CRT consolation

It's a more credit-positive story for CRT than delinquency data indicates

Just before Christmas, Fitch Ratings placed 372 classes of GSE-issued CRT bonds on ratings watch negative, but the agenc...

Agricultural SRT priced

Lloyds finalises Fontwell II

Lloyds has priced the second transaction from its Fontwell programme. Dubbed Fontwell II Securities 2020, the eight-year...

Trilogue agreement finalised

Excess spread concerns highlighted

The trilogue agreement on the European Commission’s ‘quick fix’ proposals was finalised la...

RFC issued on GSE living wills

Sector developments and company hires

RFC issued on GSE living wills The US FHFA is seeking comment on a notice of proposed rulemaking that would require Fan...

Fed frenzy

Ongoing Fed bid for GSE paper stronger than faster prepayments in 2021

Price action in GSE-issued MBS in 2021 will be dominated by the opposite pressures of faster prepayments on the one hand...

RBS settles RMBS claims

Sector developments and company hires

RBS settles RMBS claims The securities division of Maryland Attorney General Brian Frosh has entered into an US$18m set...

Synthetic CMBS returns

Barclays reopens CRE CRT market

Barclays has completed three capital relief trades from the Colonnade programme that reference the same mixed portfolio...

Unexpected impact

Business interruption claims weigh on cat bonds

The ILS market has not been immune to the turbulence created by Covid-19 this year. However, the fallout from the pandem...

Romanian NPE deal sealed

Sector developments and company hires

Romanian NPE deal sealed National Bank of Greece (NBG) has entered into an agreement with Bain Capital Credit for the...

Divergent regimes?

STS synthetics onshoring awaited

Formal adoption by the EU of the STS synthetics regime will not realistically occur until 1Q21, after the text has been...

Secondary supply

Euro ABS trading set to dominate

European ABS secondary spreads have completed a three-quarter circle from their coronavirus-related spike in March, rela...

SCI Start the Week - 21 December

A review of securitisation activity over the past seven days

Last week's stories Agricultural SRT prepped Lloyds readies Fontwell II Baltic SRT finalised First synthetic und...

Slovakian SRT finalised

Erste Group completes synthetic ABS

Erste Group has completed a €48m mezzanine guarantee for its Slovakian subsidiary Slovenská sporitel...

Delayed defaults

German auto ABS support weighed

The assets underlying German auto ABS have remained resilient during the coronavirus pandemic. However, defaults are exp...

Issuance forecasts lowered on TFSME extension

Sector developments and company hires

Issuance forecasts lowered on TFSME extension The Bank of England has extended by six months the TFSME, covering both t...

Risk transfer round-up - 18 December

CRT sector developments and deal news

Standard Chartered is believed to have completed the eleventh transaction from its START programme. The capital relief t...

Baltic SRT finalised

First synthetic under Luxembourg law

The EIB and the EIF have issued a €440m guarantee to Luminor Bank for new lending to SMEs and midcaps in the Ba...

Margin call

CLO equity arbitrage doubts raised

CLO new issuance is once again flourishing as the arb continues to improve, but the pick-up in volumes could yet prove t...

On the cards

2020 credit card spending low, suggesting slim ABS issuance to continue

US credit card performance has thus far shrugged off the impact of Covid 19 with insouciant ease, in part due to lower c...

Agricultural SRT prepped

Lloyds readies Fontwell II

Lloyds is marketing Fontwell II Securities 2020, a synthetic securitisation referencing a £1.86bn portfolio of...

Full stack resilience

Volumes down, but not out

Full-stack significant risk transfer deal volume declined this year amid the Covid-19 fallout. Nevertheless, transaction...

Improving sentiment

Opportunities rebound in aircraft ABS market

Aircraft ABS secondary market activity all but dried up with the onset of Covid-19, until trading began picking up in Se...

Bellemeade 2020-4 comes in at $337m

3-tranche MILN has higher than usual LTV pool

Arch Capital has priced Bellemeade Re 2020-4, which entered marketing last week and will close next week, for a final is...

CLO manager transfers accelerate overlap

Sector developments and company hires

CLO manager transfers accelerate overlap When managers acquire CLOs, the underlying portfolios become more like the exi...

Call for further improvement

'Unambitious' NPL strategy launched

The European Commission has published a strategy that aims to prevent a build-up of non-performing loans across the EU b...

STACR 2020-DNA6 prints

All tranches of new STACR print well inside guidance

Freddie Mac’s STACR 2020-DNA6 has now printed for a final deal size of $790m and comprises four tranches, all...

CRT super spreader

Asset manager ArrowMark, a long-time investor in CRT, sees increased US usage

Despite the constraints imposed by Covid 19, this has been a banner year for the CRT market in the US, with headline-mak...

Brit PCC in 144A cat bond first

Sector developments and company hires

Brit PCC in 144A cat bond first Brit has printed its debut catastrophe bond, dubbed Sussex Capital UK PCC (Series 2020-...

UK corporate SRT inked

NatWest finalises capital relief trade

NatWest has completed an eight-year £100m financial guarantee that references an approximately £1.5b...

Leasing, SME SRTs executed

Unusual capital relief trade completed

Societe Generale has finalised a synthetic securitisation that references French leasing receivables. The transaction is...

SCI Start the Week - 14 December

A review of securitisation activity over the past seven days

Last week's stories Bellemeade bonanza The latest Arch trade covers the same insurance vintage as June&#...

Leasing debut

NPL ABS expected to benefit from GACS

UniCredit Leasing has completed the first Italian non-performing loan securitisation backed by lease receivables that is...

Bellemeade bonanza

The latest Arch trade covers the same insurance vintage as June's 2020-1

Arch Capital is in the market again with its latest mortgage insurance-linked note (MILN), designated Bellemeade 2020-4....

CLO liquidity complexity examined

Sector developments and company hires

CLO liquidity complexity examined CLO secondary market activity is booming across the board, but the underlying liqui...

Finish line

Trilogue agreement finalised

Negotiators from the European Parliament’s Economic and Monetary Affairs Committee (ECON) have reached an agre...

Landmark SRT completed

Unusual synthetic securitisation inked

The EIB and the EIF have finalised a €795m guarantee with ING that will support new lending to Dutch SMEs and m...

NPL momentum

Call for specific securitisation framework

Regulatory support for the non-performing loan securitisation market has coalesced over the last few weeks, with the pub...

Risk transfer round up-December 9

CRT sector developments and deal news

Santander is believed to have postponed the pricing of Project Spitfire as the lender and the investors were reportedly...

Disclosure charges settled

Sector developments and company hires

Disclosure charges settled BlueCrest Capital Management has agreed to pay US$170m to settle US SEC charges concerning...

Real return

Money managers unlikely to be able to resist CLOs

The rapid Covid-driven blow-out in US CLOs, followed by an equally dramatic reverse, wrong-footed many real money manage...

ESN debate

Could structures cannibalise true sale ABS?

The European Parliament recently called for legislation to establish European Secured Notes (ESNs) to facilitate SME fun...

Morgan manoeuvres

JPM's heavier than most capital burden underpins its keenness for CRT

JP Morgan Chase has led the charge in the US CRT market in the last 12 months, but its urgency to make use of the mechan...

ADI securitisation review underway

Sector developments and company hires

ADI securitisation review underway The Australian Prudential Regulation Authority is undertaking a review of securitisa...

CMBS value deficiencies compared

Sector developments and company hires

CMBS value deficiencies compared DBRS Morningstar has identified US$9.79bn in US CMBS loans transferred to special serv...

Next step

Call for greater EPC data disclosure

The European Commission last month launched a consultation on the first two sets of criteria for economic activities to...

Synthetic RMBS debuts

Raiffeisen completes capital relief trade

Raiffeisen has completed a €182m unfunded mezzanine guarantee that references a static €3.3bn...

SCI Start the Week - 7 December

A review of securitisation activity over the past seven days

Last week's stories Collections conundrum Italian NPL ABS amortisation eyed (Full story below) Covid communicatio...

Leveraged finance: stepping into the void

Contributed thought leadership by Ocorian

As funds continue to reallocate capital to direct lending strategies, Sinead McIntosh, business development direct...

Dark fibre first

Sector developments and company hires

Dark fibre first Summit Issuer Series 2020-1, the first securitisation backed by dark fibre communication infrastruct...

High-quality counterparties

Insurer involvement in SRT on the rise

SCI publishes regular in-depth analysis of trends and developments across the capital relief trades market, in addition...

Collections conundrum

Italian NPL ABS amortisation eyed

The number of Italian non-performing loan securitisations with lagging collections is set to rise to 17 by 1Q21, Scope p...

SCI CRT Awards 2020

Personal Contribution to the Industry: Steve Gandy, md and head of private debt mobilisation, notes ...

At the helm of arguably the most active and diverse capital relief trades arranging team, Steve Gandy has demonstrated s...

STACR due

BofA and Wells Fargo to underwrite imminent STACR deal

Freddie Mac has mandated Bank of America and Wells Fargo as joint bookrunners for its imminent STACR REMIC 2020-DNA6, du...

SCI CRT Awards 2020

Analytics Firm of the Year: Mark Fontanilla & Company

Mark Fontanilla & Company (MF&Co), founded in Charlotte, North Carolina, in 2017, provides a host of fin...

SCI CRT Awards 2020

Advisor/Service Provider of the Year: US Bank

US Bank’s global corporate trust team has established a strong presence in Europe over the past 10 years, rank...

Covid communications

The pandemic has meant greater negotiation over terms between CRT buyers and sellers

Discussions between CRT issuers and potential investors have become more protracted in  2020 as a result of Cov...

Pre-pandemic trends persist for US CLOs

Sector developments and company hires

Pre-pandemic trends persist for US CLOs Pre-pandemic trends in US leveraged lending - including high leverage, weak cov...

SCI CRT Awards 2020

North American Law Firm of the Year: Clifford Chance

The burgeoning development of the US bank capital relief trade (CRT) market has been one of the major talking points of...

Tech solution

Peter Jasko, ceo at Semeris, answers SCI's questions

Q: How and when did you become involved in the securitisation market? A: Semeris launched last month (SCI 4 November),...

Innovative SRT inked

Belgian synthetic RMBS finalised

AXA Bank Belgium has completed a synthetic RMBS that references a static €730m portfolio of Belgian prime mortg...

SCI CRT Awards 2020

Law Firm of the Year: Allen & Overy

In a highly disrupted year, Allen & Overy (A&O) has distinguished itself by not only maintaining its sig...

SCI CRT Awards 2020

North American Arranger of the Year: BMO Capital Markets

BMO Capital Markets (BMO) has led the way in true risk sharing trades outside of Europe for over four years. Its well-es...

IBA to consult on Libor transition proposal

Sector developments and company hires

IBA to consult on Libor transition proposal The US Fed, the OCC, the FDIC and the UK FCA have welcomed a proposal by IC...

SCI CRT Awards 2020

Arranger of the Year: Credit Suisse

Credit Suisse completed two significant risk transfer transactions during 2Q20 that differ significantly from the typica...

Test case

JPMorgan CRT details revealed

Further details have emerged in connection with a corporate capital relief trade that was completed last month between J...

Information giants to combine

Sector developments and company hires

Information giants to combine S&P Global and IHS Markit have entered into a definitive merger agreement to co...

SCI CRT Awards 2020

North American Issuer of the Year: Freddie Mac

Freddie Mac has several claims to fame over the last 12 months. One of the most arresting is that the GSE rejuvenated th...

Risk transfer round-up - 30 November

CRT sector developments and deal news

Getin Noble Bank plans to execute its first capital relief trade, a synthetic securitisation referencing a Sfr750m portf...

SCI CRT Awards 2020

Issuer of the Year: Intesa Sanpaolo

Intesa Sanpaolo has won the Issuer of the Year category at SCI’s Capital Relief Trades Awards for drastically...

SCI Start the Week - 30 November

A review of securitisation activity over the past seven days

Last week's stories Double trouble Two - not one - JP Morgan corporate loan CRT trades have been in the mark...

Double trouble

Two - not one - JP Morgan corporate loan CRT trades have been in the market

A CRT transaction between JP Morgan and a club of investors referencing corporate loans, believed to be chiefly SME-rela...

NPL ABS capital treatment amended

Sector developments and company hires

NPL ABS capital treatment amended The Basel Committee has published a technical amendment in connection with the capita...

Excess spread harmonised

EBA's SRT recommendations released

The EBA’s long-awaited final report on significant risk transfer details a set of recommendations to the Europ...

SCI CRT Awards 2020

Credit Insurer of the Year: RenaissanceRe

RenaissanceRe (RenRe) has won the Credit Insurer of the Year category in SCI’s Capital Relief Trades Awards fo...

Offshore demand

Chinese securitisation continues to gain traction

A growing number of Chinese securitisation issuers are attempting to tap offshore investors, the most recent being China...

SCI CRT Awards 2020

Investor of the Year: Alecta-PGGM

The coming together of Alecta and PGGM to focus on credit risk sharing transactions (CRS), as they term capital relief t...

Jumbo BDC merger agreed

Sector developments and company hires

Jumbo BDC merger agreed FS/KKR Advisor, a partnership between FS Investments and KKR Credit Advisors (US), has announ...

SCI CRT Awards 2020

Innovation of the Year: Vale Securities Finance 2019-1

Unfunded protection has historically been focused on capital relief trade senior mezzanine exposures, but Bank of Irelan...

Bridge financing inked

Hertz set to re-fleet under bankruptcy emergence plan

Hertz Corporation, in conjunction with affiliates of Apollo Capital Management, has established an interim fleet financi...

SCI CRT Awards 2020

Impact Deal of the Year: Project Grasshopper

NatWest has raised the bar for impact investment capital relief trades with December 2019’s Project Grasshoppe...

SCI CRT Awards 2020

North American Transaction of the Year: Chase 2019-CL1

It would take a brave man, or woman, to argue that JPMorgan’s Chase Mortgage Reference Notes 2019-CL1 was not...

SCI CRT Awards 2020

Transaction of the Year: Resonance 5

The winners and honourable mentions of the 2020 SCI Capital Relief Trades Awards were unveiled during a virtual ceremony...

Emergency exit

Taking the GSEs back to private hands in two months is the tallest of tall orders

The difficulties in pulling the Fannie Mae and Freddie Mac out of conservatorship and into private hands before the new...

UK STS notification portal launched

Sector developments and company hires

UK STS notification portal launched The UK FCA has launched its new STS notification platform, with the aim of allowing...

Restructuring boost

Project Galaxy portfolio acquired

Alpha Bank has selected US investment fund Davidson Kempner as its preferred bidder over PIMCO for its Project Galaxy po...

EBA SRT report released

Sector developments and company hires

EBA SRT report released The EBA has published its long-awaited report on significant risk transfer in securitisations,...

Risk transfer round-up - 23 November

CRT sector developments and deal news

BNP Paribas is believed to be arranging a synthetic RMBS for AXA Bank Belgium. The transaction would represent the fourt...

Generation change?

Investor, issuer ESG engagement surveyed

The vast majority (81%) of ABS issuers polled in a recent Structured Finance Association survey currently incorporate ES...

SCI Start the Week - 23 November

A review of securitisation activity over the past seven days

SRT seminar TODAY Join SCI today and tomorrow, 23 and 24 November, for its virtual 6th Annual Capital Relief Trades Sem...

Highland trio launch new firm

Sector developments and company hires

Highland trio launch new firm Ex-Highland Capital Management executives Mark Okada, Jack Yang and Trey Parker have laun...

Greek synthetics eyed

Alantra targets CRTs, new jurisdictions

Alantra has evolved to become one of the premier players in the non-performing loan markets by utilising a combination o...

Positive outlook

DoValue signs NPL MoU

DoValue has signed a memorandum of understanding with Bain Capital Credit for the exclusive management of a portfolio of...

Capital headache

The finalized GSE capital rules give with one hand whilst the other takes

The finalized capital rule for the GSEs, released yesterday afternoon (November 19) by the Federal Housing Finance Agenc...

Automated alternative

CLO tax solution getting traction

An automated alternative to the traditional season-and-sell process that enables tax efficiency for CLOs is starting to...

Synthetic RMBS priced

Lloyds finalises Syon transaction

Lloyds has priced the third transaction from its Syon programme. The seven-year significant risk transfer trade is motiv...

Democrats and CRT

Banks, GSEs eye Washington for policy clues

It is, probably, a reasonable assumption that US President-elect Joe Biden has never given a second thought to credit ri...

APAC capital advisory formed

Sector developments and company hires

APAC capital advisory formed Aon has launched an Asia Pacific Capital Advisory unit to deliver a holistic approach to...

Maturity wall eyed

Mall loans face financing difficulties

US CMBS mall delinquencies have reached approximately US$9.65bn across 93 non-defeased loans secured by regional malls a...

CRT seminar line-up finalised

Fireside chats, awards presentation on the agenda

The line-up for SCI’s 6th Annual Capital Relief Trades Seminar has been finalised. Hosted virtually o...

CRE data initiative launched

Sector developments and company hires

CRE data initiative launched Moody's Analytics has formed a new partnership with The Business School (formerl...

Risk transfer round-up - 16 November

CRT sector developments and deal news

Details have been revealed of two global corporate capital relief trades issued by Barclays which were finalised in 2Q20...

Record print

VW's latest Chinese ABS oversubscribed

Volkswagen Financial Services has completed its largest-ever Chinese auto ABS, despite challenging market conditions. Du...

SCI Start the Week - 16 November

A review of securitisation activity over the past seven days

SRT seminar NEXT WEEK Join SCI on 23 and 24 November for its virtual 6th Annual Capital Relief Trades Seminar, which wi...

Morgan motors

JP Morgan puts its foot on the gas in CRT highway

The CRT transaction derived from JP Morgan Chase’s corporate loan book reported on by SCI in September is set...

Garrison CLO platform acquired

Sector developments and company hires

Garrison CLO platform acquired Mount Logan Capital subsidiary Mount Logan Management (ML Management) has acquired from...

Transition revamp?

Legacy language amendments remain challenging

Standard Libor fallback language has been agreed and adopted by some new transactions ahead of the benchmark transition...

Shortfalls hitting rated CMBS notes

Sector developments and company hires

Shortfalls hitting rated CMBS notes KBRA reports that over 85% (225) of the 263 deals in its rated US conduit CMBS univ...

CLO resurgence?

Primary spike contingent on sustained positivity

The US CLO market’s presidential election lull continued into this week ahead of yesterday’s holiday...

Dutch BTL aggregator deal prepped

Sector developments and company hires

Dutch BTL aggregator deal prepped Citi is in the market with a new Dutch buy-to-let RMBS. Dubbed Jubilee Place 2020-1,...

Risk transfer round-up - 11 November

CRT sector developments and deal news

Piraeus Bank is believed to be readying its first synthetic securitisation. The transaction would be the first capital r...

Revised stance

Parliament backtracks on structural features

The European Parliament’s Economic and Monetary Affairs Committee (ECON) has approved the inclusion of time ca...

ESG-focused CLO manager formed

Sector developments and company hires

ESG-focused CLO manager formed A trio of ex-Ares Management partners have formed a new independent alternative credit i...

Utility ABS returns

Innovative minibond deal gains wider reception

A consortium of six Italian utility companies has closed its third securitisation backed by minibonds secured by water s...

Risk transfer round-up - 9 November

CRT sector developments and deal news

Santander is believed to be readying a synthetic securitisation of UK auto loans, dubbed Project Spitfire. Meanwhile, So...

SCI Start the Week - 9 November

Last week's stories ESG philosophy Federated Hermes answers SCI's questions Finish line Galaxy n...

Hertz in line with settlement plan

Sector developments and company hires

Hertz in line with settlement plan Fitch reports that Hertz had disposed of nearly 170,000 non-program vehicles (NPVs)...

Synthetic CMBS eyed

Pension funds target CRE CRTs

Pension funds are targeting synthetic securitisations of commercial real estate loans, despite the challenges of the Cor...

Storming STACR

Freddie Mac shrugs off the lockdown effect to go to town in 3Q and since

Freddie Mac's new CRT issuance credit-protected more unpaid principal mortgage balance at a higher maximum coverage in 3...

Ramping up

Synthetic RMBS prepped

Lloyds is marketing the third synthetic RMBS from the Syon programme. Dubbed Syon Securities 2020-2, the latest deal dif...

CLO library launched

Sector developments and company hires

CLO library launched Semeris has today launched a document library called Semeris Docs for CLOs. The service initiall...

Strategic partnership expanded

Sector developments and company hires

Strategic partnership expanded Pretium has entered into an expanded strategic partnership with American Equity Invest...

Finish line

Galaxy nears completion

Alpha Bank has received two binding offers for its Galaxy project (SCI 6 August). The transaction will involve a non-per...

ESG philosophy

Andrew Lennox, senior portfolio manager at the international business of Federated Hermes, answers S...

Q: How and when did the international business of Federated Hermes become involved in the securitisation market? A: The...

Risk transfer round-up - 2 November

CRT sector developments and deal news

BDK has priced its seventh full-stack capital relief trade from the Red & Black Germany programme. The transacti...

SCI Start the Week - 2 November

A review of securitisation activity over the past seven days

Last week's stories Best-of-breed network Arrow Global Group answers SCI's questions Diverse port...

UKML shareholder consultation continues

Sector developments and company hires

UKML shareholder consultation continues The board of UK Mortgages (UKML) has completed the strategic review that it com...

Risk transfer boost

US CRT market picks up

SCI publishes regular in-depth analysis of trends and developments across the capital relief trades market, in addition...

Election focus

US CLOs hold up for now

Next week’s US presidential election is holding the attention of the credit market, along with the rest of the...

Pan-European logistics CMBS prepped

Sector developments and company hires

Pan-European logistics CMBS prepped Blackstone Real Estate Partners is in the market with a €318.6m single-loa...

Mind the gap

CLO equity price and NAV data examined

From now on SCI will be publishing regular case studies and reports on the CLO market in addition to our usual news stor...

Best-of-breed network

Zach Lewy, founder and group cio of Arrow Global Group, answers SCI's questions

Q: How and when did Arrow Global Group become involved in the non-performing loan market? A: Arrow Global was establish...

Measurement uncertainty

Inclusion of climate exposures in ICAAPs explored

Many banks are planning to include climate exposures in their internal capital adequacy assessment processes (ICAAPs), b...

AMCO deal completed

Sector developments and company hires

AMCO deal completed Monte dei Paschi di Siena has completed an innovative €4bn limited-recourse financing in...

Risk transfer round-up - 26 October

CRT sector developments and deal news

RBS is believed to be prepping a corporate capital relief trade that is expected to close in 4Q20. The UK lender&rsq...

Diverse portfolio

Private equity CDO completed

CMFG Life Insurance Company has completed a rare private equity collateralised fund obligation (PE CFO). Dubbed MCA Fund...

SCI Start the Week - 26 October

A review of securitisation activity over the past seven days

Last week's stories Corona kickstart Constellation of factors coalesced to push the US CRT market forward ...

Corona kickstart

Constellation of factors coalesced to push the US CRT market forward

Covid 19 may have given the US CRT market the kick start it needed, suggests David Felsenthal, a New York-based partner...

Environmental risk score rolled out

Sector developments and company hires

CMBS environmental risk score rolled out Trepp has implemented a new data integration with Risk Management Solutions...

Risk transfer return

BDK preps capital relief trade

Bank Deutsches Kraftfahrzeuggewerbe (BDK) is marketing a full-stack capital relief trade backed by a static €1b...

Aviation leasing platform prepped

Sector developments and company hires

Aviation leasing platform prepped PIMCO and GE Capital Aviation Services (GECAS) have reached a preliminary agreement...

Risk transfer round-up - 21 October

CRT sector developments and deal news

Lloyds is believed to still be attempting to execute its second transaction from the Fontwell programme. The deal is bac...

Jurisdiction expansion

European ABS market update

IPTs were released today for Mercedes-Benz's inaugural French auto ABS. Dubbed Silver Arrow France 2020-1, the &...

JAAA launched

New triple-A CLO ETF well received

The Janus Henderson AAA CLO ETF (JAAA) launched on Monday, 19 October, amid positive investor feedback. The ETF seeks to...

Leasing ABS inked

Sector developments and company hires

Leasing ABS inked The EIB and the EIF have provided Alba Leasing with €490m via an SME securitisation financin...

Restructuring capacity

LMLs introduced to European CLOs

Recently issued Deer Park CLO was the first European deal to provide for loss mitigation loans (LMLs) and enable its man...

Risk transfer round-up - 20 October

CRT sector developments and deal news

Standard Chartered is rumoured to be prepping a capital relief trade backed by emerging market corporate loans from the...

CLO structures reviewed

Sector developments and company hires

CLO structures reviewed Post-Covid crisis US BSL CLO structures differ in a range of ways from their predecessors, beyo...

Mezz opportunity

'Rare' bonds on offer via large BWIC

A sizeable UK mezzanine 2.0 RMBS BWIC is due on 22 October and is being seen as a good opportunity to source risk. The p...

SCI Start the Week - 19 October

A review of securitisation activity over the past seven days

Last week's stories Compromise pending Parliament softens stance on 'problematic' proposals Made in the USA Spea...

Made in the USA

Speakers at SCI conference herald dawn of new era for US CRT

"Every year I join these conferences and I say 'This is the year of the USA,' and I'm always made a liar because I'm sti...

Collateralised loan overlap

Sector developments and company hires

Collateralised loan overlap Diversification risk across the US CLO market has increased this year, due to the 18% dec...

SME CRT completed

Intesa finalises mezz guarantee

Intesa Sanpaolo, the EIF and the EIB have completed a €90m mezzanine guarantee that references a €1.8b...

Compromise pending

Parliament softens stance on 'problematic' proposals

The European Parliament will likely drop proposals for the exclusion of time calls and pro-rata amortisation from STS sy...

Movie magic

Rare securitization of film library future revenues finds buyers

The $421.5m three-tranche securitization of film distribution revenue by Vine 2020-1, currently in pre-sale, will close...

First EGF guarantee inked

Sector developments and company hires

First EGF guarantee inked The EIB has approved €5.1bn of new financing to support investment by companies most...

MPL platform ends note programme

Sector developments and company hires

MPL platform ends note programme LendingClub is winding down its retail note programme and has ceased accepting new a...

Risk transfer round-up - 12 October

CRT sector developments and deal news

Barclays is rumoured to be prepping a corporate capital relief trade that is set to close in 4Q20. The lender finalised...

SCI Start the Week - 12 October

A review of securitisation activity over the past seven days

Last week's stories Absolute attraction Absolute 2021-1 shows growth of US CRT market and pass-through appetite C...

Plunging forbearance

Mortgage forbearances enjoy biggest single Covid era weekly tumble

The number of US home loans in active forbearance schemes has nosedived by 649,000 over the last seven days, according t...

US CLO recovery continues

Sector developments and company hires

US CLO recovery continues US CLO OC cushions are continuing to recover, according to the latest quarterly US manag...

Direct access

For-profit social housing provider debuts

Deutsche Bank is in the market with an unusual UK CMBS. Dubbed Sage AR Funding No. 1, the £220m transaction is...

Growth opportunities

Chapter five of SCI's Autumn 2020 CRT Research Report

The fifth and final chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report outlines the need for s...

Capital preservation

Sharif Anbar-Colas, head of structured credit at Kartesia, answers SCI's questions

Q: How and when did Kartesia become involved in the securitisation market? A: Kartesia has been involved in the securit...

Litigation finance fund formed

Sector developments and company hires

Litigation finance fund formed Tetragon and its diversified alternative asset management business TFG Asset Managemen...

Finnish lift off

Latest KIMI deal completed

Santander has completed a €650m full-stack significant risk transfer trade backed by Finnish auto loans. Dubbed...

Transatlantic challenges

Contributed thought leadership by Mayer Brown

Complying with EU and US CRT rules simultaneously A number of law firms have developed excellent synthetic securitisat...

Stepping up

Chapter four of SCI's Autumn 2020 CRT Research Report

The fourth chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report highlights the role of the EIF i...

Absolute attraction

Absolute 2021-1 shows growth of US CRT market and pass-through appetite

The sale of Absolute 2021-1‘s pass-throughs - the $184.8m repack of two CLNs from Goldman Sachs which closed o...

IP transaction debuts

Sector developments and company hires

IP transaction debuts Aon has launched an intellectual property (IP) capital market solution with the close of an IP-...

Structured finance solutions

Contributed thought leadership by Ocorian

Sonal Patel, md, head of sales - Americas, Bermuda and Caribbean, and Sinead McIntosh, business development director...

Seeking clarity

Chapter three of SCI's Autumn 2020 CRT Research Report

The third chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report examines the impact of payment ho...

Fix-and-flip profits

Low interest rates, inventory levels driving demand

The US fix-and-flip sector has experienced an increase in demand, fuelled by securitisation. Historic low interest rates...

'Quick fix' draft legislation published

Sector developments and company hires

‘Quick fix’ draft legislation published The European Parliament has published draft legislative res...

Olympic debut

Largest non-banking Greek ABS closed

Avis has completed a €186m securitisation of Greek auto leases and related residual value (RV) claims. Dubbed C...

SRT for the real economy

Chapter two of SCI's Autumn 2020 CRT Research Report

The second chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report explores how significant risk tr...

Synthetics seminar line-up finalised

Fireside chat, CRT workshop on the agenda

The line-up for SCI’s 4th Annual Risk Transfer & Synthetics Seminar has been finalised. Hoste...

Range of moratoria take-up 'stark'

Sector developments and company hires

Range of moratoria take-up ‘stark’ With payment holiday concentrations having fallen over the past...

Risk transfer round-up - 5 October

CRT sector developments and deal news

Lloyds is rumoured to be readying its third mortgage significant risk transfer trade from the Syon programme for 4Q20. T...

Transmitting credit

SRT and the real economy explored

SCI will be publishing a chapter of our Autumn 2020 CRT Research Report each day this week. While today’s inst...

Comeback king

Container ABS weathers the storm

US container ABS volume has made a roaring comeback over the last month, after an absence of issuance that lasted for ov...

SCI Start the Week - 5 October

A review of securitisation activity over the past seven days

SCI Risk Transfer Seminar This Week Join SCI on 7 and 8 October for its Risk Transfer & Synthetics Virtual Semi...

SME boost

Commerzbank completes CRT

Commerzbank, the EIF and the EIB have completed a €125m mezzanine guarantee that references a €1.9bn G...

Repack returns

Optionality, yield a hit with investors

The appeal of repackagings during times of economic stress became apparent during the Covid-related shutdown. Repack iss...

New IMA inked

Sector developments and company hires

New IMA inked Pollen Street Secured Lending (PSSL) has appointed Waterfall Asset Management as its investment mana...

Repayments rated

CLO debt repayment rates could act as a manager differentiator

Manager differentiation has become ever more important as the Covid-crisis and its resultant CLO market impact continues...

'Dual-track' approach touted for SRT

Sector developments and company hires

‘Dual-track’ approach touted for SRT The EBA is finalising its report on significant risk transfer...

SME ABS debut for Italian fintech

Sector developments and company hires

SME ABS debut for Italian fintech Banca Valsabbina has supported fintech BorsadelCredito.it as arranger, account bank a...

Double-B disparity

US CLO lower mezz misses out

Last week saw high levels of activity across the bulk of the US CLO primary and secondary markets. However, new and very...

Programmatic approach

Chinese ABCP market gaining traction

Four public ABCP programmes have launched in China since the market opened in June. However, there are a number of diffe...

Mezz CLO fund closed

Sector developments and company hires

Mezz CLO fund closed Pearl Diver Capital has completed the final closing of its eighth closed-end CLO investment fund...

Latest Magdalena finalised

Santander prices first post-Covid SME SRT

Santander, the EIF and the EIB have completed a €55m and €143m CLN that ref...

Cashflow concerns

WFH shift highlighted in office, multifamily CMBS

Both the US office and multifamily CMBS sectors will be impacted by the coronavirus-induced working-from-home (WFH) tren...

Risk transfer round up - 28 September

CRT sector developments and deal news

BNP Paribas is rumoured to be readying a full-stack consumer significant risk transfer trade for 2H20.The transaction wo...

SCI Start the Week - 28 September

A review of securitisation activity over the past seven days

SCI Risk Transfer & Synthetics Virtual Seminar Join SCI on 7 and 8 October for its Risk Transfer & Synthetics V...

European evolution

European CLO market changing post-Covid

European CLO structures are evolving post-crisis, including the introduction of static deals only previously seen in the...

Under pressure

CRE uncertainty persists

Commercial real estate companies backed by exposure to retail face difficult months ahead, following renewed downward pr...

Calabrian calibration

FHFA silent on the implication of the director's comments about GSE CRT last week

The Federal Housing Finance Authority (FHFA) has been unable provide more details about what director Mark Calabria&...

Tight pricing

BNP Paribas completes SRT

BNP Paribas has finalised a €324m funded financial guarantee and is scheduled to complete a €100m insu...

Revolver exposures on offer

Sector developments and company hires

Revolver exposures on offer Goldman Sachs is in the market with a balance sheet synthetic securitisation referencing a...

Risk transfer round-up - 25 September

CRT sector developments and deal news

Goldman Sachs is rumoured to be prepping two US corporate significant risk transfer deals for 4Q20 and the lender is bel...

Syon safe

Fitch affirms ratings for Lloyds SRTs

Fitch has removed the Syon Securities 2019 and 2020 transactions from rating watch negative (RWN), after having placed t...

JP Morgan at CRT again

The US bank is reportedly readying a corporate/SME loan deal

JP Morgan Chase is preparing a capital relief trade (CRT) referencing corporate and SME loans, say well-placed market so...

Spread compression

European securitisation market update

European auto and consumer ABS have seen a strong reception this week, despite renewed virus-related concerns. The first...

Private credit fund formed

Sector developments and company hires

Private credit fund formed FrontWell Capital Partners has launched with committed seed capital of more than US$350m f...

Doubling up

Record year anticipated for the EIF

The bulk of European SME capital relief trades in 1H20 were public, with the EIF a particularly active participant, give...

Into the light?

European CLOs continue to improve

The European CLO market is seeking to build on its relatively stable foundations of recent months as prices move ever-ti...

SCI Start the Week - 21 September

A review of securitisation activity over the past seven days

REMINDER: SCI CRT Awards The submissions period for the 2020 SCI CRT Awards is now open. The qualifying period for the...

Moody's move mezz positive

Sector developments and company hires

Moody’s move mezz positive Moody's has issued a request for comment on proposed changes to its metho...

Forbearance crossroads

Mortgages in forbearance well off the peaks but uncertainty beckons

The number of US home loans in forbearance plans declined for the fourth week in succession and is now more than 22% low...

Tech crazy

Securitizations of tech assets finding favour in Covid world

Securitizations of technology assets are proving popular with US investors in the Covid marketplace, according to a new...

Restructuring inked

Attica Bank restructures NPL ABS

Attica Bank has restructured a Greek NPL securitisation that was executed over three years ago and dubbed Artemis (SCI 7...

Risk transfer round up-17 September

CRT sector developments and deal news

BNP Paribas is believed to have priced a corporate capital relief trade from the Resonance programme this week. The tran...

Pagaya on hiring spree

Sector developments and company hires

Pagaya brings in new blood Pagaya, the data-driven asset manager, has made five key hires across all areas of its busi...

Auto SRT priced

Santander unveils its first post-Covid Spanish auto SRT

Santander this week priced a full stack auto significant risk transfer trade (SRT) referencing a static €520m p...

Aussie opportunities

Increasing issuance in Australian primary market

The recent announcement that the Royal Bank of Australia’s (RBA) Term Funding Facility (TFF) will be increased...

Regulatory divergence

Brexit complicates ESMA RTS compliance

The controversy surrounding the application of the EU’s regulatory technical standards (RTS) to securitisation...

LLPA exceptions

Record origination in Q2 as rates scrape the lows

The controversial adverse market fee announced by the GSEs in August initiated an immediate 12.5bp increase in 30-year m...

SYME securitisation underway

Sector developments and company hires

SYME securitisation underway Supply@ME Capital (SYME) reports that it has received offers, subject to contract, from...

Missing piece

Lack of equity investors holding back CLO growth

The CLO primary market is fully back to post-summer business with three new deals pricing yesterday, 10 September and a...

Volksbank debuts

Delayed Italian SRT inked

Volksbank has completed a financial guarantee with the EIF and the EIB that references a static €700m Italian S...

APAC SRTs eyed

Balance sheet optimisation in focus

Asia Pacific banks are eyeing synthetic securitisations to optimise their balance sheets and as Basel 4 is incorporated...

Auto opportunities

Euro residual values holding up

The European second-hand car market has been relatively strong since lockdown ended, supporting auto ABS residual values...

Pent-up demand

European RMBS market update

The European securitisation market reopened post-summer with a blow-out print for ARA Venn’s latest STS Dutch...

Multi-level Libor exposure eyed

Sector developments and company hires

Multi-level Libor exposure eyed Japanese securitisations with exposure to Libor on multiple levels will face the high...

Risk transfer round-up - 9 September

CRT sector developments and deal news

Commerzbank is rumoured to have significantly upsized a corporate and SME significant risk transfer trade that is expect...

Euro CLO payment mismatch grows

Sector developments and company hires

Euro CLO payment mismatch grows The payment frequency mismatch between underlying loans and European CLOs is growing as...

ILS burden eased

Trapped capital securitisation debuts

Bermuda-based ILS Capital Management has completed a US$57m first-of-its-kind trapped capital securitisation. Trapped ca...

Dispersion emerging

Mortgage payment holidays rolling off

A significant number of borrowers across Europe have resumed their mortgage payments, after exiting payment holiday sche...

SCI Start the Week - 7 September

A review of securitisation activity over the past seven days

SCI CRT Awards The submissions period for the 2020 SCI CRT Awards is now open. The qualifying period for the awards is...

Hotel headache

Hotel-backed US CMBS sector eyes crucial year-end

The hotel/lodging-backed US CMBS market sits on a knife edge. No area of the ABS market is less protected against the ha...

Reporting template RTS published

Sector developments and company hires

Reporting template RTS published Seven Commission Delegated and Implementing Regulations comprising the technical stand...

Liquidity boost

Piraeus taps Intrum

Piraeus Bank and Intrum have signed an agreement under which Intrum will acquire 30% of the junior and mezzanine tranche...

Risk transfer round-up - 4 September

CRT sector developments and deal news

Intesa Sanpaolo is rumoured to be readying a corporate capital relief trade from its GARC programme for 2H20. The Italia...

CMBS cure rates eyed

Sector developments and company hires

CMBS cure rates eyed August US CMBS remittance data shows declining 30-plus day delinquency rates, as consent and forbe...

Negative rating actions tallied

Sector developments and company hires

Negative rating actions tallied Fitch reports that global structured finance negative rating actions - including downgr...

Challenging times

European CLO overlap issues addressed

European CLOs’ overlap disadvantage versus the US has been exacerbated by the Covid crisis, but managers appea...

View from an investor Part II

Last week DuPont Capital's Karlis Ulmanis told us where he sees value; this week it's the other side...

Things not to like CRT Three GSE CRT bonds have been issued since early March, when the lockdown began. These were t...

EGF expression of interest launched

Sector developments and company hires

EGF expression of interest launched The EIF has issued a call for expression of interest in participating in its Pan-Eu...

Seeking stability

Stimulus complicating SME SRT analysis

Coronavirus-related stimulus schemes are complicating the analysis of European SME significant risk transfer deals. Whil...

Risk transfer round-up - 28 August

CRT sector developments and deal news

BNP Paribas is rumoured to be prepping its fifth corporate capital relief trade from the Resonance programme, which is e...

CECL eligibility expanded

Sector developments and company hires

CECL eligibility expanded The FDIC, OCC and the US Fed have finalised a rule that allows institutions that adopt the cu...

Time lag

Chinese asset quality weakens

Banking system statistics released by the People's Bank of China (PBOC) and the China Banking and Insurance Regu...

Auto SRT prepped

Santander readies capital relief trade

Santander is marketing a full-stack auto significant risk transfer trade that references a €520m static portfol...

A touch of seasoning

Proposed expansion of pool of qualified mortgages offers little for MBS

While the new category of qualified mortgage (QM) proposed by the Consumer Financial Protection Bureau (CFPB) m...

Doctrines disputed

MPL principles continue to be challenged

The ‘true lender’ and ‘valid when made’ doctrines of the marketplace lending ind...

Impairment posted

Write-down for Arrow, but collections improve

Arrow Global posted a £110.4m loss in 1H20 and a non-cash impairment equal to £133.6m, following a r...

Middle ground?

Middle market CLO credit agreements being renegotiated

Many of the borrowers of the loans underlying US middle market CLOs are facing severe economic distress because of the C...

View from an investor

SCI hears from an US MBS buyer about what he likes in the market... and next week what he doesn't

Karlis R. Ulmanis, CFA, is a portfolio manager at DuPont Capital. In these waning days of summer, he gave an hour of his...

FDIC sued over Madden rule

Sector developments and company hires

FDIC sued over Madden rule The states of California, Illinois, Massachusetts, Minnesota, New Jersey, New York, North Ca...

Skilled nursing CMBS eyed

Sector developments and company hires

Skilled nursing CMBS eyed DBRS Morningstar is reviewing its ratings on the CSMC 2019-SKLZ, Greystone CRE 2018-HC1 and C...

SCI Start the Week - 24 August

A review of securitisation activity over the past seven days

Last week's stories Car capital relief JPM Chase tests the auto loan waters with new CRT deal Freddie, Fannie fig...

Car capital relief

JPM Chase tests the auto loan waters with new CRT deal

Investors and analysts have given a cautious welcome to the latest JP Morgan CRT deal - a $1.8bn auto loan securitizatio...

Seasoned QMs proposed

Sector developments and company hires

Seasoned QMs proposed The CFPB has issued a notice of proposed rulemaking (NPRM) to create a new category of seasoned q...

Freddie, Fannie fight back

The GSEs have come out swinging after widespread denunciation of the LLPA

Fannie Mae and Freddie Mac have offered a robust defence of their August 12 announcement to impose a 50bp loan level pri...

Lack of transparency

Reporting discrepancies cause confusion

US RMBS reporting discrepancies are becoming a source of confusion among investors, with some shelves and servicers not...

Risk transfer round-up - 20 August

CRT sector developments and deal news

Banca Carige is rumoured to be readying a capital relief trade referencing corporate loans for 2H20. The transaction wou...

Mixed outlook

Divergent default performance highlighted

Second quarter corporate default data reveals a cluster of defaults around retail, services and the automotive sector as...

New targets

US CLO spread and issuance targets raised as previous levels already met

US CLO triple-A and triple-B secondary spreads are now at 150bp and 450bp, while net primary supply passed US$27bn this...

SSRT trio revealed

Sector developments and company hires

SSRT trio revealed S&P has published its ratings and research on three previously privately-rated risk transfer...

Freddie trifecta

Freddie prints its third STACR since lockdown, while Fannie remains on sidelines

Freddie Mac yesterday priced another STACR deal, its third since lockdown conditions began in early March. Its 2020-DNA4...

Special servicing assets transferred

Sector developments and company hires

Special servicing assets transferred The assignment of substantially all of the assets of C-III Asset Management to Gre...

Suburban bounce

SFR volumes up as renters vacate cities

Single-family rental (SFR) securitisation issuance has picked up this year, despite coronavirus-related volatility. Nota...

Hotels dominate special servicing transfers

Sector developments and company hires

Hotels dominate special servicing transfers During 1H20, 1,065 US CMBS loans totalling US$40.1bn (representing approxim...

Maximum impact

Full deduction SRTs stage comeback

Supranational and private capital relief trade structures have had to be adjusted following the coronavirus fallout to a...

SCI Start the Week - 17 August

A review of securitisation activity over the past seven days

Last week's stories Collections clarity Payment arrangement ABS strengthened Problem solving Apex Group, answers...

'Flip clause' complaint dismissed

Sector developments and company hires

‘Flip clause’ complaint dismissed The US Court of Appeals for the Second Circuit has ruled that inv...

LLPA increase 'misguided'

Sector developments and company hires

LLPA increase ‘misguided’ Fannie Mae and Freddie Mac are increasing the loan-level price adjustment...

Collections clarity

Payment arrangement ABS strengthened

New legislation (Law 14.031) has been introduced in Brazil regarding payment arrangements that govern payment services u...

Hertz review reversed

Sector developments and company hires

Hertz review reversed Moody's has changed the direction of review for 11 tranches of rental car ABS issued by H...

Repeat patterns

CLO equity activity continues to be challenged

The US CLO primary and secondary markets broadly appear to have bounced back from the early stages of the Covid crisis w...

Piraeus taps HAPS

Sector developments and company hires

Piraeus taps HAPS Piraeus Bank has filed an application for inclusion of its Phoenix non-performing loan securitisati...

CMBS repeat loan volume declines

Sector developments and company hires

CMBS repeat loan volume declines The percentage of US CMBS repeat loans dropped to 17.7% in 2019 and to 13.9% in 1H20,...

Problem solving

Paul Wilden, global head of capital markets at Apex Group, answers SCI's questions

Q: How is Apex Group involved in the securitisation market? A: We provide a combination of SPV administration, trustee...

SCI Start the Week - 10 August

A review of securitisation activity over the past seven days

Last week's stories Asset-backed attenuation Stricter underwriting in auto, credit card and home loan markets means...

CMBS perturbation

Fitch report shows July US delinquency surge, especially in hotels and retail

Despite the stronger than expected non-farm payroll released today, certain sectors of the US ABS market continue to giv...

Alternative CLO ETF announced

Sector developments and company hires

Alternative CLO ETF announced Alternative Access Funds (AAF) has announced the registration of its new AAF First Prio...

CPIH calculation

Inflation index switch to support ICSL ABS

The UK government intends to align the RPI with the CPIH index within the next five to 10 years. Scenario analysis condu...

CMBS DQ rate declined

Sector developments and company hires

CMBS DQ rate declined The overall US CMBS delinquency rate dropped to 8.53% last month, while 25.78% of balances previo...

Greek momentum

Alpha applies for HAPS guarantee

Alpha Bank has applied for a guarantee from the Hercules Asset Protection Scheme (HAPS) for two non-performing loan secu...

Asset-backed attenuation

Stricter underwriting in auto, credit card and home loan markets means fewer ABS deals

Underwriting standards in auto loans, mortgages and credit cards have tightened significantly in the last quarter, accor...

Middle market JV agreed

Sector developments and company hires

Middle market JV agreed PennantPark Investment Corporation (PNNT) has formed a joint venture with the private credit...

NPL trade inked

Bank of Cyprus finalises Helix Two

Bank of Cyprus has sold a €916m - in gross book value terms - non-performing loan portfolio of retail and SME a...

Freddie STACRs them up

New STACR deal was upsized and printed at the tight end across the capital structure

Freddie Mac has confirmed that the B1 and B2 tranches of its $835m STACR REMIC 2020-HQA3 deal, printed at the end of the...

MM CLO test failures rise

Sector developments and company hires

MM CLO test failures rise The continued deterioration in credit quality of issuers due to the coronavirus pandemic resu...

Euro CLO equity edges ahead

Sector developments and company hires

Euro CLO equity edges ahead European CLO equity cashflow returns average 9.3% year-to-date and - as all CLOs in reinves...

Nuanced approach

Call for clarity in defining ESG

A nuanced approach to ESG considerations is emerging within the securitisation market. Nevertheless, the Covid-19 pandem...

SCI Start the Week - 3 August

A review of securitisation activity over the past seven days

Last week's stories Blockchain boost DLT opportunity for ABS market CMBS concerns Tailored Brands exposure eyed ...

CRT conveyor belt

The second CRT deal from JPM marks a quickening of pace in the bank market

 JPM’s second CRT deal in the last nine months, priced two weeks ago, is expected to attain the neces...

The perils of Covid CRE

While CRE market has proved robust so far, help is still needed.

  The US commercial real estate market, and by extension the CMBS sector, has performed better recently than...

GSE results improve

Sector developments and company hires

GSE results improve Both Fannie Mae and Freddie Mac have reported sharply improved Q2 results, despite the ongoing hous...

Risk transfer round-up - 31 July

CRT sector developments and deal news

Caixabank is rumoured to be readying a capital relief trade backed by consumer loans for 2H20. The lender’s la...

Recovery vehicle

European securitisation 'fixes' on the cards?

The securitisation-related measures included in the European Commission’s capital markets recovery package hav...

CMBS concerns

Tailored Brands exposure eyed

Tailored Brands has revealed that coronavirus-related financial disruption means it is considering undergoing bankruptcy...

Execution risks?

Hertz performance metrics improving

Although Hertz Corporation’s interim settlement with investors holding Hertz Vehicle Financing II ABS notes (S...

AGs fight Madden rule

Sector developments and company hires

AGs fight Madden rule The attorneys general of California, Illinois and New York have filed a suit against the OCC&...

Blockchain boost

DLT opportunity for ABS market

Coronavirus-related concerns are boosting the use of technology within the securitisation market. Blockchain is one area...

Lag lustre

Slower recovery in CLOs provides advantages and opportunities

Secondary CLO trading desks either side of the Atlantic are reporting greater re-engagement from the buy-side, which is...

CLO ETF prepped

Sector developments and company hires

CLO ETF prepped Janus Henderson Investors has filed a preliminary registration statement with the US SEC in connection...

STACR surge

Freddie Mac galvanizes CRT re-opening with another STACR transaction

Freddie Mac has printed its second post-lockdown STACR deal, three weeks after re-opening the CRT debt market, with an u...

SRT boost

BMO launches capital relief trade

Bank of Montreal (BMO) has completed a five-year financial guarantee that references US and Canadian senior secured and...

ILS issuance remains resilient

Sector developments and company hires

ILS issuance remains resilient US$2.8bn of property catastrophe bond limit was placed in 2Q20, bringing the total issue...

CLO equity defies predictions

Sector developments and company hires

CLO equity defies predictions US CLO equity cashflow performance is defying pessimistic predictions, according to a n...

'Switch' success

Aussie non-bank issuance on the rise

The Australian securitisation market has seen a rise in non-bank issuance post-coronavirus. Such activity has benefited...

SCI Start the Week - 27 July

A review of securitisation activity over the past seven days

Last week's stories Carrots and sticks 'Wide-ranging and ambitious' recommendations welcomed Funding diversity N...

'Quick fix' for NPE, synthetic securitisation

Sector developments and company hires

‘Quick fix’ for NPE, synthetic securitisation The European Commission has adopted a capital markets...

Funding diversity

Non-bank lending 'credit neutral' for SME ABS

Moody’s suggests that the emergence of non-bank lenders – such as Paypal, Amazon and Klarna &nda...

Qualitative approach?

Covid complicating CRT analytical processes

The Covid-19 fallout has complicated further the analytical process in connection with capital relief trades, given that...

Issuance boost

Full-stack SRTs unlocked

BBVA and Santander have reopened the full-stack significant risk transfer market with the issuance of an auto ABS apiece...

Italian trades inked

Unicredit completes NPL pair

Unicredit has sold two predominantly unsecured SME non-performing loan portfolios for a total of €1.54bn. The m...

ReoCo restructuring in the works

Sector developments and company hires

ReoCo restructuring in the works The Leviticus SPV issuer is set to implement a ReoCo structure, having appointed Credi...

Green shoots

US middle market CLOs showing signs of recovery

As the broader CLO market sees increasingly significant levels of new issuance, middle market CLOs are also starting to...

Canadian CMBS forbearance highlighted

Sector developments and company hires

Canadian CMBS forbearance highlighted As of the June 2020 remittance reports for the Canadian conduit CMBS sector, 48 l...

Second CLN references WaMu loans

Sector developments and company hires

Second CLN references WaMu loans JPMorgan is in the market with its second public synthetic RMBS, Chase Mortgage Refere...

Positive pick-up

European ABS market update

The positive tone across the European securitisation market appears to be continuing this week, following one that saw r...

Carrots and sticks

'Wide-ranging and ambitious' recommendations welcomed

The recommendations put forward by the High Level Forum on Capital Markets Union (CMU) last month have been welcomed by...

Support network

US CLO prices supported by a variety of factors

US CLO secondary market prices have come back a long way since the Covid-driven collapse in March. Spreads have softened...

UK Mortgages offer disclosed

Sector developments and company hires

UK Mortgages offer disclosed M&G Investment Management (MAGIM), on behalf of one of its managed funds - M&...

SCI Start the Week - 20 July

A review of securitisation activity over the past seven days

FREE - CRT modelling panel The next in SCI's series of capital relief trades virtual debates is being held tomorrow, 21...

No rush

CLO investors have time on their side for resets and refis

Post-Covid US CLO issuance is gathering pace for new deals, but refinancings and resets are few and far between so far....

Euro CLO par burn rises

Sector developments and company hires

Euro CLO par burn rises After a relatively stable Q1, European CLO managers burnt an average -19bp of par in Q2 (compar...

Pandemic protections?

Structural features mitigate auto ABS risks

Structural features are overall mitigating Covid-19-related risks in auto ABS transactions, thanks to credit enhancement...

Seeking clarity

Call to reassess repo language

The AG MIT CMO versus Royal Bank of Canada case, which recently settled (SCI 3 June), highlights how Covid-19 d...

Conflict-free trading

Benjamin Arnold, founding partner and ceo of Meraki Global Advisors, answers SCI's questions

Q: How and when did Meraki Global Advisors become involved in the securitisation market? A: Meraki Global Advisors was...

October cliff edge looms

The apparent recovery of many parts of the MBS market may be a false dawn

Mortgage-backed securities have in general rebounded with confidence in recent weeks, but there is an undercurrent of al...

Risk transfer round up - 15 July

CRT sector developments and deal news

Credit Agricole is rumoured to be readying a corporate capital relief trade that is expected to close in 2H20. The Frenc...

Risk transfer return

Intesa debuts post-Covid Italian SRT

Intesa Sanpaolo has returned to the synthetic securitisation market with a new transaction from its GARC programme. Dubb...

Structural changes

New US CLO docs anticipating Volcker

Most of the US CLOs currently marketing are already being structured to incorporate changes resulting from the revised V...

Dual-speed transition?

Libor replacement risks highlighted

The Alternative Reference Rates Committee's timelines for transitioning from Libor to SOFR is behind those of th...

Fannie takes a step back

As Freddie issues a new STACR, Fannie revises CRT approach due to new capital rules

Uncertainty surrounding the impact of the re-proposed capital rules for the GSEs released by the Federal Finance Housing...

LCX platform expanded

Sector developments and company hires

LCX platform expanded LendingClub has expanded its LCX platform to make it easier for registered institutional invest...

ACIS activated

Freddie Mac brings first ACIS CRT deal since March

Following its recent re-opening of the CRT bond market with a $1.1bn STACR deal, Freddie Mac last Friday (July 10) price...

SCI Start the Week - 13 July

A review of securitisation activity over the past seven days

Last week's stories Arch restarts MILNs Relaunched Bellemeade Re 2020-1 priced Collection boost? NPL ABS perform...

Forbearance plans plummet

Forbearances fall to April levels, but rollercoaster ride isn't over

Forbearances fell by 435,000 last week - the biggest single week drop yet - taking the overall number of home owners in...

OC ratios examined

Sector developments and company hires

OC ratios examined Drivers behind and expectations for European CLO OC ratios have been examined in a new report from S...

Risk transfer round up - 10 July

CRT sector developments and deal news

Commerzbank is rumoured to be readying a corporate capital relief trade that is expected to close in 2H20. The German le...

Spanish CP vehicle formed

Sector developments and company hires

Spanish CP vehicle formed ODF Energía has registered on MARF the first issuance of commercial paper, sized a...

Arch restarts MILNs

The relaunched Bellemeade Re 2020-1 from Arch Capital, priced at the end of last week, secured more investors than any p...

CPR for CRT from Freddie

Freddie Mac's new upsized STACR shows market is healthy

Freddie Mac has demonstrated that reports of the death of the CRT bond market are greatly exaggerated with its upsized $...

Restructuring events?

Uncertainty over CRE values weighs on CRTs

Restructuring credit events in capital relief trades backed by commercial real estate loans will likely occur over the n...

Pricing recalibration

NPL ABS market growth pending?

The EBA’s opinion (SCI 24 October 2019) and more recently the Basel Committee’s consultation (SCI 24...

Polish SRT inked

Santander completes capital relief trade

Santander has completed a synthetic securitisation of Polish leasing receivables with the EIF. The transaction reference...

CQS portfolio refinanced

Sector developments and company hires

CQS portfolio refinanced AnaCap Financial Partners has acquired and refinanced a portfolio of salary and pension guar...

Collection boost?

NPL ABS performance remains volatile

May registered higher collection volumes than April for Italian non-performing loan securitisations, although the level...

Positive signs for CLOs

Sector developments and company hires

Positive signs for CLOs US CLO manager metrics have begun to improve or stabilise, according to JPMorgan’s Q2...

Volcker revision impact modest

Sector developments and company hires

Volcker revision impact modest The impact of the changes made to the Volcker Rule (SCI 26 June) will be relatively mode...

Risk transfer round-up - 3 July

CRT sector developments and deal news

Details have emerged of three corporate capital relief trades issued by Barclays last month. The risk transfer transacti...

Support measures

Guarantee programmes hinder SME ABS comparability

European SME ABS comparability is being hindered by the diverging terms and conditions of guaranteed loan programmes acr...

Spanish SRT inked

BBVA launches capital relief trade

BBVA has completed an €87m mezzanine guarantee with the EIF. Dubbed Vela Four, the transaction references a sta...

Consistently attractive CMBS

CMBS is still the TALF favourite, but overall take-up could increase

Some 58% of loans requested under TALF 2.0 during the first subscription period, or $145m, were for CMBS purchases and t...

Fast amortisation

SSPAIN deleveraging highlighted

Scope Ratings has published a monitoring report for Santander’s 2019 US auto significant risk transfer deal SS...

Consumer considerations

Borrower relief aids performance

The downward trend of 30-plus delinquency rates for US marketplace lending, auto and credit cards continued into May. Hi...

Risk transfer round-up - 1 July

CRT sector developments and deal news

NatWest is rumoured to be readying a capital relief trade backed by mid-market corporate loans for 3Q20. The transaction...

Forbearances forge ahead again

Mortgage servicers under pressure as forbearances climb once more

  Forbearances increased in the week-ending June 23 after three consecutive weeks of declines, according to d...

Tentative TALF 2.0

The next TALF subscription date is July 6, but no fireworks expected

  The second TALF 2.0 subscription period begins on July 6, and it is expected to be even more anaemic than t...

Volcker changes finalised

Sector developments and company hires

Volcker changes finalised The CFTC, FDIC, OCC, SEC and US Fed have finalised a rule modifying the Volcker Rule'...

Structuring negotiations

CRT origination trends evolving

Investors appear to be able to extract more than they used to during structuring negotiations for capital relief trades,...

Investment democratisation

Stan Perromat, co-founder of Privatam, answers SCI's questions

Q: How and when did Privatam become involved in the securitisation market? A: Privatam was founded in 2014 with the aim...

Subprime auto performance eyed

Sector developments and company hires

Subprime auto performance eyed Davis & Gilbert’s latest Credit Chronometer subprime auto study indi...

RFC issued on NPL ABS treatment

Sector developments and company hires

RFC on NPL ABS treatment The Basel Committee has published a technical amendment in connection with the capital treatme...

NPL platform launched

Debitos announces doValue partnership

DoValue has established an online NPL trading platform dubbed doLook, via an exclusive partnership in Italy with Debitos...

Weathering the storm

US CLO warehouses perform well

US CLO warehouses have weathered the fall-out from Covid-19 reasonably well, according to a new report from Maples Group...

QM price-based approach mooted

Sector developments and company hires

QM price-based approach mooted The CFPB has issued two notices of proposed rulemaking (NPRMs) to address the impending...

Apartment recovery?

Multifamily CMBS collections 'encouraging'

The recovery of the apartments sector post-coronavirus is expected to be seen sooner than other US commercial real estat...

Test case scenario?

US bankruptcy dispute could provide a template for CLO managers

US-based marketing firm Acosta's bankruptcy filing and resultant disagreement between its loan investors could p...

Impact SRTs eyed

Newmarket launches asset management business

Newmarket has launched its asset management business, which will focus on the nexus of structured solutions and impact i...

MILN market set to reopen

Sector developments and company hires

MILN market set to reopen Arch has returned to the market with Bellemeade Re 2020-1, after it was pulled in March ami...

Risk transfer round-up - 22 June

CRT sector developments and deal news

Deutsche Bank has completed a US$125.58m six-year CLN that references a US$1.932bn global corporate portfolio. Dubbed CR...

Time cut

Post-crisis CLOs continue to feature short non-call/reinvestment periods

New issue CLOs either side of the Atlantic have adapted to the post-pandemic world by introducing shorter time horizons....

Champagne on hold

Latest forbearance numbers encourage, but end of July cliff edge looms

Despite the reported recent drop in the number of home loan borrowers in forbearance, Moody’s strikes a cautio...

Champagne on hold

Latest forbearance numbers encourage, but July end cliff edge looms

Despite the reported recent drop in the number of home loan borrowers in forbearance, Moody’s strikes a cautio...

Sicilian CRT launched

BAPR completes SME securitisation

The EIF and Banca Agricola Popolare di Ragusa (BAPR) have completed a synthetic securitisation referencing Sicilian SMEs...

Lift off

Credit Suisse finalises SRT

Credit Suisse has priced an Sfr130.5m equity tranche that references a Sfr1.8bn blind pool of medium to large Swiss corp...

CMBS scores in first TALF window

Sector developments and company hires

CMBS scores in first TALF subscription Investors requested US$252m in loans under the first TALF 2.0 subscription windo...

Seductive specifieds

An investor's view

SCI spoke to Brendan Doucette, government bond portfolio manager of GW&K Investment Management in Boston. The fi...

SRT debut

Sabadell completes first synthetic securitisation

Sabadell has completed a €96m mezzanine guarantee with the EIF. The transaction references a €1.6bn Sp...

Structural hurdles

US CLO managers face restructuring challenges

Restructurings and workouts are an increasing focus for US CLO managers as credit deterioration continues and defaults r...

Bridging gaps

Linking SRT originating banks with insurance partners

Texel is aiming to help insurers and banks bridge gaps in their understanding of how each sector approaches significant...

Risk transfer round-up - 17 June

CRT sector developments and deal news

Credit Suisse is rumoured to be readying a capital relief trade from the Elvetia programme that is scheduled to close in...

Investor interest

UK RMBS market update

The launch of Morgan Stanley’s buy-to-let transaction, Tudor Rose Mortgages 2020-1, yesterday marks the reopen...

Next step

Debut CLO part of platform roll-out

BlueBay Asset Management priced its first CLO on Monday inside recent primary tights and despite the then stalled second...

Older CLOs underperforming

Sector developments and company hires

Older CLOs underperforming A significant proportion of all the US BSL CLOs S&P has on negative watch closed in...

Take-up rates

Significant variations across European moratoria

Payment holidays have so far assisted in deterring defaults during the coronavirus crisis. However, borrowers who have s...

Demand decline

Remote working accelerates change for office CRE

A decline in demand for office real estate is expected amid the coronavirus fallout and record job losses. Occupancy and...

Californian auto loans eyed

Sector developments and company hires

Californian auto loans eyed The Westlake Automobile Receivables Trust 2020-2 issuer has disclosed that the state of Cal...

Strategic review

Direct lending JV formed

Newly established investment manager KKV Investment Management has finalised investment management agreements with two U...

Risky retention

Haircuts become more severe in Covid 19 world

Issuers of mortgage-backed bonds are at the moment finding it increasingly difficult to fund the risk retention pieces,...

Addressing inconsistencies

Performance metrics switched

Metrics that assess the level of portfolio interest and principal cashflows have become more reliable performance indica...

Risk transfer rebound

Deutsche Bank completes SRT

Deutsche Bank has completed a US$325m CLN that references a disclosed US$5bn global portfolio of large corporate revolve...

Euro ABS 'game changer' recommended

Sector developments and company hires

Euro ABS ‘game changer’ recommended The European High-Level Forum (HLF) on the capital markets unio...

Calabria confidence

FHFA director was bullish at Senate Banking, but day of reckoning may be at hand

Mark Calabria, the director of the Federal Housing Finance Authority (FHFA), and Ben Carson, secretary of the Housing an...

Robust pipeline

Distressed debt fund exceeds target

Balbec Capital has closed a distressed debt fund dubbed InSolve Global Credit Fund IV. The fund consists of US$1.2bn tot...

Synergy search

CLO manager consolidation to stay sporadic?

There have been a flurry of CLO manager mergers and transfers recently (SCI passim). However, the need for the right syn...

LCR eligibility eyed

Final credit mapping framework awaited

Prime Collateralised Securities last week withdrew several liquidity coverage ratio assessments on double-A rated STS se...

Risk transfer round-up - 10 June

CRT sector developments and deal news

Santander has exercised a 10% clean-up call for its Red-1 Finance CLO 2017-1 transaction. The UK commercial real estate...

Resolve and resilience

Content sponsored by Ocorian

James Maitland, regional head of Americas, Bermuda & Caribbean, and global head of capital market services ...

NCSLT consent judgment denied

Sector developments and company hires

NCSLT consent judgment denied Fitch has affirmed 37 notes and maintained its rating watch negative placement on nine no...

Changing focus

US CLO primary garners more attention

Retracement in the US CLO secondary market has been rapid. Now, bolstered by the belief, misguided or otherwise, in a v-...

Spread compression

European ABS market update

The rally in broader risk assets and the lack of new supply has boosted demand for paper in the European ABS secondary m...

Perfect storm

Hertz bankruptcy to reshape auto ABS?

Hertz’s recent bankruptcy is one casualty of a perfect storm caused by a drop in used vehicle prices, increase...

CLO business integrated

Sector developments and company hires

CLO business integrated RBC’s US-based CLO management business is being integrated into BlueBay’s C...

HAPS ABS debuts

Eurobank finalises Cairo transaction

Eurobank has finalised the first non-performing loan securitisation under the Hercules Asset Protection Scheme. Dubbed C...

SCI Start the Week - 8 June

A review of securitisation activity over the past seven days

FREE - Capital Relief Trades Virtual Panel - LIVE For a discussion on how the Covid-19 fallout has impacted the capital...

May payments slump

Forbearances are down for the first time since CARES, but payments by borrowers in forbearance slump

Last week saw the first net fall in US mortgage forbearances since the beginning of the Covid 19 crisis, according to Bl...

Capital trouble

GSEs stare down the barrel of reduced capital relief for CRT deals

The re-proposed capital rules for the GSEs before they exit conservatorship, released by the Federal Housing Finance Aut...

Senators seek TALF expansion

Sector developments and company hires

Senators seek TALF expansion US Senators Jerry Moran, Martha McSally and Thom Tillis sent a letter to Fed chairman Je...

First steps

STS synthetics paper receives qualified welcome

The EBA’s final framework for STS synthetic securitisations has received an overall positive reception from th...

Risk transfer round-up - 5 June

CRT sector developments and deal news

Sabadell is rumoured to be readying an SME significant risk transfer deal for the second half of the year. The lender la...

Repricing of risk?

Funded, unfunded investor collaboration to rise

The outlook for the significant risk transfer market appears to be positive, at least in the short term. Not only is the...

Collection hitch

Italian NPL ABS suffer Covid setback

The Covid-19 pandemic has severely hit Italian non-performing loan securitisations. Since April, the volume of gross col...

Conduit CMBS on watch

Sector developments and company hires

Conduit CMBS on watch S&P has placed its ratings of 96 classes from 30 US conduit CMBS on credit watch (CW) w...

Vulnerability highlighted

Irish re-performing RMBS 'more sensitive'

Measures taken to contain the coronavirus pandemic have resulted in economic contraction, which is expected to weaken Ir...

Experience counts

CLO managers surveyed

Manager differentiation remains a key issue in the CLO market, with many investors focusing on individual experience of...

Long road ahead

CLO secondary pricing action premature?

Sentiment in the CLO secondary market is overwhelmingly positive, which is showing up in recent pricing levels. While su...

More Euro CLOs on review

Sector developments and company hires

More Euro CLOs on review Moody’s has put a further 234 tranches from 77 European BSL CLOs on review for pos...

NPL ABS prepped

Pancretan Bank readies Castor

Pancretan Bank is readying a non-performing loan ABS that references an approximately €1.1bn real estate-backed...

New paradigm?

Trustee discretion required in virtual environment

The coronavirus crisis ushered in a new paradigm for securitisation noteholder communication and documentation processes...

Managers measured

CLO manager pandemic performance quantified

US CLO managers have worked harder than ever before to reduce triple-C exposure and build par in unprecedented circumsta...

Risk mitigation

Southern European RMBS 'insulated'

An increase in European RMBS delinquency rates is expected in the coming months, reflecting coronavirus-induced stress o...

Equity opportunities?

Sector developments and company hires

Equity opportunities? Despite a lack of visibility and liquidity and with cashflows likely to deteriorate further into...

SCI Start the Week - 1 June

A review of securitisation activity over the past seven days

Last week's stories Accessing guarantees CBILS securitisation warehouses mulled Forbearances falter Forb...

Renewables JV inked

Sector developments and company hires

Renewables JV inked By way of a joint venture, illimity Bank and VEI Green II have set up a securitisation vehicle for...

Galaxy returns

Alpha relaunches NPL ABS

Alpha Bank is relaunching its project Galaxy non-performing loan ABS following the coronavirus disruption, with the aimi...

Forbearances falter

Forbearance volumes slow, but the next stage is daunting

The rate of increase of US home loans in forbearance plans has slowed significantly lately, according to data compiled b...

Accessing guarantees

CBILS securitisation warehouses mulled

Securitisation is gaining traction as a way for a wider investor base to access coronavirus-induced government stimulus...

Risk transfer round-up - 29 May

CRT sector developments and deal news

ABN AMRO is rumoured to be readying a corporate capital relief trade that is expected to close in 3Q20. The transaction...

Mobilising MILNs

The MILN market is in deep freeze but thaw might be due

The mortgage insurance-linked note (MILN) market has been closed for three months as a result of the Covid 19 dislocatio...

No call for OATH 1

Sector developments and company hires

No call for OATH 1 UK Mortgages and TwentyFour Asset Management have notified Oat Hill No. 1 bondholders that the RMBS...

Growth phase

European CLOs seeing increasing attention to ESG criteria

The current crisis has initiated further discussion surrounding sustainability. Expectations are that investor demand an...

Pan-European guarantee fund launched

Sector developments and company hires

Pan-European guarantee fund launched The EIB board has approved a €25bn Pan-European Guarantee Fund (EGF) - wh...

Marketplace merit

Online lending resilient amid impairments

The performance of online lending platforms remains resilient, despite coronavirus-related pressures. Indeed, dv01 data...

Lift off

Francesco Di Costanzo, head of structured credit at Hoist Finance, answers SCI's questions

Q: How and when did you become involved with securitisation? A: We are a licensed credit market institution, regulated...

Persistent opportunity

Tor Trivers, md and head of the structured credit group at CDIB Capital, answers SCI's questions

Q: How and when did CDIB Capital become involved in the structured credit market? A: CDIB Capital was established in 20...

Limited effect?

Performance trigger suspensions eyed

The Italian government last week passed the Decreto Rilancio, a decree that aims to restart the economy following the co...

CLO tender offer launched

Sector developments and company hires

CLO tender offer The Black Diamond CLO 2015-1 issuer has launched a tender offer to all noteholders of the €17...

Risk transfer round-up - 22 May

CRT sector developments and deal news

Santander is rumoured to be readying its fourth SME significant risk transfer deal from the Magdalena programme for the...

Back on hold

European MM CLOs stymied by pandemic

The long hoped for pick up in European middle market (MM) CLO issuance was expected to arrive in 2020. However, thanks t...

CLO manager performance assessed

Sector developments and company hires

CLO manager performance assessed JPMorgan has issued its latest CLO manager quarterly reports for both the US and Europ...

Moratoria mulled

Payment holidays set to test CRT provisions

Portfolios referencing loans subject to payment holidays may create a new sub-asset class within the capital relief trad...

SRTs eyed

Pension funds target risk transfer

Pension funds are targeting capital relief trade opportunities as the coronavirus crisis renders pricing more attractive...

TALF subscription date announced

Sector developments and company hires

TALF subscription date announced The New York Fed has scheduled the first TALF ABS loan subscription date f...

Sponsor support

Credit card ABS fallout to be contained

Rising unemployment and constrained household expenditure, due to coronavirus stress, is likely to negatively impact UK...

Leading the way

A look at the European DataWarehouse's role in the NPL securitisation space

The all too real impacts of the pandemic-driven crisis are already finding their way in to European DataWarehouse...

Covid-19 relief initiative launched

Sector developments and company hires

Covid-19 relief initiative launched Community Capital Management has launched an initiative to invest US$100m of asse...

SME CLO, SRT PD adjustments mooted

Sector developments and company hires

SME CLO, SRT PD adjustments mooted DBRS Morningstar is considering additional adjustments to reflect expectations of...

Equity uptick

CLO equity back in focus in the US secondary market

The US CLO secondary market saw a pick-up in equity activity last week. At the same time, focus has shifted to more rece...

SCI Start the Week - 18 May

A review of securitisation activity over the past seven days

Last week's stories Auto ABS boost European ABS market update Drafting issues The potential effect of current ma...

Conflict of interest charge settled

Sector developments and company hires

Conflict of interest charge settled The US SEC has charged Morningstar Credit Ratings for violating a conflict of inter...

Tortuous TALF 2.0

Markets question TALF usage

The Federal Reserve this Tuesday (May 12) published more details about the terms of its $100bn new emergency lending fac...

Forbearance frontiers

4.7m home loans now in forbearance

Almost 4.7m US homeowners are in forbearance plans as of May 12, an increase of 200,000 in seven days, accordin...

Waivers required

WBS covenant breaches eyed

The probability of covenant breaches within UK whole business securitisations has increased, due to coronavirus-related...

Unknown unknowns

Covid-19 modelling challenges persist

Banks are running simulations in an effort to address the credit risk modelling challenges of the coronavirus crisis (SC...

SRTs unlocked

BMO launches capital relief trade

Bank of Montreal has finalised a US$132m five-year financial guarantee dubbed Manitoulin Muskoka Series 2020-1. The trad...

Auto ABS boost

European ABS market update

Yesterday’s print of BMW Bank’s latest auto loan ABS marks a significant step in the reopening of th...

Corporate actions slow down

Sector developments and company hires

Corporate actions slow down Negative rating actions on corporate loan issuers continue to accumulate within US BSL CLOs...

Questionable idea?

Central bad bank proposal raises concerns

The ECB is exploring the idea of a bad bank to relieve European bank balance sheets following expected asset-quality det...

Liquidity support

Amendments mitigate forbearance impact

A number of UK securitisation issuers are enhancing their deals to mitigate the negative impact on revenue of coronaviru...

Portfolio resilience

Technology-driven investment gaining traction

Pagaya has expanded to the US West Coast, beefing up its origination group. At the same time, the fintech firm is seekin...

TALF CLO rules clarified

Sector developments and company hires

TALF CLO rules clarified The US Federal Reserve has clarified its CLO eligibility rules for TALF. It defines its stipul...

Positive outlook

Survey indicates distressed debt pick-up

A new survey of private markets suggests that a pick-up in distressed debt activity is likely over the medium term due t...

Risk transfer round-up - 13 May

CRT sector developments and deal news

Bank of Montreal is rumoured to be prepping a corporate loan capital relief trade for 3Q20. The lender’s last...

SFSF investments disclosed

Sector developments and company hires

SFSF investments disclosed The AOFM has disclosed the recent investments it has made under the Structured Finance Suppo...

Residual value buffer provided

Sector developments and company hires

Residual value buffer provided Volkswagen Financial Services UK will calculate a collateral residual value buffer to...

SCI Start the Week - 11 May

A review of securitisation activity over the past seven days

Last week's stories CRM tool CBILS guarantees eligible for CRR recognition EC decision awaited Preferential capi...

Drafting issues

Assia Damianova, special counsel at Cadwalader, Wickersham & Taft LLP, considers the potential e...

CRTs typically consist of a credit transfer instrument entered into between the credit institution and an SPV, with note...

EC decision awaited

Preferential capital treatment mooted for STS synthetics

The EBA’s framework for STS synthetic securitisations (SCI 6 May) is broadly in line with those of the discuss...

On the rack

Recent limitations on liability leave unanswered questions for mortgage servicers

The 21 April FHFA announcement that agency mortgage servicers will have to fund no more than four months of missed payme...

CRM tool

CBILS guarantees eligible for CRR recognition

The UK PRA published at the end of April a statement clarifying whether Coronavirus Business Interruption Loan Scheme (C...

Pipeline clearance

Structural features support CMBS

The US non-agency CMBS market appears to have stabilised, allowing sponsors to clear out existing pipelines, following s...

Risk transfer round-up - 7 May

CRT sector developments and deal news

BBVA is rumoured to be readying a capital relief trade for 2Q20. The lender has completed a total of three risk transfer...