A review of SCI's latest content

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.

SCI CRT Awards
SCI’s 2023 Capital Relief Trades Awards winners and honourable mentions have been announced. Click here to read the award write-ups in full.

Last week's news and analysis
Algonquin prices
Latest BMO deal closes
CRT Market Update
Diversity on display
Job swaps weekly: Octagon elevates Lam to ceo
People moves and key promotions in securitisation
JP Morgan inundation
Buyers band together in face of vast deals
Junon 4 prices
SG's latest corporate SRT unveiled
New normal?
German house prices see surprise decline
SCI CRT Awards: North American Transaction of the Year
Winner: St Lawrence
SCI CRT Awards: Transaction of the Year
Winner: Project Seed
Sculptor merger hit by litigation
Updates on Rithm’s response and ESG score expansion
Starting strong
Warwick Capital Partners, answers SCI’s questions
Taking charge
NBFCs boost Indian securitisation issuance
US CLN market could reach US$220bn
Updates on new projection, Aquarian acquisition and an NPL settlement
Plus
Deal-focused updates from our ABS Markets and CLO Markets services.

Regulars

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
Esoteric ABS Seminar
7 November 2023, New York

European CRE Finance Seminar
28 November 2023, London