SCI Start the Week - 20 November

SCI Start the Week - 20 November

Monday 20 November 2023 11:09 London/ 06.09 New York/ 19.09 Tokyo

A review of SCI's latest content

New SCI video series
In the first instalment of SCI's Basel 4 video series, Alantra md Holger Beyer provides a brief outline of what's new in Basel 4 and SCI's Kenny Wastell asks market participants whether the new regulations will be a game changer for the SRT market.

Last week's news and analysis
Angel Oak ABS-focused ETF reaches US$100m in AuM
Update from Atlanta-based fund
Ares flies high
Top alt credit investor predicts CRT boom
CAS and out
Fannie Mae prints 8th and final CAS of 2023
Global Risk Transfer Report: Chapter three
In the third of six chapters SCI explores recent structural developments
Inflection point?
White & Case discusses the drivers to facilitate a more commoditised SRT market
Job swaps weekly: BNP bulks up in Americas
People moves and key promotions in securitisation
Manulife acquires CQS
Alternative credit manager added
Reissue, renew, reprint
Big banks focus on retention in German RMBS
Risk transfer round-up - 16 November
The week's CRT developments and deal news
Stand by, CRT
CRT boom but adverse regulations loom, say SCI conference speakers
Value covered
LibreMax Capital outlines the asset-based private credit opportunity set
Waiting game?
Islamic securitisation gaining traction
Deal-focused updates from our ABS Markets and CLO Markets services.

Free Special Report available to download

SCI Global Risk Transfer Report 2023: New frontiers in CRT
Capital relief trade issuance witnessed another record-breaking 12 months in 2022, yet a number of regulatory challenges remained outstanding by the end of the year. SCI’s latest Special Report examines how the risk transfer community is addressing these issues – whether through regulatory fixes or structural enhancements – and the fallout from the turmoil in the bank sector in March. It also explores the new frontiers that are emerging across jurisdictions and asset classes, including by highlighting the potential of the Canadian and the CEE CRT markets.
Sponsored by Arch MI, Man GPM, Mayer Brown and The Texel Group, the report is available to download here.


Recent premium research to download
Data centre securitisation – November2023
Insatiable demand for connectivity is fuelling a rise in data centre securitisation issuance. This Premium Content article tracks the market’s development.

(Re)insurer participation in CRTs – October 2023
(Re)insurer interest in CRTs is rising, but execution of unfunded transactions remains limited. This Premium Content article outlines the hurdles that still need to be overcome.

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
European CRE Finance Seminar
28 November 2023, London