SCI Start the Week - 15 May

SCI Start the Week - 15 May

Monday 15 May 2023 11:24 London/ 06.24 New York/ 19.24 Tokyo

A review of SCI's latest content

Call for submissions: SCI CRT Awards 2023
The submissions period is now open for the 2023 SCI CRT Awards, covering the global capital relief trades market and the US credit risk transfer market. Nominations should be received by 5 July and the winners will be announced at the London SCI Capital Relief Trades Seminar on 19 October. Pitches are invited for deals issued during the period 1 October 2022 to 30 June 2023.
For more information on the awards categories and submissions process, click here.

Last week's news and analysis
A European ecosystem
Continental solar ABS primed for growth
Best interests
Performance Trust's Institutional Group answers SCI's questions
Capital calls hedged
Standard Chartered CRT revealed
Meeting of worlds
Opportunities for ABS originators as private and syndicated debt markets converge
Risk transfer reboot
JP Morgan executes synthetic securitisation
Risk transfer return
Deutsche Bank engineers mid-market comeback
TD cancels CRT, say sources
Collapse of First Horizon merger cancels planned reg cap trade

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

Recent premium research to download
European solar ABS – May 2023
Continental solar ABS is primed for growth as governments and consumers seek energy independence. This Premium Content article investigates.

US CRT thaw – April 2023
The recent Merchants Bank of Indiana deal could herald a thaw in the US capital relief trades market, as this Premium Content article outlines.

CRT 2022 review – March 2023
CRT issuance volumes broke all-time records last year and the pipeline continues to build. The only potential blots on the horizon are the regulatory pause in the US and the fallout from the collapse of Credit Suisse and Silicon Valley Bank, as this Premium Content article suggests.

CLO ESG reporting – March 2023
CLO managers are increasingly investing in their own methodologies and disclosure processes to provide investors with helpful ESG information. However, as this Premium Content article shows, the subjective nature of this data remains an issue.

All of SCI’s premium content articles can be found here.

SCI In Conversation podcast
In the latest episode, Seth Painter, head of structured products at Antares Capital in New York, discusses the development the CLO middle market space and its importance to the funding of the direct lending business at Antares. While the traditional BSL market has been in the doldrums, the middle market space is on fire. The podcast can be accessed wherever you usually get your podcasts, including Apple Podcasts and Spotify (just search for ‘SCI In Conversation’), or by clicking here.

SCI Markets
SCI Markets provides deal-focused information on the global CLO and Australian/European/UK ABS/MBS primary and secondary markets. It offers intra-day updates and searchable deal databases alongside CLO BWIC pricing and commentary. Please email Ronald Adjekwei at SCI for more information or to set up a free trial here.

SRTx benchmark

SCI has launched SRTx (Significant Risk Transfer Index), a new benchmark that measures the estimated prevailing new-issue price spread for generic private market risk transfer transactions. Calculated and rebalanced on a monthly basis by Mark Fontanilla & Co, the index provides market participants with a benchmark reference point for pricing in the private risk transfer market by aggregating issuer and investor views on pricing. For more information on SRTx or to register your interest as a contributor, click here.

Upcoming SCI events
SCI's 9th Annual Capital Relief Trades Seminar
19 October 2023, London