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News
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European CLO market weathers reset storm
An extract from SCI's new CLO Markets service
Ninety-nine European CLOs were reset in 2021, many more than what was anticipated at the end of 2020. The total volume, including the full equity tranche, amounts to €42.2bn. New issue volumes, meanwhile, reached €38.6bn, a new post...
21 December 2021 Free
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News
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SCI Start the Week - 20 December
A review of SCI's latest content
Last week's news and analysis Auto CRT priced Santander engineers US return Bank bonanza Massive potential of US bank CRT market stressed in Miami CAS Christmas cracker Fannie's third CRT since its return makes Q4 top of t...
19 December 2021 Free
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News Analysis
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CLO investors thrive in 2021
An extract from SCI's new CLO Markets service
2021 has been a good year for CLO investors, after very mixed results last year when some funds failed to fully recover from the sharp declines recorded in March and April 2020. CLOs are now present in a range of funds – from diversified ma...
17 December 2021 Free
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News
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SCI Start the Week - 13 December
A review of SCI's latest content
Last week's news and analysis Covid-19: Lessons for the CMBS market Allen & Overy explores the pandemic lessons for European CMBS CRT bonanza Record 2021 origination and Fannie's return to drive banner 2022 for CRT ...
13 December 2021 Free
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News
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SCI Start the Week - 6 December
A review of SCI's latest content
Last week's news and analysis Enhanced value Securent answers SCI's questions ESG countdown ECB climate stress tests pending GACS pair print Mixed NPE pool debuts Meeting opportunity New trading platform to capitalise...
6 December 2021 Free
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News
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SCI Start the Week - 29 November
A review of SCI's latest content
Last week's news and analysis Advanzia advances German credit card ABS debuts Partial placement dropped Montepio opts for full-stack SRT Robust fundamentals Positive outlook for GSE CRT market SCI forum: The benefits of forward...
29 November 2021 Free
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News Analysis
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Robust fundamentals
Positive outlook for GSE CRT market
GSE credit risk transfer gross new issuance has already hit record annual volumes, driven by high mortgage originations and refinancings. Indeed, speakers participating in SCI’s ‘Post-pandemic GSE CRT Performance’ webina...
22 November 2021 Free
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News
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SCI Start the Week - 22 November
A review of SCI's latest content
FREE Webinar recording - Post pandemic GSE CRT performance Click here to see a recording of a distinguished panel of US Credit Risk Transfer industry experts as they discuss the capital regime, issuance trends and the regulatory landscape. Last we...
22 November 2021 Free
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News
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SCI Start the Week - 15 November
A review of SCI's latest content
FREE Webinar tomorrow - Post pandemic GSE CRT performance Register here to join a distinguished panel of US Credit Risk Transfer industry experts as they discuss the capital regime, issuance trends and the regulatory landscape. Webinar starts at 10:...
15 November 2021 Free
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News
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A new chapter for GSE CRT - SCI webinar
Inflation, capital rules, lower origination and regulatory change all loom large
As US inflation hits a 30-year high, the GSE CRT market has a headwind to contend with it hasn’t seen for a long time. October CPI, reported yesterday, increased by 6.2% from 12 months ago, which represented the fastest annual pace of gro...
10 November 2021 Free
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News
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SCI Start the Week - 8 November
A review of SCI's latest content
Last week's news and analysis Back from the brink Lloyds resurrects UK SME SRTs Dual-currency deal Pan-European CMBS prepped Electric avenue Adoption of electric cars spells greater volatility for rental car ABS Freddie and Fan...
8 November 2021 Free
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News
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SCI Start the Week - 1 November
A review of SCI's latest content
Last week's news and analysis Comprehensive metric? Total alpha touted as CLO performance measure Covid dip CRE CLO churn rates drop Disclosure deluge Proposed quarterly capital disclosures brings GSEs into line with banks Futu...
1 November 2021 Free
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News
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SCI CRT Awards: Rising Star
Winner: Meindert de Jong, director at PGGM
In a mere seven years Meindert de Jong has gone from graduate recruit to a director and invaluable member of PGGM’s credit & insurance linked investments team, which manages PFZW’s dedicated Credit Risk Sharing (CRS) inves...
25 October 2021 Free
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News
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SCI Awards: Personal Contribution to the Industry
Winner: Christian Moor, team leader at the EBA
Asked about his proudest achievement, Christian Moor, team leader at the EBA, points to - perhaps unsurprisingly - the STS framework for synthetic securitisations. ‘’It was something that I thought about when I was on a holiday...
25 October 2021 Free
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News
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SCI Start the Week - 25 October
A review of SCI's latest content
New free report to download - US CRT Report 2021: Stepping Up The US CRT market – as with every other area of society – was tested by the Covid-19 fallout. But the sector arguably finds itself in a stronger position now. This SC...
25 October 2021 Free
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News Analysis
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Stepping up
US CRT prospects discussed
The US CRT market – as with every other area of society – was tested by the Covid-19 fallout. But the sector arguably finds itself in a stronger position now, according to a new SCI Special Report. The levels of quality, innovat...
25 October 2021 Free
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News
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SCI Awards: North American Law Firm of the Year
Winner: Clifford Chance
Clifford Chance has developed a strong reputation in the market, ranking as North America’s top law firm of the year for the second year running. The firm has helped to navigate clients with deals of a complex nature. The last 12 months h...
22 October 2021 Free
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News
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SCI CRT Awards: Law Firm of the Year
Winner: Clifford Chance
In a year that was heavily affected by the global Covid-19 pandemic, and the extension of the STS regime to synthetic securitisation, Clifford Chance has stood out as the leading law firm on all aspects of credit risk transfer transactions. &ld...
22 October 2021 Free
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News
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SCI CRT Awards: North American Arranger of the Year
Winner: Citi
As long as there has been a capital relief trades market in the US, Citi has been there. But its presence in the market has more than a historic significance. In the tombstones for a high percentage of the deals for US issuers in 2020/2021 - from the...
21 October 2021 Free
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News
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SCI CRT Awards: Arranger of the Year
Winner: Santander
Santander has won SCI’s Arranger of the Year category after having showcased capabilities and achievements over the last 12 months that broke new ground in the capital relief trades market on several fronts. Indeed, the lender has closed tr...
21 October 2021 Free
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News
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SCI CRT Awards: North American Issuer of the Year
Winner: BMO Capital Markets
BMO has for some time been one of the leading SRT issuers in the world and by far the most established in North America. This year the bank added further innovation to its offering with the establishment of two new platforms providing investors with...
20 October 2021 Free
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News
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SCI CRT Awards: Issuer of the Year
Winner: BNP Paribas
BNP Paribas has won the Issuer of the Year category in SCI’s 2021 Capital Relief Trades Awards, thanks to the volume of transactions it issued during the awards period, as well as for furthering deal innovation and expanding the market&...
20 October 2021 Free
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News
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SCI Awards: Credit Insurer of the Year
Winner: Fidelis Insurance Holdings
Fidelis Insurance Holdings Ltd is a Bermuda-based global provider of specialty and bespoke insurance and reinsurance products, with underwriting entities in the UK, Ireland and Bermuda. For leading the insurance industry in participating in significa...
19 October 2021 Free
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News
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SCI Awards: Investor of the Year
Winner: Christofferson, Robb & Company
Ever-present in risk sharing transactions (RST) since its formation in 2002, the CRT awards year 2020-2021 was not an unusual one for Christofferson, Robb & Company (CRC) in many respects. However, the firm did break with usual practice in on...
19 October 2021 Free
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News
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SCI CRT Awards: Innovation of the Year
Winner: Colisée 2020
Societe Generale’s Colisée 2020, a private club capital relief trade that provides protection on a portfolio of equipment lease exposures, is awarded SCI’s Innovation of the Year. The deal - which closed during 4Q20, in...
18 October 2021 Free
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News
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SCI Start the Week - 18 October
A review of SCI's latest content
Last week's news and analysis Beyond Covid-19: What effect has the pandemic had on the European RMBS and mortgage markets? Big bang? Tokenisation touted as a replacement for securitisation Challenging valuations Covid-19 aftermath...
18 October 2021 Free
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News
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SCI CRT Awards: Impact Deal of the Year
Winner: Marco Polo Three
Crédit Agricole and the IFC’s Marco Polo Three transaction has won the Impact Deal of the Year category in SCI’s Capital Relief Trades Awards. The significant risk transfer trade stands out for its sustainable finance a...
18 October 2021 Free
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News
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SCI CRT Awards: North American Transaction of the Year
Winner: TCB CRT 2021-1
The arrival of the first US regional bank in the capital relief trades sector had been anticipated and talked of for many months, so when Texas Capital Bank - a Dallas-based US$40bn lender founded in 1998 - arrived in the market in March 2021 the int...
15 October 2021 Free
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News
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SCI CRT Awards: Transaction of the Year
Winner: Siena 2021 - RegCap-1
Banca Monte dei Paschi di Siena’s Siena 2021 - RegCap-1 has won the Transaction of the Year category in SCI’s Capital Relief Trades Awards. The synthetic securitisation is noteworthy for referencing a riskier asset class - a portf...
15 October 2021 Free
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News
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SCI Start the Week - 11 October
A review of SCI's latest content
CRT seminar in person THIS WEEK SCI’s 7th Annual Capital Relief Trades Seminar is taking place in-person on 13 October at the London offices of Allen & Overy. The event will explore the introduction of the STS synthetics regime and...
11 October 2021 Free
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News
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CRT seminar line-up finalised
Fireside chat, awards on the agenda
SCI’s 7th Annual Capital Relief Trades Seminar is taking place in-person on 13 October at the London offices of Allen & Overy. The event will explore the introduction of the STS synthetics regime and publication of the EBA&rsquo...
6 October 2021 Free
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News
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SCI Start the Week - 4 October
A review of SCI's latest content
Last week's news and analysis CRTs in the air Another two US warehouse loan banks said circling the market Dual-currency debut Rare European CRE CLO prepped Freddie prints again The seventh STACR of 2021 and third HQA prices La...
4 October 2021 Free
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News
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SCI Start the Week - 27 September
A review of SCI's latest content
Last week's news and analysis BPCE up Debut French green RMBS prepped CLOs and beyond CBAM Partners answers SCI's questions Downward pricing Deutsche Bank completes CRT Excellent shape European ABS/MBS market update ...
27 September 2021 Free
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News
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SCI Start the Week - 20 September
A review of SCI's latest content
Last week's news and analysis CRT love FHFA promotes CRT usage and tempts Fannie back into the mix Digital lender debuts German consumer collateral on offer Legal concerns Consumer protection uncertainties highlighted On the up...
20 September 2021 Free
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News
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SCI Start the Week - 13 September
A review of SCI's latest content
NPL ABS seminar tomorrow SCI’s 3rd Annual NPL Securitisation Seminar is taking place virtually tomorrow 14 September. The event will explore the impact of the coronavirus fallout on performance and issuance, as well as on pricing assumptio...
13 September 2021 Free
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News
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NPL ABS seminar line-up finalised
Regulatory developments, servicing trends on the agenda
SCI’s 3rd Annual NPL Securitisation Seminar is taking place virtually on 14 September. The event will explore the impact of the coronavirus fallout on performance and issuance, as well as on pricing assumptions, servicing and workout trends...
10 September 2021 Free
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News
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SCI Start the Week - 6 September
A review of SCI's latest content
Last week's news and analysis Cliff edge looms 400,000 loans face forbearance expiry CMBS vigour CMBS issuance for rest of 2021 to keep everyone busy Forward strides Middle East Islamic finance market looks good into 2022 High...
6 September 2021 Free
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News
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SCI Start the Week - 23 August
A review of SCI's latest content
Last week's news and analysis Bullish sentiment CLO, loan opportunity set to continue outperforming Chowa finalised NatWest executes leveraged loan SRT Financing boost EGF extended to synthetics Pretium steps out New hires sig...
23 August 2021 Free
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News
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SCI Start the Week - 16 August
A review of SCI's latest content
Last week's news and analysis Amortization antics Vehicle inventory shortage forces ABS issuers to forestall amortization CMBS fillip Hotel sector leads recovery in US CMBS but retail still depressed Downward trend Corporate defau...
16 August 2021 Free
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News
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SCI Start the Week - 9 August
A review of SCI's latest content
Last week's news and analysis ABS-lite appetite Insured trade receivables notes in vogue Issuance boost STS synthetic securitisations taking off Positive results Stress tests raise SRT prospects Record Freddie Freddie Mac chur...
9 August 2021 Free
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News
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Summer reflections
Euro ABS/MBS new issuance pricing trends
From now on, SCI will publish regular case studies and reports on the European ABS/MBS market in addition to our usual news stories on the sector and the first can be found here for free. This time, we examine the demand and consequent pricing dyna...
6 August 2021 Free
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News
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SCI Start the Week - 2 August
A review of SCI's latest content
Last week's news and analysis Are direct lending strategies fit for purpose? Contributed thought leadership by Ocorian Consistent opportunities European CLOs still offering value Ginnie in a hurry Only 10 more days for market inpu...
2 August 2021 Free
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Talking Point
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Are direct lending strategies fit for purpose?
Contributed thought leadership by Ocorian
Ocorian's Global Head of Capital Markets Alan Booth draws on the firm’s global survey of capital markets decision-makers to shed light on why a staggering 87% of firms surveyed have a direct lending strategy in place. He...
26 July 2021 Free
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News
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SCI Start the Week - 26 July
A review of SCI's latest content
Last week's news and analysis Angel eyes Angel Oak Capital Advisors talks value in non-agency MBS Asset quality boon EU bank credit conditions normalise Collateral Chase JPMC visits CRT space again with trade referencing prime mort...
26 July 2021 Free
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News
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SCI Start the Week - 19 July
A review of SCI's latest content
Last week's news and analysis Back in vogue? Reverse equity to test market appetite Bridging the gap Sustainable SRTs to spur ESG securitisation growth? Endless cash European ABS/MBS market update Foreclosure fears CFPB...
19 July 2021 Free
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News Analysis
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Loss mitigation mechanics
Euro CLO primary practice around LML documentation discussed
SCI publishes regular case studies and reports on the CLO market in addition to our usual news stories on the sector and the latest can be found here. This time, we examine the uptake of loss mitigation loan language in European deals since the con...
14 July 2021 Free
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News
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SCI Start the Week - 12 July
A review of SCI's latest content
Last week's news and analysis Forbearances south of 2m Forbearances below 2m for 1st time in 15 months - big weekly drop Fourth gear JP Morgan takes to the road again for fourth auto CLN in 11 months Going hybrid New working model...
12 July 2021 Free
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News
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SCI Start the Week - 5 July
A review of SCI's latest content
Last week's news and analysis Advantageous returns Australian RMBS market update Crazy collateral ABS yields sink as collateral surges, driving investors to look elsewhere Finish line ESMA designates securitisation repositories ...
5 July 2021 Free
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News
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SCI Start the Week - 28 June
A review of SCI's latest content
CLO seminar tomorrow SCI’s 1st Annual CLO Special Opportunities Seminar is taking place virtually tomorrow, 29 June. The event examines the key areas in which investors and managers can enhance returns, from deal structures and pr...
28 June 2021 Free
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News
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CLO opportunities seminar line-up finalised
Electronification, alternative structures on the agenda
SCI’s 1st Annual CLO Special Opportunities Seminar is taking place virtually on 29 June. The event examines the key areas in which investors and managers can enhance returns, from deal structures and pricing to unusual asset classe...
25 June 2021 Free
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News
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SCI Start the Week - 21 June
A review of securitisation activity over the past seven days
Last week's stories AutoNoria returns BNP Paribas draws crowd Counting Calabria The Supreme Court decision on the FHFA is eagerly awaited NPL ABS return Government guarantees dominate 2020 NPE activity Pricing flurry European ABS/MBS...
21 June 2021 Free
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News
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SCI Start the Week - 14 June
A review of securitisation activity over the past seven days
Last week's stories Arch markets MILN Second Bellemeade deal of 2021 in the market, pricing soon Execution queries Questions linger over funded insurer SRTs Positive prospects Rating upgrades boost default outlook Rebound continues Se...
14 June 2021 Free
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News
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SCI Start the Week - 7 June
A review of securitisation activity over the past seven days
Last week's stories Canuck rumours Canadian banks said to be circling CRT Capital cushions Buoyant CET1 levels explain CRT reluctance Domi debut Domivest transaction attracts strong investor appetite FHFA under fire Arch takes aim at...
7 June 2021 Free
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Talking Point
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Private debt investors doubt ability to handle defaults in post-pandemic downturn
Contributed thought leadership by Ocorian
An overwhelming majority (87%) of capital markets investors are pursuing direct lending strategies, though almost half (47%) lack confidence in their ability to manage loss recoveries, which could have serious implications if corporate defaults rise...
1 June 2021 Free
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News
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SCI Start the Week - 24 May
A review of securitisation activity over the past seven days
Last week's stories Gaining momentum European solar ABS issuance tipped to emerge Revving up Strong demand continues for CRE CLOs SRT boost Barclays expands Colonnade platform Other deal-related news OneMain has become the first U...
24 May 2021 Free
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News
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SCI Start the Week - 17 May
A review of securitisation activity over the past seven days
Last week's stories Biden bonanza Vast infrastructure package to energise project finance CLOs CRE CLO surge Record issuance expected Demand drivers Fundamentals and technicals support US CLOs for now Geographical divergence CSEE mora...
17 May 2021 Free
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News
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SCI Start the Week - 10 May
A review of securitisation activity over the past seven days
Last week's stories Niche exposure CFE Finance answers SCI's questions NPL rebound? Secured loan sales set for 2022 return Tight pricing Standard Chartered prints CRT Alternative support Infrastructure ABS boosts Italian direct lend...
10 May 2021 Free
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News
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SCI Start the Week - 26 April
A review of securitisation activity over the past seven days
Last week's stories Bottoming out EU NPL ratios improve Climate concerns The nexus between insurance risk transfer and ESG Investor interest European CLOs attracting new investors to mezz and equity Regional resilience Structural enha...
26 April 2021 Free
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News
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CRT seminar line-up finalised
Workshop and roundtable discussion on the agenda
SCI’s 5th Annual Risk Transfer & Synthetics Seminar is taking place tomorrow and Thursday. Hosted virtually, one highlight of the event is a roundtable discussion between Citi, Clifford Chance and Texas Capital Bank, regard...
20 April 2021 Free
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News
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SCI Start the Week - 19 April
A review of securitisation activity over the past seven days
Last week's stories Income opportunities Angel Oak Capital Advisors, answers SCI's questions Leverage boost Dual-tranche SRT prepped Robust sentiment Positive outlook for Dutch RMBS market Servicing hitch Italian NPL ABS collections...
19 April 2021 Free
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News
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SCI Start the Week - 12 April
A review of securitisation activity over the past seven days
Last week's stories Collection boost? NPL sales increase pending amid uncertain timing Inclusive approach ABCP to facilitate sustainable asset transition Positive prospects Margin loan CRTs on the agenda Pockets of value Patient inves...
12 April 2021 Free
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News
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SCI Start the Week - 29 March
A review of securitisation activity over the past seven days
CLO pricing service selected SCI Valuations has been selected by Bloomberg's Enterprise Data business to provide daily CLO debt pricing to integrate with Bloomberg's Liquidity Assessment (LQA) tool. The integration of this data with LQA will enable...
29 March 2021 Free
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News
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SCI Start the Week - 22 March
A review of securitisation activity over the past seven days
Last week's stories Bifurcated bother Stress for CMBS secured by ground fees, leaseholds Diversification play MPL platforms broadening product offerings Greek synthetic debuts Piraeus Bank finalises capital relief trade Legislative hoo...
22 March 2021 Free
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News
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SCI Start the Week - 15 March
A review of securitisation activity over the past seven days
Last week's stories Alignment issues EEM performance concerns emerge Cladding issues Fire-safety requirements to have 'marginal' impact on RMBS CLOs/CBOs solid US CLO primary rumbles on as CBOs perform strongly Collection hitch Januar...
15 March 2021 Free
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News
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SCI Start the Week - 8 March
A review of securitisation activity over the past seven days
Last week's stories Benchmark legislation Congress to rescue Libor-based contracts, but questions remain Ever-changing moves Euro CLOs remain fluid Middle market opportunities MM CLOs still offer relative value and continued innovation ...
8 March 2021 Free
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News Analysis
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Middle market opportunities
MM CLOs still offer relative value and continued innovation
One of the key attractions of middle market CLOs is the relative value opportunity they offer investors. While the sector has rallied in recent months alongside broader markets, it still offers trading opportunities, according to the participants in...
5 March 2021 Free
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News
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SCI Start the Week - 1 March
A review of securitisation activity over the past seven days
Last week's stories Democratising access Debut Indian wealth-tech bond repaid Morgan mulled Latest JP Morgan CRT trade cited as fresh evidence of US take-off Pandemic uplift Covid-19 boosts NPL note sales Record fundraising Chorus exc...
1 March 2021 Free
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News
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Pattern recognition?
New issue and secondary CLO double-B disparity discussed
SCI publishes regular case studies and reports on the CLO market in addition to our usual news stories on the sector and the latest can be found here. This time, we examine the double-B pricing patterns in CLO primary and secondary markets amid Nov...
1 March 2021 Free
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News
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MM CLO seminar line-up finalised
AI networking opportunities offered
The line-up for SCI’s 2nd Annual Middle Market CLO Seminar has been finalised. The event takes place virtually tomorrow (25 February). A panel on measuring performance will assess how the middle market CLO sector fared during the...
24 February 2021 Free
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News
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SCI Start the Week - 22 February
A review of securitisation activity over the past seven days
MM CLO seminar this week Join SCI on Thursday 25 February for our second Middle Market CLO seminar for the opportunity to meet and discuss performance patterns and expectations, new structuring trends, relative value opportunities and what the post-...
22 February 2021 Free
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News
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SCI Start the Week - 15 February
A review of securitisation activity over the past seven days
Last week's stories Constructive outlook AXA Investment Managers answers SCI's questions Fly or goodbye - can airlines survive without taking to the skies? Contributed thought leadership by Ocorian ILS innovation UK platform to support ad...
15 February 2021 Free
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News
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SCI Start the Week - 8 February
A review of securitisation activity over the past seven days
Last week's stories Beware the ides of March The end of mortgage forbearance schemes is ominous for MBS Big Brother Biden Democrat control of key committees puts securitised market on alert Origination innovation Fintechs, specialist mort...
8 February 2021 Free
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News
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SCI Start the Week - 1 February
A review of securitisation activity over the past seven days
Last week's stories 2021 STACR debut Freddie Mac prints first CRT trade of 2021 inside guidance Consumer SRT prepped Santander readies full-stack ABS Liquidity impact Post-Brexit divergence highlighted Mind the gap Innovative ILS stru...
1 February 2021 Free
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News
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SCI Start the Week - 25 January
A review of securitisation activity over the past seven days
Last week's stories CMBS sailing Stormy waters ahead and astern, but the US CMBS market has avoided the iceberg Eviction limitations extended New law poses risk for Spanish asset quality Issuer substitutions VAT reversal results in redomi...
25 January 2021 Free
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SCI Start the Week - 18 January
A review of securitisation activity over the past seven days
Last week's stories Canadian CRT in the wings Canadian bank said to ready CRT Capital boost Greek banks eye CRTs to tackle NPLs (Premium Content) Expanding footprint Hayfin answers SCI's questions Forbearance falters D...
18 January 2021 Free
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