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SCI Start the Week - 21 December
A review of securitisation activity over the past seven days
Last week's stories Agricultural SRT prepped Lloyds readies Fontwell II Baltic SRT finalised First synthetic under Luxembourg law Bellemeade 2020-4 comes in at $337m 3-tranche MILN has higher than usual LTV pool Call for further improv...
21 December 2020 Free
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SCI Start the Week - 14 December
A review of securitisation activity over the past seven days
Last week's stories Bellemeade bonanza The latest Arch trade covers the same insurance vintage as June's 2020-1 ESN debate Could structures cannibalise true sale ABS? Finish line Trilogue agreement finalised Landmark SR...
14 December 2020 Free
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SCI Start the Week - 7 December
A review of securitisation activity over the past seven days
Last week's stories Collections conundrum Italian NPL ABS amortisation eyed (Full story below) Covid communications The pandemic has meant greater negotiation over terms between CRT buyers and sellers High-quality counterparties Insurer i...
7 December 2020 Free
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SCI CRT Awards 2020
Personal Contribution to the Industry: Steve Gandy, md and head of private debt mobilisation, notes ...
At the helm of arguably the most active and diverse capital relief trades arranging team, Steve Gandy has demonstrated strong leadership in innovation and the introduction of new asset classes and jurisdictions to the market. However, this award also...
4 December 2020 Free
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SCI CRT Awards 2020
Analytics Firm of the Year: Mark Fontanilla & Company
Mark Fontanilla & Company (MF&Co), founded in Charlotte, North Carolina, in 2017, provides a host of financial market advisory and consultancy services. The CRTx Total Return Index and its associated data/analytics suite is the firm&a...
3 December 2020 Free
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SCI CRT Awards 2020
Advisor/Service Provider of the Year: US Bank
US Bank’s global corporate trust team has established a strong presence in Europe over the past 10 years, ranking as the region’s top structured finance trustee by deal volume, according to multiple sources including Moody&rsq...
3 December 2020 Free
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SCI CRT Awards 2020
North American Law Firm of the Year: Clifford Chance
The burgeoning development of the US bank capital relief trade (CRT) market has been one of the major talking points of the sector in 2020 – perhaps the major talking point – and Clifford Chance has been at the forefront of this b...
2 December 2020 Free
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SCI CRT Awards 2020
Law Firm of the Year: Allen & Overy
In a highly disrupted year, Allen & Overy (A&O) has distinguished itself by not only maintaining its significant market share, but also by being able to expand its offering into new markets, advising on a variety of deals in numerous...
2 December 2020 Free
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SCI CRT Awards 2020
North American Arranger of the Year: BMO Capital Markets
BMO Capital Markets (BMO) has led the way in true risk sharing trades outside of Europe for over four years. Its well-established programmes, combined with strong investor connections enabled it to be the first to close a deal after the declaration o...
1 December 2020 Free
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SCI CRT Awards 2020
Arranger of the Year: Credit Suisse
Credit Suisse completed two significant risk transfer transactions during 2Q20 that differ significantly from the typical capital relief trades executed during the height of the coronavirus crisis and were placed with different investor bases. The ba...
1 December 2020 Free
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SCI CRT Awards 2020
North American Issuer of the Year: Freddie Mac
Freddie Mac has several claims to fame over the last 12 months. One of the most arresting is that the GSE rejuvenated the credit risk transfer sector following the most traumatic period of market turbulence and investor alarm in the last decade. On...
30 November 2020 Free
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SCI CRT Awards 2020
Issuer of the Year: Intesa Sanpaolo
Intesa Sanpaolo has won the Issuer of the Year category at SCI’s Capital Relief Trades Awards for drastically expanding both its investor base and the asset classes it securitises via significant risk transfer transactions. Key to this succ...
30 November 2020 Free
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SCI Start the Week - 30 November
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 harmonise...
30 November 2020 Free
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SCI CRT Awards 2020
Credit Insurer of the Year: RenaissanceRe
RenaissanceRe (RenRe) has won the Credit Insurer of the Year category in SCI’s Capital Relief Trades Awards for breaking new ground on several fronts. The firm was the first reinsurer to execute an SRT guarantee over two years ago and has b...
27 November 2020 Free
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SCI CRT Awards 2020
Investor of the Year: Alecta-PGGM
The coming together of Alecta and PGGM to focus on credit risk sharing transactions (CRS), as they term capital relief trades, is undoubtedly a major event for the sector. However, it is the sizeable voice they have created with the intention of infl...
27 November 2020 Free
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SCI CRT Awards 2020
Innovation of the Year: Vale Securities Finance 2019-1
Unfunded protection has historically been focused on capital relief trade senior mezzanine exposures, but Bank of Ireland Group (BOIG) debuted a pari passu unfunded tranche alongside a funded junior mezzanine tranche in its €265m Vale 2019-1...
26 November 2020 Free
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SCI CRT Awards 2020
Impact Deal of the Year: Project Grasshopper
NatWest has raised the bar for impact investment capital relief trades with December 2019’s Project Grasshopper. A number of sector firsts - from its collateral to structural features - combined with a close fit to the bank’s broa...
26 November 2020 Free
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SCI CRT Awards 2020
North American Transaction of the Year: Chase 2019-CL1
It would take a brave man, or woman, to argue that JPMorgan’s Chase Mortgage Reference Notes 2019-CL1 was not the most eye-catching CRT deal of the last 12 months in North America. As such, it is a worthy winner of the SCI North American Tr...
25 November 2020 Free
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SCI CRT Awards 2020
Transaction of the Year: Resonance 5
The winners and honourable mentions of the 2020 SCI Capital Relief Trades Awards were unveiled during a virtual ceremony yesterday. We will be publishing write-ups for each category over the coming days. Top of the bill is Transaction of the Year,...
25 November 2020 Free
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SCI Start the Week - 23 November
A review of securitisation activity over the past seven days
SRT seminar TODAY Join SCI today and tomorrow, 23 and 24 November, for its virtual 6th Annual Capital Relief Trades Seminar, which will explore a number of recent regulatory developments that underline European policymaker support for balance sheet...
23 November 2020 Free
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CRT seminar line-up finalised
Fireside chats, awards presentation on the agenda
The line-up for SCI’s 6th Annual Capital Relief Trades Seminar has been finalised. Hosted virtually on 23 and 24 November, highlights of the event include fireside chats with PGGM’s Mascha Canio and EBA policy expert Pabl...
18 November 2020 Free
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SCI Start the Week - 16 November
A review of securitisation activity over the past seven days
SRT seminar NEXT WEEK Join SCI on 23 and 24 November for its virtual 6th Annual Capital Relief Trades Seminar, which will explore a number of recent regulatory developments that underline European policymaker support for balance sheet synthetic secu...
16 November 2020 Free
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SCI Start the Week - 9 November
Last week's stories ESG philosophy Federated Hermes answers SCI's questions Finish line Galaxy nears completion Ramping up Synthetic RMBS prepped Storming STACR Freddie Mac shrugs off the lockdown effect to go to town...
9 November 2020 Free
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SCI Start the Week - 2 November
A review of securitisation activity over the past seven days
Last week's stories Best-of-breed network Arrow Global Group answers SCI's questions Diverse portfolio Private equity CDO completed Election focus US CLOs hold up for now Measurement uncertainty Inclusion of climate ex...
2 November 2020 Free
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SCI Start the Week - 26 October
A review of securitisation activity over the past seven days
Last week's stories Corona kickstart Constellation of factors coalesced to push the US CRT market forward JAAA launched New triple-A CLO ETF well received Jurisdiction expansion European ABS market update Mezz opportunity &...
26 October 2020 Free
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SCI Start the Week - 19 October
A review of securitisation activity over the past seven days
Last week's stories Compromise pending Parliament softens stance on 'problematic' proposals Made in the USA Speakers at SCI conference herald dawn of new era for US CRT Movie magic Rare securitisation of film library future revenues finds...
19 October 2020 Free
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SCI Start the Week - 12 October
A review of securitisation activity over the past seven days
Last week's stories Absolute attraction Absolute 2021-1 shows growth of US CRT market and pass-through appetite Capital preservation Kartesia answers SCI's questions Comeback king Container ABS weathers the storm Direct access For-pro...
12 October 2020 Free
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SCI Start the Week - 5 October
A review of securitisation activity over the past seven days
SCI Risk Transfer Seminar This Week Join SCI on 7 and 8 October for its Risk Transfer & Synthetics Virtual Seminar, which will explore the micro and macro drivers behind JPMorgan's landmark capital relief trades and whether this flur...
5 October 2020 Free
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SCI Start the Week - 28 September
A review of securitisation activity over the past seven days
SCI Risk Transfer & Synthetics Virtual Seminar Join SCI on 7 and 8 October for its Risk Transfer & Synthetics Virtual Seminar, which will explore the micro and macro drivers behind JPMorgan's landmark capital relief trades and whether this f...
28 September 2020 Free
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SCI Start the Week - 21 September
A review of securitisation activity over the past seven days
REMINDER: SCI CRT Awards The submissions period for the 2020 SCI CRT Awards is now open. The qualifying period for the awards is the 12 months to 30 September 2020. Pitches and/or any queries should be emailed to cs@structuredcreditinvestor.com by...
21 September 2020 Free
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SCI Start the Week - 7 September
A review of securitisation activity over the past seven days
SCI CRT Awards The submissions period for the 2020 SCI CRT Awards is now open. The qualifying period for the awards is the 12 months to 30 September 2020. Pitches and/or any queries should be emailed to cs@structuredcreditinvestor.com by 9 October...
7 September 2020 Free
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SCI Start the Week - 24 August
A review of securitisation activity over the past seven days
Last week's stories Car capital relief JPM Chase tests the auto loan waters with new CRT deal Freddie, Fannie fight back The GSEs have come out swinging after widespread denunciation of the LLPA Freddie trifecta Freddie prints its third S...
24 August 2020 Free
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SCI Start the Week - 17 August
A review of securitisation activity over the past seven days
Last week's stories Collections clarity Payment arrangement ABS strengthened Problem solving Apex Group, answers SCI's questions Repeat patterns CLO equity activity continues to be challenged Other deal-related news The perce...
17 August 2020
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SCI Start the Week - 10 August
A review of securitisation activity over the past seven days
Last week's stories Asset-backed attenuation Stricter underwriting in auto, credit card and home loan markets means fewer ABS deals CMBS perturbation Fitch report shows July US delinquency surge, especially in hotels and retail CPIH calcul...
10 August 2020 Free
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SCI Start the Week - 3 August
A review of securitisation activity over the past seven days
Last week's stories Blockchain boost DLT opportunity for ABS market CMBS concerns Tailored Brands exposure eyed CRT conveyor belt The second CRT deal from JPM marks a quickening of pace in the bank market Execution risks? Hertz perfor...
3 August 2020 Free
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SCI Start the Week - 27 July
A review of securitisation activity over the past seven days
Last week's stories Carrots and sticks 'Wide-ranging and ambitious' recommendations welcomed Funding diversity Non-bank lending 'credit neutral' for SME ABS Green shoots US middle market CLOs showing signs of recovery Issuance boost F...
27 July 2020 Free
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SCI Start the Week - 20 July
A review of securitisation activity over the past seven days
FREE - CRT modelling panel The next in SCI's series of capital relief trades virtual debates is being held tomorrow, 21 July, at 2pm BST. Join distinguished speakers from Texel, Granular Investments, BNP Paribas, OSIS and PwC to find out how the Cov...
20 July 2020 Free
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SCI Start the Week - 13 July
A review of securitisation activity over the past seven days
Last week's stories Arch restarts MILNs Relaunched Bellemeade Re 2020-1 priced Collection boost? NPL ABS performance remains volatile CPR for CRT from Freddie Freddie Mac's new upsized STACR shows market is healthy Forbearance plans pl...
13 July 2020 Free
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SCI Start the Week - 22 June
A review of securitisation activity over the past seven days
FREE - Capital Relief Trades Virtual Panel - LIVE Join SCI live again this Thursday, 25 June, for a discussion on the latest issues around debt moratoria in the capital relief trades sector. Registration is quick and easy, just click here. Featurin...
22 June 2020 Free
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SCI Start the Week - 15 June
A review of securitisation activity over the past seven days
Last week's stories Addressing inconsistencies Performance metrics switched Calabria confidence FHFA director was bullish at Senate Banking, but day of reckoning may be at hand Changing focus US CLO primary garners more attention HAPS...
15 June 2020 Free
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SCI Start the Week - 8 June
A review of securitisation activity over the past seven days
FREE - Capital Relief Trades Virtual Panel - LIVE For a discussion on how the Covid-19 fallout has impacted the capital relief trades market, sign up for SCI's virtual debate at 2pm BST tomorrow, 9 June. Featuring representatives from Allen & O...
8 June 2020 Free
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SCI Start the Week - 1 June
A review of securitisation activity over the past seven days
Last week's stories Accessing guarantees CBILS securitisation warehouses mulled Forbearances falter Forbearance volumes slow, but the next stage is daunting Galaxy returns Alpha relaunches NPL ABS Growth phase European CLOs se...
1 June 2020 Free
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SCI Start the Week - 18 May
A review of securitisation activity over the past seven days
Last week's stories Auto ABS boost European ABS market update Drafting issues The potential effect of current market volatility on capital relief trades Forbearance frontiers 4.7m home loans now in forbearance Liquidity support Amendm...
18 May 2020 Free
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SCI Start the Week - 11 May
A review of securitisation activity over the past seven days
Last week's stories CRM tool CBILS guarantees eligible for CRR recognition EC decision awaited Preferential capital treatment mooted for STS synthetics Known unknown Lack of data in MM CLOs leaves future open to interpretation Modifica...
11 May 2020 Free
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SCI Start the Week - 4 May
A review of securitisation activity over the past seven days
Last week's stories Cautiousness prevails European CLO market update CRT vol aims for the stars The US credit risk transfer market is at record-breaking volatility De-risking deluge? US CLO managers' initial crash response assessed Gro...
4 May 2020 Free
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SCI Start the Week - 27 April
A review of securitisation activity over the past seven days
Last week's stories Accessing liquidity The role technology plays in securitising trade finance for profit and success Bright spot? European logistics gaining momentum Extension risk Willingness and ability to call weighed Non-agency C...
27 April 2020 Free
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SCI Start the Week - 20 April
A review of securitisation activity over the past seven days
Last week's stories Bilateral activity Opportunistic capital redeployment underway Coverage cleared Debut programmatic ILW trade executed Discounted opportunities Insurers target SRT secondary market Forbearance foreseen Euro CMBS ca...
20 April 2020
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SCI Start the Week - 6 April
A review of securitisation activity over the past seven days
Last week's stories Breathing space? EU banks benefit from Basel 3 delay Capacity constraints Covid-19 not yet posing solvency issues CECL delayed EU banks await IFRS 9 relief Credit challenges CLOs show resilience in stress s...
6 April 2020 Free
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SCI Start the Week - 30 March
A review of securitisation activity over the past seven days
Transaction of the week Northern Arc Capital and fintech platform CredAble have closed a trade finance securitisation backed by invoice receivables. The transaction is the first rated and listed invoice receivables-backed ABS from India. Kshama Fer...
30 March 2020 Free
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SCI Start the Week - 23 March
A review of securitisation activity over the past seven days
SCI NPL Securitisation Awards 2020 - new deadline SCI NPL Securitisation Awards 2020 - new deadline As a result of COVID-19, the SCI NPL Securitisation seminar has unfortunately had to be postponed until 1 July, along with the NPL Securitisati...
23 March 2020 Free
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SCI Start the Week - 9 March
A review of securitisation activity over the past seven days
Transaction of the week AmTrust International has completed its inaugural capital relief trade, which references a €1bn seasoned low-LTV residential mortgage portfolio originated by an undisclosed leading Italian bank. The transaction is b...
9 March 2020 Free
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SCI Start the Week - 2 March
A review of securitisation activity over the past seven days
New MRT report SCI has published a new Special Report on the US Mortgage Risk Transfer sector - it can be downloaded for free here. Transaction of the week BofA was in the market with a Dutch CMBS, dubbed Taurus 2020-1 NL. The ̈́...
2 March 2020 Free
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SCI Start the Week - 24 February
A review of securitisation activity over the past seven days
REMINDER: SCI NPL Securitisation Awards 2020 Nominations are now open for the inaugural SCI NPL Securitisation Awards with a deadline of 20 March. Further information and details of how to pitch can be found here. Transaction of the week S...
24 February 2020 Free
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SCI Start the Week - 17 February
A review of securitisation activity over the past seven days
REMINDER: SCI NPL Securitisation Awards 2020 Nominations have now opened for the inaugural SCI NPL Securitisation Awards and have a deadline of 20 March. Further information and details of how to pitch can be found here. Transaction of the...
17 February 2020 Free
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SCI Start the Week - 10 February
A review of securitisation activity over the past seven days
SCI NPL Securitisation Awards 2020 Nominations have now opened for the inaugural SCI NPL Securitisation Awards and have a deadline of 20 March. Further information and details of how to pitch can be found here. Transaction of the week Citi,...
10 February 2020
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SCI Start the Week - 3 February
A review of securitisation activity over the past seven days
Transaction of the week Goldman Sachs has completed an unusual catastrophe bond that covers the tail risk that State National Insurance Company is exposed to through its insurance agreements with ILS manager Nephila Capital as capacity provider. Pri...
3 February 2020
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SCI Start the Week - 27 January
A review of securitisation activity over the past seven days
Transaction of the week ResponsAbility Investments has announced the first closing of an innovative climate fund, set up as a blended finance structure that offers different classes of risk and has received commitments from a number of public and pr...
27 January 2020
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SCI Start the Week - 20 January
A review of securitisation activity over the past seven days
Stories of the week Consumer boost Santander completes innovative SRTs Under pressure US student loan ABS holding firm so far Other deal-related news ISDA, Clifford Chance, R3 and the Singapore Academy of Law have published a new whit...
20 January 2020
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SCI Start the Week - 13 January
A review of securitisation activity over the past seven days
Transaction of the week Goldman Sachs is marketing River Green Finance 2020, which is expected to be the first green European CMBS. The deal comprises four tranches totalling €186.39m, plus two as yet unsized X classes and is set to close o...
13 January 2020
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