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SCI Start the Week - 30 November

Category: ABS Capital Relief Trades CLOs


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A review of securitisation activity over the past seven days

Last week's stories
Double trouble
Two - not one - JP Morgan corporate loan CRT trades have been in the market
Emergency exit
Taking the GSEs back to private hands in two months is the tallest of tall orders
Excess spread harmonised
EBA's SRT recommendations released
Generation change?
Investor, issuer ESG engagement surveyed
Offshore demand
Chinese securitisation continues to gain traction
Restructuring boost
Project Galaxy portfolio acquired
SCI CRT Awards 2020
Credit Insurer of the Year: RenaissanceRe
SCI CRT Awards 2020
Impact Deal of the Year: Project Grasshopper
SCI CRT Awards 2020
Innovation of the Year: Vale Securities Finance 2019-1
SCI CRT Awards 2020
Investor of the Year: Alecta-PGGM
SCI CRT Awards 2020
North American Transaction of the Year: Chase 2019-CL1
SCI CRT Awards 2020
Transaction of the Year: Resonance 5

Other deal-related news

  • The EBA has published its long-awaited report on significant risk transfer in securitisations, which includes a set of detailed recommendations to the European Commission on the harmonisation of practices and processes applicable to the SRT assessment (SCI 23 November).
  • Kamakura Corporation has highlighted concerns over the assessment of CLO combo notes in a new research report from its North American client team (SCI 23 November).
  • Penta CLO 2 has become the first European CLO to trigger its payment frequency switch to semi-annual, with the manager Partners Group (UK) Management doing so at its discretion, according to Fitch (SCI 23 November).
  • The EBA has published its first assessment of the use of Covid-19 moratoria and public guarantees across the EU banking sector, based on data disclosed by banks as of 30 June 2020 (SCI 23 November).
  • The UK FCA has launched its new STS notification platform, with the aim of allowing UK securitisation originators and sponsors to 'pre-populate' the STS list in anticipation of the end of the Brexit transition period on 31 December (SCI 24 November).
  • Moody's has downgraded the global scale ratings of 49 classes of notes from 10 South African RMBS and auto loan ABS, and affirmed the GSRs of 16 classes of notes (SCI 26 November).
  • The Basel Committee has published a technical amendment in connection with the capital treatment of non-performing loan securitisations (SCI 27 November).

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