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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.

  • Maintaining flexibility

    Fiona Walden, vp, credit and financial lines at RenaissanceRe, answers SCI's questions

    Q: How and when did RenaissanceRe became involved in the securitisation market? A: We were set up 2...

    The Structured Credit Interview    22 February 2019
  • Surging ahead

    CDX grows while TRS is found wanting

    CDX indexes have become an integral tool for many credit fund managers in Europe and the US, both fo...

    News Analysis    22 February 2019
  • CLO partnership launched

    Sector developments and company hires

    CDS trends discussed Mayer Brown has commented on trends in single-name CDS credit event determina...

    Market moves    21 February 2019
  • Stand-out performer

    Systematic role for structured credit

    Funds focused on structured credit were, as a whole, stand-out performers in 2018. Of the 50 US stru...

    News Analysis    21 February 2019
  • Risk transfer round-up - 15 February

    CRT sector developments and deal news

    The first quarter of this year is expected to see reduced capital relief trade issuance, due to ESMA...

    News    15 February 2019
  • Tranche trading seeing 'increased focus'

    CDS products 'likely' to see innovation

    CDS index tranche trading has seen an increase in focus from credit investors, with marketing materi...

    News Analysis    12 February 2019
  • CDS 'falling short'

    Equity options benefits highlighted

    Issues around liquidity and investor confidence may have rendered CDS ineffective as a means of mode...

    News Analysis    7 February 2019
  • CLO UCITS launched

    Company hires and sector developments

    CDS publication launched Jochen Felsenheimer, md at XAIA Investment, Wolfgang Klopfer, chairman of...

    Market moves    30 January 2019
  • Minerva closed

    Innovative guarantee completed

    Banca Nazionale Del Lavoro has closed a €100m mezzanine guarantee with the EIF. Dubbed Mine...

    News    25 January 2019
  • Risk transfer round-up - 25 January

    CRT sector developments and deal news

    Deutsche Bank issued a leveraged loan capital relief trade in December among a flurry of risk transf...

    News    25 January 2019
  • CDS index-linked ETF launched

    Fund will target gap in passive fixed income space

    Tabula has launched a new fixed income ETF tracking the iTraxx European Crossover five year index. T...

    Provider Profile    21 January 2019
  • Latest SCI podcast available

    SCI podcast episode four is now live

    SCI’s latest podcast is now live. This month the team round up asset class performance fro...

    News    21 January 2019
  • CRT growth continues

    Tighter pricing trend points to expanding market

    The year 2018 saw a flurry of capital relief trades referencing various asset classes that were pric...

    News Analysis    18 January 2019
  • SCI Start the Week - 14 January

    A review of securitisation activity over the past seven days

    Transaction of the week BBVA has completed an innovative transaction that synchronises credit event...

    News    14 January 2019
  • Risk transfer round-up - 11 January

    CRT sector developments and deal news

    The fourth quarter of 2018 saw a slew of risk transfer deals typical of year-end issuance (SCI 21 De...

    News    11 January 2019
  • Credit events synchronised

    BBVA completes innovative IFRS 9 hedge

    BBVA has completed an innovative transaction that synchronises credit events with IFRS 9 lifetime ex...

    News Analysis    11 January 2019
  • Mezz opportunity

    Insurer interest in risk transfer on the rise

    The facility recently inked by Texel Finance and Liberty Specialty Markets (SCI 9 November 2018) sig...

    News Analysis    10 January 2019
  • Risk-sharing boost

    Cajamar SRT sets tone for standardised banks

    BCC Grupo Cajamar has completed a €972.1m Spanish true sale significant risk transfer trans...

    News Analysis    9 January 2019
  • Synthetic slew

    CRT issuances hit before year-end

    A slew of synthetic securitisations have hit the market before year-end. The risk transfer issuances...

    News    21 December 2018
  • Programmatic issuance

    UBI Banca completes second CRT

    UBI Banca has completed its second-ever capital relief trade, paving the way for more programmatic i...

    News    19 December 2018
  • Wetherby 2 completed

    SONIA-linked synthetic securitisation debuts

    Lloyds has completed a £142.5m 7.25-year financial guarantee referencing a £1.5b...

    News    17 December 2018