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SCI Start the Week - 26 July

Category: ABS Capital Relief Trades CLOs


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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 mortgages
Credit engagement
Lockton's engagement with institutions internationally for credit mitigation and country risk protection
Credit events
US moratoria challenges highlighted
Disposals pending
Irish NPL activity set for rebound
Minor deterioration
Spanish payment holidays buck the trend
Recovery trade
Pub credit quality to diverge amid changing consumer behaviour
Six STACRs
Freddie's sixth STACR of 2021 prints inside previous two
Social factors
Cairn Capital argues that securitisation can facilitate the transition to a sustainable economy

For all of last week’s stories including ‘Market moves’ and ‘Risk transfer round-up’ click here.

Recent research to download
Sustainable SRT - July 2021
A steady stream of renewables significant risk transfer deals is expected to come on to the market in the coming months. This CRT Premium Content articles investigates whether synthetics can spur growth across the broader ESG securitisation sector.

CLO Case Study - Summer 2021
In this latest in the series of SCI CLO Case Studies, we examine the uptake of loss mitigation loan language in European deals since the concept emerged a year ago. Read this free report to find out the background, challenges and deal numbers involved in the necessary significant documentation rewrite required.

Synthetic Excess Spread - May 2021
The requirement to fully capitalise synthetic excess spread is expected to result in SRT issuers dropping the feature from their transactions. This CRT Premium Content article weighs the relative benefits of synthetic securitisations versus those of full-stack cash deals, in which originators can use excess spread.

Upcoming events
SCI's 3rd Annual NPL Securitisation Seminar
14 September 2021, Virtual Event
The volume of non-performing loans on European bank balance sheets is expected to increase due to Covid-19 stress and securitisation is recognised by policymakers as key to enabling these assets to be disposed of. SCI’s NPL Securitisation Seminar explores the impact of the coronavirus fallout on performance and issuance, as well as on pricing assumptions, servicing and workout trends across the European market. Together with recent regulatory developments, the event examines the establishment of an asset protection scheme in Greece and the emergence of synthetic NPL ABS.

SCI's 7th Capital Relief Trades Seminar
13 October 2021, In Person Event
Last year saw significant regulatory developments in connection with capital relief trades, including the publication of the EBA’s final SRT report and the introduction of an STS synthetics regime. SCI’s Capital Relief Trades Seminar will explore the impact of these developments, as well as the latest trends and activity across the sector.

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