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Derivatives

Derivatives are financial instruments that derive from an underlying asset such as a commodity, bond or currency. SCI’s derivatives coverage focuses on the structuring and trading of derivatives relating to securitisation and structured credit. The instruments covered are primarily: credit default swaps (CDS) and options; correlation trading through index tranches; total return swaps on credit and loan indices and baskets; bespoke tranches; and other new and unusual synthetic structures.

  • Provisioning hedge

    Landmark Italian SRT inked

    AmTrust International has completed its inaugural capital relief trade, which references a &euro...

    News    2 March 2020
  • Risk transfer round-up - 28 February

    CRT sector developments and deal news

    Banca Monte dei Paschi di Siena is rumoured to be readying an SME SRT for next month, with the count...

    News    28 February 2020
  • High-profile bankers exit SRT

    Sector developments and company hires

    SRT departures Last week saw a couple of high-profile exits from SRT banking teams in London. Struc...

    Market moves    24 February 2020
  • Moving down

    Insurers target first-loss CRTs

    Insurers are now targeting the first-loss tranches of capital relief trades, having eyed the senior...

    News Analysis    21 February 2020
  • SRT fund launched

    AXA engineers return

    AXA Investment Managers has completed its eighth partner capital solutions fund. With the move, the...

    News    21 February 2020
  • Risk transfer round-up - 20 February

    CRT sector developments and deal news

    Further details have been revealed of CRT transactions that were completed in 4Q19. One is another B...

    News    20 February 2020
  • SME double

    EIF closes pair of EFSI guarantees

    The EIF has closed two new guarantee agreements supporting European SMEs, both of which are supporte...

    News    19 February 2020
  • Risk transfer round-up - 13 February

    CRT sector developments and deal news

    Mediobanca is readying another capital relief trade in addition to its inaugural SRT that will close...

    News    13 February 2020
  • Risk transfer boost

    CRT issuance breaks record

    Capital relief trade issuance broke a record in 2019, with volumes reaching €7.5bn. This ma...

    News Analysis    13 February 2020
  • CRT upgraded due to 'substantial' increase in CE

    Sector developments and company hires

    Canadian MBS ETF BMO Asset Management has launched a new stable of ETFs trading on the TSX, inclu...

    Market moves    12 February 2020
  • Sporadic issuance

    CQS SRT wave unlikely

    BNP Paribas arranged Amalia, Banca Nazionale del Lavoro’s landmark synthetic securitisatio...

    News Analysis    10 February 2020
  • EBA reports pending

    Trapped excess spread requirement could be dropped

    The EBA will finalise its approach to significant risk transfer this year through the publication of...

    News Analysis    7 February 2020
  • Risk transfer round-up - 7 February

    CRT sector developments and deal news

    Bank of Scotland (BOS) is in the market with Syon Securities 2020, its second UK mortgage SRT (SCI 2...

    News    7 February 2020
  • Syon Securities priced

    Bank of Scotland engineers return

    Bank of Scotland has priced a seven-year financial guarantee that references a £550m portf...

    News    7 February 2020
  • Grasshopper up

    Landmark green SRT finalised

    RBS has completed a landmark capital relief trade referencing a £1.1bn portfolio of UK pro...

    News Analysis    31 January 2020
  • BMO SRT inked

    Repeat Manitoulin trade completed

    Bank of Montreal has completed a capital relief trade referencing US and Canadian senior secured and...

    News    31 January 2020
  • Risk transfer round-up - 28 January

    CRT sector developments and deal news

    Deutsche Bank has completed a capital relief trade from the CRAFT programme. Dubbed CRAFT 2020-1, th...

    News    28 January 2020
  • Hedge fund liquidated amid accounting probe

    Sector developments and company hires

    EMEA Jonathan Bowers and Philip Grose have founded London-based Acer Tree Investment Management....

    Market moves    27 January 2020
  • Risk transfer round-up - 27 January

    CRT sector developments and deal news

    Banco BPM is rumoured to be readying a capital relief trade for this year. The issuer launched its f...

    News    27 January 2020
  • Risk transfer round-up - 23 January

    CRT sector developments and deal news

    Caixabank is rumoured to be prepping a consumer SRT for this year. The lender printed its last trans...

    News    23 January 2020
  • Risk transfer round-up - 22 January

    CRT sector developments and deal news

    BBVA is rumoured to be readying a capital relief trade for 1Q20. The transaction would be the lender...

    News    22 January 2020