SCI Start the Week - 16 October

SCI Start the Week - 16 October

Monday 16 October 2023 11:25 London/ 06.25 New York/ 19.25 Tokyo

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 Capital Relief Trades Seminar and CRT Training for New Market Entrants.

Last week's news and analysis
Freddie B-piece investments closed
Updates on a US$2bn investment, a CDO manager swap and NPL template adoption
Job swaps weekly: Fearon steps up at Arch
People moves and key promotions in securitisation
Poland first
EBRD and Santander Group close their first synthetic securitisation in Poland
Quitting coal
Using utility ABS to fund a 'just' energy transition
Risk transfer round-up - 12 October
The week's CRT developments and deal news
SCI's CRT celebration
Women in risk sharing networking event to debut
SCI In Conversation podcast: Matthew Bisanz, Mayer Brown
We discuss what the Fed's new CLN guidance means for US CRT
Snowball effect
EIF expands CEE engagement
Wake-up call
Collaboration needed for consistent CLO ESG practices
Deal-focused updates from our ABS Markets and CLO Markets services.


Recent premium research to download
Utility ABS – October 2023
An uptick in utility ABS is expected as US utilities seek financial solutions for retiring the country’s aging fossil fuel fleet. This SCI Premium Content article explores how the proceeds from these transactions can be used to facilitate an equitable energy transition.

Emerging UK RMBS – July 2023
The return of 100% mortgages and the rise of later-life lenders herald an evolving UK RMBS landscape. This Premium Content article investigates how mortgage borrowers’ changing needs are being addressed.

Office CMBS – July 2023
The office CMBS market is grappling with headwinds brought about by declining occupancy rates and rising costs of borrowing. However, as this Premium Content article finds, the European CRE market may not be as badly affected as its US counterpart.

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

SCI In Conversation podcast
In the latest episode, Matthew Bisanz, a partner in Mayer Brown’s bank regulatory practice, outlines how the Federal Reserve’s update on 28 September of the FAQs on Regulation Q is likely to impact the US capital relief trades market. The long-awaited guidance clarifies the definition of a synthetic securitisation and, crucially, states that a reservation of authority can be requested for direct CLNs. Bisanz, for one, anticipates an increased willingness – especially among larger CCAR banks – to enter into CRTs as a result.

The episode can be accessed here, as well as wherever you usually get your podcasts, including Apple Podcasts and Spotify (just search for ‘SCI In Conversation’).

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 Tauseef Asri 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
Women In Risk Sharing
18 October 2023, London

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

Esoteric ABS Seminar
7 November 2023, New York

European CRE Finance Seminar
28 November 2023, London