Sunrise, Start the week

SCI Start the Week - 28 June

Category: ABS Capital Relief Trades CLOs

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A review of SCI's latest content

CLO seminar tomorrow
SCI’s 1st Annual CLO Special Opportunities Seminar is taking place virtually tomorrow, 29 June. The event examines the key areas in which investors and managers can enhance returns, from deal structures and pricing to unusual asset classes.

Last week's news and analysis
Adopting change
Class A loan note attracts attention
Back into the fold
CRT returns to centre stage with FHFA changing of the guard
Calabria exits
FHFA director removed, GSE stocks nosedive; Fannie comeback?
Ever tighter?
European ABS/MBS market update
Riding a wave
BNP Paribas executes capital call SRT
SRT debut
LBBW prints first capital relief trade
US is coming
Stand by for more US regional bank deals
Volatility hedge
NNIP explains why securitisation and private credit currently represent sweet spots

For all of last week’s stories including ‘Market moves’ and ‘Risk transfer round-up’ click here.

Recent research to download
Synthetic Excess Spread - May 2021
The requirement to fully capitalise synthetic excess spread is expected to result in SRT issuers dropping the feature from their transactions. This CRT Premium Content article weighs the relative benefits of synthetic securitisations versus those of full-stack cash deals, in which originators can use excess spread.

TCBI Deal Profile - May 2021
It took Texas Capital Bank nine months to finalise its landmark capital relief trade, becoming the first US regional bank to tap the risk transfer market. This CRT Premium Content article tracks the deal’s progress from inception to launch.

CLO Case Study - Spring 2021
In this latest in the series of SCI CLO Case Studies, we examine the double-B pricing patterns in CLO primary and secondary markets amid November to January’s textbook new issue boom and rally. Read this free report to discover the shifting relationship between new issue and BWIC DMs supported by an intuitive visualisation of market activity and tone.

Upcoming events
SCI's 1st Annual CLO Special Opportunities Seminar
29 June 2021, Virtual Event
CLOs are now a mainstream market and set to cross the US$1trn threshold this year globally, bolstered by the search for yield and strong performance through the Covid-19 crisis. Positive news though this is, it means that investors can no longer look to the vanilla market for the relative value opportunities they used to enjoy. SCI’s CLO Special Opportunities Seminar examines the key areas for investors and managers to enhance returns from market and deal structures, to pricing and unusual asset classes.

SCI's 3rd Annual NPL Securitisation Seminar
September 2021, Virtual Event
The volume of non-performing loans on European bank balance sheets is expected to increase due to Covid-19 stress and securitisation is recognised by policymakers as key to enabling these assets to be disposed of. SCI’s NPL Securitisation Seminar explores the impact of the coronavirus fallout on performance and issuance, as well as on pricing assumptions, servicing and workout trends across the European market. Together with recent regulatory developments, the event examines the establishment of an asset protection scheme in Greece and the emergence of synthetic NPL ABS.

SCI's 7th Capital Relief Trades Seminar
13 October 2021, In Person Event
Last year saw significant regulatory developments in connection with capital relief trades, including the publication of the EBA’s final SRT report and the introduction of an STS synthetics regime. SCI’s Capital Relief Trades Seminar will explore the impact of these developments, as well as the latest trends and activity across the sector.