mortgages 'made economic sense'
Arbuthnot Banking Group recently acquired two mortgage portfolios from the Raphael Mortgages and Magellan Funding 2 RMBS...
1 August 2019
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News
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COSME tapped
SME risk-sharing agreement signed
Italian national promotional bank Cassa Depositi e Prestiti (CDP) has tapped the EU's COSME loan guarantee facil...
1 August 2019
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News Analysis
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NPL SRT inked
Hoist Finance tackles backstop regulation
Hoist Finance has sold a €225m portfolio of Italian unsecured non-performing loans via an unrated securitisatio...
1 August 2019
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News
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Under pressure?
UK non-prime RMBS could be tested in the autumn
Attention in the UK RMBS market is turning to what might happen in September as the summer lull begins in earnest, with...
1 August 2019
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Market Moves
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Affordable loan credit insurance risk transfer closed
Sector developments and company hires
Affordable CIRT closed Fannie Mae has executed a new credit insurance risk transfer (CIRT) transaction that, for the f...
31 July 2019
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News
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Portuguese boost
RMBS tightens on call optionality
Portuguese RMBS outperformed other securitisation asset classes last week, boosted by the surprise call of the Lusitano...
31 July 2019
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News Analysis
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QM revisited
Private mortgage market to fill the void?
The CFPB’s ANPR in relation to the GSEs’ temporary qualified mortgage provision (SCI 29 July) antici...
31 July 2019
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News
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New podcast now live
The operational steps to setting up a CRT and more...
In this week's podcast, the team discuss the operational steps taken when putting together a capital re...
31 July 2019 Free
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News Analysis
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Turning point
Catastrophe bonds could see a redirection of spreads
The past two years of record-breaking reinsurance losses, along with technically-driven spread widening, have hampered t...
31 July 2019
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Market Moves
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Winding up order issued for Clifden
Company hires and sector developments
Clifden wind up A winding-up order has been issued by the High Court of Justice of the Isle of Man, Chancery Division...
29 July 2019
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News Analysis
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Closer look
US CRE CLOs are booming, but caution is advised
A landmark US CRE CLO is currently marketing and grabbing investors’ attention. Away from the deal, some aspec...
29 July 2019
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News
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SCI Start the Week - 29 July
A review of securitisation activity over the past seven days
Transaction of the week Unusual securitisation backed by music rights collateral (SCI 23 July) SESAC, a music rights...
29 July 2019
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News
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BMO SRT launched
BMO expands mid-market exposure
Bank of Montreal (BMO) has completed a five-year financial guarantee that references US and Canadian senior secured and...
26 July 2019
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Market Moves
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Mortgage firm completes residuals sale
Company hires and sector developments
Residual sale Charter Mortgages is set to sell its residual economic interest in the Precise Mortgage Funding 2019-1B...
26 July 2019
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News Analysis
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Unique approach
Underwriting flex space in CMBS examined
Coworking company exposures in US CMBS are expected to increase as the buildings they occupy are refinanced and the popu...
26 July 2019
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News Analysis
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Ratings efficiency
NAIC decision to boost CLO of one volumes?
CLO of one activity is rising, as direct lenders seek to broaden their syndication channels and insurers put money to wo...
26 July 2019
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News
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Funding trade
Trade finance fund utilises securitisation technology and assets
Finance securitisation specialist Channel Capital Advisors has launched its first trade finance fund. The fund is struct...
25 July 2019
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News Analysis
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Making an impact
Debut impact ABS provides finance to EM microfinance & SME lenders
ResponsAbility Investments has closed its debut US$175m impact securitisation, backed by loans to 26 microfinance and SM...
25 July 2019
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News Analysis
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Benchmark SRT inked
Bank of Scotland completes unusual synthetic UK RMBS
Bank of Scotland has launched its first post-crisis synthetic UK RMBS. Dubbed Syon Securities 2019, the £150m...
25 July 2019
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News
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Risk transfer round-up - 24 July
CRT sector developments and deal news
Banca Popolare dell ‘Alto Adige is believed to be readying a capital relief trade that is expected to close in...
24 July 2019
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News Analysis
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Italian renaissance?
Spike in new issuance supported for now
The uptick in Italian ABS/MBS primary issuance in the past month or so gives the impression of a long-awaited re-start t...
24 July 2019
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Market Moves
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Esoteric ABS head announced
Sector developments and company hires
Esoteric ABS head named MUFG has hired Keith Allman as md and head of esoteric ABS, effective August 14 and he will be...
23 July 2019
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News
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First-mover disadvantage
NPL ABS downgrade structurally specific
Scope Ratings has downgraded Elrond NPL 2017 after a performance review. The move appears to be a deal-specific one, as...
23 July 2019
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News
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Rights firm hits play on ABS debut
Unusual securitisation backed by music rights collateral
SESAC, a music rights firm acquired by Blackstone in 2017, is marketing an inaugural whole-business securitisation. Dubb...
23 July 2019
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Market Moves
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ABS head named
Company hires and sector developments
Euro ABS head appointed Santander has hired Francesco Dissera as head of continential Europe, securitisation, based ou...
22 July 2019
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News
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Revving up
Italian auto SRT completed
BNP Paribas has completed a €950m significant risk transfer transaction of Italian auto loans. Dubbed AutoFlore...
22 July 2019
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News
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SCI Start the Week - 22 July
A review of securitisation activity over the past seven days
Market commentary Activity eased up across the US CLO market last week, driven by both macro and seasonal factors (SCI...
22 July 2019
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News Analysis
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Offshore investment in Chinese ABS soars
Investors find relative value in second largest ABS market
Foreign investment in the Chinese ABS market is increasing exponentially, as routes to entry have been eased by...
22 July 2019
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Market Moves
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Co-ceo named
Sector developments and company hires
Co-ceo named Värde Partners has named Ilfryn Carstairs as co-ceo, alongside co-founder George Hicks, effectiv...
19 July 2019
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News Analysis
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Squaring the circle
CRT issuers struggling with borrower anonymity
Capital relief trade issuers are attempting to anonymise loan-by-loan data in transactions, while simultaneously complyi...
19 July 2019
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News Analysis
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Secondary pick-up?
Aircraft ABS E-notes proliferate, despite residual value risks
Equity participation in aircraft ABS is picking up, following the execution of transactions with broadly syndicated E-no...
19 July 2019
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News
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Risk transfer round-up - 19 July
CRT sector developments and deal news
Monte dei Paschi di Siena is rumoured to be prepping an Italian SME significant risk transfer transaction for 4Q19. The...
19 July 2019
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News
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Fast track
ING RMBS turbo kicks in
Moody's has upgraded three tranches from ING’s Orange Lion 2013-10 RMBS, reflecting increased credit e...
19 July 2019
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News Analysis
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Operational issues
CRT key steps outlined
The operational issues involved in prepping a risk transfer transaction are often overlooked. Indeed, three key steps sh...
19 July 2019
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News
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Czech mate
SME CRT inked
The EIB, the EIF and Česká spořitelna (ČS) have inked a capital relief trade. The...
18 July 2019
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Market Moves
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Additional resources for disclosure published
Sector developments and company hires
Agri-investing appointment Arable Capital Partners has appointed Matt Reus a vp in the Bellevue, Washington office. He...
18 July 2019
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Market Moves
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Bank fined over MBS trading failures
Company hires and sector developments
Agency heads announced Morningstar Credit Ratings (MCR) has named Erin Stafford as head of the combined DBRS/MCR North...
17 July 2019
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Market Reports
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US CLOs slow down
US CLO market update
Activity is easing up across the US CLO market driven by both macro and seasonal factors. “In general new is...
17 July 2019
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News Analysis
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Growth phase
Debut trade receivables deal launched, expansion eyed
Stenn International has launched a debut US$200m securitisation with Natixis, backed by international trade finance rece...
17 July 2019
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News
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Simulation solution?
Monte Carlo methodology utilised in effort to more accurately value CLO reset options
New research takes a fresh approach to the longstanding issue of valuing call options in US CLOs. In particular, it aims...
16 July 2019
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Market Moves
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Fund founder guilty of fraud
Company hires and sector developments
African solar plan approved The African Development Bank Group has approved an innovative multinational financing prog...
15 July 2019
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News
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SCI Start the Week - 15 July
A review of securitisation activity over the past seven days
Transaction of the week Rarely seen Spanish assets are behind the latest non-performing loan RMBS currently marketing....
15 July 2019
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News
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Green investment partnership launched
Company hires and sector developments
Green investment Amundi and the EIB have signed a partnership to launch the Green Credit Continuum investment programm...
12 July 2019
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News Analysis
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Pros and cons
STS conversion benefits weighed
The incentives for converting pre-2019 securitisations into STS-compliant deals differ across sellers. But conversion ma...
12 July 2019
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News Analysis
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Mixed bag
Hybrid M&A, ABS transactions on the rise
Following the financial crisis, a growing number of financial assets have fallen into the hands of non-banks, which has...
11 July 2019
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News
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Risk transfer round-up - 11 July
CRT sector developments and deal news
Standard Chartered is believed to be readying a corporate capital relief trade that is expected to close this month. The...
11 July 2019
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News Analysis
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Novel approach
UTPs drive ReoCo rethink
Investors and servicers in the Italian non-performing loan market are targeting a new approach to ReoCos as they eye the...
11 July 2019
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Market Moves
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Investment chief appointed
Sector developments and company hires
Business Mortgage Finance 6 update Business Mortgage Finance 6, the issuer, has informed noteholders that on 4 July 20...
10 July 2019
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News
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Renewable debut
Green ABS could be first of many
Glennmont Partners has sponsored a debut securitisation backed by a portfolio of project finance loans tied to Italian r...
10 July 2019
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News Analysis
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New deals surge
Quarterly SCI data update
2Q19 saw a surge in new issuance volume across securitisation markets either side of the Atlantic. The second quarter ty...
10 July 2019 Free
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News
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Spanish exposure
Rare NPL RMBS prepped
Rarely seen Spanish assets are behind the latest non-performing loan RMBS currently marketing. At the same time, price t...
10 July 2019
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News
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SRT trio
Santander expands SME foothold
Santander has completed three SME significant risk transfer transactions that total €940.6m of tranche notional...
9 July 2019
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Market Moves
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Senior CLO trader poached
Sector developments and company hires
CLO expert nabbed BlueBay has appointed Alex Navin to join its structured credit team as pm. Based i...
8 July 2019
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News
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SCI Start the Week - 8 July
A review of securitisation activity over the past seven days
Market commentary Activity levels were high across the European ABS/MBS and CLO markets last week and they looked set t...
8 July 2019
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Market Moves
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Greencoat Investments notice received
Sector developments and company hires
BUMF 6 application discontinued A notice of discontinuance from Greencoat Investments has been received by Business Mo...
5 July 2019
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News Analysis
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Odds "stacked against borrowers" in CMBS
SCI reviews Ann Hambly's CMBS 911 – Are you ready for the crash?
In CMBS 911: Are you ready for the crash?, author and ceo of 1st Service Solutions Ann Hambly, emphasises that...
5 July 2019
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News Analysis
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Auto SRT completed
Innovative direct CLN structure debuts
Santander has completed its first synthetic significant risk transfer transaction that references a portfolio of US auto...
5 July 2019
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Market Moves
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EBRD appoints Greece, Cyprus lead
Company hires and sector developments
EBRD hires NPL vet The EBRD has appointed Andreea Moraru to lead its operations in Greece and Cyprus from November, fo...
4 July 2019
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News Analysis
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Buy-side buy-in
End-user use of complex credit on the increase
The continuing need to search for yield is causing the buy-side to look beyond traditional credit. New and old funds ali...
4 July 2019
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News Analysis
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Helping hand
Refugee risk-sharing facility inked
Dutch development bank FMO has signed a pilot bilateral risk-sharing facility under its NASIRA programme, which guarante...
4 July 2019
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News Analysis
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Increasing capacity
Bridging the CRT gap for insurers
Greater involvement from insurers in capital relief trades should improve any capacity constraints the market faces. How...
3 July 2019
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Market Reports
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Pre-summer rush
European ABS market update
Activity levels are currently high across the European ABS/MBS and CLO markets and that looks set to continue. &ld...
3 July 2019
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News
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Rarely-seen synthetic securitisation revealed
Transaction references unusual pool of US auto loans
Santander has issued a rare synthetic securitisation referencing a collateral pool of US prime auto loans. Dubb...
2 July 2019
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Market Moves
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CLO firm boosts research team
Company hires and sector developments
CEDE made public AIR Worldwide has published its Catastrophe Exposure Data Exchange (CEDE) database schema publicly. T...
2 July 2019
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News
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Latest podcast now live!
Mascots, Japanese CLO investors and STS struggles
In this month's edition of the SCI podcast, the editorial team get stuck into some interesting topics affecting...
1 July 2019 Free
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News
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SCI Start the Week - 1 July
A review of securitisation activity over the past seven days
Transaction of the week Blackstone is marketing an inaugural US$264.5m forward-mortgage RMBS featuring unique collatera...
1 July 2019
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News
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Wholesale switch
Creval eyes NPL reduction strategy
Credito Valtellinese (Creval) has announced a five-year business plan that aims to reduce its non-performing loan and so...
28 June 2019
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Market Moves
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ReoCo impact assessed
Company hires and sector developments
CMIP acquisition Investcorp Credit Management US has entered into a definitive interest purchase agreement to acquire...
28 June 2019
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News Analysis
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Increasing diversity
Competition, TFS exit driving UK RMBS volume
The UK mortgage market is furiously price competitive, with ring-fenced high street banks crowding out challenger banks...
28 June 2019
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News
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Guarantee inked
Banco BPM prints first capital relief trade
The EIF is taking on the risk of Banco BPM’s €55m mezzanine guarantee in connection with the Italian...
28 June 2019
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News
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Commodity opportunities
Bank expands global SCF activities
Crédit Agricole recently made a number of senior hires to its structured commodity finance (SCF) team in Lond...
28 June 2019
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News Analysis
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Compliance challenges
STS requirements raise regulatory liability concerns
The securitisation market now appears to be embracing the new Securitisation Regulation and adapting to the regime, foll...
28 June 2019
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Market Moves
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GSE reform study released
Sector developments and company hires
Private credit double announced Solar Capital Partners has hired two senior private credit investment professionals. E...
27 June 2019
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Market Moves
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CMBS auditing upset
Sector developments and company hires
Auditing issue The JUNO (ECLIPSE 2007-2) CMBS failed to file its financial statements for 2017, together with its annu...
26 June 2019
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News
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Forward-mortgage first prepped
Global investor markets 'unique' RMBS
Blackstone is marketing an inaugural, US$264.5m forward-mortgage RMBS featuring unique collateral characteristics pertai...
26 June 2019
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Market Moves
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Aussie Investment principles discussed
Sector developments and company hires
Australian business investment principles explored The Australian Office of Financial Management (AOFM) has released f...
24 June 2019
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News
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SCI Start the Week - 24 June
A review of securitisation activity over the past seven days
Transaction of the week Jack in the Box is marketing an inaugural US$1.45bn whole business securitisation backed by 2,2...
24 June 2019
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Market Moves
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Chinese law firm nabs SF expert
Sector developments and company hires
China Han Kun has hired Li Huhuan as partner to the firm’s Shanghai office. Huhuan focuses his practice on a...
21 June 2019
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News
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Corporate ramp-up
Standard Chartered steps up corporate CRT issuance
Standard Chartered has completed a risk transfer transaction that references a US$1bn portfolio of corporate revolvers....
21 June 2019
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News
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Irish exit
Re-performing loan RMBS marketing
An Irish re-performing loan RMBS has hit the market. The €336.56m Shamrock Residential 2019-1 is backed by owne...
20 June 2019
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Market Moves
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Global reinsurance consolidation
Sector developments and company hires
HATS 2016-1 redeemed KBRA has withdrawn its ratings from Honor Automobile Trust Securitization 2016-1, after the notes...
20 June 2019
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News
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Debut franchise ABS prepped
Transaction announced despite association objections
Jack in the Box is marketing an inaugural US$1.450bn whole business securitisation backed by 2,240 franchised quick serv...
19 June 2019
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Market Moves
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Securitised products head retires
Sector developments and company hires
Bank SPG head retires Lloyds Bank is making several changes to leadership positions in its North Ame...
19 June 2019
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Market Moves
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Ratings slip-up leads to downgrade
Company hires and sector developments
Acquisitions PERILS has acquired Toronto-based Catastrophe Indices & Quantification (CatIQ), a provider of cat...
18 June 2019
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News
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DNS debut
ExteNet preps inaugural securitisation
The first securitisation backed exclusively by distributed network systems (DNS) assets has hit the market. ExteNet Issu...
18 June 2019
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News Analysis
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New Japanese investors 'on verge' of US CLO market
Large banks' track record tempts new entrants
Several Japanese firms are looking to invest in US CLOs for the first time, while many others that retreated after the f...
18 June 2019
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Market Moves
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Risk firm in international ILS hiring spree
Sector developments and company hires
BD appointed IHS Markit has appointed Sandrine Markham director, business development for Debtdomain in EMEA and APAC,...
17 June 2019
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News
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Setting standards?
NPL templates simplified
Debitos has further developed and simplified the EBA’s NPL templates without altering their basic structure. T...
17 June 2019
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News Analysis
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Collections eyed
Distressed investors expect secondary market boost
Distressed investors are anticipated to become more aggressive in generating cash and overcome the significant complexit...
17 June 2019
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News
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Line-up takes shape
Middle market CLO seminar to include private debt panel
The line-up for SCI’s 1st Annual Middle Market CLO Seminar on 26 June is taking shape. Supported by Cadwalader...
17 June 2019 Free
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News
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SCI Start the Week - 17 June
A review of securitisation activity over the past seven days
Transaction of the week Fair Oaks recently priced its debut European CLO, Fair Oaks Loan Funding, backed by an ESG-comp...
17 June 2019
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News
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2018 best post-crisis year for Australia
RMBS dominates but unsecured ABS growing
2018 was the best year for Australian securitisation activity since the financial crisis and while issuance is dominated...
14 June 2019
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News
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Risk transfer round-up - 14 June
CRT sector developments and deal news
Standard Chartered is believed to have priced a corporate capital relief trade this week. The bank’s last corp...
14 June 2019
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News Analysis
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Releasing potential?
Equity release mortgages generating interest
Expectations for the return of meaningful equity release mortgage (ERM) securitisation volumes remain high. Life insuran...
13 June 2019
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News
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Slow but steady
Sentiment around STS warms, although issuance forecasts remain muted, say Global ABS panellists.
Extention of the STS regime to more asset classes would benefit the European ABS market, according to panellists at Glob...
12 June 2019
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Market Moves
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CLO firm boosts originations expertise
Company hires and sector developments
CLO firm boosts originations team Monroe Capital has expanded its direct originations team with the addition of seven...
12 June 2019
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Market Moves
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Advisor boosts SF expertise
Sector developments and company hires
Acquisitions Greensill has acquired receivables securitisation specialist Finacity which will now become a wholly-owne...
11 June 2019
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Market Moves
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Europe sees 1Q issuance dip
Sector developments and company hires
ABS vet nabbed Angelo, Gordon & Co has hired Sunil Kothari as md, responsible for originating and executing on...
10 June 2019
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News
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Debut European ESG CLO sealed
Inaugural transaction sees some structural changes
Fair Oaks recently priced its debut European CLO, Fair Oaks Loan Funding, backed by an ESG compliant portfolio. Between...
10 June 2019
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News Analysis
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Alternative structures
CLO managers seeking greater flexibility
Managers’ desire for greater flexibility - in order to navigate the current challenging credit conditions &...
10 June 2019
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News
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SCI Start the Week - 10 June
A review of securitisation activity over the past seven days
Market commentary Activity levels have been high across European ABS/MBS and CLOs of late, but last week appeared to be...
10 June 2019
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Market Moves
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Livestock first inked
Sector developments and company hires
Australian livestock deal debuts StockCo has launched the first securitisation warehouse transaction in Australia cons...
7 June 2019
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News
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Deleveraging continues
UniCredit expands NPL ABS programme
UniCredit has expanded its Sandokan non-performing loan ABS programme. While the transaction is being carried out for as...
7 June 2019
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News
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Risk transfer round-up - 7 June
CRT sector developments and deal news
Santander is believed to be readying three SME significant risk transfer transactions, along with a rumoured auto deal....
7 June 2019
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News Analysis
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MRT potential
Reinsurer opportunities eyed
The mortgage risk transfer (MRT) programme in the US has the potential to rival natural catastrophe reinsurance, given t...
6 June 2019
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News
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'Significant divergence' in Libor preparations
Libor transition still 'choice rather than necessity' for some firms
There are still a “number” of firms in the UK that view the transition from Libor to a new reference...
5 June 2019
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Market Moves
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New P2P platform rules announced
Sector developments and company hires
ABS facility expands Amigo Holdings has increased its securitisation facility to £300m. It has a three-year...
5 June 2019
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News
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Option boost?
Conditions ripe for UK RMBS calls
Ten UK RMBS transactions have call dates during the remainder of the year and the refinancing of these deals should boos...
5 June 2019
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Market Reports
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Easing up
European ABS market update
Activity levels have been high across European ABS/MBS and CLOs of late, but appear to be easing up ahead of the Global...
5 June 2019
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Market Moves
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Agri-linked note prepped
Company hires and sector developments
Agri-linked note prepped The African Development Bank has approved a €100m partial credit guarantee (PCG) to...
4 June 2019
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News
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JV announced
Intrum acquires Piraeus platform
Intrum is set to purchase Piraeus Bank’s servicing platform, which will be hived-off into a separate &euro...
4 June 2019
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News
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Lineage lines up
UK cold storage CMBS debuts
Lineage Logistics Holdings is in the market with a CMBS backed by 14 temperature-controlled and ambient storage industri...
3 June 2019
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Market Moves
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Bank bulks up commodities expertise
Company hires and sector developments
Bank bulks out commodities unit Credit Agricole has hired Aude Sauty de Chalon as director, structured commod...
3 June 2019
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News
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SCI Start the Week - 3 June
A review of securitisation activity over the past seven days
Transactions of the week The buy-to-let RMBS market continues to see heavy issuance in Europe with two new transactions...
3 June 2019
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Market Moves
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Bank nabs CLO expert
Company hires and sector developments
Mizuho has hired Stefan Stefanov as director, Euro CLO specialist and he will report in to Juan-Carlos Martorell and And...
31 May 2019
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News Analysis
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STS not yet 'embraced'
Ambiguity stifling STS label success
Uptake of the STS label has been tentative and cannot be credited with the current strong momentum in the European ABS s...
31 May 2019
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News Analysis
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Pillar prepped
Public Greek NPL ABS debuts
DBRS has provided the first public rating for a non-performing loan securitisation in Greece as the market awaits Europe...
31 May 2019
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News Analysis
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NPL securitisations eyed
Fire, StormHarbour JV granted license
Greek authorities have granted a license to EuPraxis, the joint venture between Italian servicer Fire and StormHarbour....
31 May 2019
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Market Moves
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Indian RMBS market in the works?
Sector developments and company hires
Alt sales head hired Schroders has hired Peter Arnold to lead its alternative sales unit, which was established last y...
30 May 2019
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News
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SCI podcast - episode 7 now live
All the most pressing topics in structured finance discussed
The latest edition of the SCI podcast is now live. This month, we take a look at servicing within subprime auto ABS and...
30 May 2019
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News
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Morgan indicted
CMBS properties to be forfeited upon conviction
The US Attorney’s Office for the Western District of New York has issued a 114-count superseding indictment ch...
30 May 2019
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News
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BTL RMBS market surging
UK RMBS sector continues to thrive
The buy-to-let RMBS market continues to see heavy issuance in Europe with two new transactions marketing this week. One...
29 May 2019
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Market Moves
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Agency acquisition announced
Sector developments and company hires
Agency acquisition Morningstar has entered into a definitive agreement to acquire DBRS, the world’s...
29 May 2019
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News
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MPL ABS dissected
Rating agencies clash over sector
US marketplace loan (MPL) ABS transactions have seen steadily declining credit enhancement (CE) that isn’t jus...
29 May 2019
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News
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Interpretation issues
Credit Suisse completes capital relief trade
Credit Suisse has completed its first capital relief trade of the year, dubbed Elvetia Finance series 2019-1. The Sfr336...
29 May 2019
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News
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Investible assets
Trade finance solution to enable institutional access
Allianz Global Investors and HSBC are collaborating on a programme designed to make trade finance easily accessible to i...
29 May 2019
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News Analysis
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STS SRTs pending
EBA to publish discussion paper on synthetic criteria
The EBA is set to publish a discussion paper on STS criteria for synthetic securitisations in September, which is expect...
29 May 2019
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Market Moves
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Co-cio and liquid markets head appointed
Company hires and sector developments
Credit expert poached Crestline Investors has appointed Michael Aingorn as an md, based in New York and reporting to K...
24 May 2019
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News Analysis
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Seeking warmer waters
Growing numbers of CLO issuers list on CSX
While CLO issuers are not legally obliged to list their CLO on any exchange, the favourite in recent years has been the...
24 May 2019
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News Analysis
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LeaseCo boost
Foundation laid for leasing NPL ABS
Amendments to Italy’s securitisation law are expected to boost securitisations of non-performing leasing asset...
24 May 2019
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News
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Risk transfer round-up - 24 May
CRT sector developments and deal news
Santander is believed to be readying a capital relief trade consisting of auto loans for 2Q19. The Spanish lender&rs...
24 May 2019
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News Analysis
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Enforcement incentive?
CMBS 2.0 downgrade 'likely'
While a loan event of default has occurred on the Maroon loan backing Elizabeth Finance 2018-1, performance of the portf...
23 May 2019
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Market Moves
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Positive performance prompts upgrades
Sector developments and company hires
Director hired to rebranded CLO platform DFG Investment Advisers has hired John Hwang as a director and senior credit...
22 May 2019
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News
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Implied volatility leads the way
Realised outpaced across European indices
The broad-based rally in credit in recent weeks is also driving up European credit option volatility away from the lows...
22 May 2019
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News
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Real estate upside
National Bank of Greece opts for NPL ABS
The National Bank of Greece intends to securitise €3bn of non-performing mortgage loans by 2022. The securitisa...
20 May 2019
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News Analysis
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Goodwill hunting
Higher recoveries from Interserve insolvency expected
Interserve became the second UK outsourcer to suffer a credit event in a risk transfer transaction, following Carillion&...
20 May 2019
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Market Moves
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UK CMBS loan defaults
Company hires and sector developments
Euro CMBS 2.0 default Elizabeth Finance 2018 has become the second European CMBS 2.0 deal to suffer a loan EOD, after...
20 May 2019
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News
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SCI Start the Week - 20 May
A review of securitisation activity over the past seven days
Market commentary The US CLO market last week made up some lost ground after a tough start to the year (SCI 16 May). ...
20 May 2019
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Market Moves
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CLO director nabbed
Company hires and sector developments
Europe Hermes Investment Management has hired Kevin Roche as a director for private debt and CLOs. Reporting...
17 May 2019
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News Analysis
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US student loan sector 'in crisis'
Servicers 'unlikely' to handle big rise in distressed loans
The US student loan ABS sector continues to be dominated by deals backed by FFELP loans, while the gro...
17 May 2019
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News Analysis
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Promising prospect
Synthetic UTPs contemplated as IFRS 9 hedge
Synthetic securitisations referencing unlikely-to-pay loans are a more promising prospect than synthetic securitisations...
17 May 2019
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News Analysis
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Seeking refuge
NPL securitisation disclosed
Hoist Finance has confirmed in its latest 2019 interim report that it will securitise part of its non-performing loans,...
16 May 2019
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Market Moves
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CMBS sees prompt prepayment
Company hires and sector developments
Auction platform Mortgage Capital Trading has launched Trade Auction Manager (TAM) to enable more efficient bidding of...
16 May 2019
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Market Reports
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Heading in the right direction
US CLO market update
The US CLO market is making up some lost ground after a tough start to the year. “We’re at last he...
16 May 2019
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News
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Risk transfer round-up - 16 May
CRT sector developments and deal news
Caixabank has completed a synthetic securitisation of Spanish SMEs with the European Investment Fund. Dubbed Gaudi Synth...
16 May 2019
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News
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Buy-to-let bonanza
Two BTL RMBS debut deals prepped
Two European buy-to-let (BTL) RMBS transactions from non-bank issuers are marketing. One comes from a first-time Dutch i...
15 May 2019
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Market Moves
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Senior appointments abound
Company hires and sector developments
Acquisition Priority Income Fund has completed its acquisition of Stira Alcentra Global Credit Fund (SAGC), after the...
14 May 2019
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News
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SCI Start the week - 13 May
A review of securitisation activity over the past seven days
Transaction of the week Last week saw an unusual Irish CMBS hit the European pipeline, from debut issuer Finance Irela...
13 May 2019 Free
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News
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Irish debut CMBS prepped
Flurry of European ABS hit pipeline
A rush of European securitisations have hit the pipeline, across asset classes and jurisdictions. These include a debut...
10 May 2019
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News
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Risk transfer round-up - 10 May
CRT sector developments and deal news
Credit Suisse’s Magnolia Finance V 2015-3 has been de-listed from the Cayman Islands stock exchange following...
10 May 2019
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News Analysis
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Risk transfer opportunity?
Failed merger talks raise CRT prospects
Deutsche Bank’s capital relief trade (CRT) issuance could witness a boost following the failed merger talks wi...
9 May 2019
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Market Moves
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Energy expert nabbed
Company hires and sector developments
Energy expert nabbed Energy Estate has hired Christian Krebs as one of the leaders in its transactio...
8 May 2019
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News
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NPL securitisation inked
Portuguese issuer returns to market
Caixa Montepio Geral has returned to the market with its second NPL securitisation, dubbed Gaia Finance. Unlike some NPL...
8 May 2019
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News Analysis
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STS 'not enough' for European ABS revival
Securitisation 'needs to be used more' as funding tool
At the start of last year, BNP Paribas Asset Management hired Michel Fryszman as its new head of structured fin...
3 May 2019
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News
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NPL acquisition completed
Hoist Finance purchases Getback portfolio
Hoist Finance has acquired a PLN400m non-performing loan portfolio from Polish servicer Getback. Over 95% of the assets...
3 May 2019
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News Analysis
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Challenges persist
Structuring issues put shipping SRTs on hold
Capital relief trades referencing shipping loans have long been discussed and planned by a small number of issuers and a...
3 May 2019
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Market Moves
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Rating agency appoints new SF head
Company hires and sector developments
Bank bulks up Macquarie has appointed Carolyn Porretta md, structured finance and real estate, based in London. She wa...
3 May 2019
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News Analysis
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Servicing consolidation
Subprime auto portfolio transfers gain traction
US subprime auto loan portfolio sales activity is expected to increase as further lenders withdraw from the sector. Inde...
3 May 2019
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News
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Line-up finalised
NPL event includes UTP workshop
The line-up for SCI’s 2nd Annual NPL Securitisation Seminar on 13 May has been finalised. Hosted by Orrick at...
3 May 2019 Free
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News
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Risk transfer round-up - 3 May
CRT sector developments and deal news
Santander is rumoured to be readying an SME transaction from its Magdalena programme for 2Q19.The transaction would be t...
3 May 2019
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Market Moves
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First SOFR-indexed MBS tranche inked
Sector developments and company hires
Claims predictability to improve? The Florida legislature last month passed a bill to reform the requirements for the a...
2 May 2019
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The Structured Credit Interview
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Single-source solution
Pat Jackson, ceo and founder of Sabal Capital Partners, answers SCI's questions
Q: How and when did Sabal Capital Partners become involved in the securitisation market? A: I founded Sabal Capital Par...
2 May 2019
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Market Moves
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SFR issuer prepays class F notes
Sector developments and company hires
EMEA Alantra has reinforced its portfolio advisory capabilities with the addition of six senior professionals in Lisb...
30 April 2019
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News
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SCI Start the Week - 29 April
A review of securitisation activity over the past seven days
Deal-related news EJF Capital is eyeing opportunities in Europe, as bank consolidation pressures grow and rates co...
29 April 2019
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News
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Opportunities eyed
Trups CDO manager targets Europe
EJF Capital is eyeing opportunities in Europe, as bank consolidation pressures grow and rates continue to rise. However,...
26 April 2019
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News
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Risk transfer round-up - 26 April
CRT sector developments and deal news
The second quarter of this year is expected to be more active in terms of capital relief trade issuance, compared to pre...
26 April 2019
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Market Moves
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Rating agency names managing director
Sector developments and company hires
EMEA Scope has named Guillaume Jolivet as md. He joins the firm’s management board, alongside Torsten Hinrich...
25 April 2019
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The Structured Credit Interview
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Landmark involvement
Michael Bennett, head of derivatives and structured finance for the World Bank Treasury, answers SCI...
Q: How and when did the World Bank Treasury become involved in the risk transfer market? A: We became involved in insur...
25 April 2019
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News
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Global opportunities
Cerberus completes first dedicated NPL fund
Cerberus has closed a US$5.1bn dedicated non-performing loan fund. Dubbed Global NPL Fund, it targets NPL opportunities...
25 April 2019
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News Analysis
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Non-traditional assets
ABCP boosted by demand, diversification
US ABCP outstanding is expected to grow moderately this year, as prime institutional money-market funds return to the ma...
25 April 2019
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Market Moves
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Lender charged for overstating returns
Sector developments and company hires
CRT analytics dv01 has launched a credit risk transfer market surveillance offering, which adds US$1.8trn of Freddie...
23 April 2019
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The Structured Credit Interview
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Value investing
Tim Gramatovich, cio of Gateway Credit Partners, answers SCI's questions
Q: How and when did Gateway Credit Partners become involved in the securitisation market? A: Gateway Credit Partners is...
23 April 2019
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Market Moves
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CLO manager denied incentive fee
Sector developments and company hires
Incentive fee ruling The High Court in London has ruled that Barings (UK), as collateral manager, was not entitled to a...
18 April 2019
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News
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Risk transfer round-up - 18 April
CRT sector developments and deal news
Credit Suisse is believed to be readying a corporate capital relief trade from its Elvetia programme that is expected to...
18 April 2019
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Market Moves
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BMF administration order filed
Sector developments and company hires
BMF 6 tender An application for an administration order in respect of Business Mortgage Finance 6 was presented in the...
16 April 2019
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Market Reports
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Sonia success
European ABS market update
The first UK STS RMBS – Nationwide’s Silverstone Master Issuer 2019-1 – priced yesterday,...
16 April 2019
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Market Moves
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ILS restructuring agreed
Sector developments and company hires
ILS restructuring agreed Ballantyne Re has entered into a lock-up support agreement with Ambac Assurance UK, Assured G...
15 April 2019
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News
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SCI Start the Week - 15 April
A review of securitisation activity over the past seven days
SCI seminars SCI's 2nd Annual NPL Securitisation Seminar will be held on 13 May in Milan. For more information or...
15 April 2019
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News Analysis
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New wave?
Could ESG CLOs be the start of a trend?
Fair Oaks Capital is set to issue a debut European CLO in 2Q19 and, notably, it has been structured according t...
15 April 2019
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News
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Inaugural non-QM RMBS prepped
Deal marks new phase for global investor
The first seasoned, non-qualified mortgage RMBS issued by a private fund managed by PIMCO is marketing. The US$382.45m t...
12 April 2019
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News
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Bulking up
Securitisation capabilities stretched
DLA Piper bulked up its securitisation capabilities to 20 lawyers for Stack Infrastructure’s inaugural and inn...
12 April 2019
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News
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Foreclosure uncertainty
ECJ ruling leaves Spanish NPL investors in the dark
The European Court of Justice’s (ECJ) 26 March judgement on early-termination clauses in Spanish consumer mort...
12 April 2019
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Market Moves
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Firm bulks out CRE capability
Sector developments and company hires
Board directors appointed ISDA has appointed three new board directors and re-elected ten others. The three new direct...
11 April 2019
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News Analysis
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BWIC boom
Quarterly SCI data update
The first quarter of a year is usually quieter than the previous quarter and, for the most part, 1Q19 saw reduced activi...
11 April 2019 Free
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News Analysis
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Real estate relief
NPL provisioning rules published
The European Council of Ministers has adopted new rules for the provisioning of non-performing loans, which stipulate lo...
10 April 2019
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News
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SCI podcast - episode six now live
CLO innovation and UTP securitisations discussed
Episode six of the monthly SCI podcast is now available. In this edition, our editor Corinne discuss some fascinating de...
10 April 2019
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Market Moves
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European bank in major restructure
Company hires and sector developments
COO hired Trepp has appointed Luis Amador as coo, reporting to ceo, Annemarie DiCola. Amador was recently md at Moody&...
9 April 2019
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News Analysis
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On the up?
CRE CLO market growth set to continue
After a buoyant CRE CDO market all but vanished following the financial crisis, it has only recently returned in the for...
8 April 2019
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News
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SCI Start the Week - 8 April
A review of securitisation activity over the past seven days
SCI seminars SCI's 2nd Annual NPL Securitisation Seminar will be held on 13 May in Milan. For more information or...
8 April 2019
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Market Moves
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Independent director hired
Company hires and sector developments
Europe Prytania Asset Management has appointed Eric Felton as independent director. Most recently, Felton spent 13 yea...
5 April 2019
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News Analysis
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Positive outlook
UTP securitisation prospects improve, despite challenges
Future issuance of unlikely-to-pay (UTP) securitisations depends on the resolution of two challenges - namely, informati...
5 April 2019
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News Analysis
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Addressing the arb
CLO structural innovations aim at wider investor base
European CLO issuance totalled approximately €7.73bn in Q1, comprising 16 new issues and two refinancings. Marc...
5 April 2019
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Market Moves
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CEO appointed
Company hires and sector developments
CEO appointed DFG Investment Advisers has hired Oliver Wriedt as ceo. The firm is also unifying its products under one...
4 April 2019
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News Analysis
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CLO market "prepared for Brexit"
Japanese risk retention rules provide 'wiggle room'
The CLO market is ‘well prepared’ regardless of the outcome of Brexit. This was according to panelli...
4 April 2019
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News
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Risk transfer round-up - 3 April
CRT sector developments and deal news
Deutsche Bank has completed its first capital relief trade for the year. Dubbed CRAFT 2019-1, the US$382.5m nine-year CL...
3 April 2019
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News
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Obstacles remain
European Parliament postpones NPL trading vote
The European Parliament on Monday (1 April) postponed a vote on a non-performing loan secondary market directive until n...
3 April 2019
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Market Moves
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UK resi disposal confirmed
Sector developments and company hires
ILS Chris McKeown, former ceo of New Ocean Capital Management, has stepped down from his role as vice chairman of AXA...
3 April 2019
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News
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US manager on "verge" of issuing Euro CLO
Investors show heightened scrutiny toward first timer issuers
Angelo, Gordon is very close to issuing its inaugural European CLO, finding parts of the process &...
2 April 2019
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News Analysis
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Affordability test
'Mortgage prisoner' refi proposal unveiled
Around 60 legacy UK RMBS with a face value of £29bn could be positively affected by the UK FCA’s rec...
2 April 2019
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Market Reports
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Positive sentiment?
European ABS market update
European ABS primary issuance is gaining momentum, as the second quarter begins. Indeed, the variety of deals on offer a...
2 April 2019
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Market Moves
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GSE reforms proposed
Sector developments and company hires
Debt service reserve guarantee provided Assured Guaranty (Europe) plc (AGE) has issued a £135m, five-year De...
1 April 2019
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News
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SCI Start the Week - 1 April
A review of securitisation activity over the past seven days
SCI seminars SCI's 2nd Annual NPL Securitisation Seminar will be held on 13 May in Milan. For more information or...
1 April 2019
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Market Moves
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Irish BTL RMBS launched
Company hires and sector developments
Irish BTL RMBS launched Bank of Ireland has mandated a new Irish buy-to-let RMBS deal. Dubbed Mulcair Securit...
29 March 2019
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Market Moves
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CEO appointed
Sector developments and company hires
CEO appointed Curtis Arledge has joined Mariner Investment Group as chairman and ceo. In addition to his role at Marin...
28 March 2019
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News Analysis
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'Constant demand'
UK firms hiring across range of SF roles
Hiring in the UK structured finance space has been buoyant in the last 12 months, with recruitment across a range of rol...
28 March 2019
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Market Reports
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Picking up pace
European ABS market update
European ABS secondary market activity has been relatively subdued so far this week. However, the primary market appears...
28 March 2019
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News
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Noteholders exposed?
Concerns raised over recent French CMBS
Bank of America Merrill Lynch (BAML) is marketing a €249.6m European CMBS. Dubbed Taurus 2019-1 FR, it is backe...
27 March 2019
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Market Moves
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CRT credit event
Company hires and sector developments
CRT credit event HSBC’s Metrix series 2015-1 CLN has suffered another credit event. The issuer received a cr...
27 March 2019
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News Analysis
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Symbiotic relationship?
Marketplace lending enters the mainstream
The online lending sector has become mainstream, forcing marketplace platforms to better differentiate the experience th...
27 March 2019
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Market Moves
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Credit platform nabs investment vet
Company hires and sector developments
Credit platform nabs investment vet B Riley Capital Management has named Tim Gramatovich as cio of its newly establish...
26 March 2019
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News
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STS firm announces debut deal
Transaction marks second deal to receive STS label
Prime Collateralised Securities (PCS) has announced its inaugural transaction to be verified as STS-compliant by the fir...
26 March 2019
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News Analysis
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Opening the box
Non-QM sector continues to evolve
The non-qualified mortgage RMBS sector has expanded faster than the other US RMBS sectors over the last few years. At th...
26 March 2019
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Market Moves
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Granite refinancing
Sector developments and company hires
Europe Muzinich & Co has hired Laurence Kubli as structured credit specialist with immediate effect. Based in...
25 March 2019
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News
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SCI Start the Week - 25 March
A review of securitisation activity over the past seven days
NPL seminar Early-bird registration for SCI's 2nd NPL Securitisation Seminar on 13 May is now open. Hosted by Orrick in...
25 March 2019
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Market Moves
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Purchase option to be exercised
Sector developments and company hires
EMEA Capzanine has appointed Renaud Tourmente as head of business development, effective from 6 May 2019. Tourmente w...
22 March 2019
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News Analysis
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Goals aligned
Insurers target dual-tranche CRTs
Insurance firms are targeting mezzanine tranches in dual-tranche capital relief trades as banks warm up to unfunded insu...
22 March 2019
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News
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GACS successor
New Italian NPL scheme launched
The Italian government has introduced a successor to the GACS scheme. The replacement guarantee features a longer extens...
22 March 2019
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News
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Control pursued
Indian distressed debt unit established
Deutsche Bank is setting up an asset reconstruction company (ARC) in India to buy and sell restructured non-performing l...
21 March 2019
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Market Reports
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Equity focus
US CLO market update
The US CLO secondary market has seen elevated volumes since the SFIG Vegas conference. This week, the focus is on equity...
21 March 2019
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Market Moves
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Majority stake acquired
Sector developments and company hires
Balance sheet normalisation The US Fed has confirmed it intends to continue to allow its holdings of agency debt and ag...
21 March 2019
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News Analysis
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Storm in a teacup?
ISDA's CDS proposals possibly extreme measure
Recent proposals from ISDA have taken aim at minimising the possibility of manufactured credit events in CDS contracts....
20 March 2019
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News
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ERM debut
Seniors Money preps its return
The first publicly rated securitisation of Irish and Spanish equity release mortgages (ERMs) has hit the market. The &am...
20 March 2019
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News
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Holding tight
Freddie Mac seeks to nurture investor base
Retaining its European investor base, while capturing a broader range of institutional investors, is seen as a key goal...
20 March 2019
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News
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Double Dutch
Office and retail exposure on offer
Goldman Sachs is in the market with a Dutch CMBS secured by 17 predominantly office and retail assets. Dubbed Kanaal CMB...
20 March 2019
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News
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Relative value
JFSA risk retention rules shift focus
The Japanese Financial Services Agency (JFSA) has published its final rules on regulatory capital requirements applicabl...
20 March 2019
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News Analysis
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Rocket fuelled?
Middle market CLOs on upward trajectory
The acquisition of Antares Capital by the Canada Pension Plan Investment Board (CPPIB) in 2015 injected a dose of rocket...
18 March 2019
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Market Moves
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Private credit firm launched
Sector developments and company hires
Firm launch AGL Credit Management has launched, with Peter Gleysteen serving as ceo and cio, and Thomas Lee serving as...
18 March 2019
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News
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SCI Start the Week - 18 March
A review of securitisation activity over the past seven days
Market commentary The news that Volkswagen's VCL 28 auto lease ABS is the first securitisation to be awarded the STS la...
18 March 2019
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News
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Latest podcast now available
CRT themes and a Dutch RMBS first discussed
In this month's podcast, we explore some interesting themes within the CRT market: namely, eligibility...
15 March 2019 Free
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News
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GACS alternative?
Investor group completes NPL securitisation
A group of investors led by Värde, Guber and Barclays have acquired an approximately €734m GBV non-per...
15 March 2019
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News Analysis
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Unencumbered value
Equity release RMBS on the cards?
The UK mortgage market is changing, with an ageing population driving increased issuance of equity release mortgages (SC...
15 March 2019
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News
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Benchmark Sonia deal prepped
Unique UK RMBS transaction adds momentum to IBOR transition
The first third party hedged UK RMBS with Sonia-linked notes has been prepped by Principality Building Society....
15 March 2019
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Market Moves
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Inaugural online auto ABS prepped
Sector developments and company hires
Online auto ABS debuts Carvana, an online platform for buying used cars launched in 2012 by DriveTime Automotive Group...
15 March 2019
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News Analysis
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Servicing strength
Debut Spanish NPL securitisations anticipated
The Spanish non-performing loan market is reaching maturation, with the first securitisations from the sector expected t...
15 March 2019
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News
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'Steady stream' of STS deals needed
Market reacts positively to inaugural STS ABS
The market has generally reacted positively to the news that Volkswagen’s VCL 28 auto lease ABS transaction is...
14 March 2019
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News
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Mixed performance
Semi-annual NPL securitisation update debuts
Moody’s has published the first in a series of semi-annual updates on European non-performing loan securitisat...
14 March 2019
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News Analysis
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A perfect storm?
Expected volatility sees investors ramping up credit derivatives usage
The growing belief among institutional investors across the US and Europe is that volatility is set to become more of a...
13 March 2019
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News
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Formative stages
Greek NPL momentum continues
Of the investors surveyed in Ashurst’s latest global non-performing loan report, 39% state that they have alre...
13 March 2019
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Market Moves
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Auto ABS looks set to receive first STS verification
Sector developments and company hires
Auto ABS looks set to receive first STS verification The first European ABS that looks set to receive STS ver...
13 March 2019
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Market Moves
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UMBS trades to be accepted
Sector developments and company hires
UMBS trades to be accepted In support of the Single Security Initiative, Fannie Mae will begin accepting forward Unifo...
12 March 2019
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Market Reports
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Bright spot
European ABS market update
De Lage Landen’s newly mandated UK equipment lease ABS represents a bright spot in an otherwise “dul...
12 March 2019
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Market Moves
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R-PACE rulemaking proposals outlined
Sector developments and company hires
Credit line secured Foundation Home Loans has entered into a new £350m warehouse credit line with National A...
11 March 2019
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News Analysis
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Inaugural Italian CRE deal in the works
Italian assets 'well-suited' to securitisation
A Maltese first time issuer, Polymath & Boffin, is preparing a €166m securitisation, referencing a pool...
11 March 2019
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News
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SCI Start the Week - 11 March
A review of securitisation activity over the past seven days
Market commentary A stronger tone emerged in the ABS market on both sides of the Atlantic last week. Mezzanine CLO tr...
11 March 2019
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News
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Servicing boost
Intrum augments Greek presence
Intrum is planning a purchase of a Greek debt servicing platform, which will act as a springboard for further non-perfor...
8 March 2019
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Market Moves
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Merger opposed
Company hires and sector developments
Astra case development Judge Jennifer Frisch of the Minnesota District Court, Second Judicial District, has denied Gol...
8 March 2019
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News Analysis
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Isolation issues
DLT legal, operational challenges highlighted
A number of legal and operational issues still need to be resolved before blockchain securitisations are likely to be pu...
8 March 2019
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Market Reports
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Stronger tone
European ABS spreads tighten but supply muted
There is a stronger tone in the European ABS market overall and there has been spread tightening across the board, from...
8 March 2019
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News Analysis
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Control rights
Synthetic CRE investors gain comfort
Investors in risk transfer transactions referencing commercial real estate loans have become more comfortable with fewer...
8 March 2019
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Market Moves
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CDS reforms proposed
Company hires and sector developments
Australia Mortgage House has hired Steven Mixter as head of securitisation and structured finance. He was previously h...
7 March 2019
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News Analysis
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Creative approach
Definition of CRT criteria evolving
As the drivers for banks to pursue risk transfer transactions have broadened over the last few years, lending criteria f...
7 March 2019
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News
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REMIC route
Unusual CRE CLO prepped
Bancorp is in the market with an unusual static CRE CLO dubbed Bancorp 2019-CRE5. The US$518.3m transaction is structure...
7 March 2019
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News
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Deleveraging deal
Bari SRT performance consistent with expectations
Scope has determined that the performance of Banca Popolare di Bari’s last significant risk transfer transacti...
6 March 2019
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Market Moves
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CRE investor bulks out
Company hires and sector developments
CDX-linked ETF launched Tabula has launched a new ETF, dubbed Tabula European iTraxx Crossover Credit Short UCITS E...
5 March 2019
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Market Reports
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Improved tone
European and US CLO market update
A better tone in the CLO market has emerged on both sides of the Atlantic post SFIG Vegas. Mezzanine tranches, in partic...
5 March 2019
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News Analysis
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Dutch BTL debut in the works
Growth of Dutch BTL sector set to continue
Domivest is preparing the first securitisation backed entirely by Dutch residential buy-to-let mortgages. The transactio...
5 March 2019
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News
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Line-up finalised
CRT event to include two workshops
The line-up for SCI’s 3rd Annual Risk Transfer & Synthetics Seminar on 12 March has been finalised. Ho...
5 March 2019 Free
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Market Moves
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ILS double
Company hires and sector developments
ILS hires Tangency Capital has hired Jo Stanton to oversee finance and operations, starting 1 May 2019. She joins from...
4 March 2019
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News
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SCI Start the Week - 4 March
A review of securitisation activity over the past seven days
Transaction of the week Ellington Residential Holdings Ireland is in the market with a €620m Irish re-perform...
4 March 2019
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News
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Wave of opportunity
Investors capitalised on 4Q18 volatility in US CLO market
Volatility seen in the CLO market at the end of last year provided managers and investors with a wealth of opportunities...
1 March 2019
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News Analysis
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STS synthetics pending
EBA to publish report by year-end
The EBA is expected to publish a report on STS synthetic securitisations by year-end, which will then be reviewed by the...
1 March 2019
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News
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Turkish NPL boost
Distressed debt surge anticipated
Turkish asset manager Hayat Varlik Yonetim expects non-performing loan sales in the country to jump 33% this year, as ba...
1 March 2019
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News
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Downward drift
Low default trend continues
Global corporate defaults fell in 2018 in advanced markets and were stable in emerging markets. The persistence of the l...
1 March 2019
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Market Moves
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New fund for CDS recruit
Company hires and sector developments
ABL acquisition Benefit Street Partners affiliate Business Development Corporation of America has acquired a controllin...
28 February 2019
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News
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Debuting duo
New ILS peril, domicile introduced
GC Securities has placed a pair of innovative catastrophe bonds. Insurance Australia Group’s A$75m Orchard ILS...
27 February 2019
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News
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'Long term solution needed'
Day three from SFIG Vegas
The last full day at SFIG Vegas was again abuzz with strong attendance and widespread optimism. One panel looked at UK...
27 February 2019 Free
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News Analysis
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Lights, camera, securitisation
Film rights ABS remains attractive to studios
The increasingly short length of time which films remain in movie theatres for these days may be frustrating for the ave...
27 February 2019
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News
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Structured finance 'well positioned' for downturn
Second day at SFIG Vegas sees continued optimism
Day two at SFIG Vegas saw a bountiful turnout of attendees, all looking to hear the latest on structured finance and to...
26 February 2019 Free
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Market Moves
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CLO manager shake-up
Company hires and sector developments
Derivatives continuity The US CFTC and the Bank of England have issued a joint statement aimed at reassuring market par...
26 February 2019
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News
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Exit complete
Irish RPL RMBS refinanced
Ellington Residential Holdings Ireland is in the market with a €620m Irish re-performing RMBS dubbed Jepson Res...
26 February 2019
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News
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Different strokes
PACE prepayment volatility on the rise
A new Morningstar Credit Ratings study reveals increased volatility and a generally accelerating trend in residential PA...
25 February 2019
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News Analysis
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Model behaviour?
Accuracy of ILS loss predictions hinges on evolving models
Actual losses in the ILS market may be broadly in line with predictions, but there are sectors with significant divergen...
25 February 2019
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News
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SCI Start the Week - 25 February
A review of securitisation activity over the past seven days
Market commentary European secondary ABS activity was on hold last week ahead of a large BWIC auction due on 28 Februar...
25 February 2019
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News
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A strong start
Day one at SFIG Vegas
Moods appear to be running high at the start of SFIG Vegas 2019. Despite being only a half day, attendance alre...
25 February 2019 Free
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The Structured Credit Interview
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Maintaining flexibility
Fiona Walden, vp, credit and financial lines at RenaissanceRe, answers SCI's questions
Q: How and when did RenaissanceRe became involved in the securitisation market? A: We were set up 25 years ago as a pro...
22 February 2019
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News Analysis
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Restructuring incentive
Greece unveils mortgage NPL boost
The Greek government is working on a plan that aims to meet ECB non-performing loan reduction targets and help improve t...
22 February 2019
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Market Moves
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Law firm boosts derivatives capability
Company hires and sector developments
CLO firm promotions Churchill has announced the promotion of Mat Linett, md, from deputy head of underwriting and port...
22 February 2019
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News Analysis
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Tough stance
ESMA insists on private securitisation disclosures
On 31 January, ESMA published a document that amends its draft regulatory technical standards (RTS) on securitisation di...
22 February 2019
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News Analysis
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Surging ahead
CDX grows while TRS is found wanting
CDX indexes have become an integral tool for many credit fund managers in Europe and the US, both for hedging and relati...
22 February 2019
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Market Moves
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CLO partnership launched
Sector developments and company hires
CDS trends discussed Mayer Brown has commented on trends in single-name CDS credit event determinations. It notes that...
21 February 2019
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News Analysis
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Stand-out performer
Systematic role for structured credit
Funds focused on structured credit were, as a whole, stand-out performers in 2018. Of the 50 US structured credit funds...
21 February 2019
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Market Reports
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UK paper on the block
European secondary ABS market update
The European secondary ABS market has rallied since the beginning of the year. However, activity now appears to be on ho...
21 February 2019
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News
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TruPS flurry
CLO activity expected to pick up post-conference
US CLO activity is relatively quiet after a long weekend but is expected to pick up after ABS Vegas. A flurry of TruPS&a...
20 February 2019
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Market Moves
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Law firm nabs SF vet
Company hires and sector developments
Europe Latham & Watkins has recruited Jeremiah Wagner as a partner in its finance department, based in London....
20 February 2019
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News Analysis
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Lacking clarity
Libor transition still fraught with challenges
With only two years to go until Libor is officially phased out in 2021, a number of questions still remain abou...
19 February 2019
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Market Moves
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CLO firm restructure
Company hires and sector developments
Acis restructuring confirmed The US bankruptcy court in Dallas has confirmed Acis Capital Management's Chapter...
19 February 2019
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News
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AMR auction due
Caution over anchor investors, arrangers remains
The first US CLO applicable margin reset (AMR) auction on the KopenTech platform is likely to occur in February 2020, at...
19 February 2019
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News
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SCI Start the Week - 18 February
A review of securitisation activity over the past seven days
Market commentary European ABS traders continued to focus on the secondary market last week, as the market waits for re...
18 February 2019
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News
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Secondary focus
Investors sitting on cash with new European issuance drought
European structured finance traders continue to focus on the secondary market as they wait for regulatory clarification....
15 February 2019
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News
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Risk transfer round-up - 15 February
CRT sector developments and deal news
The first quarter of this year is expected to see reduced capital relief trade issuance, due to ESMA’s securit...
15 February 2019
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News
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Oil opportunities
Royalty-backed future flow ABS to develop
Oil and gas companies are expected to tap the securitisation market with a new structure. The first ABS backed by oil an...
15 February 2019
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Market Moves
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Italian auto firms fined
Company hires and sector developments
CLO hire Geoffrey Horton has joined Barclays as vp, CLO and loan strategist in London. He was previously a CLO and com...
15 February 2019
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News
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Test case
Unsecured NPL transaction completed
Bank of Cyprus has signed an agreement for the sale of a retail unsecured non-performing loan portfolio with APS. Dubbed...
15 February 2019
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News
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Private placement
Unusual tranched securitisation closed
Fintex Capital has completed a structured finance transaction within its UK real estate lending business, Fintex Conflue...
14 February 2019
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Market Moves
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Bank expands credit derivatives business
Company hires and sector developments
Credit trading expansion HSBC has hired Asgar Rahemtulla as a director in credit trading. In his new role, Asgar will...
14 February 2019
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News Analysis
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Making hay
Private-label multifamily origination moves aside for agency CMBS
US agency CMBS volume has risen at an average clip of 50% per year post-crisis, hitting a record US$107.9bn of issuance...
13 February 2019
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News
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Window of opportunity?
Japanese ruling may benefit US CLO market
The introduction of Japanese risk retention rules could provide a boost for US middle market CLOs, while volatility in E...
13 February 2019
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Market Moves
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Insurance firm expansion
Sector hires and company developments
Insurance firm expansion Nassau Re is expanding into additional specialty finance asset classes as it grows a...
12 February 2019
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News Analysis
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Tranche trading seeing 'increased focus'
CDS products 'likely' to see innovation
CDS index tranche trading has seen an increase in focus from credit investors, with marketing materials showing some res...
12 February 2019
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News
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Juno 2 completed
BNL closes NPL securitisation
Banca Nazionale del Lavoro has completed a €968m (GBV) non-performing loan securitisation of both senior secure...
11 February 2019
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The Structured Credit Interview
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Staying selective
David Heilbrunn, senior md and head of product development, capital raising and CLOs at Churchill As...
Q: How and when did Churchill Asset Management become involved in the securitisation market? A: Churchill was establish...
11 February 2019
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News
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SCI Start the Week – 11 February
A review of securitisation activity over the past seven days
Transaction of the week Banco BPM has completed a €7.4bn (GBV) securitisation of secured and unsecured Italia...
11 February 2019
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Market Moves
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RMAC claim
Company hires and sector developments
The RMAC Securities No. 1 Series 2006-NS1, 2006-NS2, 2006-NS3, 2006-NS4 and 2007-NS1 issuers have confirmed that they ha...
8 February 2019
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News
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Leviticus closed
Banco BPM completes NPL securitisation
Banco BPM has completed a €7.4bn (GBV) securitisation of secured and unsecured Italian non-performing loans dub...
8 February 2019
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News Analysis
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European middle market maturing
US MM sector set to grow following BDC no-action letter
The middle market securitisation sector is only set to grow in the US, with relaxed regulatory constraints paving the wa...
8 February 2019
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News
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Junior demand
Credit enhancement concerns raised
Last year saw more single-B rated auto ABS paper issued in the US than in all previous years combined. Indeed, demand re...
8 February 2019
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News Analysis
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CDS 'falling short'
Equity options benefits highlighted
Issues around liquidity and investor confidence may have rendered CDS ineffective as a means of modelling and hedging ri...
7 February 2019
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Market Moves
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Insurer boosts ILS capability
Sector developments and company hires
Acquisitions Eldridge Industries has increased its investment in Maranon, now holding a majority ownership position. I...
6 February 2019
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News
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Nord LB acquisition dropped
Bank opts for owner recapitalisation
Nord LB’s owners have approved a plan to recapitalise the bank with funds from regional states and savings ban...
6 February 2019
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News Analysis
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US CMBS divergence eyed
CMBS issuance 'will be hindered' by worsening borrower terms
US CMBS is under scrutiny as figures have emerged showing weaker performance in post-crisis transactions originated by n...
5 February 2019
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Market Moves
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BoE, ESMA seal no-deal plan
Company hires and sector developments
No-deal agreement sealed ESMA has agreed Memoranda of Understanding (MoUs) with the Bank of England (BoE) for the reco...
5 February 2019
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News
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SCI Start the week - 4 February
A review of securitisation activity over the past seven days
Transaction of the week Bank of Montreal has printed a US and Canadian leveraged loan capital relief trade dubbed Mani...
4 February 2019
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News Analysis
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NPL securitisation flourishes
Extention of GACS to UTPs to fuel further growth?
European NPL securitisation has flourished over the past two years, reaching a total of €15bn in new issuance s...
4 February 2019
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News
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SCI Start the Week - 4 February
A review of securitisation activity over the past seven days
Transaction of the week Bank of Montreal has printed a US and Canadian leveraged loan capital relief trade dubbed Mani...
4 February 2019
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News Analysis
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Growing momentum
Regulatory provisioning boosts shipping NPL prospects
The European Central Bank’s provisioning push has led to a more positive sentiment around the prospects for th...
1 February 2019
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The Structured Credit Interview
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Staying strong
MetLife Investment Management speaks to SCI about the year ahead
Q: What’s your general outlook for the structured finance sector in 2019? William Moretti, head of structure...
1 February 2019
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News
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Risk transfer round-up - 1 February
CRT sector developments and deal news
Bank of Montreal has printed a US and Canadian leveraged loan capital relief trade dubbed Manitoulin. The US$92.5m 7.3-y...
1 February 2019
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Market Moves
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Euro ABS deals mooted
Company hires and sector developments
European RMBS transactions mandated A pair of European RMBS transactions have been mandated, marking the first Europea...
31 January 2019
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Market Moves
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CLO UCITS launched
Company hires and sector developments
CDS publication launched Jochen Felsenheimer, md at XAIA Investment, Wolfgang Klopfer, chairman of the management boar...
30 January 2019
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News
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Securitisation swaps book launched
New publication aims to quench knowledge drought
Spotting a gap in the market, a team of structured finance veterans have collaborated on a new publication on an under-e...
30 January 2019
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Market Moves
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CMBS tender launched
Company hires and sector developments
BUMF tender Greencoat Investments has launched a tender offer for the Business Mortgage Finance 4, 5, 6 and 7 CMBS. Fi...
28 January 2019
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News
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SCI Start the Week - 28 January
A review of securitisation activity over the past seven days
Market commentary European ABS secondary market activity picked up last week, following a quiet start to the year (SCI...
28 January 2019
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News
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CLO arbitrage remains challenging
Octagon reset in focus
The currently marketing Octagon 21 reset highlights challenges in the CLO arbitrage. One trader says they will be part...
25 January 2019
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Market Reports
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CLOs rebound
US CLO market update
US CLO spreads have tightened from December and the pipeline is bulging, as confidence returns to the market. &ldq...
25 January 2019
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News
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Minerva closed
Innovative guarantee completed
Banca Nazionale Del Lavoro has closed a €100m mezzanine guarantee with the EIF. Dubbed Minerva, the transaction...
25 January 2019
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Market Moves
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New ILS unit launched
Sector developments and company hires
ABS outfit launched US Bancorp has launched a new ABS lending business, providing non-recourse commitments secured by...
25 January 2019
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News
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Risk transfer round-up - 25 January
CRT sector developments and deal news
Deutsche Bank issued a leveraged loan capital relief trade in December among a flurry of risk transfer transactions (SCI...
25 January 2019
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News Analysis
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CLOs retain top ranking
Quarterly SCI data update
CLOs remained the top asset class in terms of deal count for European and US new issuance in 4Q18, according to SCI data...
24 January 2019 Free
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Market Moves
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Alt investor boosts global presence
Sector developments and company hires
Europe Palamon has hired Aqib Kadar as director of tax and structured finance. Kadar was previously at PwC where he wa...
24 January 2019
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Market Reports
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Slow start
European ABS and CLO market update
The European ABS market is experiencing its “slowest start to a year since 2011” as STS and Brexit u...
23 January 2019
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Market Moves
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Two depart at ILS firm
Sector developments and company hires
Europe M&G Investments has appointed Vincent Charles-Gervais as portfolio manager within its ABS division. Cha...
22 January 2019
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News
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Chinese equipment lease ABS prepped
Transaction features several firsts for experienced issuer
Far East Horizon Corporation (FEH) is marketing a CNY1.865bn securitisation backed by equipment lease receivables. The t...
22 January 2019
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Market Reports
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Pepper up
European ABS market update
European secondary market activity is picking up, following a quiet start to the year. However, the new issue pipeline r...
22 January 2019
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Provider Profile
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CDS index-linked ETF launched
Fund will target gap in passive fixed income space
Tabula has launched a new fixed income ETF tracking the iTraxx European Crossover five year index. The fund follows hot...
21 January 2019
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News
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Latest SCI podcast available
SCI podcast episode four is now live
SCI’s latest podcast is now live. This month the team round up asset class performance from 2018 and look ahea...
21 January 2019
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News
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SCI Start the Week - 21 January
A review of securitisation activity over the past seven days
Transaction of the week The European securitisation pipeline remains all but empty as regulatory uncertainty continues...
21 January 2019
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News Analysis
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CRT growth continues
Tighter pricing trend points to expanding market
The year 2018 saw a flurry of capital relief trades referencing various asset classes that were priced at tighter levels...
18 January 2019
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Market Moves
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Innovative ILS transaction launched
Sector developments and company hires
Auto ILS closed AlphaCat Managers has securitised a non-standard passenger auto insurance portfolio. “This i...
18 January 2019
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News Analysis
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Redemption relief?
RMBS calls could boost European supply
The European securitisation pipeline remains all but empty as regulatory uncertainty continues to hamper new issuance ac...
18 January 2019
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News
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Fintech deal completed
Cerberus and Debitos close NPL transaction
Cerberus has acquired a €2.1bn portfolio of Italian unsecured non-performing loans via online auction platform...
17 January 2019
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Market Moves
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Global investor promotes duo
Sector development and company hires
Europe Martin Munte has been named director, investor relations at CVC Credit Partners in London. He was previously di...
17 January 2019
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Market Moves
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Risk retention for Japan?
Sector developments and company hires
ILS Sarah Demerling has joined Walkers Bermuda as a partner in the firm's corporate, finance and funds group....
16 January 2019
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News Analysis
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STS-compliant ABS issuance to be 'higher than expected'
Lack of certainty continues around areas of Securitisation Regulation
The EU Securitisation Regulation came into force as of 1 January this year, despite several parts of the legislation not...
16 January 2019
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News Analysis
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First steps
Manufactured housing RMBS to re-emerge?
The assignment by Fitch of a primary manufactured housing (MH) specialty servicing rating of RPS3- to Cascade Financial...
16 January 2019
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Market Moves
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Agency launches new Euro office
Company hires and sector developments
Europe Alantra has hired James Fadel as md. He was previously head of structured finance advisory at Deloitte. DBRS...
14 January 2019
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News
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SCI Start the Week - 14 January
A review of securitisation activity over the past seven days
Transaction of the week BBVA has completed an innovative transaction that synchronises credit events with IFRS 9 lifeti...
14 January 2019
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Market Moves
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Solar equity ABS launched
Sector developments and company hires
Acquisitions American Mortgage Consultants (AMC) has acquired Meridian Asset Services, (Meridian), joining two of the...
11 January 2019
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News
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Risk transfer round-up - 11 January
CRT sector developments and deal news
The fourth quarter of 2018 saw a slew of risk transfer deals typical of year-end issuance (SCI 21 December 2018). Among...
11 January 2019
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News Analysis
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Credit events synchronised
BBVA completes innovative IFRS 9 hedge
BBVA has completed an innovative transaction that synchronises credit events with IFRS 9 lifetime expected loss provisio...
11 January 2019
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Market Moves
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US firms see flurry of hires
Sector developments and company hires
US Bay Crest Partners has bolstered its fixed income business with a trio of senior hires: Tadeusz (Ted) Jachowicz, Ja...
10 January 2019
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News Analysis
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Mezz opportunity
Insurer interest in risk transfer on the rise
The facility recently inked by Texel Finance and Liberty Specialty Markets (SCI 9 November 2018) signals an increasing i...
10 January 2019
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News Analysis
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Risk-sharing boost
Cajamar SRT sets tone for standardised banks
BCC Grupo Cajamar has completed a €972.1m Spanish true sale significant risk transfer transaction with the EIF,...
9 January 2019
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Market Moves
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UK tax partner pinched
Sector developments and company hires
UK Hunton Andrews Kurth has recruited David Klass as a partner in its London office. Klass brings more than 15 years o...
8 January 2019
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Market Moves
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Freddie Mac launches debut reinsurance deal
Company hires and sector developments
Acquisitions doBank has acquired 85% of NPL servicer Altamira Asset Management from entities affiliated with funds man...
7 January 2019
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News
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SCI Start the Week - 7 January
A review of securitisation activity over the past seven days
Transaction of the week Santander has launched an unusual synthetic securitisation of auto loans, dubbed Santander Con...
7 January 2019
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News Analysis
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Banca Carige placed into temporary administration
NPL disposals 'could be accelerated'
Banca Carige has been placed into temporary administration by the European Central Bank (ECB) following the resignation...
4 January 2019
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Market Moves
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Pair promoted
Sector developments and company hires
UK TwentyFour Asset Management has appointed two new partners from within its portfolio management team. Felipe Villar...
4 January 2019
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Market Moves
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Global finance partner hired
Sector developments and company hires
NPL transactions IFIS NPL, has purchased an NPL portfolio totalling €1.16bn in gross book value from Monte de...
2 January 2019
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News Analysis
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Landmark consumer SRT launched
Santander completes synthetic auto loan ABS
Santander has launched an unusual synthetic securitisation of auto loans, dubbed Santander Consumer Spain Synth...
2 January 2019
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