Decision notice issued against BlueCrest

Sector developments and company hires

Decision notice issued against BlueCrest The UK FCA has published a decision notice against BlueCrest Capital Managemen...

MCC secures synthetic

Italian SME counter-guarantee deployed

The EIF is set to counter-guarantee a portfolio of 5,652 operations backed by the Guarantee Fund for SMEs, which is mana...

On the rebound

Pandemic-driven CMBS bifurcation to persist

European CMBS issuance is expected to continue rebounding in 2022, on the back of strong volumes of nearly €6bn...

From strength to strength

Landmark year for Aussie securitisation

With A$48.79bn publicly placed across 64 individual transactions in 2021, the Australian securitisation market has reach...

Turning tides

WeWork CMBS winners, losers highlighted

WeWork is set for a “strong comeback” this year, according to a new Morningstar Credit Information &...

Double first for the EIB

EGF, first loss guarantee debuts

The EIB Group has closed the first synthetic securitisation backed by the European Guarantee Fund (EGF), an instrument s...

Regulatory redemption?

European CLO sustainability disclosures eyed

ESG investment criteria are rapidly becoming a standard feature across the European CLO market. Enhanced ESG disclosure...

Nephila taps LBR vehicle

Sector developments and company hires

Nephila taps LBR vehicle Nephila Capital has funded its newly launched Syndicate 2358, which focuses on short- to mediu...

European CLO market weathers reset storm

An extract from SCI's new CLO Markets service

Ninety-nine European CLOs were reset in 2021, many more than what was anticipated at the end of 2020. The total volume,...

Crucial conclusions

EBE highlights importance of securitisation to the real economy

A new joint study by AFME, European DataWarehouse and True Sale International demonstrates that the private cash securit...

RFC issued on non-sequential amortisation

Sector developments and company hires

RFC issued on non-sequential amortisation The EBA has launched a public consultation on draft regulatory technical stan...

Greek SRT finalised

Alpha Bank closes capital relief trade

Alpha Bank has completed a €145m synthetic securitisation that references a €1.9bn portfolio of Greek...

SCI Start the Week - 20 December

A review of SCI's latest content

Last week's news and analysis Auto CRT priced Santander engineers US return Bank bonanza Massive potenti...

Spanish private debt fund wins EIF backing

Sector developments and company hires

Spanish private debt fund wins EIF backing Beka Finance has formed a private debt management unit, dubbed Beka Credit,...

Offshore appeal

International ratings for CMB credit card ABS

The first Chinese credit card ABS rated by an international agency (S&P) has closed. Zhaoyin Hezhi 2021 Phase I...

Auto CRT priced

Santander engineers US return

Santander has completed its synthetic securitisation that references a US$2.17bn portfolio of US auto loans (SCI 9 Decem...

Opportunities in interventionism?

New housing bill opens door to Spanish BTL market

Spain’s minority coalition partners recently agreed a draft housing law - the first since the country&rsqu...

CLO investors thrive in 2021

An extract from SCI's new CLO Markets service

2021 has been a good year for CLO investors, after very mixed results last year when some funds failed to fully recover...

CAS Christmas cracker

Fannie's third CRT since its return makes Q4 top of the pile

Fannie Mae has priced its third and final CAS deal of the year, and as this trade will settle before year-end it makes 4...

ESG SRT inked

Standard Chartered completes capital relief trade

Standard Chartered has finalised a US$90m significant risk transfer trade that references a US$1bn portfolio of US and E...

New trends

Italian NPL ABS capture coronavirus exposures

Over the medium term, Italian NPL securitisations will capture loans that have defaulted since the outbreak of the pande...

Bank bonanza

Massive potential of US bank CRT market stressed in Miami

If 10% of the $2trn US wholesale commercial loan market were to receive the CRT treatment it would create $25bn of new t...

CyCAC securitisation closed

Sector developments and company hires

CyCAC securitisation closed Oxalis Holdings has completed a securitisation backed by a portfolio of Cypriot non-perform...

UK review released

HMT 'broadly supportive' of securitisation market

The UK government has published its report on the review of the securitisation regulation (SCI 28 June), which outlines...

Legal fees

Litigation finance market ripe for securitization wizards

Dislocation and delays of normal procedure during the 21 months of Covid-19 have boosted the litigation finance market a...

Risk transfer round-up - 14 December

CRT sector developments and deal news

JPMorgan is believed to be readying a significant risk transfer transaction backed by corporate loans for next year. The...

Road rage

Soaring used car prices turbo charge auto ABS but risks loom, say Miami panellists

An unprecedented surge in US used car values has led to a remarkable recovery in the auto ABS market from the pandemic l...

Game-changing potential

In the second in our series of year-end interviews with investment managers about where they expect ...

Opportunities for investment in CRT trades from US names will increase significantly in 2022, says Terry Lanson, a portf...

NPL prudential framework revised

Sector developments and company hires

NPL prudential framework revised The EBA has published its final report on the draft regulatory technical standards (RT...

SCI Start the Week - 13 December

A review of SCI's latest content

Last week's news and analysis Covid-19: Lessons for the CMBS market Allen & Overy explores the pand...

Corporate SRT launched

Raiffeisen completes capital relief trade

Raiffeisen Bank International (RBI) has finalised a US$216m significant risk transfer transaction that references a US$4...

Record breakers

Strong Euro CLO market set to continue

European CLO issuance volume is set to hit a post-financial crisis high of €40bn by year-end, boosted by record...

Year-end?

European ABS/MBS market update

With primary European ABS/MBS market activity fading further away, year-end feels awfully close. As a result, focus is a...

HSBC hits the US trail

HSBC USA markets corporate loan CRT, Santander brings auto loan CLN

HSBC USA is in the CRT market with a new trade backed by large revolving corporate loans originated in North America, sa...

Climate risk analytics firms acquired

Sector developments and company hires

Climate risk analytics firms acquired Intercontinental Exchange has acquired risQ and Level 11 Analytics, which deploy...

Starz gazing

Euro CRE CLOs tipped for take-off

Starz Realty Capital’s Starz Mortgage Securities 2021-1 transaction was notable for being a first-of-its-kind...

SME boost

German STS synthetic printed

Deutsche Bank and the EIB Group have executed a €75m unfunded mezzanine guarantee that references a €1...

Growth constraints

Disconnect between Euro ABS ambitions and reality?

European securitisation issuance for the first 11 months of the year stood at a decade high of over €112bn, up...

Perfect harmonisation?

Transparency and standardisation key to EU NPL initiatives

Although fears of a Covid-induced wave - or a tsunami even - of European non-performing loans (NPLs) has dissipated for...

Flowers among weeds

CMBS yields value to canny buyers despite distress

In the first of a series of interviews with SCI, investment managers discuss where they have seen most value recently an...

CRT bonanza

Record 2021 origination and Fannie's return to drive banner 2022 for CRT

Next year will see record GSE CRT issuance of around $20bn, around $6bn higher than 2021, predicts Pratik Gupta, head of...

New STACR, last STACR

Freddie prices 10th and final STACR of the year

Freddie Mac has priced a $963m STACR, making its third CRT transaction of Q4 and final offering of the year. The trade...

Extendable CRE loans scrutinised

Sector developments and company hires

Extendable CRE loans scrutinised Fitch has published an unsolicited comment on highly extendable commercial mortgage lo...

Positive prospects?

CRE tops Stage Two allocations

Commercial real estate loans were allocated the largest share of Stage Two classifications, according to the latest EBA...

Landmark SRT inked

Wealth management unit completes synthetic ABS

Credit Suisse’s wealth management arm has finalised a significant risk transfer transaction referencing a US$2...

Exploiting inefficiencies

Jay Huang, md and head of structured credit investments at CIFC, answers SCI's questions

Q: How has investor perception changed around CLOs, given the resiliency of the asset class in 2021? A: Three years a...

ESG data coverage scrutinised

Sector developments and company hires

The European Leveraged Finance Association (ELFA) has analysed coverage by three ESG data vendors for three debt indices...

Digital ABS debuts

Fully blockchain-based securitisation completed

German fintech Cadeia has completed the first-ever fully blockchain-based corporate loan securitisation via its Digital...

UK SME return

Lloyds completes capital relief trade

Lloyds has finalised a significant risk transfer transaction referencing a portfolio of UK SME loans. Dubbed Salisbury F...

Covid-19: Lessons for the CMBS market

Iona Misheva, partner at Allen & Overy, explores the lessons that the pandemic provided for the European CMBS ma...

SCI Start the Week - 6 December

A review of SCI's latest content

Last week's news and analysis Enhanced value Securent answers SCI's questions ESG countdown ECB...

Winding down

European ABS/MBS market update

The European ABS/MBS primary market appears to have begun winding down for year-end this week. With softening prices, ma...

Mespil refinanced

BOI completes leveraged loan CRT

Bank of Ireland has finalised a synthetic securitisation that references a US$2.85bn portfolio comprising nearly 200 US...

Enhanced value

Securent president Justin Vedder and SitusAMC ceo Michael Franco answer SCI's questions

Q: Securent is a newly formed SitusAMC entity that provides comprehensive risk management and insurance program...

ESG countdown

ECB climate stress tests pending

The ECB’s pending climate stress tests are expected to offer some answers around the data and modelling challe...

Bosphorus CLOs transferred

Sector developments and company hires

Bosphorus CLOs transferred Cross Ocean Adviser, an affiliate of Cross Ocean Partners Management, has assumed collatera...

SRT chronicle: part three

In the final instalment of a three-part series on bank risk transfer transactions, Olivier Renault* ...

We have seen in part one of this series how far the SRT sector has developed in the past 10 years from a niche market wi...

RFC issued on ABS tax policies

Sector developments and company hires

RFC issued on ABS tax policies HMRC is seeking feedback on two draft statutory instruments: the Taxation of Securitisat...

GACS pair print

Mixed NPE pool debuts

A pair of Italian non-performing loan securitisations have closed over the past week that are expected to benefit from t...

BWIC workgroup formed

Sector developments and company hires

Mortgage Industry Standards Maintenance Organization (MISMO) has formed a BWIC data development workgroup, with the aim...

Restructurings eyed

Real estate and hospitality assets targeted

Arrow Global’s new corporate restructuring unit in Portugal is expected to focus on the real estate and hospit...

Meeting opportunity

New trading platform to capitalise on multifamily growth

Sabal’s new US CMBS trading business - SCH Trading (SCI 9 November) - aims to capitalise on a shift in the mar...

Ramp-up continues

Barclays completes capital relief trade

Barclays has finalised a US$90m synthetic securitisation that references a global corporate portfolio. Dubbed Colonnade...

SCI Start the Week - 29 November

A review of SCI's latest content

Last week's news and analysis Advanzia advances German credit card ABS debuts Partial placement dropped ...

Slowly widening

European ABS/MBS market update

With investors already looking ahead to 2022, the European ABS/MBS primary market is slowly thinning out. However, trans...

SCI forum: What are the benefits of forward flow structures for the securitisation market?

Our panel of market practitioners respond to readers' questions

Conor Houlihan, partner at DLA Piper, Ireland Current dynamics in the banking sector are such that the opportunity for...

Partial placement dropped

Montepio opts for full-stack SRT

Montepio Bank has finalised a full-stack significant risk transfer transaction backed by a €378.3m portfolio of...

Syon upgraded on stable performance

Sector developments and company hires

KBRA has completed a surveillance review of Lloyds’ synthetic RMBS Syon Securities 2020-2. The agency subseque...

SRT chronicle: part two

In the second of a three-part series on bank risk transfer transactions, Olivier Renault* looks at t...

The SRT market is predominantly European (representing 86% of transactions since 2010), although US banks are accounting...

Advanzia advances

German credit card ABS debuts

European online lender Advanzia has closed its debut ABS transaction of over €475m in senior funding. The deal...

Spitfire launched

Santander completes capital relief trade

Santander has finalised a synthetic securitisation of UK auto loans. Dubbed Project Spitfire, the transaction references...

Scores on the doors

Significant shift in scorecard augurs increased CAS/STACR

The new 2022 GSE scorecard, released at the end of last week, is likely to mean greater issuance in the CRT sector by Fa...

Rare RMBS with a twist

Sector developments and company hires

A rarely seen public Swedish RMBS is in the market with an unusual structural twist – Hypoteket Mortgages 3 AB...

Upgrades anticipated after CMBS updates

Sector developments and company hires

Moody’s has updated three commercial real estate sector methodologies, following requests for comments on the...

US expansion

John Fraser, the new chairman of Tikehau's global structured credit strategies, answers SCI's questi...

Q: Tikehau Capital launched its first US CLO in August. Could you explain the motivations for doing so...

Robust fundamentals

Positive outlook for GSE CRT market

GSE credit risk transfer gross new issuance has already hit record annual volumes, driven by high mortgage originations...

SCI Start the Week - 22 November

A review of SCI's latest content

FREE Webinar recording - Post pandemic GSE CRT performance Click here to see a recording of a distinguished panel of US...

The lessons of history

STACR founder Don Layton talks the early and current days of the market

In the latest Freddie Mac podcast former ceo Don Layton describes the birth of the CRT market and says that following th...

Lower for longer?

SRTs to benefit from inflation

Significant risk transfer transactions are expected to receive a boost from anticipated interest rate rises, following i...

School's out?

Future of PBSA CMBS sector scrutinised

Conflicting factors such as depressed occupancy levels and excellent collateral properties, or a high dependence of inte...

GSE scorecard released

Sector developments and company hires

GSE scorecard released The FHFA has released the 2022 Scorecard for Fannie Mae, Freddie Mac and Common Securitization...

Nascent asset class

Non-performing lease ABS tipped for growth

Issuance of ABS backed by Italian non-performing leases is expected to reach €1bn over the next year, partially...

SRT chronicle: part one

In the first of a three-part series on bank risk transfer transactions, Olivier Renault* takes a his...

The bank balance sheet securitisation market has enjoyed significant growth over the past five years and looks set to co...

FFELP follies

Debt servicer in the spotlight as default looms for $3bn SLABS

All eyes are on student loan servicer Navient after Fitch downgraded SLMA 2008-3 to D at the beginning of the month. I...

SRT finalised

Credit Agricole completes capital relief trade

Credit Agricole has finalised a €168m five-year CLN that references a €2.8bn portfolio of corporate lo...

Dutch mortgage alliance expanded

Sector developments and company hires

Dutch mortgage alliance expanded Achmea Bank is set to acquire a €500m mortgage portfolio from Dutch insurer a...

SRT wave

Capital call surge continues

Credit Agricole has finalised a €70m CLN that references a €2bn portfolio of capital call facilities....

New tender, new CAS

Debut Fannie tender and new CAS in the market

Fannie Mae has announced a debut tender offer for seven old CAS notes, with an original principal balance of $3.22bn, fo...

ESG exclusion checklist unveiled

Sector developments and company hires

ESG exclusion checklist unveiled The European Leveraged Finance Association (ELFA) has launched an ESG exclusion checkl...

Optimisation impact

GSA CMBS exposure gauged

KBRA Credit Profile (KCP) has published a special report on US CMBS exposure to the General Services Administration (GSA...

SCI Start the Week - 15 November

A review of SCI's latest content

FREE Webinar tomorrow - Post pandemic GSE CRT performance Register here to join a distinguished panel of US Credit Risk...

Risk transfer round-up - 15 November

CRT sector developments and deal news

Citi is believed to be readying a capital relief trade backed by corporate loans. The transaction is expected to close i...

More of the same?

Euro auto ABS tipped for further diversification

The European auto ABS market is set for further expansion and diversification, according to new research from DBRS Morni...

Some softening

European ABS/MBS market update

With the end of the year in sight, issuers are competing for investor demand in the European ABS/MBS primary market. Thi...

Risk mitigation

Euro CLO wraps gaining traction

Assured Guaranty (Europe) SA this week closed a financial guarantee for a further European CLO, following the wraps it r...

Sri Lanka eyes remittance securitisation

Sector developments and company hires

Sri Lanka eyes remittance securitisation The government of Sri Lanka (GOSL) is requesting competitive proposals from b...

Hedges eyed

CPMs target post-pandemic concentration risks

The International Association of Credit Portfolio Managers (IACPM) has completed its 2021 Principles and Practices in CP...

Indian securitisation market presents challenges

The Indian structured finance market has been around for over two decades but remains quite restrict...

The market revolves around Indian banks' targets for lending to priority sectors. Banks have traditionally been...

Too slow

Disappointing timeline for call for evidence on STS reform

The European Commission’s latest call for evidence on its securitisation prudential framework review highlight...

A new chapter for GSE CRT - SCI webinar

Inflation, capital rules, lower origination and regulatory change all loom large

As US inflation hits a 30-year high, the GSE CRT market has a headwind to contend with it hasn’t seen for a lo...

First LBR PCC investor signed

Sector developments and company hires

First LBR PCC investor signed Lloyds has announced that Ontario Teachers’ Pension Plan Board will be the fir...

Risk transfer round-up - 10 November

CRT sector developments and deal news

BCP is believed to be working on another transaction in Poland (SCI 28 October). Indeed, the bank is rumoured to be read...

Market movers

Leading agency MBS buyer talks taper, inflation and origination

While the encroach of inflationary pressures and the Fed taper will be important factors to consider, the dominant funda...

Multi-currency CLO closed

Sector developments and company hires

Multi-currency CLO closed Barclays has closed a multi-currency managed cashflow balance sheet CLO. Dubbed Duke Global F...

Hurdles ahead?

Dutch RMBS market continues to face challenges

The Dutch prime RMBS market received a boost last week with the announcement of Lloyds Bank’s STS-compliant Ca...

Evolving landscape

Consolidation, fintech driving banking evolution in Ireland and the UK

Consolidation among lenders and the proliferation of fintechs is driving change in the Irish and UK banking sectors. Thi...

Back to back STACR

Second STACR in just over a week hits the tape

Freddie Mac today priced its second STACR in a little over a week, designated STACR 2021-DNA7. The $1.27bn trade is expe...

Irish rebound

Second NPL securitisation marketing

Another Irish non-performing loan securitisation has hit the market less than a month after the Rathlin Residential 2021...

US CLO equity outperforms

Sector developments and company hires

US CLO equity outperforms US CLO Equity cashflows average 15.2% across 1,038 BSL transactions that have had four paymen...

SCI Start the Week - 8 November

A review of SCI's latest content

Last week's news and analysis Back from the brink Lloyds resurrects UK SME SRTs Dual-currency deal Pan-E...

Fed set to reduce asset purchases

Sector developments and company hires

Fed set to reduce asset purchases The New York Fed’s FOMC has increased the System Open Market Account (SOMA...

Electric avenue

Adoption of electric cars spells greater volatility for rental car ABS

If collateral underpinning rental car ABS is increasingly composed of electric cars then the market will be exposed to g...

New originations

Reverse mortgage securitisations re-emerging?

The second post-financial crisis publicly-rated UK securitisation of equity release mortgages (ERMs) and the first to co...

Servicers facing 'unprecedented' turnover

Sector developments and company hires

Servicers facing ‘unprecedented’ turnover US commercial mortgage servicers are facing unprecedente...

Restricted issuance

STS synthetic volumes to remain constrained

STS synthetic securitisation issuance has been growing since the final framework came into effect earlier in the year (S...

Holding firm

European ABS/MBS market update

Primary and secondary European ABS/MBS activity is expected to pick up this week after a few slow days. Last week, ABS s...

Back from the brink

Lloyds resurrects UK SME SRTs

Lloyds is marketing a synthetic securitisation referencing a portfolio of UK SME loans under its Salisbury programme. Th...

Risk transfer round-up - 3 November

CRT sector developments and deal news

JPMorgan is believed to have postponed a synthetic securitisation referencing a portfolio of leveraged loans. Dubbed Val...

Dual-currency deal

Pan-European CMBS prepped

Goldman Sachs is in the market with a dual-currency pan-European CMBS. Dubbed Frost CMBS 2021-1, the transaction securit...

Freddie and Fannie prosper

Net income/ revenue increased YoY and innovation unveiled in 3Q results

Freddie Mac announced its 3Q results at the end of last week and, alongside healthy YoY growth in net income, several no...

Freddie's eight

Two STACRs to go before yearend after eventful Q3

Freddie Mac has priced its eighth CRT trade of the year, designated STACR 2021-DNA6, via joint leads Bank of America and...

SLM EODs eyed

Sector developments and company hires

SLM EODs eyed Fitch has downgraded from single-B to double-C the outstanding class A4 and B notes of SLM Student Loan...

SCI Start the Week - 1 November

A review of SCI's latest content

Last week's news and analysis Comprehensive metric? Total alpha touted as CLO performance measure Covid d...

Risk transfer round-up - 1 November

CRT sector developments and deal news

Intesa Sanpaolo is believed to be readying a synthetic CMBS for 4Q21. The transaction would be the fourth pure synthetic...

Matryoshka doll?

Use of proceeds proving contentious for ESG securitisations

The EU taxonomy regulation and Sustainable Finance Disclosure Regulation (SFDR) are posing challenges for securitisation...

Positive prospects?

Legal changes open up Turkish NPL opportunities

Recent amendments to Turkish law potentially open doors to international investors seeking opportunities in the Turkish...

Securitisation stamp duty eyed

Sector developments and company hires

Securitisation stamp duty eyed The UK government is introducing legislation within Finance Bill 2021-22 that provides a...

Risk-sharing remit

CRT definitions discussed

Most practitioners agree that ‘risk-sharing transactions’ is the most appropriate moniker for capita...

Rocky road ahead

Output floor implementation questioned

The European Commission has approved the long-awaited CRR3 proposal (SCI 28 October). The latest changes to the capital...

Disclosure deluge

Proposed quarterly capital disclosures brings GSEs into line with banks

The Federal Housing Finance Authority (FHFA) has proposed new more onerous disclosure requirements for the GSEs. Under...

Healthy Hertz

Securitization key to Hertz's near-fatal collapse and its resurrection

Hertz this week (October 26) announced an order for 100,000 new Tesla electronic cars for its rental fleet less than fou...

Still strong

European ABS/MBS market update

In a quieter week than of late, two full capital stack deals have been competing for investor attention in the European...

Polish return

Rare lease securitisation completed

Europejski Fundusz Leasingowy (EFL), owned by Crédit Agricole, has completed a rare Polish true sale securiti...

New banking rules

Sector developments and company hires The European Commission has adopted new EU banking rules under CRR 3 and CRD 4,...

Covid dip

CRE CLO churn rates drop

Churn rates in US managed CRE CLOs continue to decline, according to new research from KBRA assessing collateral turnove...

Risk transfer round-up - 28 October

CRT sector developments and deal news

BCP is believed to be readying a capital relief trade in Poland. The trade would be the second alleged CRT from the juri...

Spanish SRT finalised

Sabadell executes capital relief trade

Sabadell has completed a €75m synthetic securitisation that references a portfolio of Spanish corporate and SME...

Future-proofing credit portfolio management

John Pellew, principal, distribution and securitisation, Arrow Global, discusses the rising importan...

It has become a bit of a cliché to say that technology, data, analytics – and importantly &ndas...

SCI CRT Awards: Rising Star

Winner: Meindert de Jong, director at PGGM

In a mere seven years Meindert de Jong has gone from graduate recruit to a director and invaluable member of PGGM&rs...

Comprehensive metric?

Total alpha touted as CLO performance measure

The CLO market is seeing such growth that there are calls for a more complete performance measure to be introduced. Tota...

SCI Awards: Personal Contribution to the Industry

Winner: Christian Moor, team leader at the EBA

Asked about his proudest achievement, Christian Moor, team leader at the EBA, points to - perhaps unsurprisingly - the S...

SCI Start the Week - 25 October

A review of SCI's latest content

New free report to download - US CRT Report 2021: Stepping Up The US CRT market – as with every other area of...

Stepping up

US CRT prospects discussed

The US CRT market – as with every other area of society – was tested by the Covid-19 fallout. But th...

Highland Capital lawsuit filed

Sector developments and company hires

Highland Capital lawsuit filed The latest lawsuit brought by Highland Capital Management (HCMLP) against former employe...

Trustmark settles for $5m

Three agencies join forces in breach of Fair Housing Act case

Trustmark National Bank, of Jackson Mississippi, has today (October 22) settled allegations brought by the OCC, the DOJ...

Gallatin CLO platform acquired

Sector developments and company hires

Gallatin CLO platform acquired Aquarian Holdings has launched Aquarian Credit Partners (ACP), a syndicated high-yield...

SCI Awards: North American Law Firm of the Year

Winner: Clifford Chance

Clifford Chance has developed a strong reputation in the market, ranking as North America’s top law firm of th...

RTS pending

SRT regulatory uncertainty persists

The regulatory technical standards (RTS) pertaining to the EBA’s final report on significant risk transfer tha...

SCI CRT Awards: Law Firm of the Year

Winner: Clifford Chance

In a year that was heavily affected by the global Covid-19 pandemic, and the extension of the STS regime to synthetic se...

SCI CRT Awards: North American Arranger of the Year

Winner: Citi

As long as there has been a capital relief trades market in the US, Citi has been there. But its presence in the market...

SCI CRT Awards: Arranger of the Year

Winner: Santander

Santander has won SCI’s Arranger of the Year category after having showcased capabilities and achievements ove...

Pockets of resilience

European ABS/MBS market update

European ABS/MBS spreads leaked slightly wider and investor demand cooled somewhat last week as the market finally caugh...

Rare agricultural MBS prints

Sector developments and company hires

Rare agricultural MBS prints The Federal Agricultural Mortgage Corporation (Farmer Mac) – a federally charter...

SCI CRT Awards: North American Issuer of the Year

Winner: BMO Capital Markets

BMO has for some time been one of the leading SRT issuers in the world and by far the most established in North America....

SCI CRT Awards: Issuer of the Year

Winner: BNP Paribas

BNP Paribas has won the Issuer of the Year category in SCI’s 2021 Capital Relief Trades Awards, thanks to the...

Innovative SRT finalised

Bank of Ireland executes synthetic RMBS

Bank of Ireland has finalised a €265m synthetic securitisation that references a €1.4bn portfolio of r...

CAS prices

Expected Fannie Mae CAS, the return to CRT, hits the tape

Fannie Mae, as expected, priced its $1.2bn CAS Series 2021-R01 REMIC this afternoon (October 19) via joint bookrunners B...

CAS calling

Fannie Mae in the market with its first CAS deal since Q1 2020

Fannie Mae is in the market with its 40th CAS transaction, designated Connecticut Avenue Securities (CAS) Series 2021-R0...

Project Frontier securitisation inked

Sector developments and company hires

Project Frontier securitisation inked National Bank of Greece (NBG) has entered into a definitive agreement with a co...

SCI Awards: Credit Insurer of the Year

Winner: Fidelis Insurance Holdings

Fidelis Insurance Holdings Ltd is a Bermuda-based global provider of specialty and bespoke insurance and reinsurance pro...

SCI Awards: Investor of the Year

Winner: Christofferson, Robb & Company

Ever-present in risk sharing transactions (RST) since its formation in 2002, the CRT awards year 2020-2021 was not an un...

SOFR-linked green ABCP issued

Sector developments and company hires

SOFR-linked green ABCP issued Crédit Agricole CIB has issued the first green ABCP indexed to SOFR to finance...

SCI CRT Awards: Innovation of the Year

Winner: Colisée 2020

Societe Generale’s Colisée 2020, a private club capital relief trade that provides protection on a...

Risk transfer round-up - 18 October

CRT sector developments and deal news

Polish lender mBank is believed to be readying a capital relief trade referencing a portfolio of corporate and SME loans...

SRT prints

KIMI X prices tight

Santander has finalised a full-stack capital relief trade backed by a €450m portfolio of Finnish auto loans. Du...

SCI Start the Week - 18 October

A review of SCI's latest content

Last week's news and analysis Beyond Covid-19: What effect has the pandemic had on the European RMBS and mor...

SCI CRT Awards: Impact Deal of the Year

Winner: Marco Polo Three

Crédit Agricole and the IFC’s Marco Polo Three transaction has won the Impact Deal of the Year cate...

Renovation tax credit ABS closed

Sector developments and company hires

Renovation tax credit ABS closed Banca Finint has completed an innovative securitisation backed by tax credits origin...

SCI CRT Awards: North American Transaction of the Year

Winner: TCB CRT 2021-1

The arrival of the first US regional bank in the capital relief trades sector had been anticipated and talked of for man...

SCI CRT Awards: Transaction of the Year

Winner: Siena 2021 - RegCap-1

Banca Monte dei Paschi di Siena’s Siena 2021 - RegCap-1 has won the Transaction of the Year category in SCI&am...

Risk transfer round-up - 15 October

CRT sector developments and deal news

Credit Agricole is believed to be readying a capital relief trade backed by corporate loans. The transaction would be th...

Antares succession revealed

Sector developments and company hires

Antares succession revealed Timothy Lyne, founding partner and current coo of Antares Capital, is set to succeed Davi...

Big bang?

Tokenisation touted as a replacement for securitisation

Tokenisation is being touted as a potential replacement for securitisation, given its many applications and benefits. Ho...

Beyond Covid-19: What effect has the pandemic had on the European RMBS and mortgage markets?

Andrew South, md, structured finance and Alastair Bigley, senior director, sector lead European RMBS...

The Covid-19 pandemic has provided a novel test of European RMBS credit performance, which the sector looks set to pass...

Transitional financing

Adam Zausmer, chief credit officer at Ready Capital, answers SCI's questions

Q: Why do you feel the US CRE CLO sector is booming? A: The bridge lending market is certainly red hot at the moment. W...

Challenging valuations

Covid-19 aftermath dogs NPL exposures

The aftermath of the coronavirus crisis is hindering the valuation of properties that back European non-performing loan...

Transition trauma

A bumpy road ahead for shift to post-Libor world

The structured finance market still has a great deal to do before the beginning of next year when contracts can no longe...

Affordable housing UMBS planned

Sector developments and company hires

Affordable housing UMBS planned Freddie Mac plans to offer at least US$3bn in single-family affordable housing bonds,...

SCI Start the Week - 11 October

A review of SCI's latest content

CRT seminar in person THIS WEEK SCI’s 7th Annual Capital Relief Trades Seminar is taking place in-person on 1...

Forbearances plunge

Fresh data reveals biggest drop in forbearances in a year

The largest drop in the number of US mortgages in forbearance in 12 months was recorded last week in the seven...

Credit recovery

Rating upgrades outpace downgrades

Rating upgrades are outpacing downgrades this year, although net upgrades so far represent only about 12% of the net Cov...

US insurer CLO exposure 'relatively small'

Sector developments and company hires

US insurer CLO exposure ‘relatively small’ The NAIC has released stress testing results on US insur...

Provisioning relief

Second Stage 2 SRT finalised

Intesa Sanpaolo has executed a synthetic securitisation that references a portfolio of Stage 2 assets. The Italian corpo...

Landmark guarantee inked

ThinCats and BBB seal agreement

The British Business Bank and alternative lender ThinCats have finalised a guarantee agreement via the former’...

Green light

Record second-hand car prices fuel RV opportunities

Rising used car prices are positive for auto ABS transactions with exposure to residual values (RVs). Indeed, opportunit...

CSS refocuses on GSE MBS issuance

Sector developments and company hires

CSS refocuses on GSE MBS issuance Common Securitization Solutions (CSS) is undertaking a series of actions to better...

Chopra on the march

CFPB to expand its role and come down harder on securitisation

The securtisation market will see a more aggressive CFPB under the leadership of recently appointed director Rohit Chopr...

Risk transfer round-up - 6 October

CRT sector developments and deal news

BNP Paribas is believed to be readying its sixth capital relief trade from the Resonance programme. The last Resonance t...

Untapped markets

French NPLs gaining attention

Southern European jurisdictions continue to witness strong activity in the non-performing loan space, especially in Gree...

CRT seminar line-up finalised

Fireside chat, awards on the agenda

SCI’s 7th Annual Capital Relief Trades Seminar is taking place in-person on 13 October at the London offices o...

Libor warnings

Senior Fed governor spells things out for the SFA

Federal Reserve vice chair of supervision Randal Quarles fired a shot across the bows – very close to the bows...

Regions boosts CRE capability

Sector developments and company hires

Regions boosts CRE capability Regions Bank has entered into a definitive agreement to acquire Sabal Capital Partners,...

What is the future for US office space?

Steve Jellinek, head of CMBS research at DBRS Morningstar, explores the impact of Covid-19 on the U...

On a national level, the US office market is likely to see a rebound from the coronavirus pandemic-induced recession, ev...

CRT crush

Mayer Brown working with 'many' imminent issuers

Mayer Brown is currently working on “many” US private label capital relief trades which will &ld...

CIFC, TRS launch leveraged loan partnership

Sector developments and company hires

CIFC, TRS launch leveraged loan partnership Teacher Retirement System of Texas (TRS) and CIFC Asset Management have e...

SCI Start the Week - 4 October

A review of SCI's latest content

Last week's news and analysis CRTs in the air Another two US warehouse loan banks said circling the market ...

Capitalising Mobility-as-a-Service

SDG Investments partner Stefan Bund and senior structurer Toni Phan explore the opportunity for impa...

The trade-off between urbanisation, individualisation and sustainability has led to the emergence of new business models...

Libor risks

Securitized products with swaps at most risk when Libor dies

While the potential damage to US securitized markets inflicted by the abolition of Libor appears less than seemed likely...

Dual-currency debut

Rare European CRE CLO prepped

Starz Realty Capital has mandated leads for a rare European dual-currency static CRE CLO named Starz Mortgage Securities...

SFA paper supports agency CRT

Sector developments and company hires

SFA paper supports agency CRT The SFA has published a white paper on the economics of credit risk transfer at Fannie Ma...

Lack of clarity

Positive signs for Indian ABS, but challenges remain

The Indian ABS market has demonstrated resilience during the Covid-19 pandemic. However, going forward, the lack of a ce...

CLO ETF moves down cap stack

Sector developments and company hires

CLO ETF moves down cap stack Janus Henderson Group has filed a preliminary registration statement with the US SEC for...

New heights

European CLO Market remains bullish with a strong pipeline

European CLO issuance volumes are accelerating to new levels and are already some way past last year’s &eu...

CRTs in the air

Another two warehouse loan banks said circling the market

Two unnamed US regional banks are currently in the throes of putting together new capital relief trades and issuance is...

Synthetic Libor settings confirmed

Sector developments and company hires

Synthetic Libor settings confirmed The UK FCA has confirmed that to avoid disruption to legacy contracts that reference...

Freddie prints again

The seventh STACR of 2021 and third HQA prices

Freddie Mac has priced its latest STACR deal, designated 2021-HQA3 and worth $1.07bn, via Morgan Stanley and Citi. This...

Mobilising capital

Call for risk transfer adoption in development finance

Aid agencies, development finance institutions (DFIs) and multilateral development banks (MDBs) must make development fi...

SCI Start the Week - 27 September

A review of SCI's latest content

Last week's news and analysis BPCE up Debut French green RMBS prepped CLOs and beyond CBAM Partners answ...

Fraud charges for Honor Finance pair

Sector developments and company hires

Fraud charges for Honor Finance pair The US SEC has announced fraud charges against James Collins and Robert DiMeo, the...

Call for 'risk-sensitive' prudential approach

Sector developments and company hires

Call for ‘risk-sensitive’ prudential approach The ECB has published its comments in connection with...

Excellent shape

European ABS/MBS market update

September is living up to its reputation as a busy month for the European ABS/MBS primary market. Even though four deals...

Risk transfer round-up - 23 September

CRT sector developments and deal news

JPMorgan is believed to be readying a capital relief trade backed by European leveraged loans. The transaction would be...

New frontiers?

Prospects for further NPL ABS guarantee schemes weighed

Given the success of both GACS and HAPS in facilitating the development of a market for non-performing loans, and conseq...

US CLOs, Trups CDOs under observation

Sector developments and company hires

US CLOs, Trups CDOs under observation Fitch has placed 102 tranches issued by 43 US CLOs and 13 tranches issued by se...

Not so new kids

CLO manager readying for launch

Not yet a year old, Sycamore Tree Capital Partners is aiming high. The firm intends to become a significant player in CL...

Pandemic 'feedback loop' highlighted

Sector developments and company hires

Pandemic ‘feedback loop’ highlighted Secular changes affecting the recovery of in-person office occ...

Replacement issues

SOFR challenges explored

Term SOFR is expected to be the main replacement for US Libor. This premium content article explores the challenges the...

Fannie is back

New capital rules bring Fannie Mae in from the cold

Fannie Mae is back in the market only five days after the Federal Housing Finance Authority (FHFA) released a proposal t...

Pagaya goes public via SPAC

Sector developments and company hires

Pagaya goes public via SPAC Fintech securitisation issuer Pagaya Technologies and EJF Acquisition Corp (EJFA), a public...

BPCE up

Debut French green RMBS prepped

BPCE is in the market with its inaugural green French prime RMBS via BPCE Home Loans FCT 2021 Green UOP (see SCI&rsq...

CLOs and beyond

Don Young, partner and co-founder of CBAM Partners, answers SCI's questions

Q: How and when did you become involved in the CLO market? My partner Mike Damaso and I have been managing CLOs since...

SCI Start the Week - 20 September

A review of SCI's latest content

Last week's news and analysis CRT love FHFA promotes CRT usage and tempts Fannie back into the mix Digita...

Downward pricing

Deutsche Bank completes CRT

Deutsche Bank has returned to the synthetic securitisation market with this year’s first capital relief trade...

CRT love

FHFA promotes CRT usage and tempts Fannie back into the mix

The Federal Housing Finance Agency (FHFA) hopes to both lure Fannie Mae back to the CRT market and increase access to af...

Securitisation execs promoted in PGIM reorg

Sector developments and company hires

Securitisation execs promoted in PGIM reorg PGIM Fixed Income has reorganised its senior management team, with the ap...

Tight pricing

Santander sets post-Covid record

Santander has completed a €580.8m 14-year full-stack significant risk transfer transaction that references a po...

Traffic jam

Bumper two days in auto ABS underlines strength of fundamentals

No less than eight US auto loan-backed ABS deals have been priced in the last two days, making the last 48 hours the bus...

NPR issued on GSE capital framework

Sector developments and company hires

NPR issued on GSE capital framework The FHFA is seeking comment on a notice of proposed rulemaking that would amend the...

On the up

Growth in private real estate deals continues

The UK real estate sector is seeing strong growth in private transactions, with loan-on-loan financings emerging as a po...

SRT debut

First Nordic green synthetic executed

Nordea and the EIF have finalised a significant risk transfer transaction that references a €1.8bn portfolio of...

Strong opportunities

European NPL investment trends discussed

Emerging non-performing loan opportunities across a number of jurisdictions in Europe are boosting sentiment in the mark...

Specialist lender stake acquired

Sector developments and company hires

Specialist lender stake acquired BNP Paribas Asset Management (BNPP AM) is set to acquire a majority stake in Dynamic C...

Pick-up continues

European ABS/MBS market update

Following on from last week’s pick-up, the European ABS/MBS market is set for another busy week. The pre-summe...

Digital lender debuts

German consumer collateral on offer

Digital lending platform auxmoney Investments is in the market with its inaugural public securitisation – Fort...

Tender pick-up

Buyback value depends on specifics of each bondholder

Freddie Mac broke new ground with its tender offer last week, but there is some doubt about how many investors will be i...

Servicing expansion

SitusAMC executive md and head of Europe Lisa Williams and director Alfonso Pagano discuss opportuni...

Q: Alfonso, tell us a bit about your new role at SitusAMC? AP: I joined SitusAMC this past July to lead the expansion...

Spanish SRT finalised

Another STS synthetic executed

Santander has finalised a €177m cash collateralised significant risk transfer transaction that references a &am...

400CM tap NPL ABS market

Sector developments and company hires

400CM tap NPL ABS market 400 Capital Management has closed two securitisations backed by US$780.2m of residential non...

Legal concerns

Consumer protection uncertainties highlighted

A recent European Court of Justice (ECJ) ruling on consumer rights in German loan agreements amplifies legal uncertainty...

SCI Start the Week - 13 September

A review of SCI's latest content

NPL ABS seminar tomorrow SCI’s 3rd Annual NPL Securitisation Seminar is taking place virtually tomorrow 14 Se...

Love me tender

STACR tender shows validity of CRT and salience of capital efficiency

The significance of Freddie Mac’s STACR tender offer, announced earlier this week, should not be underestimate...

RFI issued on sustainable housing

Sector developments and company hires

RFI issued on sustainable housing The FHFA is requiring Fannie Mae and Freddie Mac to submit Equitable Housing Finance...

Intrinsically ambiguous

Social RMBS may convey 'elevated' credit risks

While demand for ESG assets is gaining traction, social RMBS transactions might convey inherent credit risks, a recent S...

Structural innovation

Evolution of Euro CLOs set to continue

European CLOs issued during 2021 have started to resemble pre-pandemic deals, with par subordination returning to the 38...

NPL ABS seminar line-up finalised

Regulatory developments, servicing trends on the agenda

SCI’s 3rd Annual NPL Securitisation Seminar is taking place virtually on 14 September. The event will explore...

Chinese reserves

Growth boosts domestic securitisation market

China’s continued economic growth has boosted both securitisation performance and issuance volumes. However, b...

JP Morgan into fifth gear

Third CLN in 2021 to cover auto loan losses soon to print

JP Morgan Chase is to price its second auto loan-linked CLN deal in two months, its third of the year and its fifth in j...

WAL enters CRT space

CRT trade covers first losses on warehouse loans

Western Alliance Bancorporation (WAL), a $35bn western US lender headquartered in Phoenix, Arizona, completed a $242m 14...

CLO equity investment agreement inked

Sector developments and company hires

CLO equity investment agreement inked CQS has entered into a strategic investment agreement with Jefferies and three...

Tender Freddie

GSE has commenced a debut buyback scheme to retire old STACR issuance

Freddie Mac yesterday (September 7) inaugurated its first-ever tender offer programme to buy back STACR notes to reduce...

Back in business

European ABS/MBS market update

The European ABS/MBS primary market is up and running again after the summer lull. This afternoon saw the first widely m...

Cyberattack scenarios weighed

Sector developments and company hires

Cyberattack scenarios weighed S&P reports that it has seen more credit-relevant cyber events in the last six mo...

Risk transfer round-up - 8 September

CRT sector developments and deal news

Bank of Ireland is believed to be readying a synthetic RMBS that is expected to close in 2H21. The bank’s last...

SFDR to spur Article 8 CLOs

Sector developments and company hires

SFDR to spur Article 8 CLOs CLOs may soon be structured as Article 8 funds under the EU Sustainable Finance Disclosur...

Assured wraps Euro CLO pair

Sector developments and company hires

Assured wraps Euro CLO pair Assured Guaranty has over the last month wrapped a portion of debt issued by two European...

SCI Start the Week - 6 September

A review of SCI's latest content

Last week's news and analysis Cliff edge looms 400,000 loans face forbearance expiry CMBS vigour CMBS is...

Cliff edge looms

400,000 loans face forbearance expiry

The number of mortgages in active forbearance continued to tick down last week, but this month the market is set to be b...

High LTV Italian SRT inked

Intesa executes capital relief trade

Intesa Sanpaolo has finalized a significant risk transfer (SRT) transaction from the GARC programme that references a &a...

Libor worries

UK RMBS transition to leave ratings unshaken

The transition from sterling LIBOR to risk-free rates is unlikely to have negative rating consequences for UK R...

Scope concerns

SFA underlines concerns in UK government call for regulation opinion

The SFA has highlighted problems in regulatory jurisdictional scope in its response to Her Majesty’s Treasury&...

CMBS vigour

CMBS issuance for rest of 2021 to keep everyone busy

Issuance in the European CMBS market for the remainder of this year is to exceed 2018 figures  despite the unce...

Ready to launch

Norway readies SRT take off

The Norwegian banking market is getting ready for a pick-up in significant risk transfer (SRT) issuance next year follow...

Low delinquencies - for now

Delinquencies give few alarms but asset quality slump pending

While aggregate delinquency data currently looks benign, asset quality is expected to deteriorate as support programmes...

Forward strides

Middle East Islamic finance market looks good into 2022

The Islamic finance Middle Eastern market has achieved notable progress over the last four or five years and sentiment r...

Risk transfer round up - 31 August

CRT sector developments and deal news

Alpha bank confirmed in last week’s 1H21 statements further details of a significant risk transfer trade that...

Student housing sponsor accused of 'Ponzi-like' scheme

Sector developments and company hires

Student housing sponsor accused of ‘Ponzi-like’ scheme The US$36m SkyLoft Austin loan - securitised...

Tight deadline

PRA NPE ABS consultation to 'provide momentum'

The UK PRA’s consultation - which ended earlier this month – regarding the implementation of Basel s...

Angel MBS

Angel Oak Mortgage completes first sole MBS at new low coupons

Angel Oak Mortgage REIT, the sister company of Angel Oak Capital, has closed a $316m RMBS offering, designated AOMT 2021...

CLO control equity fund closed

Sector developments and company hires

CLO control equity fund closed Lakemore Partners has successfully closed Aquatine IV at US$400m, due to strong invest...

Driving decarbonisation

EUA securitisation platform poised for growth

Tramontana Asset Management recently breached US$5bn in assets through its innovative carbon ABS platform. The programme...

Solar LDA partnership inked

Sector developments and company hires

Solar LDA partnership inked dv01 has partnered with GoodLeap with the aim of further promoting data transparency and...

SCI Start the Week - 23 August

A review of SCI's latest content

Last week's news and analysis Bullish sentiment CLO, loan opportunity set to continue outperforming Chowa...

Pretium steps out

New hires signal new products and added depth to old ones

The three key hires that specialist mortgage and real estate investment manager Pretium announced earlier this month sig...

APAC ILS issuance on the rise

Sector developments and company hires

APAC ILS issuance on the rise Continued efforts from Asia Pacific reinsurers to source alternative capital through the...

Double bind

New SRT tests pose complexities

The European Commission’s new consultation on the Securitisation Regulation (SCI 26 July) for the first time o...

Robust recovery

Bumper "summer" for Aussie securitisation

The Australian securitisation market has experienced a deluge of activity in the last few weeks. With a total of A$8bn p...

There's gold in them thar malls

Retail CMBS notes have bucked the recovery, but rewards are there

The currently much-spurned retail CMBS market contains pockets of great value, according to Karlis Ulmanis, portfolio ma...

Corporate, PF businesses bolstered

Sector developments and company hires

Corporate, PF businesses bolstered KBRA has enhanced its corporate and project finance businesses by forming new sect...

Financing boost

EGF extended to synthetics

The European Commission has approved the extension of the EIB’s European Guarantee Fund’s support to...

The puzzling case of the disappearance of Fannie Mae

FNMA's absence from CRT investigated

Fannie Mae has not issued a CRT deal since 1Q20. This SCI CRT Premium Content article investigates the circumstances beh...

Bullish sentiment

CLO, loan opportunity set to continue outperforming

The global CLO market is now pushing US$1trn in outstandings. Against this backdrop, both CLOs and the underlying loans...

Chowa finalised

NatWest executes leveraged loan SRT

NatWest has finalised a significant risk transfer transaction referencing leveraged loans. Dubbed Project Chowa, the syn...

Unanswered questions

Mixed outlook for the UK RMBS market

The outlook for the UK RMBS market is mixed for the rest of the year. Indeed, questions remain over issuance volumes and...

SCI Start the Week - 16 August

A review of SCI's latest content

Last week's news and analysis Amortization antics Vehicle inventory shortage forces ABS issuers to forestall...

DSW CMBS exposure gauged

Sector developments and company hires

DSW CMBS exposure gauged KBRA Credit Profile (KCP) has published a special report on CMBS exposure to footwear retailer...

Simulation analysis

Covid-19 boosts capital ratios

UK and EU bank capital ratios have increased over the past year, despite the effect of the pandemic on profits. Neverthe...

'Synergistic' CMBS prepped

Hollywood creative campus refinanced

Barclays is in the market with BXHPP 2021-FILM, secured by what is described as a “high barrier-to-entry&r...

Amortization antics

Vehicle inventory shortage forces ABS issuers to forestall amortization

Ford Motor Credit last week amended the terms of its excess funding account (EFA) to prevent early amortization of ABS n...

Downward trend

Corporate defaults continue to drop

Corporate default rates continue to fall across the globe, according to the latest data. However, the declining pace wil...

Equity ownership

Dan Norman, md at Lakemore Partners, discusses his plans to strengthen the firm's US presence and gr...

Q: Tell us about your new role at Lakemore Partners (SCI 4 August)? A: I joined the team in March this year and I am ve...

Risk transfer round-up - 12 August

CRT sector developments and deal news

Societe Generale is believed to be readying a synthetic CMBS that is expected to close in 2H21. The transaction is the s...

CMBS fillip

Hotel sector leads recovery in US CMBS but retail still depressed

Delinquency rates in US CMBS have fallen appreciably in July, led by a robust performance in the hotel sector, reports F...

Sponsor momentum

Record-setting quarter for the ILS market

The second quarter of 2021 was record-setting for the ILS market on numerous fronts. With around US$5.6bn across 20 cata...

FTB RMBS hits the market

Sector developments and company hires

FTB RMBS hits the market An unusual UK prime RMBS has hit the market. Blitzen Securities No.1 is backed by a pool of ow...

Insurer appetite for CLO mezz on the rise

Sector developments and company hires

Insurer appetite for CLO mezz on the rise A new New York Fed Staff Report documents an increasing preference among insu...

SCI Start the Week - 9 August

A review of SCI's latest content

Last week's news and analysis ABS-lite appetite Insured trade receivables notes in vogue Issuance boost ...

Debt servicing spin-off inked

Sector developments and company hires

Debt servicing spin-off inked Credito Fondiario Banking Group has demerged its debt purchasing and servicing activiti...

Positive prospects

Risk sharing remains promising, despite due diligence burden

Risk-sharing deals involving the EIF and private investors are yet to gain ground. This CRT Premium Content article surv...

Scalabis strikes

Algebra brings Portuguese NPL ABS

Algebra Capital is in the market with an unusual Portuguese non-performing loan ABS. Dubbed Scalabis STC (compartment Pa...

Summer reflections

Euro ABS/MBS new issuance pricing trends

From now on, SCI will publish regular case studies and reports on the European ABS/MBS market in addition to our usual n...

Record Freddie

Freddie Mac churns out STACR and ACIS at highest yet seen volumes

Freddie Mac today (August 5) announced that its CRT programme, including both STACR and ACIS, achieved record H1 issuanc...

Risk assessment platform bolstered

Sector developments and company hires

Risk assessment platform bolstered Moody's is set to acquire climate and natural disaster risk modeling and a...

Risk transfer round-up - 5 August

CRT sector developments and deal news

Credit Agricole is believed to be readying a capital relief trade backed by capital call facilities that is expected to...

Pretium strengthens resi credit capabilities

Sector developments and company hires

Pretium strengthens resi credit capabilities Sarah Kong, Andrew Miller and Peter Morreale have joined Pretium as mds,...

Positive results

Stress tests raise SRT prospects

The results of the latest EU bank stress tests demonstrate that European banks are able to withstand severe shocks. Inde...

Issuance boost

STS synthetic securitisations taking off

The pipeline of STS synthetic securitisations continues to grow (SCI 5 March), with at least a dozen such transactions e...

SME SRT return

STS synthetic securitisation debuts

Santander has finalised a €183m direct CLN that references a €3.05bn portfolio of Portuguese corporate...

SOFR term rates recommended

Sector developments and company hires

SOFR term rates recommended The Alternative Reference Rates Committee (ARRC) is now formally recommending CME Group&...

Robust performance

Freddie Mac K-Series defaults, losses tracked

Freddie Mac K-Series CMBS are exhibiting a cumulative default rate of 0.35%, according to a new KBRA loan default and lo...

ABS-lite appetite

Insured trade receivables notes in vogue

Meaningful flows into trade finance ABS are emerging from institutional investors. Such demand is, in turn, spurring str...

SCI Start the Week - 2 August

A review of SCI's latest content

Last week's news and analysis Are direct lending strategies fit for purpose? Contributed thought leadership...

Revival of the fittest

Euro CMBS continues to gain traction

European CMBS is experiencing a sturdy revival, despite a wave of downgrades by US rating agencies, participants in a re...

Ginnie in a hurry

Only 10 more days for market input on new capital rules

Ginnie Mae has blindsided the market with its new proposed capital rules for non-bank lenders, which it also appears to...

BTL issuer acquired

Sector developments and company hires

BTL issuer acquired Starling Bank has acquired specialist buy-to-let mortgage lender Fleet Mortgages in a £...

Out of favour?

WBS issuers turning to high yield bonds

Punch Pubs Group last month refinanced its pub securitisation in the European high yield bond market, becoming the secon...

Landmark CRT debuts

BMPS inks first stage two SRT

Banca Monte dei Paschi di Siena (BMPS) and Christofferson, Robb & Co (CRC) have finalised two financial guarante...

Up, up and away

Recovery of GSE CRT/MILN deals from dark days of spring 2020 continues to impress

Although risks to performance remain, the recent impressive performance of GSE CRT and MILN transactions is set to conti...

Risk on

Lower quality credit outperforms

The first half of 2021 has been universally positive for below-investment grade credit markets and for alternative credi...

Social vision

Edward Baker, capital markets director at Prodigy Finance, explains how the lender's innovative secu...

Q: Prodigy Finance earlier this month issued a first-of-its-kind ABS backed by international private student loans (SCI...

Consistent opportunities

European CLOs still offering value

Notwithstanding a slight and short-lived wobble last week as a result of macro volatility, the European CLO market has r...

Growing foothold

CRC expands Latin American presence

Christofferson, Robb & Co (CRC) has fully acquired Colombian consumer lender Finsocial. The acquisition will hel...

Summer hiatus

European ABS/MBS market update

Tight spreads, significant supply and general optimism have epitomised the first half of the year in European ABS/MBS. N...

Call for more risk-sensitivity in Sec Reg

Sector developments and company hires

Call for more risk-sensitivity in Sec Reg The European Commission has launched a consultation on the Article 46 review...

Risk transfer round-up - 26 July

CRT sector developments and deal news

NatWest is expected to close a synthetic securitisation backed by leveraged loans next month. Dubbed Chowa, the transact...

Are direct lending strategies fit for purpose?

Contributed thought leadership by Ocorian

Ocorian's Global Head of Capital Markets Alan Booth draws on the firm’s global survey of capi...

Risk transfer return

Intesa executes SRT

Intesa Sanpaolo has completed a €60m mezzanine guarantee with the EIB Group that references a €1.4bn I...

SCI Start the Week - 26 July

A review of SCI's latest content

Last week's news and analysis Angel eyes Angel Oak Capital Advisors talks value in non-agency MBS Asset qu...

Disposals pending

Irish NPL activity set for rebound

The Irish non-performing loan market is set for a rebound in the second half of the year, following a hiatus due to the...

CRC in French portfolio sale

Sector developments and company hires

CRC in French portfolio sale French financial guarantee provider Crédit Logement has expanded its non-perfor...

Risk transfer round-up - 23 July

CRT sector developments and deal news

Nordea is rumoured to be readying a significant risk transfer transaction that is expected to close in 2H21. The lender&...

Credit events

US moratoria challenges highlighted

The capital relief trades market has adapted to the existence of payment holidays by either excluding them from portfoli...

Pension scheme taps credit managers

Sector developments and company hires

Pension scheme taps credit managers Local government pension scheme Brunel Pension Partnership has launched a multi-ass...

Credit engagement

Raj Shourie, from Lockton's political and credit risks division, discusses how he will lead the firm...

Q: Your role means that you will be responsible for leading the engagement with financial institutions internationally o...

Collateral Chase

JPMC visits CRT space again with trade referencing prime mortgages

JP Morgan Chase is back in the regulatory capital relief market with a trade referencing 4,862 fixed rate prime mortgage...

Asset quality boon

EU bank credit conditions normalise

Credit conditions for European banks are normalising and prospects for the second half of the year look positive. A retu...

Angel eyes

Angel Oak Capital Advisors' Sam Dunlap talks value in non-agency MBS

Atlanta-based Angel Oak Capital Advisors’ flagship multi-strategy income fund (ANGLX),  this year cel...

Six STACRs - UPDATE

Freddie's sixth STACR of 2021 prints inside previous two

Freddie Mac late yesterday (July 19) priced its sixth STACR deal of the year, designated STACR 2021-DNA5, at levels insi...

Jamaica in cat bond first

Sector developments and company hires

Jamaica in cat bond first The World Bank/IBRD has priced a catastrophe bond that will provide the government of Jamaica...

Social factors

Tina De Baere, head of ESG and macro strategy at Cairn Capital, argues that securitisation can facil...

Q: How consistent can ESG issues be? Ultimately, how subjective is ESG and ESG analysis? A: Yes, this is a question tha...

Euro CLO BWICs down, but staying strong

Sector developments and company hires

Euro CLO BWICs down, but staying strong European CLO 2.0 BWIC activity contracted sharply in the first half of 2021 v...

Minor deterioration

Spanish payment holidays buck the trend

The end of payment holidays for Spanish mortgages could lead to a minor deterioration in the collateral performance of S...

Recovery trade

Pub credit quality to diverge amid changing consumer behaviour

The UK pub sector has been one of the most severely affected areas of hospitality during the last 15 months. However, de...

SCI Start the Week - 19 July

A review of SCI's latest content

Last week's news and analysis Back in vogue? Reverse equity to test market appetite Bridging the gap Sus...

Structured products dealer acquired

Sector developments and company hires

Structured products dealer acquired Santander Holdings USA is set to acquire independent broker-dealer Amherst Pierpo...

Foreclosure fears

CFPB's new rule curtailing foreclosures complicates mortgage market

The final rule on foreclosures introduced this week by the Consumer Financial Protection Burea (CFPB) is unlikely to int...

New CLO committee to tackle 'greenwashing'

Sector developments and company hires

New CLO committee to tackle ‘greenwashing’ The European Leveraged Finance Association (ELFA) has cr...

Back in vogue?

Reverse equity to test market appetite

Another UK RMBS backed predominantly by legacy Northern Rock assets has hit the market. The Towd Point Mortgage Funding...

MPL rewards

Generous MPL returns stand out in parsimonious ABS market

ABS investors in the US searching for value in an environment otherwise starved of this should look at the marketplace l...

Loss mitigation mechanics

Euro CLO primary practice around LML documentation discussed

SCI publishes regular case studies and reports on the CLO market in addition to our usual news stories on the sector and...

ILS efforts beefed up

Sector developments and company hires

ILS efforts beefed up AXIS Capital Holdings has appointed Chris Caponigro as global head of AXIS ILS, as its third-part...

Bridging the gap

Sustainable SRTs to spur ESG securitisation growth?

A steady stream of renewables significant risk transfer deals is expected to come on to the market in the coming months....

Endless cash

European ABS/MBS market update

As the pre-summer flow comes to a close, optimism still prevails across the European ABS/MBS primary market. Despite str...

Aviation finance practice inaugurated

Sector developments and company hires

Aviation finance practice inaugurated Global aviation services provider ACC Aviation has added an in-house aviation fin...

Positive story?

Mortgage performance eyed as support ends

European RMBS performance has remained robust in the face of unprecedented stresses brought about by Covid-19, supported...

Lift off

BMO programme details revealed

Further details have emerged of a synthetic securitisation programme launched by BMO in late December 2020. Dubbed Saubl...

Risk transfer round-up - 12 July

CRT sector developments and deal news

Santander is believed to be readying a Spanish synthetic securitisation from the Magdalena programme that is expected to...

SCI Start the Week - 12 July

A review of SCI's latest content

Last week's news and analysis Forbearances south of 2m Forbearances below 2m for 1st time in 15 months - big...

Forbearances south of 2m

Forbearances below 2m for 1st time in 15 months - big weekly drop

The number of active mortgage forbearance plans in the US dropped by 189,000 in the last week to below two million for t...

Going hybrid

New working models 'render offices as a service'

The Covid-19 pandemic has ushered in hybrid working models that are redefining real estate valuations of offices as a se...

Stable outlook

NPL ABS potential underlined

Greece is now leading the way in Europe’s bad loan clean-up, participants in a recent DBRS non-performing loan...

EU monetary policy to reflect carbon transition

Sector developments and company hires

EU monetary policy to reflect carbon transition The ECB has published its new monetary policy strategy, which includes...

Issuance boost

BNP Paribas leads the pack

BNP Paribas has completed a full-stack significant risk transfer transaction backed by French unsecured consumer loans....

Softly softly

US banks reluctant to swallow issuance costs of corporate CRTs

The imminent issue of another CRT trade from JP Morgan Chase, its fourth in a year, appears to support the often widely...

Fourth gear

JP Morgan takes to the road again for fourth auto CLN in 11 months

JP Morgan Chase is to issue its second auto loan credit linked note (CLN) of the year and its fourth in less than a year...

Risk transfer round-up - 8 July

CRT sector developments and deal news

Intesa Sanpaolo is believed to be readying a significant risk transfer transaction backed by corporate loans that is exp...

Taper talk

Fed tapering could lead to 50bp MBS repricing

If - as many expect - the Federal Reserve commences a taper operation in 2H21 then agency mortgage bonds could reprice w...

International SLABS debuts

Global legal, regulatory complexity addressed

Prodigy Finance is in the market with the first rated securitisation backed by international private student loans. One...

Sustainable finance strategy unveiled

Sector developments and company hires

Sustainable finance strategy unveiled The European Commission has adopted a number of measures in connection with susta...

NPL facility inked

Sector developments and company hires

NPL facility inked Together Financial Services has launched a new £96.2m securitisation vehicle called Brooks...

SCI Start the Week - 5 July

A review of SCI's latest content

Last week's news and analysis Advantageous returns Australian RMBS market update Crazy collateral ABS yi...

Crazy collateral

ABS yields sink as collateral surges, driving investors to look elsewhere

The bounce-back from the pandemic has been overwhelmingly positive for collateral in US ABS deals, according to a new re...

Advantageous returns

Australian RMBS market update

With deals paying juicy yields, investors are turning to the Australian RMBS market for advantageous returns. Meanwhile,...

Tight summer

European ABS/MBS market update

Following a busy quarter that saw every new deal being met with heavy investor demand, there is no sign of the appetite...

RMBS issuer sues Hussain

Sector developments and company hires

RMBS issuer sues Hussain Clavis Securities has begun High Court proceedings against Rizwan Hussain, who issued letter...

Risk transfer round-up - 1 July

CRT sector developments and deal news

MeDirect is believed to have cancelled a synthetic securitisation backed by mid-market corporate loans that was expected...

Pick a card, any card

Covid credit card usage soared, but ABS issuance is strangled

US credit card usage increased dramatically due to the pandemic, but, as yet, this is not expected to result in elevated...

Italian SME ABS first finalised

Sector developments and company hires

Italian SME ABS first finalised Banca Carige and Banca del Monte di Lucca have completed Lanterna Finance 2021, the fir...

Litmus test

European CMBS momentum set to last

Nine European CMBS have been issued so far this year and two are currently marketing, pointing to growing confidence in...

Innovative NPL ABS inked

CF opts for ReoCo rather than GACS

Credito Fondiario has finalised an unusual Italian non-performing loan securitisation that falls outside the GACS scheme...

Energy-efficiency tax credit ABS debuts

Sector developments and company hires

Energy-efficiency tax credit ABS debuts UniCredit has executed the first securitisation of tax credits arising from the...

Finish line

ESMA designates securitisation repositories

ESMA has announced the European DataWarehouse (EDW) and SecRep as the EU’s official securitisation repositorie...

UK to review Securitisation Regulation

Sector developments and company hires

UK to review Securitisation Regulation The UK government has issued a call for evidence in connection with the Securiti...

Strong technical

WFH lifestyle boosts RMBS market

The UK stamp duty land tax (SDLT) break, which was introduced by the government in July 2020 to support the housing mark...

SCI Start the Week - 28 June

A review of SCI's latest content

CLO seminar tomorrow SCI’s 1st Annual CLO Special Opportunities Seminar is taking place virtually to...

Back into the fold

CRT returns to centre stage with FHFA changing of the guard

The appointment of Sandra Thompson as the new acting director of the Federal Housing Finance Authority (FHFA) following...

Aussie green RMBS bags Nochu support

Sector developments and company hires

Aussie green RMBS bags Nochu support Firstmac has closed a groundbreaking A$750m green RMBS, backed by the Clean Ener...

Leading the pack

UniCredit tops NPL sales

UniCredit has topped the list for European non-performing loan sales since 2019, according to new data released by KPMG....

Volatility hedge

Bart Bakx, head of ABS and mortgages at NN Investment Partners, explains why securitisation and priv...

Q: Do you believe private credit will take on a more significant role in investor portfolios in 2021? If so, which facto...

CLO opportunities seminar line-up finalised

Electronification, alternative structures on the agenda

SCI’s 1st Annual CLO Special Opportunities Seminar is taking place virtually on 29 June. The event ex...

Riding a wave

BNP Paribas executes capital call SRT

BNP Paribas has finalised a significant risk transfer transaction backed by capital call facilities. Dubbed Wagner 2021-...

RFC issued on NPL treatment

Sector developments and company hires

RFC issued on NPL treatment The EBA has launched a public consultation on amendments to its regulatory technical standa...

Ever tighter?

European ABS/MBS market update

European ABS/MBS primary spreads continue to edge in on heavy investor demand. That looks unlikely to change, especially...

US is coming

Stand by for more US regional bank deals, say panellists at IMN conference

Citigroup is currently having discussions with more US regional banks about issuing CRT transactions, following the lead...

Calabria exits

FHFA director removed, GSE stocks nosedive; Fannie comeback?

The Biden administration fired Federal Housing Finance Authority (FHFA) director Mark Calabria this afternoon (June 23)...

Apollo, illimity form NPE JV

Sector developments and company hires

Apollo, illimity form NPE JV illimity Bank has entered into a binding heads of terms to form a 50:50 joint venture wi...

Digital investment ABS prepped

Sector developments and company hires

Digital investment ABS prepped DigitalBridge Group is in the market with its debut securitisation, the US$500m DigitalB...

SRT debut

LBBW prints first capital relief trade

The EIB Group and LBBW have executed a €95m mezzanine guarantee that references a €1.8bn portfolio of...

Risk transfer round-up - 22 June

CRT sector developments and deal news

Societe Generale is believed to be readying a capital relief trade backed by capital call facilities that is expected to...

Generali debuts green cat bond

Sector developments and company hires

Generali debuts green cat bond Assicurazioni Generali has priced an innovative catastrophe bond. Dubbed Lion III Re, th...

Adopting change

Class A loan note attracts attention

Together Money earlier this month priced its second public small balance CMBS, the £249m Together Asset Backed...

SCI Start the Week - 21 June

A review of securitisation activity over the past seven days

Last week's stories AutoNoria returns BNP Paribas draws crowd Counting Calabria The Supreme Court decision on th...

Counting Calabria

The Supreme Court decision on the FHFA is eagerly awaited, but immediate impact may be limited

Market-watchers are still waiting with bated breath for the Supreme Court judgement on whether the executive can dismiss...

SRT upgraded on CE build-up

Sector developments and company hires

SRT upgraded on CE build-up Scope Ratings has affirmed its single-A rating on the class C credit-linked notes issued by...

Pricing flurry

European ABS/MBS market update

Yesterday saw five new European ABS/MBS price in one of the busiest days the primary market has seen this year. However,...

AutoNoria returns

BNP Paribas draws crowd

BNP Paribas has arranged a €1bn full-stack significant risk transfer transaction for Banco Cetelem. Dubbed Auto...

Risk transfer round-up - 17 June

CRT sector developments and deal news

BNP Paribas is believed to be readying a synthetic CMBS that is expected to close in 3Q21. The transaction would be amon...

Piraeus preps third NPL ABS

Sector developments and company hires

Piraeus preps third NPL ABS Piraeus Financial Holdings has reached definitive agreements with Intrum and Serengeti As...

Triple-starred first for BMO

BMO brings innovative C$ CRT trade referencing Canadian CRE

A groundbreaking Canadian dollar denominated regulatory capital relief trade from Bank of Montreal (BMO) closed earlier...

Innovative SME securitisation fund inked

Sector developments and company hires

Innovative SME securitisation fund inked SGR-CESGAR, the Spanish guarantee society (SGR) association, has launched a...

NPL ABS return

Government guarantees dominate 2020 NPE activity

Government guaranteed non-performing loan securitisations in Italy and Greece dominated NPL transaction issuance last ye...

Super narrow Arch prices

New Bellemeade comes at spreads well inside previous CRT trade

Arch Capital has priced its latest Bellemeade CRT transaction at levels significantly tighter than the last such deal in...

Financing football

James Paul, head of sport at Blackstar Capital, discusses how structured finance is playing a pivota...

Q: Which sports are you seeing structured financing in? A: In Europe, football is the most mature sport commercially an...

Auto turnover dampens DFP issuance

Sector developments and company hires

Auto turnover dampens DFP issuance Accelerated dealer auto inventory turnover has resulted in insufficient collateral...

Smoother transition?

US CLO secondary looks to be taking this quarter-end in its stride

Current market technicals typically indicate a spike in volatility at the bottom of the US CLO debt stack, as trading ho...

SCI Start the Week - 14 June

A review of securitisation activity over the past seven days

Last week's stories Arch markets MILN Second Bellemeade deal of 2021 in the market, pricing soon Execution querie...

Low flying aircraft

Aircraft ABS remain slowest to recover from Covid

Aircraft lease ABS remains the black spot of the US ABS market, and has been the slowest to recover from the pandemic se...

Sustainable infrastructure exposure offered

Sector developments and company hires

Sustainable infrastructure exposure offered Bayfront Infrastructure Management has priced an infrastructure ABS via Bay...

Execution queries

Questions linger over funded insurer SRTs

Originators of significant risk transfer transactions have welcomed the trio of innovative funded insurer trades from Cr...

NPL secondary market measures agreed

Sector developments and company hires

NPL secondary market measures agreed The European Parliament and European Council have agreed on common EU standards re...

Arch markets MILN

Second Bellemeade deal of 2021 in the market, pricing soon

Arch is currently in the market its second mortgage insurance-linked note (MILN) of the year, and the trade is expected...

Positive prospects

Rating upgrades boost default outlook

The number of ‘weakest links’ – issuers rated single-B-minus or lower with negative outloo...

Rebound continues

Second trade finance SRT inked

Standard Chartered has completed a US$128m CLN that references a portfolio of trade finance exposures. Dubbed Shangren F...

SCI Start the Week - 7 June

A review of securitisation activity over the past seven days

Last week's stories Canuck rumours Canadian banks said to be circling CRT Capital cushions Buoyant CET1 levels e...

Euro CLOs could still soften

Sector developments and company hires

Euro CLOs could still soften European CLO new issue triple-A spreads are now out to 87bp-88bp from their post-Covid tig...

Risk transfer round-up - 7 June

CRT sector developments and deal news

Santander is rumoured to be readying a significant risk transfer deal referencing Portuguese corporate and SME loans. Th...

Revised expectations

Italian NPL business plans underperform

Italian NPL transaction collections are largely underperforming expectations, partly due to the impact of the pandemic,...

New moves

Rob McDonough, director of ESG and regulatory initiatives at Angel Oak Capital, Advisors discusses i...

1./Can you provide more detail on the framework you developed to quantify the deal’s social impact at the loan...

Pandemic hedges

CRT solutions for pandemic events mulled

Munich Re’s Epidemic Risk Solutions (ERS) unit is targeting credit risk transfer solutions that incorporate pa...

Positive prospects

Italian NPL ABS growth pending

Italy’s NPL market remained busy last year despite Covid-related uncertainty, and investor demand for Italian...

Capital cushions

Buoyant CET1 levels explain CRT reluctance

Dealers agree that this year has been quieter in the CRT market in USA and Canada than had been anticipated - with the h...

FHFA under fire

Arch takes aim at FHFA report on GSE CRT

David Gansberg, president and ceo of Arch Mortgage Insurance, has taken serious issue with the recent Federal Home Finan...

Canuck rumours

Canadian banks said to be circling CRT

Rumours continue to swirl about the possibility of an imminent regulatory capital relief trade issued by a Canadian bank...

Risk transfer round up-3 June

CRT sector developments and deal news

Sabadell is believed to be prepping a capital relief trade backed by SME loans that is expected to close in 3Q21. The ba...

Domi debut

Domivest transaction attracts strong investor appetite

The debut STS-compliant buy-to-let (BTL) RMBS transaction, issued by Dutch lender Domivest and dubbed Domi 2021-1, has n...

Private debt investors doubt ability to handle defaults in post-pandemic downturn

Contributed thought leadership by Ocorian

An overwhelming majority (87%) of capital markets investors are pursuing direct lending strategies, though almost half (...

True lending truth

Senate vote to reject True Lender will not affect loan securitizations

Denounced as a brake upon consumer lending, the recent Senate vote to strike down the so-called ‘True Lender R...

ETL waiver requested following cyberattack

Sector developments and company hires

ETL waiver requested following cyberattack European truck lease provider Fraikin SAS was subject to a ransomware attack...

Moving forward

Positive consumer sentiment emerging post-pandemic

As the European securitisation market moves beyond the coronavirus crisis, an overall positive picture appears to be eme...

End of the line?

SRT issuers mull dropping synthetic excess spread

The requirement to fully capitalise synthetic excess spread is expected to result in SRT issuers dropping the feature fr...

CRT return for FNMA?

Supreme Court ruling on Calabria's future imminent

A US Supreme Court decision about whether President Biden can remove Mark Calabria as director of the Federal Housing Fi...

CLO manager ESG policies polled

Sector developments and company hires

CLO manager ESG policies polled A recent survey conducted by Fitch shows that 84% of the 117 CLO managers it polled hav...

Landmark SRTs finalised

Cash collateralised insurer deals debut

Credit Risk Transfer Solutions (CRTS) has executed three synthetic securitisations that have broken new ground in the ma...

Missed opportunity

ESA report disappoints on securitisation treatment

The recent European Supervisory Authorities (ESA) report on the implementation and functioning of the EU Securitisation...

Focal point

Arb rather than NAV in focus

European CLO equity performance has held strong despite the unprecedented Covid shock and significant shifts in loan mar...

Actuarial approach

Alphidem co-founder Ken Sutter outlines how the quantitative modelling of capital relief trades can ...

In light of the current regulatory and interest rate environment, it could be assumed that capital relief trades enjoy g...

CLO conflicts of interest eyed

Sector developments and company hires

CLO conflicts of interest eyed IOSCO has issued four questionnaires for industry participants on conduct risks in lev...

Climate risks disclosed

EBA publishes landmark banking study

The EBA has published the first EU-wide pilot exercise on climate risk for the banking sector. The exercise shows that o...

SCI Start the Week - 24 May

A review of securitisation activity over the past seven days

Last week's stories Gaining momentum European solar ABS issuance tipped to emerge Revving up Strong demand conti...

RFC issued on benchmark regulation powers

Sector developments and company hires

RFC issued on benchmark regulation powers The UK FCA has published a consultation on its proposed policy framework for...

Strategic credit commitment inked

Sector developments and company hires

Strategic credit commitment inked The Investment Management Corporation of Ontario (IMCO) has closed a US$500m commitme...

Revving up

Strong demand continues for CRE CLOs

Sentiment in the US CRE CLO market remains relatively positive (SCI 10 May), with the multifamily sector in particular s...

SRT boost

Barclays expands Colonnade platform

Barclays has finalised two capital relief trades from the Colonnade programme that reference global corporate and commer...

Data centre leverage 'inconsistent' with ratings

Sector developments and company hires

Data centre leverage ‘inconsistent’ with ratings A number of wholesale data centre securitisations...

Blue investable markets study underway

Sector developments and company hires

Blue investable markets study underway The European Commission and the EIB Group have increased their cooperation to im...

Gaining momentum

European solar ABS issuance tipped to emerge

The development of a European solar ABS market is gaining momentum, with the first few securitisations potentially antic...

OMFIT debuts SOFR-linked notes

Sector developments and company hires

OMFIT debuts SOFR-linked notes OneMain has become the first US securitisation issuer to offer a SOFR-linked floating-ra...

SCI Start the Week - 17 May

A review of securitisation activity over the past seven days

Last week's stories Biden bonanza Vast infrastructure package to energise project finance CLOs CRE CLO surge Rec...

Biden bonanza

Vast infrastructure package to energise project finance CLOs

The project finance CLO market, somnolent for a decade, will receive a shot in the arm from the Biden administration&...

ESG incorporation challenges highlighted

Sector developments and company hires

ESG incorporation challenges highlighted The Principles for Responsible Investment (PRI) has published a report that ex...

Virtuous circle?

Bullish sentiment underpins securitisation opportunity

A strong rebound in global growth appears to be underpinning the opportunity in securitised credit, notwithstanding the...

Lone Star rising

A soup to nuts profile of TCBI's inaugural CRT

It took Texas Capital Bank nine months to finalise its landmark capital relief trade, becoming the first US regional ban...

Asset managers partner on pensions initiative

Sector developments and company hires

Asset managers partner on pensions initiative DWS has launched the DWS Secured Income Fund, aimed at small to medium-si...

Demand drivers

Fundamentals and technicals support US CLOs for now

On the back of the exceptionally heavy supply in Q1, US CLO spreads softened, but had reversed back to one-year tights a...

Bad weather bonds

Utilities to make use of ABS to rebuild after extreme weather

This year has already seen two utility recovery charge (URC) ABS transactions in the US and, say analysts, more will be...

Iberian RMBS investment disclosed

Sector developments and company hires

Iberian RMBS investment disclosed The EIB has disclosed that it invested €50m in UCI’s latest RMBS,...

STS BTL RMBS prepped

Sector developments and company hires

STS BTL RMBS prepped Domivest is in the market with the first-ever STS buy-to-let RMBS. Dubbed Domi 2021-1, the &eu...

Geographical divergence

CSEE moratoria more likely to underperform

EU banks set aside large provisions in 2020 in anticipation of Covid-induced higher default rates, but most loans that b...

Risk transfer round-up - 11 May

CRT sector developments and deal news

Bank of Montreal has called Muskoka Series 2020-1. The US$132m financial guarantee was executed in April 2020, becoming...

Hertz reorganisation proposals weighed

Sector developments and company hires

Hertz reorganisation proposals weighed Hertz has determined that a revised proposal to provide equity capital to fund...