Communication skills

CRE loan-on-loan financing a 'relationship-oriented business'

Speakers on the loan-on-loan financing panels at SCI’s inaugural European CRE Finance Seminar last month stres...

ESMA launches RTS and ITS consultation

Market updates and sector developments

The European Securities and Markets Authority (ESMA) has launched a consultation on revisions to the securitisation disc...

Risk transfer round-up - 21 December

The week's CRT developments and deal news

Deal newsThe EIB Group has provided a €163m unfunded guarantee to Santander’s latest synthetic securi...

Basel banks

Banks forced away from loans and into low RWA assets in 2024

An unintended consequence of the implementation of Basel III endgame rules in the US is that banks will be forced into m...

Redefining moneyball

European football clubs turn to securitisation for financing

Multi-club and petrostate-backed projects are becoming increasingly headline-grabbing themes in global football, but sec...

Performance-related triggers RTS adopted

Market updates and sector developments

The European Commission has released a Commission Delegated Regulation supplementing the Securitisation Regulation with...

Job swaps weekly: Reed Smith poaches Linklaters' Drury

People moves and key promotions in securitisation

This final weekly roundup of securitisation job swaps of 2023 sees Reed Smith snapping up a Linklaters partner and struc...

PRA publishes first Basel policy statement

Market updates and sector developments

The PRA has published the first of two near-final policy statements covering the implementation of the Basel 3.1 standar...

New wings for aircraft ABS

Ashland Place issues first deal for many months

Ashland Place Finance, aided by arranger and bookrunner ATLAS SP Partners, has woken the aircraft ABS market from a deep...

Definition debate

Call to differentiate private credit CLOs

The private credit market is booming, encompassing US$1bn-plus mega-deals, as well as traditional direct lending in the...

CRT Market Update

Closing days

As the final week before the Christmas break rolls around, the remainder of the Q4 SRT pipeline is making its way across...

Producing results

PDP securitisations gaining traction

The number of transactions executed in the nascent proved developed producing (PDP) wellbore oil and gas ABS sector is e...

Basel 3 'roadmap', reporting ITS published

Market updates and sector developments

The EBA has published its roadmap on the so-called Banking Package, which implements the final Basel 3 reforms in the EU...

Basel 4 series: A swinging pendulum - video

Market participants share their insights into whether Basel 4 is in line with industry expectations

In the final instalment of SCI’s Basel 4 video series, ex-issuer Frank Benhamou provides a brief outline of...

LTEL issue

SES highlights competitiveness concerns

The EBA’s final RTS on synthetic excess spread (SES) generally sparked optimism across the CRT market (SCI 6 M...

Arch enemy

Wider ILN new issue spreads foreseen post-Bellemeade calls

The negative repercussions of Arch’s cancellation of eight Bellemeade insurance-linked notes (ILNs) will be fe...

Polish SRT finalised

Bank Millennium closes largest synthetic to date

Bank Millennium has completed a synthetic securitisation referencing a portfolio of Polish unsecured non-mortgage loans...

Unusual structure debuts

Santander out with auto CLN

Santander Bank Auto Credit-Linked Notes Series 2023-B (SBCLN 2023-B) has hit the market, representing Santander&rsqu...

Generating traction in a stalled market

Matteo Cidonio, managing partner at GWM Group, answers SCI's questions about European commercial rea...

Q: The past couple of years have been a very difficult period for the CRE market globally. You recently said there are o...

SCI Start the Week - 11 December 2023

A review of SCI's latest content

Last week's news and analysis Basel 4 series: Levelling the playing field - video Why further amendments to the Base...

CRT Market Update

Looking ahead

With only a couple of weeks left before the Christmas break, market participants’ focus already appears to be...

Job swaps weekly: EU finance ministers choose Calviño for EIB

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Nadia Calviño chosen to become head of the Eur...

Basel 4 series: Levelling the playing field - video

Market participants share their insights about why further amendments to the Basel framework are req...

In the fourth instalment of SCI’s Basel 4 video series, Alantra md Holger Beyer provides a brief outline of...

Global Risk Transfer Report: Chapter six

In the final chapter of our report surveying the synthetic securitisation market, SCI explores new f...

IACPM’s latest risk-sharing survey notes that 2022 highlighted not only a substantial growth in SRT product ut...

SRT inspection

Lawmaker warns of perceived SRT risks

The risks of SRT trades “may not be fully understood” Senator Jack Reed, (D-RI) has warned US regula...

Digital download

Up, up and away for digital infrastructure market in 2024

There has been dramatic growth in the US esoteric securitization market in the last three years or so, but the pace isn&...

Fix-and-flip fund debuts

Market updates and sector developments

Faes & Co, an investment firm led by LendInvest founder Christian Faes, has launched its maiden private credit f...

Salisbury sees momentum

Lloyds' latest SME SRT unveiled

Lloyds has executed Salisbury 2023-1, the seventh synthetic securitisation from its Salisbury programme, following Salis...

Latest SRTx fixings released

Index values indicate gradual tightening in spreads and improved outlooks for liquidity, as well as ...

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. There have been incremental but mo...

SCI Start the Week - 4 December 2023

A review of SCI's latest content

Last week's news and analysis Arch agony Cancellation of 8 ILNs leaves investors stewing Basel 4 series: Preparin...

Risk transfer round-up - 1 December

The week's CRT developments and deal news

Market newsA pair of auto loan CLNs hit the market this week, including US Bank’s inaugural capital relief tra...

Job swaps weekly: Sirius execs join forces to launch Karis

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees the launch of a new real estate debt advisory firm, Karis...

Arch agony

Cancellation of 8 ILNs leaves investors stewing

The decision last week by Arch Capital to cancel eight Bellemeade insurance-linked notes (ILN) issued between 2...

Positioned for quality and liquidity

Kate Galustian, lead portfolio manager for BlackRock Senior Securitised Fund and head of European AB...

Q: When you announced BlackRock Senior Securitised Fund (SCI 20 November), BlackRock stated that this new vehicle will p...

Rules of conflict

Final SEC "conflict of interest" ruling offers crumbs of comfort

The SEC’s final “conflict of interest” ruling, designated Rule 192 and released at the beg...

SIFMA calls for STC framework

Market updates and sector developments

A new SIFMA blog highlights three actions that will mitigate what the association calls the “perverse...

Basel 4 series: Preparing - video

Market participants share their insights about how to prepare for Basel 4

In the third instalment of SCI’s Basel 4 video series, ex-issuer Frank Benhamou provides a brief outline of...

Global Risk Transfer Report: Chapter five

In the fifth of six chapters surveying the synthetic securitisation market, SCI examines trends in t...

IACPM’s latest risk-sharing survey notes that 2022 highlighted not only a substantial growth in SRT product ut...

Treasury overhang

Unprecedented Treasury supply dominates agency MBS story for 2024

The enormous Treasury issuance expected next year forms a long shadow falling over the agency MBS market, say i...

SCI Start the Week - 27 November

SCI event tomorrow Join us for our European CRE Finance Seminar in London tomorrow, 28 November Last week's news a...

Job swaps weekly: EverBank lures Forbright's Walsh

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees EverBank hiring a senior Forbright Bank executive as head...

Global Risk Transfer Report: Chapter four

In the fourth of six chapters surveying the synthetic securitisation market, SCI explores supply and...

IACPM’s latest risk-sharing survey notes that 2022 highlighted not only a substantial growth in SRT product ut...

Basel 4 series: Industry impacts - video

Exploring the effects of Basel 4 on market participants and their clients or members

In the second instalment of SCI's Basel 4 video series, The D. E. Shaw Group's Syril Pathmanathan provides a brief ou...

Hotel upgrades

Uplift in fortune seen for lodging CMBS

The lodging sector is one of the few bright spots in the US CMBS landscape. This Premium Content article uncovers the re...

Gaining traction

The rise of project finance SRT

Synthetic securitisation is expected to play a key role in assisting Europe’s transition towards a more sustai...

Fannie signs off for 2023

Multi-family CAS and last 2023 CIRT for the GSE

Fannie Mae has executed its third multi-family CAS deal and also its ninth and final CIRT trade of the year. Placed by...

Global goals

Chris Whitcombe, head of European and US ABS at Challenger Investment Management, answers SCI's ques...

Q: Challenger IM recently launched its first securitisation-only investment fund – the Challenger IM Global AB...

BlackRock launches Article 8 ABS fund

Market updates and sector developments

BlackRock has launched the BlackRock Senior Securitised Fund (BSSF), its new flagship securitisation fund, in the existi...

SCI Start the Week - 20 November

A review of SCI's latest content

New SCI video seriesIn the first instalment of SCI's Basel 4 video series, Alantra md Holger Beyer provides a brief outl...

Stand by, CRT

CRT boom but adverse regulations loom, say SCI conference speakers

Echoing what is now a familiar refrain, speakers at SCI’s inaugural esoterics conference in New York Last week...

Reissue, renew, reprint

Big banks focus on retention in German RMBS

The reissuing, renewing and reprinting of retained structures seems to be the name of the game in German RMBS, as covere...

CAS and out

Fannie Mae prints 8th and final CAS of 2023

Fannie Mae has printed its US$609m CAS 2023-08, the eighth and final CAS offering of 2023. Morgan Stanley was the lead...

Manulife acquires CQS

Market updates and sector developments

Manulife Investment Management is to acquire London-based alternative credit manager CQS. The transaction will see CQS&a...

Job swaps weekly: BNP bulks up in Americas

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees BNP Paribas building out its Americas-focused advisory an...

Risk transfer round-up - 16 November

The week's CRT developments and deal news

Market newsFreddie Mac last week priced the high-LTV STACR 2023-HQA3 deal, its first CRT transaction since the end of Ju...

Value covered

LibreMax Capital cio Greg Lippmann and ABS head Kevin Tyler outline the asset-based private credit o...

Q: How has the evolution of the banking system and regulatory environment over time shaped private credit markets?GL: Be...

Angel Oak ABS-focused ETF reaches US$100m in AuM

Market updates and sector developments

Angel Oak Capital Advisors, based in Atlanta, has announced its Ultra Short Income ETF, chiefly invested in ABS, has gro...

Inflection point?

Dennis Heuer, partner at White & Case, discusses the drivers that could facilitate a more commod...

Q: Having historically been secretive and opaque, is the SRT market likely to transition from highly private to increasi...

Global Risk Transfer Report: Chapter three

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

IACPM’s latest risk-sharing survey notes that 2022 highlighted not only a substantial growth in SRT product ut...

Ares flies high

Top alt credit investor predicts CRT boom

Ares Management, founded in 1997, is a leading investor in alternative credit products. It has US$395bn under management...

Basel 4 series: SRT game changer - video

Market participants share their views on the extent to which Basel 4 is a game changer for the SRT s...

  In the first instalment of SCI's Basel 4 video series, Alantra md Holger Beyer provides a brief...

Waiting game?

Islamic securitisation gaining traction

Saudi Real Estate Refinance Company (SRC) is widely anticipated to become the first to issue a Shari’ah-compli...

SCI Start the Week - 13 November

A review of SCI's latest content

Last week's news and analysis A global market Man GPM answers SCI's questions Canadians coming Scotia back in th...

Job swaps weekly: ESG debt-swap pioneer transitions to UBS

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees a Credit Suisse veteran take on a senior ESG- and structu...

Securitisation due in H1 for international student loan provider

Goldman, Deutsche and Värde backed MPOWER's latest debt funding round

MPOWER Financing, a provider of loans for international university students, is due to price its first securitisation in...

Motor Securities 2023-1 prices

Santander completes UK capital relief trade

Santander has executed Motor Securities 2023-1, a synthetic securitisation of UK auto loans. Similarly to las...

Glass half full?

PRA publishes discussion paper on capital requirements for securitisation transactions

Following consultations by the PRA and FCA, which set out proposed non-prudential rules for the UK securitisation market...

Global Risk Transfer Report: Chapter two

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

IACPM’s latest risk-sharing survey notes that 2022 highlighted not only a substantial growth in SRT product ut...

A global market

Matthew Moniot, co-head of credit risk sharing at Man GPM, answers SCI's questions

Q: Could you tell us about your recent move to Man GPM? A: We joined Man Group in 2022, from Elanus Capital, the firm...

Canadians coming

Scotia back in the CRT market

Scotia Bank is back in the SRT market, only three months after it sold its inaugural deal in this sector, say well-place...

Scope sees ratings drift reverse in Q3

Market updates and sector developments

Ratings drift in structured finance instruments improved in the third quarter of 2023 for the first time in more than a...

Esoteric explosion

Data centre securitisation seeing strong fundamentals

Insatiable demand for connectivity is fueling a rise in data centre securitisation issuance. This Premium Content articl...

Bank retreat

Basel endgame to slash bank securitization lending

Next year in the securitization industry will be dominated by the fallout from the Basel III endgame and the consequent...

SRT Market Update

Project finance transactions in focus

SRT market conditions currently remain stable, with banks and investors looking to close trades before the end of the ye...

Job swaps weekly: Balance sheet distribution head steps up

People moves and key promotions in securitisation

This week’s round-up of securitisation job swaps sees ING promoting its global head of balance sheet distribut...

GSEs glisten

CAS and STACR look good versus comps as supply dwindles

Agency CRT bonds continued to outperform rates and both high yield and investment grade product in October, making it th...

Latest SRTx fixings released

Volatility spikes in November index values

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. Notably, the volatility indexes ha...

CLO ESG scores compared

Market updates and sector developments

Sustainable Fitch reports that European CLOs – with an average ESG Score of 50.4 - have noticeably higher ESG...

Depletion analysis

CRT loan mods stress-tested

Excessive loan modifications could result in credit support depletion for US agency credit risk transfer transactions, a...

Global Risk Transfer Report: Chapter one

In the first of six chapters surveying the synthetic securitisation market, SCI explores how SRT has...

IACPM’s latest risk-sharing survey notes that 2022 highlighted not only a substantial growth in SRT product ut...

PRA consults on CRR rules

Market updates and sector developments

The UK PRA has launched a consultation on draft rules to replace firm-facing requirements regarding securitisat...

EIB Group backs BNP's €627m energy efficiency drive

Market updates and sector developments

The EIB Group has signed its first true sale securitisation in France in more than 15 years, in support of BNP Paribas&a...

Top-tech

Private credit managers increasingly leveraging fintech

Top-tier CLO and private credit managers are increasingly leveraging fintech support to facilitate proactive management...

SCI Start the Week - 30 October

A review of SCI's latest content

Last week's news and analysis 'Endgame' comment period extended Updates on Fed’s extension, Algon...

Growing the core

Overcoming hurdles in unfunded CRT execution

(Re)insurer interest in CRTs is rising, but execution of unfunded transactions remains limited. This Premium Content art...

SCI CRT Awards: Personal Contribution to the Industry

Winner: Bruno Bancal, head of active management & transactions at BNP Paribas

In the significant risk transfer space, BNP Paribas has gone from French ground-breaker to international powerhouse and...

Job swaps weekly: Antares beefs up team after strategy launch

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Antares Capital hiring multiple senior executives, as it...

SCI CRT Awards: Contribution to CRT

Winner: PGGM

PGGM has closed 79 transactions since the inception of its credit risk-sharing (CRS) mandate in 2006, investing &eur...

SCI CRT Awards: Law Firm of the Year

Winner: Clifford Chance

Clifford Chance’s stated objective is to be the leading law firm in the CRT market, advising on nearly every t...

Risk transfer round-up - 26 October

The week's CRT developments and deal news

People movesAlan McNamara is set to join Howden CAP as executive director, balance sheet advisory and structuring, based...

SCI CRT Awards: Arranger of the Year

Winner: BNP Paribas

BNP Paribas (BNPP) declares it is that rarest of beasts in the jungle of significant risk transfer: a flow monster. &...

SCI CRT Awards: North American Issuer of the Year

Winner: Bank of Montreal

Bank of Montreal (BMO) is both a veteran of the SRT market and a highly frequent issuer. But it is not content to rest o...

Legacy adjustments

Call for enhanced transparency for restructured mortgages

A number of recent RMBS have securitised legacy Irish and Spanish restructured residential mortgages (see SCI’...

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. Such recogn...

SCI CRT Awards: Investor of the Year

Winner: AXA IM Alts

AXA IM Alts has won Investor of the Year in this year’s SCI Capital Relief Trades Awards. A global leader in a...

Polish lease SRT prints

Millennium, Veld strengthen relationship

Private credit specialist Veld Capital has acted as investor in Millennium Leasing’s latest significant risk t...

SCI CRT Awards: Credit Insurer of the Year

Winner: Arch MI

Following two years of significant growth in the European SRT space, Arch MI has been named Credit Insurer of the Year i...

EU leads the pack

Delegates at SCI CRT event stress jurisdictional divergence

The striking asymmetry between regulators in the EU, UK and the US in their approach to the implementation of the Basel...

'Endgame' comment period extended

Market updates and sector developments

US federal bank regulatory agencies have extended the comment period for both the Basel Endgame risk-based regulatory ca...

SCI CRT Awards: Innovation of the Year

Winner: SLG2

Credit Suisse’s SLG2 transaction is SCI’s Innovation of the Year for pushing the envelope in the SRT...

SCI Start the Week - 23 October

A review of SCI's latest content

Free Special Report available to downloadSCI Global Risk Transfer Report 2023: New frontiers in CRTCapital relief trade...

Subprime auto is not the next credit crisis

Vadim Verkhoglyad, vp and head of research publication at dv01, argues that challenges in the subpri...

Many view the US subprime auto market as a ‘canary in the coal mine’, equating facts like rising del...

SCI CRT Awards: Impact Deal of the Year

Winner: Project Bocarte

Project Bocarte has won Impact Deal of the Year in this year’s SCI Capital Relief Trades Awards. Bocarte is a...

Sculptor merger hit by litigation

Market updates and sector developments

Rithm Capital has responded to a complaint filed in the Delaware Court of Chancery by the Former EMD Group regarding the...

Job swaps weekly: Octagon elevates Lam to ceo

People moves and key promotions in securitisation

This week’s round-up of securitisation-related job swaps sees Octagon Credit Investors appointing senior portf...

SCI CRT Awards: North American Transaction of the Year

Winner: St Lawrence

It has been a busy period in the Canadian SRT market. For years, it has been dominated by Bank of Montreal, but in the l...

CRT Market Update

Diversity on display

Capital relief trade issuance volume could creep past €200bn by year-end, according to Man GLG’s Q4 c...

Taking charge

NBFCs boost Indian securitisation issuance

The Indian securitisation market appears to have beaten the odds, with robust issuance volumes seen so far in 2023. This...

SCI CRT Awards: Transaction of the Year

Winner: Project Seed

Project Seed represents the first balance sheet synthetic securitisation referencing corporate exposures executed on an...

New normal?

German house prices see surprise decline

Growth is not yet on the cards for German RMBS, as surprise house price declines hold little room for market expansion....

Algonquin prices

Latest BMO deal closes

The latest Algonquin synthetic securitization from CRT veteran Bank of Montreal priced at the end of last week and attra...

JP Morgan inundation

Buyers band together in face of vast deals

CRT investors are forming syndicates to cope with the enormous weight of synthetic securitized paper JP Morgan hopes to...

US CLN market could reach US$220bn

Market updates and sector developments

JPMorgan securitised products research analysts estimate that the potential size of the US CLN market could amount to US...

Starting strong

Leland Hart, portfolio manager and cio of performing credit at Warwick Capital Partners, answers SCI...

Q: Warwick Capital Partners closed its inaugural BSL CLO transaction – the US$400m Warwick Capital CLO 1 &...

Junon 4 prices

SG's latest corporate SRT unveiled

Societe Generale has executed the fourth synthetic securitisation from its Junon programme. The significant risk transfe...

SCI Start the Week - 16 October

A review of SCI's latest content

Three events this week SCI is hosting three major CRT events this week: Women in Risk Sharing, the 9th Annual...

SCI's CRT celebration

Women in risk sharing networking event to debut

Next week is shaping up to be a bumper CRT programme from SCI. Not only are we hosting our 9th Annual Capital Relief Tra...

Job swaps weekly: Fearon steps up at Arch

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Arch Capital Group appoint a new ceo in its global mortga...

Risk transfer round-up - 12 October

The week's CRT developments and deal news

Market newsFannie Mae has commenced fixed-price cash tender offers for the purchase of any and all of 11 Connecticut Ave...

Freddie B-piece investments closed

Market updates and sector developments

Sabal Investment Holdings has closed a series of five B-piece investments, representing approximately US$2bn in collater...

Wake-up call

Collaboration needed for consistent CLO ESG practices

Consistency across ESG reporting is the next crucial step for sustainability disclosures in the CLO market, as transitio...

Quitting coal

Using utility ABS to fund a 'just' energy transition

An uptick in utility ABS is expected as US utilities seek financial solutions for retiring the country’s aging...

Snowball effect

EIF expands CEE engagement

The EIF is prepping a third synthetic securitisation with a Bulgarian banking group, following its deals with Bulbank la...

Poland first

EBRD and Santander Group close their first synthetic securitisation in Poland

As previously reported in the pipeline, the European Bank for Reconstruction and Development (EBRD) and Santander Bank P...

Saying hi to HEI

Cara Newman, head of structured finance at Hometap, answers SCI's questions

Q: Hometap, the home equity investment (HEI) fintech, is expanding into the structured finance market (SCI 7 July). What...

SCI Start the Week - 9 October

A review of SCI's latest content

SCI In Conversation podcastIn this special episode, released today, Matthew Bisanz, a partner in Mayer Brown’s...

SCI In Conversation podcast: Matthew Bisanz, Mayer Brown

We discuss what the Fed's new CLN guidance means for US CRT

In this special episode of the SCI In Conversation podcast, Matthew Bisanz, a partner in Mayer Brown’s bank re...

Cat bond rebound

'Significant repricing' spurring renewed interest in ILS

The floods in New York at the end of September were the latest in a series of extreme climate-related events to dominate...

Rithm strengthens MSR capabilities

Market updates and sector developments

Rithm Capital has entered into a definitive agreement with Computershare to acquire Computershare Mortgage Services...

Job swaps weekly: HSBC snaps up former Deutsche Bank CLO head

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees a former head of CLOs at Deutsche Bank taking up...

Risk transfer round-up - 5 October

The week's CRT developments and deal news

Market newsA new paper published by the European Systemic Risk Board (ESRB) suggests that the synthetic securitisation s...

Latest SRTx fixings released

Index values indicate incremental widening in spreads, while credit risk outlook trends towards nega...

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. Participants’ estimates...

'Sluggish' September?

Quarterly SCI CRT data review

CRT issuance so far this year appears to have consistently tracked below that of last year’s volumes. In terms...

Roll with the changes

CLO rating upgrades on the cards

CLOs may see more rating upgrades, despite current macroeconomic challenges, as more transactions reach their amortisati...

Front and centre

More bank origination expected as TLTROs expire

An uptick in securitisation originations among European banks is anticipated as central bank funding programmes, includi...

RRAM acquires second slate of CLOs

Market updates and sector developments

Redding Ridge Asset Management has acquired CLO management contracts totalling US$2.8bn in AUM from Gulf Stream Asset Ma...

SCI Start the Week - 2 October

A review of SCI's latest content

Last week's news and analysis Fed clarifies CLN definition Updates on US Fed’s Regulation Q and UK PRA&...

Fundamental review

FSB response calls for level playing field

Paris Europlace has filed its response to the Financial Stability Board's (FSB) request for feedback on the effects of t...

Glad confident morning again

Fed's CRT clarity both welcome and begins new era

The Federal Reserve last Friday finally issued guidance on the capital treatment for CRT transactions based on both SPVs...

Fed clarifies CLN definition

Market updates and sector developments

The US Fed has updated its FAQs on Regulation Q to provide guidance in connection with the recognition of CLNs...

SME SRT prints

'CRE-heavy' portfolio revealed

Further details have emerged regarding Santander’s latest UK SME synthetic securitisation (SCI 28 September)....

Next level

ESG back-reporting gaining traction

ESG back-reporting may be the next step for sustainable disclosures as the battle to beat greenwashing continues. The GS...

LBBW, mBank out of the blocks

SRT Market Update

Further details have emerged on one of the Polish SRT trades that had been in the pipeline (SCI 28 September). Meanwhile...

Job swaps weekly: Khan heads to Natixis CIB

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Natixis CIB hiring a new head of structured credit capita...

Risk transfer round-up - 28 September

The week's CRT developments and deal news

People movesArrowMark Partners has recruited Moritz Ruhdorfer as a senior member of its securitised credit investment te...

Wilmington bank adds CLO expertise

Market updates and sector developments

WSFS Financial Corporation’s global capital markets team is expanding into the CLO market, as it seeks to grow...

In the fast lane

US prime auto ABS issuance to set new record

US prime auto loan ABS issuance is set to hit a new high this year, predict analysts. Supply in this sector is likely to...

Pedal to the metal

Auto ABS accelerates as supply-chain issues dissipate

The European auto ABS space is enjoying a drastic pick-up in activity, fueled by the easing of supply chain challenges t...

SCI Start the Week - 25 September

A review of SCI's latest content

Last week's news and analysis ESMA shines light on private securitisations Update on ESMA’s securitisation...

JPM sounds the klaxon

SRT prices, and new mega-deal looms

Not only is JP Morgan said to have recently priced its heralded SRT deal utilizing the new, regulator-friendly SPV struc...

ESMA shines light on private securitisations

Market updates and sector developments

ESMA has published an overview of EU securitisation volumes, based on the data it receives under the Securitisation Regu...

Job swaps weekly: CBRE names new debt and structured finance president

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees CBRE appointing a successor to its outgoing US d...

RFC issued on CMBS methodology

Market updates and sector developments

Scope is calling for comments on a proposal to update its CRE loan and CMBS rating methodology. The proposed changes are...

Risk transfer round-up - 21 September

The week's CRT developments and deal news

Market newsApproximately US$1.28bn in aggregate original principal amount of notes was validly tendered last week in Fre...

Rhapsody in retail

CMBS offers liquidity for non-mall retail borrowers

Since the restrictions imposed by the Covid 19 pandemic and probably before, the US commercial real estate (CRE) sector...

Spanish CRT prices

Magdalena 7 prices tighter.

Santander has executed the seventh synthetic securitisation from its Magdalena programme. The trade, which features a &a...

SCI Start the Week - 18 September

A review of SCI's latest content

Last week's news and analysis BXCI to offer 'one-stop solution' Updates on Blackstone’s integration, Ginni...

BXCI to offer 'one-stop solution'

Market updates and sector developments

Blackstone has integrated its market-leading corporate credit, asset-based finance and insurance groups into a single ne...

NPL proposal questioned

ABS industry baulks at Italian borrower buy-back plan

Italian non-performing loan securitisation cashflows could be delayed until a proposal to allow non-performing borrowers...

Lift-off

CLO issuance takes flight in active summer

CLO volumes in both the primary and secondary markets have accelerated in the third quarter so far, particularly in the...

Italian SME boost

EIB Group and Deutsche Bank close synthetic securitisation.

The EIB Group has closed its first synthetic securitisation referencing a portfolio of consumer auto loans originated by...

Job swaps weekly: M&G poaches Pimco's Scott

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees M&G Investments luring a former Barclays structur...

Opening broadside

House subcommittee slams July 27 capital rules

The July 27 Basel 3 endgame proposals would place the US “ahead in a race to a gold-plated top for global capi...

RFC issued on CLO good practices

Market updates and sector developments

IOSCO has called for an improvement in practices in the leveraged loan market and is seeking feedback on a number of goo...

Risk transfer round-up - 14 September

The week's CRT developments and deal news

Market newsM&G Investments’ latest Insights publication explores why now could be a good moment for pa...

Optimistic outlook

SRT Market update

While SRT market participants generally describe a sluggish beginning to the month, further details on some of the deals...

Pressure on UK BTL loans in RMBS portfolios

Market updates and sector developments

The UK buy-to-let mortgage market is likely to see an increase in arrears, a reduction in origination volumes and higher...

SCI Start the Week - 11 September

A review of SCI's latest content

Free webinar this Wednesday – US esoteric ABSThis Wednesday September 13 at 10:00-10:40 AM EDT/3:00-3:40 PM BS...

Job swaps weekly: Pretium snaps up Morgan Stanley coo

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Pretium snap up a long-serving Morgan Stanley coo, as it...

Latest SRTx fixings released

Index values indicate incremental widening in spreads, while credit risk outlook trends towards nega...

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. Following three months of improved...

BMO back

Algonquin transaction in the market, to close next month.

Bank of Montreal is back in the market with a synthetic securitization from its well-established Algonquin platform, say...

Energy performance regulations yet to impact RMBS

Market updates and sector developments

Climate transition risks linked to changes in energy-efficiency performance regulations are having a limited impact on t...

Tapping the nest egg

Growth in ERM demand presents securitisation opportunities in Europe

Europe is experiencing growing demand for equity release mortgages (ERM) as its ageing population looks to release funds...

CLO saviour?

Collateral managers act to save two CLOs in Q2

In Q2, two of the 85-90 CLOs rated by DBRS saw old, underperforming loans replaced with new money by the collateral mana...

GLAS strengthens European footprint

Market updates and sector developments

GLAS SAS is set to acquire Paris-based asset management and trust business Pristine, subject to regulatory approval and...

Job swaps weekly: All change at Tikehau

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Tikehau Capital making a number of promotions, including...

Refi resolution

Clavel 2 'selective default' an idiosyncratic event

Non-payment of the principal amount outstanding in full at the time of early redemption of Spanish reperforming RMBS Cla...

European CRE debt faces €93bn funding gap

Market updates and sector developments

Updated AEW research shows an estimated European commercial real estate debt funding gap (DFG) of €93bn, repres...

Missed opportunity

UK consultations overlook synthetic securitisations

As part of the broader post-Brexit programme to reform and replace existing EU law in the UK, the FCA and PRA recently p...

Bayview branches out into insurance AM

Market updates and sector developments

Bayview Asset Management has launched an Insurance Asset Management business, with the aim of appealing to an insurance...

Expenses review

Addressing rising operating costs in Euro CMBS

A recent S&P review of European CMBS transactions has revealed a consistent increase in operating costs, both on...

Capital blues

Securitisation set to become more costly for US banks

US regulators appear set to march in the opposite direction to their European counterparts with regard to the capital tr...

Job swaps weekly: Stream of hires at Flowcarbon

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees carbon fintech business Flowcarbon bulk up its structured...

Securitisation exempt from private fund rule

Market updates and sector developments

The US SEC has determined that securitised assets funds, including CLOs, are exempt from its Private Fund Advis...

Skid marks

Sub-prime auto ABS shows sign of pain

After several years of trying economic conditions during which the ABS market has been robust, the sub-prime auto sector...

Risk transfer round-up - 24 August

The week's CRT developments and deal news

Deal newsStandard Chartered has executed the eighth synthetic securitisation from its Chakra programme. The sig...

Nomura pays US$35m to settle RMBS fraud case

Market updates and sector developments

Nomura Securities International (NSI) has agreed to pay a US$35m penalty to the district of Connecticut and US$800,000 i...

Janus Henderson rounds out securitisation ETF suite

Market updates and sector developments

Janus Henderson is preparing the launch of a new fund that the firm says will complete its suite of securitisation-focus...

SCI Start the Week - 21 August

A review of SCI's latest content

Last week's news and analysis Fine-tuning UK securitisation FCA and PRA take pragmatic approach to post-Brexit regul...

Job swaps weekly: TCW snaps up American Century securitisation head

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees TCW Group appoint a successor to its recently departed gl...

Risk transfer round-up - 17 August

The week's CRT developments and deal news

Pipeline updateAugust is living up to its reputation as a low point of activity for the capital relief trades market and...

SCI In Conversation podcast: Jeff Krohn, Guy Carpenter

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, Guy Carpenter's md, mortgage and structured credit segment leader Je...

UBS to pay US$1.4bn over pre-crisis RMBS

Market updates and sector developments

UBS has agreed to pay US$1.435bn in penalties to settle a case relating to historical alleged misconduct surrounding the...

Fine-tuning UK securitisation

FCA and PRA take pragmatic approach to post-Brexit regulations

The FCA’s consultation on UK securitisation regulations suggests there will be some welcome changes to retaine...

Prelios acquisition agreed

Market updates and sector developments

ION subsidiary X3 Group is set to acquire Prelios from Davidson Kempner Capital Management. Established in 1990 in Milan...

SCI Start the Week - 14 August

A review of SCI's latest content

Last week's news and analysis California judge backs investors in clean-up call dispute Updates on court ruling in R...

Empirical study reveals blockchain efficiency

Market updates and sector developments

Blockchain technology can reduce the yield spread on securitisations by approximately 25bp, according to a new BIS Worki...

Job swaps weekly: New faces for Newmark

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Newmark Group making a number of senior appointments to i...

Risk transfer round-up - 10 August

The week's CRT developments and deal news

Market newsWestern Alliance Bank has amended its WAL 2021-CL2 transaction, to collateralise the deal and reduce corporat...

California judge backs investors in clean-up call dispute

Market updates and sector developments

A court has ruled in favour of investors, in a case centred around RMBS trusts held by Deutsche Bank National Trust and...

Green front

EIF obvious candidate to scale up SRT amid energy transition

A new paper highlights how SRT transactions could be scaled up to support Europe’s shift to the green economy....

FCA seeking a 'more proportionate' SecReg

Market updates and sector developments

The UK FCA has issued its own consultation on proposed changes to the securitisation regime, following the publication o...

SCI Start the Week - 7 August

A review of SCI's latest content

Last week's news and analysisClosing the gap SRT 'unlevel playing field' called out Defensive profiles Tactical sec...

Job swaps weekly: Sixth Street signs Salisbury

People moves and key promotions in securitisation

This week’s round-up of securitisation job swaps includes the announcement that Julian Salisbury will join ex-...

Defensive profiles

Tactical secondary CLO opportunities highlighted

The second half of 2023 is expected to remain a story of strong technicals with weaker fundamentals for the CLO market....

Latest SRTx fixings released

Stabilising trend continues in August index values

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The stabilising trend seen across...

Happy birthday STACR

The GSE CRT market hits 10th birthday

Last week marked the tenth anniversary of the GSE CRT market, as, on July 23, 2013, Freddie Mac priced its inaugural US$...

Innovative financing inked for Deutsche Bahn

Market updates and sector developments

The EIB and HypoVereinsbank are providing credit lines totalling up to more than €2bn to Deutsche Bahn for the...

Risk transfer round-up - 3 August

The week's CRT developments and deal news

Market newsRisk Control has received funding from the MDB Challenge Fund for two projects with the objective of helping...

Groundbreaking cannabis CMBS closed

Market updates and sector developments

Groundbreaking cannabis CMBS closedPelorus Capital Group has closed PCG 2023-1, the first-ever securitisation backed by...

Triple test

UK RMBS can withstand stresses 'never seen in history'

A new TwentyFour Asset Management analysis shows that a benchmark triple-B rated UK RMBS bond with 2.3% of credit enhanc...

Rare ILN spotted

Essent Guaranty has priced the first insurance-linked note (ILN) - a US$253.2m deal dubbed Radnor Re 2023-1 - that the m...

Closing the gap

SRT 'unlevel playing field' called out

A reduction of the p-factor is inarguably positive for IRB banks and the significant risk transfer space in general, as...

New tricks

Banks' backing boosts AI utilisation in ABS

Artificial Intelligence (AI) is increasingly being embraced by banks seeking to improve workflows and support securitisa...

SCI In Conversation podcast: Naomi Prasad, Pemberton Capital Advisors

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, Pemberton Capital Advisors director Naomi Prasad discusses whether w...

SCI Start the Week - 31 July

A review of SCI's latest content

Last week's news and analysis After the gold rush Digital revenues resuscitate music royalty ABS Get in, Granvill...

After the gold rush

Digital revenues resuscitate music royalty ABS

With the European summer festival season in full swing and rocket man Elton John announcing his retirement from live mus...

PRA launches SecReg consultation

Market updates and sector developments

The UK PRA has launched a public consultation on proposed changes to the retained EU Securitisation Regulation and the a...

Job swaps weekly: Angelo Gordon beefs up in structured credit

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Angelo Gordon poach a new head for its commercial real es...

Get in, Granville

BNS brings much heralded SRT deal, latest Canadian to set sail

Bank of Nova Scotia (BNS) has sold its first SRT trade, a securitization of investment grade loans, in a transaction dub...

Mortgage penalty

Higher risk weighting for high LTV loans boosts SRT

As had been strongly rumoured, new capital rules unveiled by the Federal Reserve today (July 27) ascribe heavier risk we...

Litigation looms

Investor disputes to rise as CMBS valuations decline

Plummeting commercial real estate valuations in the US may trigger a rise in litigation as investors battle over control...

Risk transfer round-up - 27 July

The week's CRT developments and deal news

Pipeline updateThe capital relief trades market is currently seeing a lull in activity ahead of the traditional fourth-q...

'Transformational' merger agreed

Market updates and sector developments

Rithm Capital is set to acquire Sculptor Capital Management in a transaction valued at approximately US$639m, which incl...

Less punitive

Halving of p-factor sparks SRT optimism

The European Council’s finalisation of the Basel 3 reforms last month has sparked renewed optimism across the...

Legacy issue

ECJ ruling a boon for Polish CRTs

The European Court of Justice (ECJ) ruled last month that Polish banks must not charge remuneration from customers when...

SCI Start the Week - 24 July

A review of SCI's latest content

Last week's news and analysis Capital loss Fed's scheduled CET1 increase to shred US bank excess capital Consumer...

CMBS opportunities

Despite sector malaise pockets of gold are to be found

US commercial real estate fundamentals give rise to concern about CMBS returns, but there are areas of the market which...

Obra adds CLO issuance capabilities

Market updates and sector developments

Obra Capital has acquired the assets of asset management and investment research firm KDP and its affiliated companies....

Job swaps weekly: Oppenheimer's blockbuster appointment

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Oppenheimer & Co appoint a new head for its Latin...

Barings and Lakemore partner up

Market updates and sector developments

Charlotte-headquartered global asset manager Barings has entered into a partnership with CLO-focused private credit inve...

Wider still and wider

GSE CRT spreads blow out in 2023

Freddie Mac CRT spreads have mushroomed this year despite the marked diminution of issuance, confirmed the GSE in its qu...

Consumer goals

EIF, historic champion of SMEs, embraces consumer ABS

Three recent transactions by the European Investment Fund (EIF) reveal a subtle but potentially impactful change in appr...

Capital loss

Fed's scheduled CET1 increase to shred US bank excess capital

The Federal Reserve’s planned 200bp increase to Common Equity Tier One (CET1) requirements will burn through t...

Vertical rebrands

Market updates and sector developments

Vertical Capital Income Fund has appointed Carlyle Global Credit Investment Management as its investment manager and reb...

SCI Start the Week - 17 July

A review of SCI's latest content

Last week's news and analysis Capital rising Regulators announce new rules coming soon Embracing 'enablement' Su...

Student politics

Refis may increase as Biden plan stalls while broad ABS looks better

Following the June 30 Supreme Court decision to strike down President Biden’s plan to forgive the $430bn feder...

Angelo Gordon REIT moves to poach WMC

Market updates and sector developments

Angelo Gordon’s real estate investment trust, AG Mortgage Investment Trust (MITT), has offered to buy Western...

Job swaps weekly: All change at Deutsche Bank

People moves and key promotions in securitisation

This week’s bumper roundup of securitisation job swaps sees Deutsche Bank Investment Bank appoint two...

Regulatory push

Retention RTS, draft SI move forward

The last week has ushered in a couple of regulatory updates in the European securitisation market. The European Commissi...

Polish wave continues

Bank Millennium adds to CEE SRT flow

Bank Millennium has finalised a funded synthetic securitisation of Polish leasing assets that references a PLN4bn portfo...

Wheels down

Aviation ABS wobbles after Covid/Russia war

The airline industry is thriving at the moment with high fares and impressive passenger numbers, yet the aviation ABS ma...

Gen II's Euro vision drives Crestbridge bolt-on

Market updates and sector developments

New York-headquartered private markets fund administrator Gen II Fund Services has agreed to acquire European competitor...

Test case rolled out

JP Morgan eyes NAV lines

SCI understands that JPMorgan is readying the execution of a synthetic securitisation of NAV lines. The transaction is s...

SRT boom

IACPM data shows record year for synthetic securitisations

The global volume of synthetic securitisation issuance reached its highest ever level in 2022, with both the number of t...

Capital rising

Regulators announce new rules coming soon

As expected, US regulators are poised to increase capital requirements for domestic banks imminently, according to a spe...

STS shift

Societe Generale executes Colisee two

Societe Generale has finalized an €85m funded financial guarantee that references a static €1bn portfo...

SCI Start the Week - 10 July

A review of SCI's latest content

Last week's news and analysis Changing agenda UK RMBS evolving alongside borrowers' needs Keeping traction in tra...

Embracing 'enablement'

Begum Gursoy, global technical head, debt capital markets and sustainable finance commercials at Sus...

Q: Sustainalytics supports investors develop and implement responsible investment strategies, including by providing sec...

Latest SRTx fixings released

Improved tone continues in July index values

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The improved tone seen across the...

Job swaps weekly: Succession at Oaktree

People moves and key promotions in securitisation

This week’s securitisation job swaps have seen Oaktree Capital Management announce the retirement of ceo Jay W...

CVC Credit closes US$800m third CLO equity fund

Market updates and sector developments

CVC Credit closes US$800m third CLO equity fund CVC Credit has held an US$800m final close for its third CLO equity fu...

Out of office

European, US CMBS headwinds diverging?

The office CMBS market is grappling with headwinds brought about by declining occupancy rates and rising costs of borrow...

EIB, ICO support Spanish SMEs

Market updates and sector developments

The EIB Group and Instituto de Crédito Oficial (ICO) have invested in senior and mezzanine tranches...

Changing agenda

UK RMBS evolving alongside borrowers' needs

The return of 100% mortgages and the rise of later-life lenders herald an evolving UK RMBS landscape. This Premium Conte...

Shipping wave continues

Alpha bank boosts shipping SRT issuance

SCI understands that Alpha bank has executed a synthetic securitisation of shipping loans. The transaction is riding a p...

Risk transfer round up-4 July

CRT sector developments and deal news

Deutsche Bank is believed to be readying another synthetic securitisation of leveraged loans from the LOFT programme tha...

Keeping traction in transition

Faster-than-forecast EV take-up could present auto ABS challenges

Electric vehicle (EV) auto sales are expected to soar in the coming years, driven by consumer demand and the introductio...

Risk transfer expansion

Banco BPM continues tapping private market

Banco BPM has finalized a synthetic securitisation of corporate loans. Dubbed Grace, the funded financial guarantee refe...

Popularity contest

Life insurers clash over CLO capital charges

US life insurer investment in CLOs has grown by about 20% each year over the last decade, with CLOs now accounting for b...

SCI Start the Week - 3 July

A review of SCI's latest content

Last week's news and analysis CEE expansion continues Raiffeisen finalizes SRT O Canada Perfect storm of factors...

O Canada

Perfect storm of factors pushes Canadian banks to SRT

The June 20 decision by the Office of the Superintendent of Financial Institutions (OFSI) to raise the Domestic Stabilit...

Fannie Mae prices fifth CAS deal of 2023

Market updates and sector developments

Fannie Mae has priced a $738m four tranche CAS transaction, its fifth of the year and designated CAS 2023-R05. ...

CEE expansion continues

Raiffeisen finalizes SRT

Raiffeisen has executed a synthetic securitisation of Czech corporate loans. Dubbed Roof RBCZ 2023, the €67m fu...

Job swaps weekly: US Modular Capital lures Transwestern veteran

People moves and key promotions in securitisation

Job swaps weekly: US Modular Capital lures Transwestern veteran This week’s securitisation job swap...

Resonance prints

BNP Paribas opts for direct CLN in new SRT

BNP Paribas has executed a new synthetic securitisation from the Resonance programme. Dubbed Resonance ten, the &eur...

Park Mountain returns

BNP Paribas executes synthetic securitisation

BNP Paribas Fortis has finalized a funded €100m mezzanine tranche that references a &euro...

Mezz opportunities

Pretium structured credit and CLO liabilities MD Ian Wolkoff and Director Marty Young argue that mez...

US CLO mezzanine debt offers high expected return rates, with yields maintained under a default scenario more extreme th...

Regulatory boost

Trilogue endorses halving of p factor

The Council of the European Union has yesterday announced the finalization of the Basel 3 reforms. Indeed, SCI understan...

Securitising impact in Africa

Market updates and sector developments

Africa50 and Blue Like an Orange Sustainable Capital have launched a structured finance- and mezzanine-focused partnersh...

Risk transfer round up-28 June

CRT sector developments and deal news

JP Morgan is believed to be readying another synthetic securitisation in addition to one backed by corporate loans for 2...

SCI In Conversation: Terry Lanson, Seer Capital

We discuss the hottest topics in securitisation today

In this latest episode of our SCI In Conversation podcast, Terry Lanson, a managing director at Seer Capital and an esta...

Seventh heaven

Market updates and sector developments

Seventh heaven Fannie Mae has executed its sixth and seventh reinsurance deals of the year, designated CIRT 2023-6 and...

Risk transfer round up-26 June

CRT sector developments and deal news

Unicredit is believed to be readying a synthetic securitisation of residential mortgages that is expected to close in 2H...

Inflexion point

SRT market takes off despite regulatory turbulence

The SRT market is experiencing strong growth with both issuers and investors increasing their focus on the space, accord...

Job swaps weekly: Triumph for VPC

People moves and key promotions in securitisation

Job swaps weekly: Triumph for VPC This week’s securitisation job swaps have seen two senior directors at San...

Full cap stack SRT launched

EIF finalizes Bulgarian synthetic ABS

ProCredit Bank Bulgaria (PCBB) and the EIB group have finalized a synthetic securitisation of Bulgarian and Greek SME lo...

BNY turns to AccessFintech for digital innovation

Market updates and sector developments

BNY turns to AccessFintech for digital innovation BNY Mellon has become the first trustee to join the data management...

Risk transfer round up-22 June

CRT sector developments and deal news

Lloyds is believed to be readying a synthetic securitisation of UK SME loans from the Salisbury programme. The last Sali...

Risk transfer round up-21 June

CRT sector developments and deal news

mBank is believed to be readying a synthetic securitisation of consumer loans that is expected to close in 3Q23. This wo...

Capital boost

Canadian regulator ratchets up capital requirements

The Canadian financial supervisor, the Office of the Superintendent of Financial Institutions (OSFI) has today raised th...

UBP launches new fixed income fund

Sector developments and company hires

Union Bancaire Privée (UBP), the Geneva-headquartered private bank, has launched a new fixed-income strategy...

SCI Start the Week - 19 June

A review of SCI's latest content

Last week's news and analysis Compliance issues 'Compelling case' for reform of Article 5 Full stack comeback BB...

Full stack comeback

BBVA finalizes full stack SRT

BBVA has finalized a full stack capital relief trade that references a static €804m portfolio of Spanish auto l...

FCA urged to address 'regulatory redundancies'

Sector developments and company hires

FCA urged to address ‘regulatory redundancies’The Managed Funds Association (MFA) has submitted a le...

Walker steps up to global credit head

Sector developments and company hires

Walker steps up to global credit headAon has established a new global credit team structure within its Reinsurance Solut...

Compliance issues

'Compelling case' for reform of Article 5

A new AFME report finds that investors are likely to interpret ambiguous provisions under Article 5 of the Securitisatio...

Risk transfer round up-14 June

CRT sector developments and deal news

Societe Generale is believed to be readying a synthetic securitisation of leasing assets called Colisee two that is expe...

Preventative intervention

UTP management gaining traction

The Italian non-performing loan ABS market remains subdued, with publicly-placed issuance drying up after the expiration...

Rental retreat

Rising BTL remortgaging risks eyed

Challenges lie ahead for the UK’s BTL RMBS market as buy-to-let lending continues to decline and remortgage ri...

SCI Start the Week - 12 June

A review of SCI's latest content

Last week's news and analysis Capital panic Use of SRT by US banks more pertinent as reg cap rises CRAFT priced ...

Manager tiering

Japanese demand driving dispersion?

The US CLO market continues to be characterised by dispersion (SCI 24 May). In this context, secondary double-B paper ap...

Entrepreneurial spirit

Colin Reddy, md, head of financial institutions and advisory at Howden CAP, answers SCI's questions

Q: You joined Howden CAP in April from Mizuho, where you executed a number of strategic capital and balance sheet transa...

Strategic partnerships 'positive' for CLO managers

Sector developments and company hires

Strategic partnerships ‘positive’ for CLO managersThe number of US broadly syndicated loan CLOs for...

Unfunded shift

Montepio launches synthetic RMBS

Montepio has finalized a synthetic securitisation of Portuguese residential mortgages. Dubbed Towers two, the unfunded m...

CRAFT priced

Deutsche Bank executes new synthetic ABS

Deutsche Bank has finalized the latest synthetic securitisation from the CRAFT programme. Dubbed CRAFT 2023-1, the t...

Capital panic

Use of SRT by US banks more pertinent as reg cap rises

US regulators are poised to increase capital requirements for bigger banks by as much as 20%, which will make the case f...

Santander selling

Spanish bank in US market with new auto loan CLN – price indications

Santander Bank NA is currently in the market with its first auto loan CLN of the year, dubbed SBCLN 2023-A. It concluded...

Call for 'proper discussion' about risk

Sector developments and company hires

Call for ‘proper discussion' about riskSecuritisation issuance in the EU equaled 0.3% of the bloc’s...

Risk transfer round up-6 June

CRT sector developments and deal news

Santander is believed to be readying a synthetic securitisation of SME loans from the Magdalena programme. The transacti...

SCI Start the Week - 5 June

A review of SCI's latest content

Last week's news and analysis Counterparty risk hedged Further details on JPM CRT revealed Infrastructur...

Stage two boost

ECB highlights consumer and CRE risks

The European Central Bank (ECB) has released its latest financial stability review. The report notes a slight divergence...

Latest SRTx fixings released

Improved tone implied in June index values

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The index values imply a generally...

Stonepeak eyes structured solutions

Sector developments and company hires

Stonepeak eyes structured solutionsMichael Leitner has joined Stonepeak as a senior md. Based in the firm’s Ne...

UK SME boost

British Business Bank boosts small business financing

The British Business Bank has agreed an initial £75m guarantee transaction with Cynergy Bank through...

Risk transfer round up-1 June

CRT sector developments and deal news

Eurobank is believed to be readying a synthetic securitisation that is expected to close in 2H23. The Greek lender&r...

Counterparty risk hedged

Further details on JPM CRT revealed

SCI can reveal further details of JPMorgan’s recently executed synthetic securitisation of capital call facili...

Risk transfer round up-31 May

CRT sector developments and deal news

Santander is believed to be the latest bank readying a synthetic securitisation of capital call facilities following tra...

Perfect storm?

SFR squeeze as costs rise and rents fall

The US single-family rental (SFR) securitisation market is facing the most challenging conditions since the launch of th...

Sun King supported via solar ABS

Sector developments and company hires

Sun King supported via solar ABSBritish International Investment (BII), the UK’s development finance instit...

Infrastructure CLO debuts

AIIB anchors emerging market pilot

Hong Kong Mortgage Corporation (HKMC) has completed the first CLO issuance under its pilot scheme on infrastructure fina...

Risk transfer round up-30 May

CRT sector developments and deal news

JPMorgan is believed to be readying a synthetic securitisation of corporate loans that is expected to close in 2H23. Thi...

ESG impact disclosure RTS inked

Sector developments and company hires

ESG impact disclosure RTS inkedThe three European Supervisory Authorities (ESAs) have jointly submitted to the European...

SCI In Conversation podcast: Alon Lifshitz, Vesttoo

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, Vesttoo co-founder and chief financial engineer Alon Lifshi...

Ramping up

SRT returns likely to remain high as supply grows

Capital relief trade issuance for the first four months of this year has now surpassed deal count for the same period la...

USAUT noteholders bag successor servicer

Sector developments and company hires

USAUT noteholders bag successor servicerKBRA reports that it has received an omnibus amendment, assignment, assumption a...

Risk transfer round up-24 May

CRT sector developments and deal news

Sabadell is believed to be readying a synthetic securitisation of corporate loans that is expected to close in 2H23. The...

Proactive participation

CLO manager differentiation eyed

M&A activity, tiering and the paucity of new collateral are all potential headwinds for CLO managers, especially...

French SME boost

BNP Paribas executes financial guarantee

BNP Paribas and the EIB group have executed a €120m mezzanine guarantee that references a €1.6bn portf...

Democratising higher education

International student loan expansion targeted

MPower Financing, a provider of loans for international university students, is pursuing its first securitisation follow...

Indian MSE ABS fund debuts

Sector developments and company hires

Indian MSE ABS fund debutsVivriti Asset Management has launched Vivriti India Retail Asset Fund (VIRAF), a first-of-a-ki...

Estimating exposures

Italian real estate climate risks gauged

Geographic diversification may be the only saving grace for Italian RMBS and CMBS transactions as the physical impacts o...

Debutant bank plots 'social CLOs'

Sector developments and company hires

Debutant bank plots ‘social CLOs’A first-of-its-kind investment bank has launched with the goal of d...

SCI Start the Week - 22 May

A review of SCI's latest content

Last week's news and analysis Capital squeeze Greater capital requirements for regionals highlights case for CRT ...

Holding steady

CRT structures unscathed amid bank volatility

Recent banking instability is unlikely to result in contractual changes in synthetic securitisations, but structural div...

CLO heavyweight to lead combined platform

Sector developments and company hires

CLO heavyweight to lead combined platformSound Point Capital Management has appointed Gunther Stein as head and cio of i...

Fire sale

FDIC moving at faster pace than expected to sell off failed bank assets

The Federal Deposit Insurance Corporation (FDIC) yesterday (May 17) sold another $12.5bn of assets from failed Silicon V...

Unfinished business

ESMA review offers opportunity to increase ABS transparency

NPL Markets, the loan trading and analytics platform, has called for increased data transparency in the European private...

The social struggle

More data needed to tackle 'socialwashing'

Concerns around ‘socialwashing’ remain, despite recent advances in defining social securitisations....

Capital squeeze

Greater capital requirements for regionals highlights case for CRT

More stringent regulatory oversight of US banks is likely to make careful capital management even more relevant, consequ...

AG acquisition creates credit powerhouse

Sector developments and company hires

AG acquisition creates credit powerhouseTPG is set to acquire Angelo Gordon in a cash and equity transaction valued at a...

International affair

Opportunity for foreign investors in Chinese ABS?

Misunderstanding could mean missed opportunity for investors as China’s unique securitisation market continues...

SCI Start the Week - 15 May

A review of SCI's latest content

Call for submissions: SCI CRT Awards 2023The submissions period is now open for the 2023 SCI CRT Awards, covering the gl...

Risk transfer reboot

JP Morgan executes synthetic securitisation

SCI understands that JP Morgan has finalized a synthetic securitisation of capital call facilities. The transaction is t...

Capital calls hedged

Standard Chartered CRT revealed

SCI understands that Standard Chartered finalized a synthetic securitisation of capital call facilities in March called...

Meeting of worlds

Opportunities for ABS originators as private and syndicated debt markets converge

Private credit transactions are playing an increasingly prominent role in the structured finance landscape, owing to the...

TD cancels CRT, say sources

Collapse of First Horizon merger cancels planned reg cap trade

The collapse of the merger between First Horizon and Toronto Dominion Bank (TD) has meant a planned CRT trade by the Can...

A European ecosystem

Continental solar ABS primed for growth

Continental solar ABS is primed for growth as governments and consumers seek energy independence. This Premium Content a...

Risk transfer return

Deutsche Bank engineers mid-market comeback

Deutsche Bank has finalized a synthetic securitisation of primarily German mid-market corporate credit faciliti...

Rapid rise in defaults for Gedesco TRS

Sector developments and company hires

Rapid rise in defaults for Gedesco TRSThe ratings on €191.8m of notes issued by Gedesco Trade Receivables 2020-...

Best interests

Eric Brown, head of Performance Trust's Institutional Group, answers SCI's questions

Q: Performance Trust announced its entry into the CLO market with the creation of its new CLO trading desk last month (S...

RTS welcomed

EBA moves away from lifetime capitalization of SES

The EBA’s final RTS on the determination of exposure value of synthetic excess spread has been welcom...

Risk transfer round up-5 May

CRT sector developments and deal news

Intesa Sanpaolo is allegedly working on a synthetic securitisation of corporate loans that is expected to close in 2H23....

Go Go SRT

More supply, and US banks to join the party, say conference speakers

While 2022 was a record year in the global SRT market, with $20bn of issuance and some $140bn of assets referen...

Prytania hires business development md for US and Canada

Sector developments and company hires

Prytania hires business development md for US and Canada London-headquartered Prytania Asset Management has appointed...

First loss shift

Commerzbank SRT revealed

SCI understands that Commerzbank closed a synthetic securitisation of corporate loans in February called &l...

Latest SRTx fixings released

Index values indicate widening spreads but volatility and liquidity outlooks trend towards neutral

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The most significant changes in th...

Apollo launches new platform for global wealth investors

Sector developments and company hires

Apollo launches new platform for global wealth investors Apollo Global Management has launched an investment platform...

SCI ESG Securitisation Awards: ESG Service Provider of the Year

Winner: European DataWarehouse

European DataWarehouse (EDW) has won the Service Provider of the Year category in SCI’s inaugural ESG Securiti...

LendInvest expands financing syndicate

Sector developments and company hires

LendInvest expands financing syndicateWells Fargo has joined LendInvest’s £200m financing syndicate...

SCI ESG Securitisation Awards: ESG Law Firm of the Year

Winner: Paul Hastings

The winner of SCI’s ESG Law Firm of the Year Award is Paul Hastings, for its deep expertise in the ESG field a...

Don't compare

Collaboration key to ESG progress

Comparison may be the thief of all ESG-joy for the securitisation market, as attendees at SCI’s 2nd Annual ESG...

SCI ESG Securitisation Awards: ESG Arranger of the Year

Winner: Tramontana Asset Management

There are a lot of things that the ESG market needs to prosper and make a difference, but the most pressing of these is...

SCI ESG Securitisation Awards: ESG Issuer of the Year

Winner: Obvion

With a well-established but ever-evolving approach, combined with a strategy that not only encompasses new deal issuance...

SCI In Conversation podcast: Seth Painter, Antares Capital

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, Seth Painter, head of structured products at Antares Capita...

Aegon AM buys CLOs, inks partnership

Sector developments and company hires

Aegon AM buys CLOs, inks partnershipNIBC is set to sell its European CLO management activities to Aegon Asset Management...

SCI ESG Securitisation Awards: ESG Investor of the Year

Winner: M&G Investments

M&G has won the Investor of the Year category in SCI’s inaugural ESG Securitisation Awards, following...

The iceman cometh?

Signs of a thaw emerging in US CRT

The recent Merchants Bank of Indiana deal could herald a thaw in the US capital relief trades market, as this Premium Co...

SCI ESG Securitisation Awards: ESG CLO Manager of the Year

Winner: Fidelity International

Environmental, social and governance (ESG) concerns are increasingly coming into focus in the CLO market, driven by grow...

SES RTS a 'sensible result'

Sector developments and company hires

SES RTS a ‘sensible result’The EBA has published its final draft RTS specifying the determination by...

SCI ESG Securitisation Awards: ESG Innovation of the Year

Winner: Intesa Sanpaolo

Intesa Sanpaolo has won the Innovation of the Year category in SCI’s ESG Securitisation Awards. The Italian le...

SCI ESG Securitisation Awards: ESG Securitisation of the Year

Winner: Fortuna Consumer Loan ABS 2022-1

The second social bond offering from German lender auxmoney has won SCI’s ESG Securitisation of the Year Award...

Portuguese SRT launched

Santander executes synthetic RMBS

Santander has finalized a synthetic securitisation that references a portfolio of Portuguese mortgages. The transaction...

Waiting game?

Short-term pain could spell long-term gain for Indian ABS

Indian securitisation volumes are climbing back up towards pre-pandemic levels, as the burgeoning middle class fuels gro...

Looking for opportunities

IMN US CLOs and leveraged loans conference recap

Opportunities in a deteriorating macro environment were a strong focus of Information Management Network’s 12t...

ACC ratings on watch downgrade

Sector developments and company hires

ACC ratings on watch downgradeKBRA has revised five ACC watch developing placements to watch downgrade, following notifi...

SCI Start the Week - 24 April

A review of SCI's latest content

ESG seminar tomorrow SCI’s 2nd Annual ESG Securitisation Seminar is taking place tomorrow, 25 April, at the o...

Extraterritorial reach

SEC rule raises concerns for European SRTs

The SEC’s new rule 192 has now raised concerns beyond US shores given that the broad definition of a...

RFC issued on synthetic STS criteria

Sector developments and company hires

RFC issued on synthetic STS criteriaThe EBA has launched a public consultation on its draft guidelines on the criteria r...

ESG Seminar line-up finalised

Securitisation awards to debut

SCI’s 2nd Annual ESG Securitisation Seminar is taking place in-person on 25 April at the offices of Clifford C...

Canadian boost

BNP Paribas said to be arranging another Canadian CRT

BNP Paribas is believed to be readying a synthetic securitisation for an undisclosed Canadian bank that is expected to&a...

Risk transfer round up-20 April

CRT sector developments and deal news

Klarna is believed to be readying its second ever synthetic securitisation following the consumer lender’s deb...

Surge in refi SLABS predicted

Sector developments and company hires

Surge in refi SLABS predictedThe US Supreme Court is expected to render its decision regarding the legality of President...

Test case

JP Morgan said to be targeting SPV structure

SCI understands that JP Morgan is eyeing an SPV structure for an alleged synthetic securitisation that is expected to cl...

Cautious optimism

Moody's Analytics Chief Economist Mark Zandi shares his views

SCI talked with Moody’s Analytics Chief Economist Mark Zandi ahead of his economic outlook keynote at Informat...

DDEs surveyed

'More favourable' outcomes for participating CLOs

Fitch has examined the holding outcomes of two leveraged loan issuers - MLN US HoldCo (Mitel) and Envision Healthcare -...

'Meaningful' layoff exposure for TAMI CMBS leases

Sector developments and company hires

‘Meaningful’ layoff exposure for TAMI CMBS leasesKBRA has identified 266 US CMBS lease exposures to...

SCI Start the Week - 17 April

A review of SCI's latest content

Last week's news and analysis Benchmarking commitments Importance of private securitisation to real economy...

Risk advisory appointment inked

Sector developments and company hires

Risk advisory appointment inkedAfrican Risk Capacity (ARC) has selected Gallagher Re as its reinsurance broker and risk...

SPV structures eyed

US SPV CRT prospects raised

US supervisors are currently assessing the collateral issues around synthetic securitisations after having raised questi...

Canadian wave continues

CIBC debuts synthetic securitisation

CIBC has finalized a synthetic securitisation of investment grade corporate loans. Dubbed ‘’Waterloo...

Capital solutions head poached

Sector developments and company hires

Capital solutions head poachedHowden CAP has appointed Colin Reddy as md, head of financial institutions and advisory, b...

Risk transfer round up-12 April

CRT sector developments and deal news

Societe Generale is believed to be readying two synthetic securitisations. The first one is backed by leveraged loans wh...

Cross Point tapped for CLO expertise

Sector developments and company hires

Cross Point tapped for CLO expertisePerformance Trust Capital Partners has formed a new CLO trading desk, with the addit...

Benchmarking commitments

Importance of private securitisation to real economy underlined

Over 70% of European private cash securitisations fund sellers in the EU and over 68% directly fund the real ec...

CLO pros take volatility in their stride

IMN European CLOs and Leveraged Loans conference recap

The mood was constructive at the IMN 10th Annual Investors’ Conference on European CLOs and Leveraged...

Libor laggards

Most US CLOs yet to transition from Libor with less than 90 days to go

Only 19% of US CLOs rated by S&P have transitioned to SOFR, leaving less than three months for the remainder to...

AssuredIM, Sound Point create CLO powerhouse

Sector developments and company hires

AssuredIM, Sound Point create CLO powerhouseAssured Guaranty has announced an agreement with Sound Point Capital Managem...

German SRT debuts

OLB executes first synthetic securitisation

OLB has executed a synthetic securitisation of corporate loans. The transaction is the German bank’s first syn...

Securitising shared ownership

RMBS plugging gap left by end of Help to Buy scheme

Growth in the UK shared ownership housing sector is fuelling a spike in interest in new RMBS products, as the government...

Latest SRTx fixings released

Index values reflect recent banking volatility

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The most significant change in the...

Strategic partnership to boost CLO platform

Sector developments and company hires

Strategic partnership to boost CLO platformTCW has entered into a strategic partnership with Lakemore Partners, with the...

Corporate CRT launched

MUFG opts for static pool in new CRT

MUFG Bank has executed a five-year synthetic securitisation that references a static US$1.7bn portfolio of US, European...

UCI's sustainable finance strategy supported

Sector developments and company hires

UCI’s sustainable finance strategy supportedThe EIB Group and Instituto de Crédito Oficial (ICO) ha...

Risk transfer round up-3 April

CRT sector developments and deal news

Deutsche Bank is believed to be readying a synthetic securitisation of corporate loans from the CRAFT programme that is...

SCI Start the Week - 3 April

A review of SCI's latest content

Last week's news and analysis Credit protection continues UBS takeover leaves Elvetia notes unaffected Fair winds...

Magnetar mooted

Illinois-based investor denies buying Merchants Bank SRT

Magnetar Capital, an Illinois-based asset manager, has denied strong rumours that it was the buyer of the SRT from Merch...

Merchants joins the party

Brand new US SRT deal from Merchants Bank of Indiana

Merchants Bank of Indiana, a subsidiary of Merchants Bancorpt, headquartered in Carmel, Indiana, has b...

Maturity extensions

Credit Agricole lengthens maturity in new SRT

Credit Agricole has finalized a synthetic securitisation of corporate loans. Dubbed CEDAR 2023-1, the transaction featur...

Enpal backed for Germany's first solar ABS

Sector developments and company hires

Enpal backed for Germany’s first solar ABS Renewable energy company Enpal has secured &e...

Fair winds

CRT issuance hits all-time record

CRT issuance volumes broke all-time records last year and the pipeline continues to build. The only potential blots on t...

Refinancing plans

European CMBS noteholder scrutiny to increase

Concerns over European CMBS refinancing risk continue to climb, amplified by recent bank liquidity issues (SCI 31 Januar...

IBRD prints largest-ever cat bond

Unique transaction provides earthquake coverage for Chile

The IBRD has priced a joint catastrophe bond and swap transaction to provide earthquake insurance coverage to the Chilea...

Credit protection continues

UBS takeover leaves Elvetia notes unaffected

SCI can confirm that the announcement of the merger between UBS and Credit Suisse has left the Elvetia notes un...

HPC buys into L Catterton to support credit strategy

Sector developments and company hires

HPC buys into L Catterton to support credit strategyHunter Point Capital (HPC) has acquired a minority stake in L Catter...

Risk transfer round up-28 March

CRT sector developments and deal news

Bank Millenium is believed to be readying a synthetic securitisation of leasing assets. The bank’s last capita...

On the wing

Gryphon to expand into new areas of structured finance post-acquisition

Australian asset manager Gryphon Capital Investments will look to expand its remit beyond RMBS, following its recent acq...

Swedish auto lease ABS debuts

Sector developments and company hires

Swedish auto lease ABS debutsVolkswagen Financial Services has closed its inaugural Swedish auto lease ABS. Dubbed VCL M...

SCI Start the Week - 27 March

A review of SCI's latest content

Last week's news and analysis Capital call CRT prepped Standard Chartered readies synthetic ABS Regionals roughed...

SCI In Conversation podcast: John Pellew, Arrow Global

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, Arrow Global principal John Pellew discusses the evolution of blockc...

Long-term viability of QT questioned

Sector developments and company hires

Long-term viability of QT questionedUS banks borrowed a record amount over the last week, demonstrating the extent to wh...

Risk transfer comeback

Lloyds executes synthetic ABS

Lloyds has finalized a synthetic securitisation of UK corporate loans. Dubbed Musselburgh, the transaction is the bank&a...

Subjective issue

CLO ESG reporting gaining traction

CLO managers are increasingly investing in their own methodologies and disclosure processes to provide investors with he...

Arrow closes second credit opps fund

Sector developments and company hires

Arrow closes second credit opps fund Arrow Global Group has held a final close for its second credit opportunit...

Regionals roughed up

US tier one banks set for new dawn in SRT market while regionals suffer

As US regional banks have been battered in recent days, the SRT market for larger institutions might be looking up. In...

AlbaCore, FSI strategic partnership inked

Sector developments and company hires

AlbaCore, FSI strategic partnership inkedAustralian asset manager First Sentier Investors (FSI) has acquired a majority...

Capital call CRT prepped

Standard Chartered readies synthetic ABS

Standard Chartered is believed to be readying a synthetic securitisation of capital call facilities that is expected to...

Credit Suisse AT1 write-downs 'rip up rules'

Sector developments and company hires

Credit Suisse AT1 write-downs ‘rip up rules’UBS has agreed to acquire Credit Suisse, creating a busi...

Ringfencing the problem

Fed's SVB response calms RMBS nerves

The US Fed's swift response to Silicon Valley Bank's (SVB) collapse has calmed nerves in the US securitisation market. A...

SCI Start the Week - 20 March

A review of SCI's latest content

Last week's news and analysis Austrian SRT debuts BAWAG said to have launched first synthetic ABS CRE CRT prepped ...

Gryphon acquired in APAC expansion move

Sector developments and company hires

Gryphon acquired in APAC expansion moveBarings has agreed to wholly acquire Australian structured finance manager Grypho...

Riding the storm

Banks ready for SVB fallout

The collapse of Silicon Valley bank has rocked markets (SCI 13 March) but analysts note that the capital position of the...

Risk transfer round up-16 March

CRT sector developments and deal news

German landesbank OLB is believed to be readying a synthetic securitisation. The transaction would be riding a wave of L...

ACC servicing transferred post default

Sector developments and company hires

ACC servicing transferred post defaultRAC Asset Holdings – the transferor and undivided trust interest benefic...

CRE CRT prepped

Societe Generale said to be readying CRE CRT

Societe Generale is believed to be readying a synthetic securitisation of commercial real estate loans that is a repeat...

Utility tool

Cat bonds tipped for 'pre-financing' fiscal risks

Catastrophe bonds could offer tangible financial benefits to jurisdictions most vulnerable to catastrophe events, as ins...

Regional bank CLNs on watch amid SVB fallout

Sector developments and company hires

Regional bank CLNs on watch amid SVB falloutKBRA has placed on watch developing 78 ratings from three CLN transactions i...

EU authorities call for improved climate data

Sector developments and company hires

EU authorities call for improved climate dataESMA, in collaboration with the EBA, EIOPA and the ECB, has disclosed that...

Seeking standardisation

Call for consistent EPC ratings as demand for green RMBS grows

A lack of standardisation in EPC ratings across Europe could prove detrimental to the continued growth of the green RMBS...

Austrian SRT debuts

BAWAG said to have launched first synthetic ABS

SCI understands that Austrian lender BAWAG has finalized a synthetic securitisation of auto loans. The transaction is th...

SCI Start the Week - 13 March

A review of SCI's latest content

Last week's news and analysis Climate call Calls for ESG synthetics framework grow 'Conflict of interest' undermi...

SVB failure liquidity-driven

Outsized, unhedged MBS holdings behind bank run

Securitisation analysts have been quick to emphasise that the collapse on 10 March of Silicon Valley Bank (SVB), which m...

ICE merger challenged on 'competitive harm'

Sector developments and company hires

ICE merger challenged on ‘competitive harm’The US FTC is seeking to block the proposed merger betwee...

Climate call

Calls for ESG synthetics framework grow

Capital relief trade investors and arrangers are beginning to cohere on the need for a framework for ESG synthetic secur...

Corporate SRT launched

Nordea said to have finalized corporate SRT

SCI understands that Nordea, PGGM and Alecta have executed a repeat transaction called Sisu two. The trade is a follow u...

Hybrid stop-loss deal closed

Sector developments and company hires

Hybrid stop-loss deal closedSwiss Re has closed its second hybrid bank financing and ILS transaction (SCI 22 April 2022)...

SEC-SA and the death of public securitisation

Adam Croskery, head of debt financing and structuring at Arrow Global, calls for arrangers to create...

In the early 2010s, I was a mortgage structurer at the forefront of the birth of NC2.0 (the non-conforming 2.0 sector)....

No good news

Powell's testimony suggests higher cap requirements not ruled out

There was little good news for financial markets during the first of Chairman Powell’s two day testimony befor...

'Conflict of interest' undermines CRT

Lawyers ring alarm bells about possible impact of SEC ruling on CRT market

The US regulatory capital relief trade market appears in grave danger from the controversial “conflict of inte...

BREP default an 'inflection point'?

Sector developments and company hires

BREP default an ‘inflection point’?A senior loan EOD has occurred in connection with Finnish single-...

SCI Start the Week - 6 March

A review of SCI's latest content

Inaugural SRTx fixings releasedThe inaugural fixings for the SRTx (Significant Risk Transfer Index) have been released....

Banks seek CRT clarity

"Reservation of authority" at heart of regulator distaste for CRT, say sources

A top tier US bank has requested a non-objection letter from the Federal Reserve Bank of New York to clarify its attitud...

SRTx inaugural fixings released

Index values project worsening conditions for CRTs

The inaugural fixings for the SRTx (Significant Risk Transfer Index) have been released. The index values suggest that p...

Supreme Court grants CFPB petition

Sector developments and company hires

Supreme Court grants CFPB petitionThe US Supreme Court has granted the CFPB’s Petition for a Writ of Certiorar...

Window of opportunity

German auto ABS dominates primary issuance

After the first European ABS deal of the year – Dutch Property Finance 2023-1 - printed on 25 January, a flurr...

SCI In Conversation podcast: Keerthi Raghavan, Waterfall Asset Management

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, Waterfall Asset Management partner Keerthi Raghavan discusses the he...

Confidence and convenience

Brian Bejile, founder and ceo of Octaura Holdings, answers SCI's questions

Q: After launching the platform last year, Octaura reported the completion of its first fully electronic syndicated loan...

Back to STACR

Freddie targets 70/30 bonds versus reinsurance split as supply drops

Freddie Mac expects to issue between $4.5bn and $6.5bn in the CRT space in 2023, and it targets a 70/30 split between th...

Risk transfer round up-28 February

CRT sector developments and deal news

Alpha bank is believed to be readying a synthetic securitisation of shipping loans. The transaction would be th...

Direct lending platform unveiled

Sector developments and company hires

Direct lending platform unveiledOaktree Capital Management has launched private credit-focused Oaktree Lending Partners...

Lightning rod?

Dealer incentives eyed in CAC complaint

The CFPB and the New York State Office of the Attorney General (NYOAG) recently brought a lawsuit against subprime auto...

Independent considerations

Daniel Drummer, cfo of German digital lender auxmoney, answers SCI's questions

Q: auxmoney re-opened the European securitisation market with its third social bond issuance, Fortuna Consumer Loan ABS...

Affordability anxiety

Non-QM originators augment affordability products, raising loss prediction

Mortgage originators are increasing production of affordability non-QM loans partly for purely business reasons but also...

Balance sheet optimization continues

Piraeus Bank discloses synthetic securitisation

SCI can reveal details of a synthetic securitisation that Piraeus Bank finalized in December last year. Dubbed Hermes, t...

SCI Start the Week - 27 February

A review of SCI's latest content

SRTx benchmark launched SCI is launching SRTx (Significant Risk Transfer Index), a new benchmark that measures the est...

SRTx benchmark debuts

Index to provide pricing guide for corporate, SME CRTs

SCI is set to launch SRTx (Significant Risk Transfer Index), a fixed income benchmark rate index that measures the estim...

Growing momentum

EU Commission endorses halving of p factor

SCI can confirm that the European Commission has followed the European Parliament and is now endorsing the transitional...

Lift off

Toronto Dominion opens Canadian CRT market

Toronto Dominion has priced a synthetic securitisation of corporate loans. The transaction renders the lender the first...

Risk transfer round up-23 February

CRT sector developments and deal news

Credit Agricole is believed to be readying a synthetic securitisation of corporate loans that is expected to close next...

Cairo NPL disposal completed

Sector developments and company hires

Cairo NPL disposal completeddoValue has completed Project Souq, the sale to Intrum of two non-performing loan portfolios...

German SRT priced

BNP Paribas prices capital relief trade

BNP Paribas has priced the first full stack significant risk transfer from the Autonoria programme that references Germa...

FEAC promotes four in direct lending

Sector developments and company hires

FEAC promotes four in direct lendingFirst Eagle Alternative Credit (FEAC) has promoted four members of its tradable cred...

Nice and niche

Investors eye life ILS strategies as uncertainties loom

The life ILS sector has been caught up in the capital availability dynamics of the wider catastrophe bond market retrenc...

CS duo snapped up

Sector developments and company hires

CS duo snapped upFinancial services firm Baird has expanded its fixed income offering with the addition of two ex-Credit...

SCI Start the Week - 20 February

A review of SCI's latest content

Latest SCI In Conversation podcast available In this episode, Pretium Partners senior md and structured credit head Je...

Social housing RMBS debuts

Sector developments and company hires

Social housing RMBS debutsCaisse des Dépôts et Consignations (CDC) has completed a rare securitisat...

Highs, lows and CLOs

John Kim, Panagram ceo and portfolio manager of CLOZ, answers SCI's questions

Q: What can you tell us about the launch of Panagram’s new actively managed CLO ETF (CLOZ) (SCI 25 January)? ...

German SRT debuts

BNP Paribas launches new Autonoria SRT

BNP Paribas is marketing a full stack significant risk transfer trade from its Autonoria programme. The transaction is t...

Cloudy skies for aircraft ABS

Despite a deal in December, aircraft ABS has problems to solve