NPL forward flow sale agreed

Sector developments and company hires

NPL forward flow sale agreedNPL Markets has acted as advisor to UniCredit on the sale of a portfolio of Italian non-perf...

Shipping boost

Eurobank finalizes shipping CRT

Eurobank has executed a US$220m financial guarantee that references a US$2bn portfolio of shipping loans. Dubbed project...

Optimal efficiency

CRE back leverage gaining traction

Private debt funds are gaining CRE market share via back leverage structures. This Premium Content article explores how...

Capital ideas

Taxonomy-aligned RWAs, sustainability-linked pricing touted

SMARTER Finance for Families has submitted a number of policy recommendations to the Climate Bonds Initiative, as part o...

Project Maverick launched

BCP returns to the CRT market

Banco Comercial Portugues (BCP) has finalized its first synthetic securitisation following an eight-year hiatus amid a r...

Italian mid-cap deal debuts

Sector developments and company hires

Italian mid-cap deal debutsillimity Bank has closed what is believed to be the first securitisation backed by a portfoli...

NPL data templates introduced

Sector developments and company hires

NPL data templates introducedThe EBA has launched NPL transaction data templates, aimed at introducing information stand...

SCI Start the Week - 19 December

A review of SCI's latest content

Last week's news and analysis Battle begins EU and industry lock horns over p factor Corporate CRT launched HSBC e...

Transitional disclosure measures urged

Sector developments and company hires

Transitional disclosure measures urgedIn a letter to the EBA, EIOPA and ESMA, the SFA and 12 other trade associations ha...

Corporate CRT launched

HSBC executes capital relief trade.

HSBC has finalized a €400m synthetic securitisation that references a portfolio of European corporate loans. Du...

Regulatory storm?

CRT market split over new rules

Concern over the future viability of synthetic securitisation is rising, in light of the impending Basel output floor an...

CLN rating pressures eyed

Sector developments and company hires

CLN rating pressures eyedUS midsized banks’ utilisation of CLNs to drive share repurchases or to increase leve...

Play it forward

Evolution of BNPL securitisation eyed

The cost-of-living crisis and growing regulatory scrutiny are set to shape the evolution of the BNPL securitisation sect...

Battle begins

EU and industry lock horns over p factor

The European Banking Authority has published a report that articulates the view of the joint committee of the European s...

Landesbank boost

LBBW executes financial guarantee

LBBW and the EIB group have finalized a €160m financial guarantee under the European guarantee fund that refere...

SCI In Conversation podcast: Iain Balkwill, Reed Smith

We discuss the hottest topics in securitisation today...

In the latest episode of the SCI In Conversation podcast, SCI Deputy Editor Angela Sharda chats to Reed Smith partner Ia...

'Big Bang 2.0' to repeal Sec Reg

Sector developments and company hires

‘Big Bang 2.0’ to repeal Sec RegThe UK government has introduced a Financial Services and Markets (F...

Mind the gap

'Regulatory impediments' stalling ESG securitisation

Securitisable green lending in respect of residential mortgages on energy-efficient properties, loans for green home ren...

SCI Start the Week - 12 December

A review of SCI's latest content

Last week's news and analysis Ambitious objective LEV financing investigation underway Eco warriors New emission...

Survey suggests improved sentiment

Sector developments and company hires

Survey suggests improved sentimentKBRA has published the results of its December survey of European structured finance i...

Eco warriors

New emissions standards backed by fines set to affect CMBS

Increasingly rigorous emission regulations imposed by municipalities on commercial real estate (CRE) properties througho...

Risk transfer return

Chakra seven prices wider

Standard Chartered has executed the seventh synthetic securitisation from the Chakra programme last month. The transacti...

Selective positioning

Loan refi, liquidity needs to provide private credit opportunities

The European CLO market faces a number of challenges next year, including constrained loan supply, potential loan defaul...

UK mortgage refinanceability eyed

Sector developments and company hires

UK mortgage refinanceability eyedDBRS Morningstar has analysed the loan-level information of almost 400,000 loans within...

Global Risk Transfer Report: Chapter six

In the final chapter of SCI's survey of the synthetic securitisation market, we examine the sector's...

Synthetic securitisation, once tarnished by association with the global financial crisis, has long since come in from th...

Sizing up

Credit Agricole completes corporate SRT

Credit Agricole has finalized a €330m first loss synthetic securitisation that references a €5.5bn por...

BWIC template released

Sector developments and company hires

BWIC template released Real estate standards organisation MISMO has released a BWIC standard template aimed at facilit...

Ambitious objective

LEV financing investigation underway

The European DataWarehouse (EDW) and Leibniz Institute for Financial Research SAFE’s Green Auto Securitisation...

Issuance boost

BMO finalizes CRE CRTs

Bank of Montreal has finalized two synthetic securitisations from the Boreal and the newly created Taiga programme respe...

SCI Start the Week - 5 December

A review of SCI's latest content

Last week's news and analysis Agency activism Divided Congress means greater agency intervention Baltic boost Se...

Santander surging

NA mortgage and auto loan CRT deals looming

Santander is in the market with two regulatory capital relief deals referencing NA assets: a synthetic securitization of...

Baltic boost

Second ever Baltic SRT finalized

Citadele banka and the EIB Group have finalized a €60m mezzanine guarantee that references a &euro...

Marble Point acquisition agreed

Sector developments and company hires

Marble Point acquisition agreed   Investcorp is set to acquire Marble Point Credit Management, an affili...

Risk transfer round up-2 December

CRT sector developments and deal news

Lloyds is believed to be readying a synthetic securitisation of corporate loans that is expected to close this month. Th...

CRT duo launched

Santander finalizes two auto CRTs

Santander has finalized two synthetic securitisations that reference French and UK auto loans respectively. The transact...

Agency activism

Divided Congress means greater agency intervention

The split US Congress, as a result of the recent mid-term elections, is likely to lead to the agencies responsible for t...

RWA overhaul mooted under Basel 3.1

Sector developments and company hires

RWA overhaul mooted under Basel 3.1   The PRA has released a consultation paper on the UK implementation of...

Global Risk Transfer Report: Chapter five

In the fifth of six chapters surveying the synthetic securitisation market, SCI highlights the role ...

Synthetic securitisation, once tarnished by association with the global financial crisis, has long since come in from th...

Swiss CRT launched

Credit Suisse executes synthetic ABS

Credit Suisse has finalized a synthetic securitisation that references a Sfr2bn portfolio of Swiss income produ...

Don't panic!

Vadim Verkhoglyad, vp and head of research publication at dv01, argues that US consumer markets rema...

Concerns of a recessionary impact on US consumer markets, and comparisons to the global financial crisis, are rampant ac...

Fitch launches new ESG ratings

Sector developments and company hires

Sustainable Fitch has launched new ESG Ratings for global labelled structured bonds and covered bonds. The news follows...

RMBS becalmed

2023 may be no better while FHFA adds to pressure on GSEs

The RMBS market has been in the doldrums for the second half of this year and analysts suggest that there will be no imm...

SCI Start the Week - 28 November

A review of SCI's latest content

Last week's news and analysis Cliff edge New report raises alarm over output floor Encouraging activity European...

Less dilutive

Dan Trolio, executive svp and cfo of Horizon Technology Finance Corporation, answers SCI's questions

Q: Horizon recently completed a US$158m ABS - Horizon Funding Trust 2022-1 - backed by non-investment grade performing l...

SCI MM CLO Awards: Service Provider of the Year

Winner: U.S. Bank

U.S. Bank doesn’t merely have a narrow lead over its chief competitors in the provision of custody and trust s...

Unrepresentative 'synthetic' Libor mooted

Sector developments and company hires

Unrepresentative ‘synthetic’ Libor mooted   The UK FCA has published a consultation on...

Hedging boost

Unicredit opts for uncapped swap structure

Unicredit has finalized a full stack significant risk transfer trade that is backed by an €845.7m Italian consu...

Encouraging activity

European ABS/MBS market update

The UK and European ABS/MBS primary market saw some signs of recovery this week, with eight deals pricing. Further, foll...

SCI MM CLO Awards: Law Firm of the Year

Winner: Allen & Overy

Allen & Overy wins Law Firm of the Year in this year’s SCI Middle Market CLO Awards, as the practice i...

Sell-side specialisms

SRT bank relationships, technical knowledge transferred

SRT arranger/structurer departures from Citi have been notable over the last year, with Olivier Renault (SCI 1 December...

Risk transfer round up-24 November

CRT sector developments and deal news

CIBC is rumoured to be the issuer behind the ‘’Waterloo’’ CRT which is being arr...

Global Risk Transfer Report: Chapter four

In the fourth of six chapters surveying the synthetic securitisation market, SCI tracks the evolutio...

Synthetic securitisation, once tarnished by association with the global financial crisis, has long since come in from th...

Unlimited mandate

Robert Bradbury, head of structured credit execution and advisory at Alvarez & Marsal (A&M),...

Q: A&M’s structured credit offering is a core component of the firm’s portfolio advisory gro...

SCI MM CLO Awards: Arranger of the Year

Winner: Natixis

With 18 middle market CLOs arranged during the awards year, 1 October 2021 to 30 September 2022, Natixis is our Arranger...

Grounds for optimism

US equipment ABS stays strong

US equipment ABS has had a good year, notwithstanding macro-driven spread widening. As this premium content article show...

Lift off

Canadian CRT market picks up

Toronto Dominion Bank is believed to be the latest Canadian lender to be readying a capital relief trade amid a surge in...

SCI MM CLO Awards: Investor of the Year

Winner: CalPERS

The largest public pension plan in the US – the US$495bn California Public Employee’s Retirement Sys...

Call for urgent review of SA output floor

Sector developments and company hires

Call for urgent review of SA output floorAFME has published a study, commissioned from Risk Control, examining the impac...

Cliff edge

New report raises alarm over output floor

The output floor is expected to render synthetic securitisations and specifically those backed by corporate and SME expo...

SCI MM CLO Awards: Manager of the Year

Winner: Golub Capital

Manager of the Year was perhaps the toughest category at this year’s middle market CLO awards to judge, with a...

SCI Start the Week - 21 November

A review of SCI's latest content

New podcast episode available In the latest episode of the ‘SCI In Conversation’ podcast, we chat t...

SCI MM CLO Awards: Issuer of the Year

Winner: Owl Rock, a division of Blue Owl

Owl Rock, a division of Blue Owl Capital, is recognised in this year’s SCI Middle Market CLO Awards for contin...

ECB review disclosed

CET1 ratios decline amid weaker ROE outlook

The European Central Bank has released its latest financial stability review. The report notes that bank capital ratios...

SCI MM CLO Awards: Innovation of the Year

Winner: Lake Shore MM CLO IV

Priced on the very first day of our awards year, 1 October 2021, First Eagle Alternative Credit’s Lake Shore M...

Global Risk Transfer Report: Chapter three

In the third of six chapters surveying the synthetic securitisation market, SCI tracks the evolution...

Synthetic securitisation, once tarnished by association with the global financial crisis, has long since come in from th...

Test case

Bayern LB executes first synthetic ABS

Bayern LB, Chorus Capital, and M&G have finalized an STS significant risk transfer trade that references a &...

ESG activation consortium launched

Sector developments and company hires

ESG activation consortium launchedDexai-Etica Artificiale, Establecimiento Financiero de Crédito, European Da...

SCI MM CLO Awards: Deal of the Year

Winner: Golub Capital Partners CLO 18(M)-R2

A second reset of a middle market CLO upsized for a second time to now stand at over US$1.2bn would be notable enough. B...

Risk transfer round up-16 November

CRT sector developments and deal news

Piraeus Bank is believed to be readying a synthetic securitisation of corporate and SME loans that is expected to close...

Action stations?

Reporting template review welcomed

The European Commission’s conclusion in its much-awaited report on the functioning of the Securitisation Regul...

Conflict of interest charge settled

Sector developments and company hires

Conflict of interest charge settled   The US SEC has charged S&P with violating conflict of interes...

Staying strong

Partnership approach hailed as basis of SRT success

SRT pricing is, generally speaking, currently approximately 200bp wider compared to the beginning of 2022. Yet pricing h...

Liquidity event shows ABS 'did its job'

Sector developments and company hires

Liquidity event shows ABS ‘did its job’   The volume of European ABS and CLO bonds list...

Risk transfer round up-14 November

CRT sector developments and deal news

The Royal Bank of Canada is believed to be readying another synthetic securitisation in addition to its pending leverage...

Shifting gear

Synthetic auto and consumer ABS eyed

Banks have been targeting the synthetic format for their consumer and auto loan portfolios as higher hedging costs and p...

Risk transfer round up-10 November

CRT sector developments and deal news

BNP Paribas is believed to be arranging a synthetic securitisation for a Canadian bank. Dubbed project Waterloo, the tra...

Alternatives ESG disclosure template launched

Sector developments and company hires

Alternatives ESG disclosure template launched   A group of leading alternative asset managers and industry...

SCI In Conversation podcast is now live!

We discuss the hottest topics in securitisation today...

In the latest episode of the SCI In Conversation podcast, SCI Deputy Editor Angela Sharda chats to MidOcean Partners md...

Global Risk Transfer Report: Chapter two

In the second of six chapters surveying the synthetic securitisation market, SCI explores the impact...

Synthetic securitisation, once tarnished by association with the global financial crisis, has long since come in from th...

Irish, UK NPE disposals inked

Sector developments and company hires

Irish, UK NPE disposals inked   The Bank of Ireland has reached agreements to dispose of portfolio...

MM CLO Seminar line-up finalised

Awards ceremony to debut

SCI’s 3rd Annual Middle Market CLO Seminar is taking place in-person on 15 November at the offices of Clifford...

Risk transfer round up- 8 November

CRT sector developments and deal news

Further details have been revealed of a synthetic ABS deal from Commerzbank that was first unearthed in July (S...

New landscape

ABS litigation 'rules of engagement' explained

US subprime RMBS disputes could impact ABS deal structures and related litigation in five pivotal ways. Against this bac...

Policymakers urged to address securitisation 'strategic loss'

Sector developments and company hires

Policymakers urged to address securitisation ‘strategic loss’ A group of nine organisations...

Risk transfer round up- 7 November

CRT sector developments and deal news

Credit Agricole is believed to be readying another synthetic securitisation of corporate loans from the CEDAR programme....

SCI Start the Week - 7 November

A review of SCI's latest content

Webinar free to viewLeading capital relief trade practitioners from Arch MI, ArrowMark Partners, Credit Benchmark and Gu...

British buffer

UK RMBS set to weather recession

The outlook for UK RMBS remains uncertain - despite optimism over borrower wealth buffers - as the country enters into i...

Existential challenge

Activist agency, 'originalist' Court clash

The US Court of Appeals for the Fifth Circuit last month ruled that the CFPB is unconstitutionally funded. This Premium...

Call for Och 'feud' to end

Sector developments and company hires

Call for Och ‘feud’ to endSculptor Capital Management’s independent board members and Jimm...

Global Risk Transfer Report: Chapter one

In the first of six chapters surveying the synthetic securitisation market, SCI explores the recent ...

Synthetic securitisation, once tarnished by association with the global financial crisis, has long since come in from th...

Risk transfer round up- 3 November

CRT sector developments and deal news

Santander is believed to be readying a synthetic securitisation of French auto loans. The lender’s last synthe...

SRT hedge persists

Getin Noble collapse leaves SRT unscathed

SCI understands that the bankruptcy of Getin Noble Bank (GNB) in September hasn’t terminated the credit protec...

Risk transfer boost

Bank of Montreal continues ramp up

Bank of Montreal has finalized a US$625m financial guarantee that references a portfolio of US and Canadian senior secur...

Stress-testing resilience

Climate-change risk assessment approach debuts

Scope has introduced a stress-testing methodology to assess climate-change impacts on securitisations. The objective is...

Euro CLO footprint established

Sector developments and company hires

Euro CLO footprint established   Cross Ocean Partners has completed Bosphorus CLO VII, the seventh...

Risk transfer round up- 2 November

CRT sector developments and deal news

BNP Paribas is believed to be readying another synthetic securitisation of corporate loans from the Resonance programme....

Risk transfer launch

Deutsche Bank executes corporate CRT

Deutsche Bank has executed a US$480m 7.5-year CLN that references a US$6bn global portfolio of over 100 corporate borrow...

Chinese CMBS 'structural deficiencies' eyed

Sector developments and company hires

Chinese CMBS ‘structural deficiencies’ eyedThe recent near-default of a Chinese CMBS issued by Yango...

SCI Start the Week - 31 October

A review of SCI's latest content

FREE Webinar: the outlook for global risk transfer activityJoin SCI’s panel of leading capital relief trades p...

Risk transfer return

African Development Bank stages comeback

The African Development Bank (AfDB), the United Kingdom’s Foreign Commonwealth and Development Office (FCDO) a...

New opportunities

CRT opportunities assessed as central banks pull back

CRT investors are assessing new opportunities in the market as central banks pull back from years of accommodative monet...

SCI CRT Awards: Personal Contribution to the Industry

Winner: Jessica Littlewood, global operations and business transformation partner at Clifford Chance

The Personal Contribution to the Industry Award this year is dedicated to Jessica Littlewood from Clifford Chance. She h...

Apollo, PIMCO set to acquire Credit Suisse SPG

Sector developments and company hires

Apollo, PIMCO set to acquire Credit Suisse SPGCredit Suisse has unveiled its new strategy and transformation plan, follo...

SCI CRT Awards: Contribution to North American CRT

Winner: Bank of Montreal

For much of the last 12 months, Bank of Montreal (BMO) has been not only a prominent player in the North American CRT ma...

Comeback king?

European 'regulation tsar' mooted

The sustainable recovery of the European securitisation market is widely believed to lie in the hands of policymakers. T...

Mixed impact

Basel impact assessed

Scope ratings has published its latest bank capital quarterly. The report points to an average increase of 15% of curren...

SCI CRT Awards: Law Firm of the Year

Winner: Simmons & Simmons

Simmons & Simmons wins SCI’s Law Firm of the Year award, following a year which saw increased progress...

SCI CRT Awards: Broker of the Year

Winner: The Texel Group

The Texel Group has won the inaugural Broker of the Year category in this year’s SCI Capital Relief Trades Awa...

Risk transfer round up- 26 October

CRT sector developments and deal news

Novo Banco is allegedly prepping a significant risk transfer trade backed by SME loans while Banco BPM is said to be rea...

Irish reperforming RMBS stress tested

Sector developments and company hires

Irish reperforming RMBS stress testedS&P has conducted a scenario analysis of seven of the Irish reperforming RM...

SCI CRT Awards: Arranger of the Year

Winner: UniCredit Bank

UniCredit Bank has won the Arranger of the Year category in SCI’s Capital Relief Trades Awards, in recognition...

SCI CRT Awards: Issuer of the Year

Winner: Santander

Santander has won the Issuer of the Year category in this year’s SCI Capital Relief Trades Awards. The bank co...

SCI CRT Awards: Credit Insurer of the Year

Winner: RenaissanceRe

RenaissanceRe has won the Credit Insurer of the Year category in SCI’s CRT Awards, following another year of g...

CMBS hedging agreements eyed

Sector developments and company hires

CMBS hedging agreements eyedDBRS Morningstar has raised concerns that the current DSCRs of three European CMBS it rates...

SCI CRT Awards: Investor of the Year

Winner: PGGM

Even by its own very high standards, the 2021/2022 awards year was a busy one for the winner PGGM. The firm further enha...

SCI CRT Awards: Innovation of the Year

Winner: Sumeru IV

Alecta, PGGM and Standard Chartered have won the Innovation of the Year award in this year’s SCI Capital Relie...

NPL guidelines released

Sector developments and company hires

NPL guidelines releasedThe European Commission last week published voluntary guidelines on best execution proce...

Reaching milestones

John Beacham, ceo and founder of Toorak Capital Partners, answers SCI's questions

Q: Toorak recently hit a US$10bn milestone in whole loan funding for housing rehab and construction since its inception...

SCI CRT Awards: Impact Deal of the Year

Winner: FCT Greendom 2021

Societe Generale’s FCT Greendom 2021 has won Impact Deal of the Year in this year’s SCI Capital Reli...

SCI Start the Week - 24 October

A review of SCI's latest content

CRT awards announcedSCI’s 2022 Capital Relief Trades Awards winners and honourable mentions were announced at...

Backward trigger dropped

EBA amends initial STS SRT consultation

The European Banking Authority’s final regulatory technical standards (RTS) on the performance triggers for ST...

SCI CRT Awards: North American Transaction of the Year

Winner: Algonquin 2022-1

Bank of Montreal’s (BMO) footprint in the CRT market is both extensive and well-established. But of the four p...

SCI CRT Awards: Transaction of the Year

Winner: Project Triton

Piraeus Bank’s Project Triton has won the Transaction of the Year category in SCI’s Capital Relief T...

Conservative approach

Aeon Investments ceo Oumar Diallo and coo Ben Churchill answer SCI's questions

Q: Aeon recently announced the closing of its first commercial real estate CLO warehouse (SCI 12 October) with Credit Su...

SRT debut

First Bulgarian synthetic ABS finalized

Unicredit Bulbank and the European Investment Bank (EIB) group have finalized a synthetic securitisation that references...

GSE social disclosures readied

Sector developments and company hires

GSE social disclosures readied Fannie Mae and Freddie Mac are set to begin publishing pool-level Social Index disclosu...

Natural evolution

CLO docs, structures adapting to macroeconomic conditions

Challenging market conditions have dampened European CLO issuance this year, but they have not stalled it completely. In...

CRE CLOs: time to zig when others zag

When it comes to structured commercial real estate (CRE) credit, the European market is at a pivotal juncture, explains ...

Through a glass darkly

Regulatory transparency would kickstart US CRT, say Miami speakers

Greater “clarity from regulators” is the key catalyst required to increase US bank usage of the CRT...

Aviation ABS industry eyes AerCap suit

Sector developments and company hires

Aviation ABS industry eyes AerCap suit The outcome of AerCap’s filing with the High Court in London could se...

Risk transfer round up-17 October

CRT sector developments and deal news

HSBC France is believed to be readying a synthetic securitisation of corporate loans for 4Q22. The transaction would be...

Ramping up

Bank of Montreal prices synthetic ABS

Bank of Montreal has priced a synthetic securitisation of US and Canadian senior secured and senior unsecured corporate...

SCI Start the Week - 17 October

A review of SCI's latest content

Last few days to register! SCI’s 8th Annual Capital Relief Trades Seminar is taking place this Thursday, 20 O...

Swell spreads

Risk pricing means bonds stay costly for GSEs, say speakers at Miami

The GSEs will be obliged to offer “pricing concessions to increased risk” in 2023, meaning, among ot...

CRT Seminar line-up finalised

Women in risk sharing breakfast to debut

SCI’s 8th Annual Capital Relief Trades Seminar is taking place in-person on 20 October at the offices of Allen...

Climate boost

Sabadell completes project finance SRT

Sabadell, Glennmont partners and Newmarket have executed a synthetic securitisation that references a €1bn port...

Custom-built capital relief

Customers Bank perhaps side-steps regulators with true sale deal

The unusual regulatory capital relief trade closed by Customers Bank on September 30 is likely to have achieved de-recog...

Corporate SRT priced

Natixis executes capital relief trade

Natixis has executed a synthetic securitisation backed by a global portfolio of senior unsecured corporate loans. Dubbed...

UK CRE CLO programme prepped

Sector developments and company hires

Aeon Investments has closed its first commercial real estate CLO warehouse in the UK, backed by three strategic loan agr...

Stormy weather

Increased default and downgrade risk for CLOs

The US CLO market has thus far sailed through the storms of 2021 and 2022 in eminently seaworthy condition. However, wit...

Regional bank CRT pipeline builds

New SCI Global Risk Transfer Report published

A couple more US regional bank capital relief trades are in the pipeline for late 2022 or early 2023, according to SCI&a...

Risk transfer round up-11 October

CRT sector developments and deal news

US regional lender Customers bank has finalized a capital relief trade rendering it the latest US regional bank...

'Too early to tell' for Sec Reg

Sector developments and company hires

‘Too early to tell’ for Sec Reg The European Commission has released its report on the functioning...

Keeping it competitive

Greystone's Jenna Unell, senior md in special servicing, and Rob Russell, president of special servi...

Q: Greystone recently purchased its first primary B-piece in a US$1.09bn conduit CMBS. What makes now the right time to...

Non-calls to continue?

Extension risk on the rise, particularly for non-bank issuers

Following the announcement that buy-to-let RMBS Towd Point Mortgage Funding 2019 - Auburn 13 will not be called at its f...

SCI Start the Week - 10 October

A review of SCI's latest content

Last week's news and analysis CLOs in an age of economic uncertainty A ‘Talking Point’ f...

Opening access

Demand for CLO ETFs set to rise

The popularity of CLO ETFs is set to increase, given the current rising interest rate environment. This Premium Content...

Consumer SRT launched

Santander prices significant risk transfer trade

Santander has priced a full stack significant risk transfer transaction backed by a portfolio of German unsecured consum...

Syco Entertainment lands US$125m deal

Sector developments and company hires

A landmark US$125m securitisation of intellectual property has been completed by the Simon Cowell-founded company, Syco...

Testing the waters

European ABS/MBS market update

Following last week’s record €4bn securitisation BWIC volume, European and UK ABS/MBS secondary marke...

US CRT return continues

Morgan Stanley finalizes capital relief trade

Morgan Stanley has priced a synthetic securitisation that references a portfolio of capital call facilities. The transac...

Risk transfer round up-5 October

CRT sector developments and deal news

HSBC is believed to be planning a synthetic securitisation backed by UK corporate loans. The bank’s last capit...

Full stack SRT launched

BNP Paribas executes capital relief trade

BNP Paribas has finalized the latest full stack capital relief trade from the Autonoria programme for its Spanish subsid...

Wide Arch

Pricing wider and more reinsurance in latest Arch MILN

The pricing was wider than Arch anticipated in its recent Bellemeade Re 2022-02, says the borrower. Levels across CRT...

Leibniz Institute and European DataWarehouse win grant

Sector developments and company hires

The German Federal Ministry for Education and Research has awarded a grant to the Leibniz Institute for Financial Resear...

CLOs in an age of economic uncertainty

We are currently going through a difficult economic environment – with rising interest rates, a credit squeeze...

Staying on track

Stefan Rolf, global head of securitisation and private debt at IQ-EQ, answers SCI's questions

Q: Your role was established when you joined IQ-EQ in July (SCI 19 July). Why has the new position been created and what...

SCI Start the Week - 3 October

A review of SCI's latest content

Podcast launch SCI has launched a new podcast series covering all things securitisation and engaging with some of the b...

M&G finances tech rental firm Grover via ABS deal

Sector developments and company hires

M&G has announced entry into a funding deal with the consumer-tech subscription platform, Grover. Proceeds from...

Primary stutters as secondary swamped

European ABS/MBS market update

In what has been a week of political and financial turmoil since last Friday’s UK mini-budget, two deals were...

SCI In Conversation podcast is now live!

We discuss the hottest topics in securitisation today...

In this inaugural episode of the SCI In Conversation podcast, Angela Sharda chats to KBRA European research head Gordon...

Spanish SRT launched

Magdalena six prices wider

Santander has finalized the sixth synthetic securitisation of Spanish SMEs from the Magdalena programme. The transaction...

New BMO CRT asset

BMO brings capital call facility CRT

Bank of Montreal (BMO) has added capital call facilities to its broad CRT effort in a new deal which closed yesterday (S...

Bright spots

IRA set to boost solar ABS origination

The US solar ABS market is poised for growth, following the passage of the Inflation Reduction Act (IRA) last month. In...

Split opinion

Recession considerations discussed

The jury is still out on the likely impact of next year’s forecast recession on the securitisation market. How...

BlackRock preps CLO ETF

Sector developments and company hires

BlackRock preps CLO ETF In a recent filing with the US SEC, BlackRock has disclosed that it is prepping a CLO ETF, dub...

Risk transfer round up-27 September

CRT sector developments and deal news

Standard Chartered is believed to be readying another capital relief trade of US and European corporate loans from the C...

Golden Arch

Arch sells second MILN of 2022 at wide prints

Arch has printed Bellemeade Re 2022-02, worth $201m, its second mortgage insurance-linked note (MILN) of the year. Thi...

'Specialist-squared' solution?

Renewable energy SRT challenges addressed

Banks are expected to substantially grow their lending in the renewable energy sector, driven by ambitious net-zero prog...

Adapting to change

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

Q: Ready Capital and Starz Real Estate recently formed a joint venture to originate around €300m of new commerc...

SCI Start the Week - 26 September

A review of SCI's latest content

Last week's news and analysis CRT wave continues Goldman Sachs prices leveraged loan CRT Investment slowd...

Early redemption for Spanish synthetic

Sector developments and company hires

Early redemption for Spanish synthetic Clifford Chance has advised Santander Consumer Finance regarding the early rede...

Legitimate questions

STS synthetics adoption discussed

The adoption of STS synthetic securitisation has helped legitimise the capital relief trades market. However, this Premi...

CRT wave continues

Goldman Sachs prices leveraged loan CRT

Goldman Sachs has become the first large US bank to execute a synthetic securitisation after US regulators effectively p...

Risk transfer round up-21 September

CRT sector developments and deal news

Royal Bank of Canada is believed to be readying a synthetic securitisation backed by leveraged loan exposures. The trans...

Performance triggers finalised

Sector developments and company hires

Performance triggers finalised The EBA has published its final draft regulatory technical standards (RTS) specifying t...

Singular CRT

One-off entry into CRT from PacWest

Pacific Western Bank (PWB), a $41bn Beverly Hills, California-based lender wholly owned by PacWest Bancorp, has become t...

Investment slowdown

EIF expected to reduce SRT investments this year

UniCredit and the EIB Group have finalized three synthetic securitisations that will enable UniCredit to provide &eu...

STACR six priced

Sixth low-LTV STACR of 2022 priced

Freddie Mac priced STACR 2002-DNA6, its sixth low LTV STACR of the year, on Friday (September 16) afternoon. The GSE was...

Full stack SRT priced

BDK prices SRT as banks diverge on excess spread

Bank Deutsches Kraftfahrzeuggewerbe (BDK) via its arranger Societe Generale has priced its latest full stack capital rel...

Dignity Finance restructuring mooted

Sector developments and company hires

Dignity Finance restructuring mooted UK funeral provider Dignity has launched a consent solicitation with noteholders...

CDS triggered

Russian CDS finally pays out

Russian CDS contracts have finally paid out on 12 September following months of complications given Western sanctions ag...

Branching out

Thomas Majewski, managing partner and founder of Eagle Point Credit Management, answers SCI's questi...

Q: Eagle Point recently announced its expansion into the ABS, MBS and SRT markets, which will be led by Karan Chabba as...

CMBS sickness

Rising rates imperil issuance and refinancing

CMBS issuance is expected to be down for the foreseeable future due to higher rates, wider spreads and difficulties with...

Controversial Revlon decision reversed

Sector developments and company hires

Controversial Revlon decision reversed The US Circuit Court for the Second Circuit last week reversed the controversial...

Apollo's Harris launches alternatives shop

Sector developments and company hires

Apollo’s Harris launches alternatives shop Apollo Global Management co-founder Josh Harris has launched 26Nor...

Rare sighting: the lesser spotted MILN

Essent re-opens the MILN market after five-month layoff

Essent Guaranty is in the market with the first mortgage insurance-linked note (MILN) since April. Dubbed Radnor Re 20...

Multifamily JV poaches CBRE team

Sector developments and company hires

Multifamily JV poaches CBRE team A veteran equity, debt and structured financing (EDSF) team, led by vice-chair Craig B...

Risk transfer round up-12 September

CRT sector developments and deal news

BCP is believed to be readying a synthetic securitisation backed by Portuguese SME loans alongside a CRT backed by a pol...

SCI Start the Week - 12 September

A review of SCI's latest content

Don’t miss out on your chance to be recognised in the inaugural SCI MM CLO Awards! The submissions deadline is...

Risk transfer wave

Leveraged loan CRTs pick up

Synthetic securitisations backed by leveraged loan exposures have witnessed a significant pick up this year from both US...

Setting the tone

European ABS/MBS market update

As the much-anticipated September restart begins to materialise, one deal managed to reopen the European and UK ABS/MBS...

Full stack SRT prepped

BDK readies capital relief trade

Bank Deutsches Kraftfahrzeuggewerbe (BDK) is marketing a full stack capital relief trade that references a static &e...

Risk transfer round up-8 September

CRT sector developments and deal news

Deutsche Bank is believed to be marketing a synthetic securitisation of corporate loans from the CRAFT programme. This w...

Sustainable Fitch launches Leveraged Finance ESG Scores

Sector developments and company hires

Fitch Group’s ESG hub, Sustainable Fitch, has announced the launch of its ESG Scores for Leveraged Finance &am...

Reinsurance roll call

Call for new counterparties to avoid CRT overcapacity and widening prices

The reinsurance market has thus far soaked up the CRT extra volume thrust its way this year, but unless new names enter...

Improved expectations

Moody's raises EMEA corporate outlook

Russia's decision to shut off the Nord Stream one gas pipeline has increased the risk of further cuts to Russian...

Risk transfer round up-2 September

CRT sector developments and deal news

JP Morgan is believed to have delayed the execution of a synthetic securitisation of leveraged loans until allegedly mar...

SME funding partnership inked

Sector developments and company hires

SME funding partnership inked SME Capital and JPMorgan have agreed a new funding partnership dedicated to supporting...

Supply story

Helpful technicals boost GSE CRT performance

CRT assets performed well for the second month in succession during August, boosted by supportive technical factors. T...

Active autumn?

European ABS/MBS market update

The European and UK ABS/MBS primary market looks set for an active autumn after a lacklustre August. The visible pipelin...

S&P Global bolsters private markets offering

Sector developments and company hires

S&P Global has announced the acquisition of the private markets data solutions provider, Private Market Connect...

FFELP forgiveness miss

Student debt relief impact 'unclear'

The Biden Administration last week unveiled its Student Debt Relief Plan, which will cancel up to US$10,000 of federal s...

The HEAT is on

Subprime auto ABS to feel impact of court ruling

The subprime auto loan ABS market is likely to the first in which the full ramifications of April’s landmark H...

Concentrations hedged

Deutsche Bank closes leveraged loan SRT

Deutsche bank has finalized a 7.5-year synthetic securitisation that references a revolving US$2bn portfolio of US and E...

Leadership shake-up at Intrum

Sector developments and company hires

Intrum says it has reached an agreement with Anders Engdahl, who will step down from his position as president and ceo o...

Flexible allocation

Bond buckets on the rise

High yield bond (HYB) holdings across US CLOs continue to rise, following their reintroduction in October 2020. A new Fi...

Reciprocal relationship

Increased market volatility has raised asset allocator demand for private credit strategies, particularly structured cre...

BMO CRT launched

BMO completes capital relief trade

Bank of Montreal has finalized a US$286m financial guarantee that references a revolving US$4.4bn portfolio of North Ame...

UCITS cat bond index touted

Sector developments and company hires

Plenum Investments has released a catastrophe bond market study and index family, with the aim of providing investors wi...

Not fit for purpose

EIOPA conclusions 'conceptually flawed'

Following its consultation paper in response to the European Commission’s call for advice on the review of the...

SCI Start the Week - 22 August

A review of SCI's latest content

Don’t miss out on your chance to be recognised in this year’s SCI CRT Awards! The submissions deadli...

Insurance assurance

Christopher Freeze, senior md and head of investor relations at Churchill Asset Management, answers ...

Q: Churchill closed its inaugural collateralised fund obligation (CFO) last month. The US$700m transaction will invest a...

CDS volumes soar

CDS notional volumes break half year record

CDS notional volumes for 1H22 have surpassed the previous high peak which occurred in 1H20 at the height of the coronavi...

L-Street open?

Prior buyers hopeful L-Street will go live again, others sceptical

Fannie Mae is unlikely to re-open the L-Street Securities lender risk-sharing scheme, believe experienced CRT market pla...

US CRT return?

US impasse raises corporate and leveraged loan CRT prospects

US synthetic securitisation issuance has stalled after supervisors effectively put the market on hold (SCI 9 August). US...

ADB co-financing agreement inked

Sector developments and company hires

ADB co-financing agreement inked The Asian Development Bank (ADB) has signed an agreement with five global insurers tha...

Tangible benefits

Ali Ben Lmadani, founder and ceo of ABL Aviation, argues that aircraft are the inflation-beating ass...

Central banks across the globe are tightening monetary policy to curb the highest inflation rate in more than four decad...

Proportional representation

Scaling factor suggested for capital charges

A new Risk Control paper puts forward a scaling factor as a more risk-sensitive method of calibrating capital formulae u...

MBS social index proposed

Sector developments and company hires

Fannie Mae has published a proposed methodology for single-family social disclosure, which aims to provide MBS investors...

BMO busy

Canadian lender in SRT market with third Algonquin of 2022

Bank of Montreal (BMO) is in the market with Algonquin 2022-03, its third securitization from this platform this year. ...

Unexpected update

Recognition of EU STS securitisations to be extended

Securitisation regulation in the UK has received a surprise amendment, following the publication last month of the new F...

Latvian auto ABS debuts

Sector developments and company hires

Signet Bank has launched the first securitisation in Latvia, in cooperation with car leasing company Primero. The bank s...

SCI Start the Week - 15 August

A review of SCI's latest content

Last week's news and analysis Exposure value disclosed EBA releases long awaited excess spread consultation ...

Symbiotic relationship

'Recharacterisation' underway for European ABS

The paucity of European publicly placed securitisations in recent months, against a backdrop of challenging conditions,...

DLT powers bank subordinated debt deal

Sector developments and company hires

DLT powers bank subordinated debt deal Blockchain-powered fixed income platform Brightvine and Angel Oak Capital Adviso...

MILN revival?

Narrowing spreads and diminished volatility to give CPR to MILNs

The mortgage insurance-linked note (MILN) market, which has languished in the doldrums for the best part of 2022, is set...

Exposure value disclosed

EBA releases long awaited excess spread consultation

The European Banking Authority has published its long-awaited consultation regarding regulatory technical standards pert...

Angel Oak censured for fix-and-flip RMBS

Sector developments and company hires

The US SEC has charged Angel Oak Capital Advisors and its portfolio manager Ashish Negandhi for misleading investors abo...

Hedging eyed

Goldman Sachs expected to hedge leveraged loans

Last week SCI revealed an alleged synthetic ABS from Goldman Sachs (SCI 5 August), but further information has now been...

Risk transfer round up-10 August

CRT sector developments and deal news

Eurobank is believed to be readying a capital relief trade of Greek shipping loans for 2H22. The alleged transaction fol...

Regulatory block

US CRT sector is becalmed and regulators are to blame, say sources

US regulators have blocked regulatory capital relief trades at a time when the mechanism would be of particular value to...

RFC issued on SES proposals

Sector developments and company hires

The EBA has launched a public consultation on its draft regulatory technical standards (RTS) on the determination by ori...

SCI Start the Week - 8 August

A review of SCI's latest content

Last week's news and analysis Asset rich WAB loves CRT Fast-growing Western Alliance Bank at forefront of US...

STS homogeneity disclosed

Homogeneity criteria for STS SRTs revealed

The European Banking Authority has published its long-awaited consultation regarding the regulatory technical standards...

London Bridge broadens ILS capabilities

Sector developments and company hires

Lloyd’s has received regulatory approval from the UK PRA and FCA to set up a second Protected Cell Company (PC...

Risk transfer round up-5 August

CRT sector developments and deal news

Goldman Sachs is believed to be planning a synthetic securitisation for 2H22. The transaction would be the bank&rsqu...

Asset rich WAB loves CRT

Fast-growing Western Alliance Bank at forefront of US CRT

Prodigious asset growth in the last five years has propelled Western Alliance Bank (WAB) into a prominent position in th...

Voya to acquire Czech Asset Management

Sector developments and company hires

Voya Investment Management has signed a definitive agreement to acquire private credit asset manager dedicated to the US...

Germany's auxmoney secures €500m funding

Sector developments and company hires

The German digital-lending platform auxmoney has secured a further €500m in funding for investment into consume...

Downward trend

iTraxx passes peak and heads downwards

The Markit itraxx Europe Index has now passed a mid-July peak following rising levels throughout the year. The latter ha...

NPL Markets reveals new partnership agreement

Sector developments and company hires

NPL Markets has announced a new partnership agreement with World Bank Group member, International Finance Corporation (I...

Freddie charts fresh waters

Inaugural June ACIS trade, dubbed AFH1, tackles loan warehouse capital charge

The innovatory AFH ACIS reinsurance transaction, unveiled by Freddie Mac in June and designed to reduce capital...

SRT boost

SRTs thrive as focus shifts to loan-by-loan analysis

Significant risk transfer transactions have been thriving relative to other securitisation asset classes since they can...

Risk transfer round up-1 August

CRT sector developments and deal news

BCP is believed to be rebooting a synthetic securitisation of polish corporate and SME loans that the lender was expecte...

SCI Start the Week - 1 August

A review of SCI's latest content

Call for MM CLO Awards Submissions The submissions period has opened for the 2022 SCI Middle Market CLO Awards &nda...

TCB test

Chapter 11 filing by TCB debtor puts CRT structure to the test

Texas Capital Bank (TCB) is facing a test of the structure of the CRT it brought in March last year, following the June...

Portfolio boost

BNP Paribas completes synthetic ABS

BNP Paribas has finalized a seven year €663m mezzanine tranche that references a €13bn global...

RFC issued on homogeneity RTS

Sector developments and company hires

The EBA has launched a public consultation on draft regulatory technical standards (RTS) specifying the criteria for the...

Last week of term?

European ABS/MBS market update

As July comes to an end, the European and UK primary ABS/MBS markets are looking forward to the summer hiatus after a di...

On the cards

Credit card ABS strength likely to attenuate into 2023

The resilience of the credit card ABS market in the face of rampant inflation has surprised analysts, but delinquency ra...

Securitised products business under review

Sector developments and company hires

During its 2Q22 financial results presentation yesterday, Credit Suisse disclosed that it has been conducting a strategi...

Shipping SRT debuts

Piraeus Bank launches landmark shipping SRT

Piraeus Bank has finalized a US$50m mezzanine tranche that references a US$650m Greek shipping portfolio. The transactio...

Risk sharing facility disclosed

Caixabank inks SRT as risk sharing scheme revealed

Caixabank and the European Investment Bank group have finalized a €112.5m first loss financial guarantee that r...

Risk transfer round up-26 July

CRT sector developments and deal news

Santander is believed to be readying a synthetic securitisation backed by a pan-European portfolio of commercial real es...

Trade finance tokens unveiled

Sector developments and company hires

Trade finance tokens unveiled Tradeteq has selected XinFin’s XDC Network to launch TRADA tokens, believed t...

SCI Start the Week - 25 July

A review of SCI's latest content

Last week's news and analysis Capital call CRT WAB sells subscription CRT to Blackstone Changing percepti...

Fannie will, Freddie won't

Fannie Mae to place less CAS than predicted, sells another two CIRT deals

While Fannie Mae confided at this week’s SFA conference in Las Vegas that 2022 CAS issuance will be less than...

Capital call CRT

WAB sells subscription CRT to Blackstone, say sources

In addition to its recent CRT deal derived from mortgage assets, Western Alliance Bank (WAB) has been in the market very...

Nordic SRT finalized

Nordea executes synthetic ABS

Nordea, PGGM and Alecta have finalized an STS synthetic securitization that references a €2.5bn portfolio of No...

Golden opportunity?

Basel 4 raises Japanese SRT prospects

Japanese banks have historically been well-capitalised, but implementation of the Basel output floors could change this....

Risk transfer round up-21 July

CRT sector developments and deal news

Societe Generale is believed to have closed a synthetic securitisation backed by French SME loans. The bank’s...

Changing perceptions

Need for liquidity supporting TRS growth

Rapid growth in trade receivables securitisation (TRS) volumes has been accompanied by an apparent change in perception...

Relative rebound

European ABS/MBS market update

The penultimate week of July has seen activity rebound in the UK and European ABS/MBS primary markets. Although no widel...

'Penalising' RBC proposal criticised

Sector developments and company hires

‘Penalising’ RBC proposal criticised The LSTA has submitted a comment letter to the NAIC expressing...

SME SRT launched

BBVA executes synthetic ABS

BBVA and the EIB group have completed a €54m first loss financial guarantee under the European Guarantee Fund....

ICE launches ESG Geo-Analyzer

Sector developments and company hires

Intercontinental Exchange (ICE) has launched its ICE ESG Geo-Analyzer tool to better help analyse portfolios of both com...

Digital revolution?

Claira co-founder, Eric Chang, and co-founder and advisor, Joe Squeri, answer SCI's questions

Q: Claira, the document intelligence fintech, recently announced its collaboration with Citi to help boost digital trans...

Portfolio selection

Credit Benchmark publishes innovative CRT report

Credit Benchmark has published a report that introduces a novel approach to portfolio selection and risk assessment in c...

Risk transfer round up-19 July

CRT sector developments and deal news

Santander has exercised an early termination for a synthetic securitisation of commercial real estate loans that the ban...

SCI Start the Week - 18 July

A review of SCI's latest content

Last week's news and analysis Administrative burden CLOs caught in disclosure crosshairs Climate impact r...

Administrative burden

CLOs caught in disclosure crosshairs

US CLO managers are facing potential disruption from new disclosure requirements proposed by the US SEC in February. The...

ABS CDO manager replaced

Sector developments and company hires

Dock Street Capital Management has replaced Dynamic Credit Partners (as successor to Petra Capital Management, the origi...

Looking for labels

Second-party opinions gaining traction

A total of 17 securitisations with second-party opinion (SPO) labels have been issued in Europe since 2016. With ESG fac...

Prepayments on the cards

FFELP loan cancellation widely anticipated

President Biden is widely expected to introduce a large-scale student loan forgiveness programme ahead of the US mid-ter...

SME guarantee inked

Sector developments and company hires

The EIB Group has provided RLB Steiermark with a guarantee for a €60m mezzanine tranche of a synthetic securiti...

Making hay

New equilibrium for Australian securitisation market

In contrast to Europe and the UK, the Australian securitisation market is continuing to see healthy issuance activity, d...

Landmark APAC SRT launched

Standard Chartered prints capital relief trade

Standard Chartered, PGGM and Alecta have finalized a synthetic securitisation that references a US$1.5bn portfolio of As...

GSE NPL sales tallied

Sector developments and company hires

Fannie Mae and Freddie Mac sold 154,972 non-performing loans with a total unpaid principal balance (UPB) of US$28.7bn du...

Expiration concerns

Questions raised over the end of HAPS

The Greek HAPS programme is set to expire in October, having helped to considerably reduce the non-performing exposures...

Climate impact revealed

ECB releases climate stress tests

The European Central Bank has released its long-anticipated climate stress tests. The exercise shows €70bn in c...

Call for proportionality in ABS framework

Sector developments and company hires

AFME ceo Adam Farkas has written to the European Commission, calling for better proportionality in the securitisation fr...

Landesbank pick up continues

Helaba debuts capital relief trade

Helaba, PGGM and Alecta have executed an STS synthetic securitisation that is backed by a Є2.1bn portfolio of...

Uncertainty prevails

Macroeconomic backdrop in focus

Thus far, 2022 has experienced some turbulent and choppy market conditions. Although poor performance has not yet affect...

Aviva Investors appoints HSBC and Mount Street Group

Sector developments and company hires

HSBC and Mount Street have entered into a ten-year strategic agreement to service Aviva Investors’ £...

Greek SRT launched

Alpha bank executes capital relief trade

Alpha Bank has executed a synthetic securitisation that references a €650m portfolio of Greek corporate and SME...

SCI Start the Week - 11 July

A review of SCI's latest content

Call for SCI CRT Awards 2022 submissions The submissions period has opened for the 2022 SCI CRT Awards – cove...

Consumer SRT prints

Klarna debuts capital relief trade

Nordic consumer lender Klarna has finalized a synthetic securitisation backed by a portfolio of German buy now pay later...

Arrow Global hires new leader for Finance Servicing Unit

Sector developments and company hires

Arrow Global has appointed Reza Atighi as new ceo to its Amersfoort-based Vesting Finance Servicing in the Netherlands....

Greek SRT debuts

Piraeus Bank launches first Greek synthetic RMBS

Piraeus Bank has finalized three financial guarantees, two backed by wholesale loans and one by residential mortgages. T...

A&M move forward with new development

Sector developments and company hires

Alvarez & Marsal’s (A&M) inaugural efforts as sole arranger have secured a breakthrough for Po...

MBS falter

US MBS issuance set to tumble as refi rates collapse

There is increasing evidence that US mortgage refinancing is dropping fast, which, in turn, will reduce MBS issuance fro...

Risk transfer round up-6 July

CRT sector developments and deal news

Commerzbank is believed to be readying a significant risk transfer transaction that is expected to close in 2H22. The Ge...

What is the future of the CRE market?

Despite the fluctuations in the capital markets this year, European warehouse funding for granular, small and medium bal...

WAB trio

Western Alliance Bank surfaces in CRT market for the third time

Western Alliance Bank (WAB) has sold another capital relief trade – its third since its debut last year &n...

Landmark SRT finalized

Getin Noble bank launches synthetic ABS

Getin Noble Bank has completed a PLN 502m (GBP £92m) funded first loss guarantee that references a static port...

Ready to launch

Allica Bank ramps up securitisation machine

Allica Bank has hired Jeremy Hermant as its head of capital markets. The new role will maintain a focus towards securiti...

Bluerock introduces new credit fund

Sector developments and company hires

Bluerock is set to launch a new CLO interval fund in partnership with WhiteStar, who will serve as sub-advisor, which of...

Pre-summer comeback?

European ABS/MBS market update

With one deal pricing, the UK and European ABS/MBS markets reopened this week. As the summer break is fast approaching,...

SCI NPL Securitisation Awards: Contribution to Market Development

Winner: NPL Markets

Over 750 portfolios have now been onboarded to NPL Markets’ one-stop-shop reporting, trading and analysis plat...

Over the HIL?

Home improvements drive resurgence in HELOC RMBS

Total spending on home improvements and repairs in the US reached US$369bn in 2021, an increase of 9.4% year-over-year,...

SCI NPL Securitisation Awards: Service Provider of the Year

Winner: Scope Ratings

Scope Ratings has a strong footprint in the European non-performing loan ABS market, ranking as SCI’s Service...

Risk transfer round up-30 June

CRT sector developments and deal news

Santander is believed to be readying a synthetic securitisation backed by SME loans from the Magdalena programme. The la...

SCI NPL Securitisation Awards: Law Firm of the Year

Winner: Orrick

Orrick, Herrington & Sutcliffe is recognised as Law Firm of the Year in SCI’s NPL Securitisat...

All eyes on FHFA

New GSE fee for joint offerings puts FHFA under pressure

Pressure is mounting on the Federal Housing Finance Authority (FHFA) to amend the capital treatment meted out t...

Better methods?

New definitions for green, social securitisations

ICMA has released new definitions for green and social securitisations, together with additional resources for climate t...

UTP agreement inked

Sector developments and company hires

UTP agreement inked UniCredit and Prelios have signed an agreement for the specialised management of unlikely-to-pay (...

CRT v CLOs

Vast 2022 spread widening makes CRT look cheap to CLOs

CRT debt has widened so much this year that it now offers better value than most other structured finance products, incl...

SCI NPL Securitisation Awards: Arranger of the Year

Winner: Morgan Stanley

A leading position in the public and private markets, combined with a strong link to innovation ensured Morgan Stanley i...

SCI NPL Securitisation Awards: Advisor of the Year

Winner: Alantra

Alantra Credit and Portfolio Advisory (CPA) has won the Advisor of the Year category in SCI’s NPL Securitisati...

SRT debut

BP Sondrio launches capital relief trade

Banca Popolare di Sondrio and the European Investment Bank group have finalized a €48m junior guarantee that re...

SCI NPL Securitisation Awards: Servicer of the Year

Winner: Intrum

Intrum boasts a presence in 24 European non-performing loan markets and a collection capacity in 160 partner countries,...

SCI NPL Securitisation Awards: Investor of the Year

Winner: Cerberus Capital Management

In recognition of its resources, relationships and scale, Cerberus Capital Management has won the Investor of the Year c...

Corporate SRT launched

Raiffeisen executes corporate SRT

Raiffeisen has executed a €100m unfunded mezzanine guarantee that references a blind €1.8bn portfolio...

SCI NPL Securitisation Awards: Issuer of the Year

Winner: Intesa Sanpaolo

Intesa Sanpaolo has won the Issuer of the Year category in SCI’s NPL Securitisation Awards. Intesa has confirm...

SCI NPL Securitisation Awards: Innovation of the Year

Winner: Retiro Mortgage Securities

Innovation in securitisation doesn’t always represent an overt major leap forward; much like the market itself...

SCI NPL Securitisation Awards: Transaction of the Year

Winner: Project Galaxy

Project Galaxy has won the Transaction of the Year category in SCI’s NPL Securitisation Awards. The deal marks...

Chain reaction

US container and railcar ABS examined

Global supply chain issues could continue to support US container and railcar ABS. However, as this Premium Content arti...

Full stack return

BBVA launches capital relief trade

BBVA has finalized a full stack significant risk transfer transaction backed by a static €1.2bn Spanish auto lo...

Suit filed over alleged CMBS fraud

Sector developments and company hires

Suit filed over alleged CMBS fraud Kasowitz Benson Torres, as counsel to investment vehicles associated with Carl Icahn...

Cost of living concerns

Inflation pressures to push up UK RMBS arrears

The cost of living is increasing at a rate not seen for decades, as consumer price inflation is on the rise and monetary...

SCI Start the Week - 27 June

A review of SCI's latest content

Last week's news and analysis Changing the paradigm De-risking NPLs and democratising fixed income through d...

Quantifi considers

Quantifi founder Q&A on 20th anniversary of firm

Quantifi, the provider of risk, analytics and trading solutions, recently celebrated its 20th anniversary. Founder an...

PineBridge sub-advised CLO ETF unveiled

Sector developments and company hires

VanEck has launched an actively managed CLO ETF, dubbed CLOI, which is sub-advised by PineBridge Investments. The fund a...

ESG evolution

European CLO docs continue to evolve

European CLO documentation continues to evolve with the increasing inclusion of ESG policies (SCI passim). Positive scre...

Risk transfer round up-23 June

CRT sector developments and deal news

UniCredit is believed to have executed a synthetic securitisation backed by corporate loans. The bank’s last s...

Changing the paradigm

John Pellew, principal, distribution and securitisation at Arrow Global, argues that it is possible ...

In isolation and in the absence of mitigating factors, non-performing loan and distressed assets are inherently high-ris...

USS launches maiden ABS mandate

Sector developments and company hires

Universities Superannuation Scheme (USS), the UK’s largest private pension scheme by way of assets, has launch...

Corporate SRT finalized

Credit Agricole prices capital relief trade

Credit Agricole has finalized a significant risk transfer transaction that references a portfolio of corporate loans. Th...

Stable outlook persists

Moody's maintains stable default outlook

Moody’s has maintained its default outlook below the 4.1% long term average for annual global speculative corp...

NPL ABS line-up finalised

European NPL Securitisation Awards to debut

SCI’s 4th Annual NPL Securitisation Seminar is taking place in-person on 27 June at Centro Congressi Stelline...

SCI Start the Week - 20 June

A review of SCI's latest content

FREE SCI special issue Published for IMN’s Global ABS 2022 – includes recent news, premium content...

European CLO structures: Are the foundations changing?

James Smallwood, senior associate at Allen & Overy, examines whether the foundations are changing for European C...

EIOPA consults on securitisation review

Sector developments and company hires

EIOPA has published a consultation paper in response to the European Commission’s call for advice (CfA) to the...

Industry CLO e-trading platform unveiled

Sector developments and company hires

Citi and Bank of America, joined by Credit Suisse, Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo and Moody&rs...

Goodbye and good luck

Steve Gandy, md at Santander, reflects on a 30-year career in securitisation ahead of his retirement

Asked about the day after his forthcoming retirement, Steve Gandy, md at Santander, mildly remarks that a ‘&am...

Risk transfer return

European CRE SRT finalized

SCI can reveal details of a transaction that Intesa Sanpaolo executed at the end of March this year. Dubbed, GARC CRE on...

SCI Start the Week - 13 June

A review of SCI's latest content

Last week's news and analysis Doing the right things BCMGlobal Mortgage Services answers SCI's quest...

Risk transfer reboot

Synthetic CRE issuance picks up

Significant risk transfer transactions backed by commercial real estate loans are finally picking up following the final...

Aon hires new strategic growth leader

Sector developments and company hires

Aon has named Joanna Parsons as strategic growth leader of UK capital advisory within the firm’s reinsurance s...

Doing the right things

Mark Davies, md, BCMGlobal Mortgage Services, answers SCI's questions

Q: How and when did BCMGlobal become involved in the securitisation market? A: BCMGlobal services £3.2bn of s...

Migrating transactions

'Seamless' switch for CLO domiciles

The switch from the Cayman Islands to alternative domiciles, following the European Commission’s listing of th...

Opportunity knocks

Debut RPL ABS could be first of many

The first publicly rated European unsecured reperforming loan ABS hit the market in April. With Covid-induced moratorium...

Open house

European CRE lending continues to diversify

A combination of growth in specialist lenders and the tightening of commercial real estate lending standards triggered b...

Fannie's six

GSE prints 6th CAS deal of 2022

Fannie Mae has priced a $754m CAS REMIC, its sixth such transaction of the year to date, designated CAS 2022-R06. The...

Landmark Hong Kong cat bond closed

Sector developments and company hires

Peak Re has closed a US$150m 144a catastrophe bond via Black Kite Re, marking the first-ever such deal issued by a Hong...

Goodbye convention?

Demand for inclusive credit scoring intensifies

Institutional investors have joined the charge of securitisation professionals demanding more inclusive credit scoring m...

SCI Start the Week - 6 June

A review of SCI's latest content

Last week's news and analysis Crash landing Aircraft ABS market papering over the cracks, say critics Fit...

Risk transfer comeback

Santander completes US auto SRT

Santander has finalized a synthetic securitisation that references a US$4.76bn portfolio of US auto loans. Dubbed SB Aut...

Ramping up

Santander adds ramp-up feature in new SRT

Santander has finalized a €108m synthetic securitisation that references a €1.25bn portfolio of Portug...

MidOcean bags PE bigwig

Sector developments and company hires

Erik Oken has joined MidOcean Partners as chairman of its private equity business, based in New York. He will work direc...

Crash landing

Aircraft ABS market papering over the cracks, say critics

There are gaping fault lines in the aircraft ABS market which the industry is doing little to solve, say some investors...

Franklin Templeton to acquire Alcentra from BNY Mellon

Sector developments and company hires

Franklin Templeton is set to acquire the European credit and private debt manager, Alcentra, from BNY Mellon. The acquis...

Fit for purpose?

ESAs urged to revive securitisation market

AFME and Paris Europlace have jointly called for the European Commission and co-legislators to step up efforts to finali...

SCI Start the Week - 30 May

A review of SCI's latest content

Last week's news and analysis Climate impact disclosed Bank of England releases climate stress tests Dive...

Slow and steady

Dutch auto ABS to remain stable as car ownership declines

Adoption of Mobility as a Service (MaaS) in the Netherlands could lead to the end of individual car ownership for the co...

Restructuring event?

Yandex restructuring event rejected

The credit derivatives determinations committee has declined to consider the question of whether a restructuring credit...

Climate impact disclosed

Bank of England releases climate stress tests

The Bank of England has released its highly anticipated climate stress tests which show that UK bank balance sheets can...

El Clásico?

Groundbreaking AV bond closes

CVC Capital Partners has closed an innovative hybrid transaction backed primarily by revenues from audio-visual (AV) rig...

Call for more 'hard' credit enhancement

Sector developments and company hires

The rise in Euribor swap rates will lead to materially lower excess spread for euro-denominated consumer ABS that close...

Portfolio progress

Business model rethink continues apace

The trend of banks rationalising their business models continues apace across Europe. This Premium Content article explo...

Retail woes

Euro CMBS divergence continues

A new Scope Ratings report shows that European commercial real estate valuations have generally increased across the boa...

Office sector concerns

The return to work has brought arguably more uncertainty than the initial transition to working from home, explains Stev...

Risk transfer round up-24 May

CRT sector developments and deal news

HSBC is believed to be readying a synthetic securitisation backed by derivatives exposures. The bank’s last si...

Arnold & Porter hires new partner

Sector developments and company hires

Arnold & Porter welcomes a new partner to its corporate and finance practice in New York in a move to bolster it...

Diversification eyed

Investors target derivative backed SRTs

Investors are targeting synthetic securitisations backed by derivatives exposures for diversification purposes as compet...

Wilmington Trust adds new hires

Sector developments and company hires

Wilmington Trust has announced a further expansion to its CLO and loan administration division with three new senior hir...

SCI Start the Week - 23 May

A review of SCI's latest content

Last week's news and analysis Accelerating change NPL ABS evolution gathers pace Accountability required ...

Fannie prints fifth CIRT of 2022

CIRT and ACIS ride high

Fannie Mae has completed its fifth CIRT transaction of 2022, designated CIRT 2022-5, the GSE announced today (May 20). ...

Complex picture

European ABS/MBS market update

With two deals being pulled in the space of a week, the European ABS/MBS markets are facing thorny times. The current co...

Climate countdown

Green SRT challenges highlighted

A green synthetic securitisation framework remains lacking, despite the current regulatory focus on ESG. This Premium Co...

Accelerating change

NPL ABS evolution gathers pace

Regulatory change in the European non-performing loan securitisation market has picked up speed over the last month, wit...

Stonehill announces leadership additions

Sector developments and company hires

Stonehill is set to expand its commercial lending business with four new senior executive hires to its leadership team....

Capital boost

European banks ready for cycle turn

European banks are equipped against a deterioration of the business cycle according to new research, with Nordic banks s...

Time for the European CRE CLO to prepare for take-off

If all indicator lights hold true, then the European CRE CLO market is primed and ready for take-off, explains Iain Balk...

Juicy CRT

Historical wides entice fast money

Spread levels in GSE CRT securities at the bottom end of the capital stack are now so cheap relative to comparable ABS a...

Principles-based cybersecurity approach urged

Sector developments and company hires

The SFA has responded to the US SEC’s proposed new rules to enhance and standardise disclosures made by public...

Transportation investment platform founded

Sector developments and company hires

Onex has established a new platform focused on investing in transportation-related assets used for land, air, marine and...

Risk transfer round up-16 May

CRT sector developments and deal news

Credit Agricole and Societe Generale are both believed to be readying synthetic securitisations backed by leveraged loan...

Accountability required

Further transparency needed for ESG CLOs

CLOs are said to be the perfect vehicle for ESG selection criteria, due to the nature of the asset class. However, calls...

SCI Start the Week - 16 May

A review of SCI's latest content

Last week's news and analysis Better bid REO online auctions gaining traction PIMCO push Kruzel hire sug...

New path

Mexican securitisation marks firsts for StepStone

Global private markets firm StepStone has structured a US$102.5m public offering of a securitised portfolio of direct lo...

Reinsurance resurgence

The CRT reinsurance market takes larger share of risk

Mortgage reinsurance through the ACIS and CIRT programmes is becoming an increasingly important part of the GSE CRT land...

Better bid

REO online auctions gaining traction

The three most active US CMBS special servicers sold 125 commercial real estate assets via online auctions in 2020 and 2...

PIMCO push

Kruzel hire suggests new SRT focus

Mark Kruzel has joined PIMCO as a senior vice president in the new capital markets group (PCM), according to an internal...

'Investor-friendly' features introduced

Sector developments and company hires

Rising interest rates and widening spreads have spurred changes in US non-prime RMBS structures that introduce investor-...

Stagflation risks disclosed

Airlines at risk from inflation

Fitch Ratings has carried out a sensitivity analysis of 25 global corporate sectors to an adverse macroeconomic scenario...

Servicer strategies

BNPL affordability dynamic eyed

The rapid growth of the buy now, pay later (BNPL) sector (SCI 25 March), coupled with heightened costs of living, is alt...

Risk transfer round up-9 May

CRT sector developments and deal news

Unicredit is believed to be readying a synthetic securitisation backed by corporate loans. The Italian lender’...

ITRN 'club deal' debuts

Sector developments and company hires

NN Investment Partners (NN IP) has launched the first vintage of a customised solution to invest in trade finance throug...

SCI Start the Week - 9 May

A review of SCI's latest content

Last week's news and analysis Consolidation considerations CLO manager acquisition activity set to continue ...

Risk transfer expansion

MUFG finalizes synthetic securitisation

SCI can reveal details of a transaction that MUFG Bank finalized at the end of March. Dubbed Monolith two, the US$210m f...

Risk transfer round up-6 May

CRT sector developments and deal news

Deutsche Bank is believed to be readying a synthetic securitisation backed by leveraged loans. Meanwhile, Credit Agricol...

ICE to acquire Black Knight

Sector developments and company hires

Intercontinental Exchange (ICE) is set to acquire the software, data, and analytics company, Black Knight. Unan...

Warehouse woes?

Turnkey solution offered amid labour shortages

US mortgage warehouse lenders face an increasing competitive landscape, with labour shortages posing an additional chall...

More multifamily

Workforce housing in focus amid affordability crisis

Increased focus by Fannie Mae and Freddie Mac on targeted affordable housing appears to be yielding powerful results amo...

New CAS, tighter spreads

Fannie prints fifth CAS of 2022

Fannie Mae priced CAS 2022-R05, its fifth CAS of the year, this afternoon, the GSE reported. The $952m four tranche no...

Consolidation considerations

CLO manager acquisition activity set to continue

CLO manager consolidation is expected to continue, following a marked rise in acquisition activity in Q1 this year. Howe...

UHNW securitisation under scrutiny

Sector developments and company hires

UHNW securitisation under scrutiny Pomerantz has filed a class action lawsuit against Credit Suisse Group and certain...

Risk retention

RTS welcomed with caveats

The EBA’s regulatory technical standards (RTS) on securitisation risk retention requirements stipulates provis...

CAS continuity

Fifth CAS of 2022 in the market

Fannie Mae is in the market with another CAS REMIC deal, designated CAS 2022-R05, according to reports. Wells Fargo an...

Risk transfer round up-29 April

CRT sector developments and deal news

JPMorgan and Nordea are believed to be arranging a significant risk transfer transaction backed by consumer loans for No...

MSCI and MarketAxess collaborate

Sector developments and company hires

MSCI has announced its entry into a strategic collaboration with MarketAxess to establish new portfolio analytics soluti...

A buyer's market

European ABS/MBS market update

Following a flurry of deal announcements (SCI 22 April 2022), the primary European and UK ABS/MBS markets were extensive...

Distribution normalization

Pre-pandemic capital distributions return

European banks have built up a fair amount of capital during the last two years and are in a relatively good position to...

Another Algonquin

BMO brings SRT trade referencing NA corporate loans

Bank of Montreal is back in the market with another SRT trade priced off its Algonquin platform, designated Algonquin Se...

Lift off

Credit Suisse completes SRT

Credit Suisse has finalized a synthetic securitisation that references a granular and blind Sfr3.5bn `portfolio...

Risk transfer round up-27 April

CRT sector developments and deal news

Credit Agricole is believed to be readying a synthetic securitisation that is backed by corporate and commercial real es...

Annaly Capital Management to sell middle market lending portfolio

Annaly Capital Management has announced its entry into an agreement to sell its middle market lending portfolio to the g...

The Importance of ESG in credit ratings

Matthew Mitchell, senior director at S&P Global Ratings, explains why ESG is becoming an increasingly important...

Basel challenges highlighted

SRT market calls for transitional relief

The European Commission incorporated the December 2017 Basel three rules into EU law last year including the famous outp...

SRT expansion

Chorus to broaden focus with new hire

Chorus Capital has hired former ArrowMark portfolio manager Juan Grana. Grana will be joining the firm as Managing Direc...

Transatlantic hurdles

CLO managers aim to overcome infrastructure issues

CLO managers are increasingly tapping transatlantic opportunities. However, risk retention financing and transparency re...

Fasten your safety belts

Aircraft ABS set for further turbulence

The fallout from the Ukraine crisis is likely to affect the entire aircraft ABS market, rather than simply those deals w...

Ex-employees resurrect Highland

Sector developments and company hires

Ex-employees resurrect Highland A trio of former senior Highland Capital Management portfolio managers have resurrected...

Full steam ahead

European ABS/MBS market update

With seven deals marketing, the European and UK primary ABS/MBS markets are set for bustling days ahead. While the marke...

ESG cat bond fund launched

Sector developments and company hires

Paschal Brooks and Justin Hull have co-founded Sustain ILS Management. Headquartered in New Jersey, the firm is an indep...

New name

Dutch auto lease ABS debuts

Hiltermann Lease is in the market with a rare Dutch auto ABS. The lender’s inaugural transaction, dubbed Hill...

17Capital closes largest debut private credit fund

Sector developments and company hires

17Capital has closed its inaugural NAV lending fund with €2.6bn in capital raised, exceeding its €1.5b...

Risk transfer line-up finalised

North American CRT in focus

SCI’s 6th Annual Risk Transfer & Synthetics Seminar is taking place in-person on 27 April at the New Y...

Dead CIRT

Fannie Mae places 4th CIRT of 2022

Fannie Mae has placed its fourth CIRT deal of 2022, a little over a week after its fourth CAS transaction of the year, t...

Large Algonquin

BMO prices first Algonquin SRT since 2020

Bank of Montreal has priced and settled Algonquin 2022-1, its first deal off this platform since January 2020, say sourc...

Risk transfer return

BMO finalizes Canadian CRE SRT

Bank of Montreal has finalized a five-year financial guarantee backed by a revolving C$2.1bn portfolio of Canadian comme...

Finding funding

European solar ABS tipped for acceleration

Securitisation could play a vital role in funding the European energy transition, with households likely to bear the bru...

Legacy issues

STS amendments prove challenging

The amendment of legacy synthetic securitisations into STS compliant trades has proven to be a much more challenging pro...

Landmark ruling

HEAT decision "watershed" for RMBS litigation

The New York Court of Appeals last month issued a landmark ruling in a case involving US Bank National Association versu...

SRT hedge eyed

Index tranches mulled as synthetic ABS hedge

Investors have been concerned about negative convexity in credit markets as ultra-low spreads and inflationary pressures...

Amended risk retention RTS published

Sector developments and company hires

Amended risk retention RTS published The EBA has published its final draft regulatory technical standards (RTS) specify...

Dutch courage

European ABS/MBS market update

The European and UK ABS/MBS markets are looking to take full advantage of a recent surge in activity. This week, with a...

PCMA appoints new MD

Sector developments and company hires

PCMA welcomes Thien Nguyen to its senior leadership and investment team as the firm bolsters its expertise in super prim...

Risk transfer round up-11 April

CRT sector developments and deal news

Intesa Sanpaolo is believed to be readying a synthetic securitisation that is backed by residential mortgages. The Itali...

Hellenic ABS inked

Project Starlight package transaction agreed

Hellenic Bank has agreed a package transaction involving the securitisation of the Starlight Portfolio – which...

Perfect storm

Cat bond market set for exponential growth?

With the climate threat menacing ever more, is the catastrophe bond market set to see exponential growth? This Premium C...

SCI Start the Week - 11 April

A review of SCI's latest content

Last week's news and analysis Covid-19: The effects on the securitisation sector TJ Durkin, head of structur...

New CAS, spreads wider

Q2 GSE CRT issuance gets going after bumper Q1

Fannie Mae this week printed a $1.1bn CAS REMIC deal, its fourth CAS offering of 2022. Issuance by the GSEs, briefly h...

Dual shocks

Securitisation well positioned to withstand headwinds

The Covid-19 shock has been replaced by two others - war and worse-than-expected inflation (SCI 7 April). However, the s...

Lakemore Partners appoints independent board member

Sector developments and company hires

Lakemore has appointed Howard Tiffen as an independent member on its board of directors. With more than four decades of...

Risk transfer round up-8 April

CRT sector developments and deal news

Credit Suisse is believed to be readying a significant risk transfer transaction from the Elvetia programme that is back...

ESG SRT launched

Santander and IFC finalize landmark SRT

Santander and the International Finance Corporation (IFC) have finalized a US$120m mezzanine guarantee that references a...

Stag night

US ABS in good place to absorb impact of raging inflation

Even if the US economy were to plummet into stagflation, the ABS market will suffer only minor negative ratings conseque...

Going Dutch

Unprecedented RMBS issuance from the Netherlands

A new Dutch prime RMBS issuer has hit the market, following a slow-down in issuance across the segment in recent years (...

Nuveen closes CLO issuance fund

Sector developments and company hires

Nuveen has announced the close of its inaugural CLO equity fund with over US$375m in committed capital. The Nuveen CLO I...

Mind the gap

Alternative data, RMBS to help address wealth inequality

Securitisation could prove a useful tool in addressing the growing wealth inequality gap. Indeed, the technology is alre...

Covid-19: The effects on the securitisation sector

TJ Durkin, head of structured credit at Angelo Gordon explores the immediate and longer-term effects of the pandemic on...

Positive performance

INV RMBS gaining traction

Investment property (INV) loan origination has risen substantially in the US post-pandemic, driving increased issuance o...

WhiteStar acquires Carlson Capital's CLO business

Sector developments and company hires

WhiteStar Asset Management has announced its acquisition of five reinvesting CLOs of more than US$2bn managed by Carlson...

Maturing prospects

Self-storage loans show highest refi rate

The 10-year Treasury rate closed the month at 2.33%, following the rate hike in mid-March. With the US Fed indicating th...

SCI Start the Week - 4 April

A review of SCI's latest content

Last week's news and analysis Call option pending? APAC SRT could be called this year Cautious optimism ...

Cautious optimism

European ABS/MBS market update

Following a clear pick-up in activity last week, the European and UK primary ABS/MBS markets have carried over that dyna...

BNP Paribas Asset Management acquires majority stake in Dynamic Credit Group

Sector developments and company hires

BNP Paribas Asset Management has announced the completion of its acquisition of a majority stake in Dutch asset manager,...

Robotic revolution

QSR innovation continues to bolster WBS performance

Issuers of quick-service restaurant (QSR) whole business securitisations adopted a number of strategies to survive the C...

Keeping score

ESG CLO challenges highlighted

The role that CLOs can play in the sustainability agenda is becoming increasingly difficult to ignore, given the push to...

First Eagle Investments to acquire Napier Park Global Capital

Sector developments and company hires

First Eagle Investments has announced its agreement to acquire leading alternative credit manager, Napier Park Global. T...

Quality control

Call for ESG data improvements

The lack of clear, unified standards continues to constrain the wider adoption of ESG securitisation in the EU. In order...

Guarantee on tap

WBS liquidity facility replaced

Assured Guaranty UK (AGUK) has issued a £170m five-year debt service reserve (DSR) guarantee to benefit Yorksh...

Positive outlook persists

Recession remains unlikely

The war in Ukraine is complicating existing supply chain issues and raising input costs for corporate borrowers just as...

Sixth Street establishes structured products business

Sector developments and company hires

Sixth Street has announced the formation of a dedicated structured products business to further enhance its capabilities...

Call option pending?

APAC SRT could be called this year

Credit Suisse has a scheduled call date this year for a synthetic securitisation that is fully backed by Asia Pacific co...

How can I manage a thriving CLO platform?

Dana Carey, cio, MidOcean Credit Partners, explains that managing a successful CLO platform is like assembling a jigsaw...

SCI Start the Week - 28 March

A review of SCI's latest content

NPL awards open The submissions period has opened for SCI’s inaugural NPL Securitisation Awards, covering the...

Secondary CLO equity fund launched

Sector developments and company hires

Accunia Credit Management has launched a CLO equity fund called King’s Garden. The firm is targeting an IRR of...

Ratings cap?

Risks in BNPL-backed securitisations weighed

The buy now, pay later (BNPL) market is growing rapidly, matched by an evolving regulatory environment. While issuance o...

Landmark SRT launched

mBank debuts polish synthetic ABS

mBank and PGGM have finalized a direct CLN backed by a PLN9bn portfolio of large, small and medium sized polish corporat...

SME SRT disclosed

Last EFSI SRT revealed

The EIB Group and Banco Nazionale del Lavoro (BNL) have revealed a synthetic securitisation that both finalized in Decem...

Lumpy SOFR

New Libor bill fails to clear up potential Libor versus SOFR mismatch

The signing of the Adjustable Rate Libor Bill (H.R.4616) into law eight days ago introduces important clarity into the L...

Window of opportunity

European ABS/MBS market update

This week is seeing clear evidence of a pickup in activity in the European and UK ABS/MBS primary markets. In what feels...

Wrapped ratings upgraded

Sector developments and company hires

Moody's has upgraded the ratings of 148 classes of US structured finance securities wrapped by Assured Guaranty...

Inequitable frameworks

Data analyses demonstrate punitive ABS treatment

AFME has published two independent data analyses, undertaken by Risk Control, in response to the European Commission&...

Risk transfer reboot

CRT pipeline back on track

The capital relief trades pipeline witnessed a brief pause in 1Q22 because of the geopolitical uncertainty following Rus...

STACR three

Freddie Mac completes Q1 CRT borrowing

Freddie Mac issued a US$1.8bn high LTV STACR transaction late on Friday via Bank of America and Nomura. The bond, desi...