A review of SCI's latest content

Last week's news and analysis
'Endgame' comment period extended
Updates on Fed’s extension, Algonquin rating and Alpha/Unicredit partnership
EU leads the pack
Delegates at SCI CRT event stress jurisdictional divergence
Job swaps weekly: Antares beefs up team after strategy launch
People moves and key promotions in securitisation
Legacy adjustments
Call for enhanced transparency for restructured mortgages
Polish lease SRT prints
Millennium, Veld strengthen relationship
Risk transfer round-up - 26 October
The week's CRT developments and deal news
SCI CRT Awards: Arranger of the Year
Winner: BNP Paribas
SCI CRT Awards: Contribution to CRT
Winner: PGGM
SCI CRT Awards: Credit Insurer of the Year
Winner: Arch MI
SCI CRT Awards: Impact Deal of the Year
Winner: Project Bocarte
SCI CRT Awards: Innovation of the Year
Winner: SLG2
SCI CRT Awards: Investor of the Year
Winner: AXA IM Alts
SCI CRT Awards: Issuer of the Year
Winner: Santander
SCI CRT Awards: Law Firm of the Year
Winner: Clifford Chance
SCI CRT Awards: North American Issuer of the Year
Winner: Bank of Montreal
SCI CRT Awards: Personal Contribution to the Industry
Winner: Bruno Bancal, head of active management & transactions at BNP Paribas
Subprime auto is not the next credit crisis
Are challenges in the subprime auto market as significant as they seem?
Plus
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.

Regulars

Recent premium research to download
(Re)insurer participation in CRTs
(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
Esoteric ABS Seminar
7 November 2023, New York

European CRE Finance Seminar
28 November 2023, London