Weekly Issue Archive »

Issue 607 - 7th September

  • News Analysis

    • ABS
      • Chinese online ABS develops

        Regulation, data inconsistencies hamper industry

        Fitch recently rated its first ever ABS backed by Chinese online consumer loans, in the form of the CNY1bn JD ABN 2018-1 transaction. While a positive signal for the sector, it still faces a number of hurdles, such as a lack of credit history data ac...

    • NPLs
      • GACS extended

        European Commission approves guarantee extension

        The European Commission has approved a second extension of the GACS guarantee scheme for the senior tranches of Italian non-performing loan securitisations. The guarantee is issued at a market price to comply with EU state aid rules, although the Eur...

    • Structured Finance
      • Increased obligations weighed

        ESMA outlines expanded reporting requirements

        ESMA last month published final draft technical standards on the new reporting requirements to be implemented under the Securitisation Regulation (SCI 24 August). The standards - released ahead of the 1 January deadline - are set to usher in new leve...

      • Chain reaction

        ABS issuers exploring distributed ledger technology

        Numerous ABS issuers are exploring how to leverage blockchain technology to execute traditional securitisation structures. Indeed, its adoption could yield immediate benefits for esoteric and new asset classes, which have an illiquidity premium assoc...

  • News

    • Structured Finance
      • SCI Start the Week - 3 September

        A look at the major activity in structured finance over the past seven days

        Pipeline A small handful of deals remained in the pipeline ahead of the Labor Day holiday in the US. RMBS accounted for the majority of newly-announced securitisations last week. The RMBS currently in the pipeline are €526.89m Dutch Prope...

    • Capital Relief Trades
      • SME SRT completed

        Intesa taps Italian government guarantee fund

        Intesa Sanpaolo has completed a guarantee agreement with Fondo Centrale di Garanzia, the Italian government guarantee fund, to spur economic growth via lending to Italian SMEs. This is the fund’s first synthetic securitisation that includes...

      • Risk transfer round-up - 7 September

        CRT sector developments and deal news

        Caixabank is rumoured to be prepping an SME significant risk transfer transaction for 4Q18. This would follow a bilateral SME trade that the issuer is believed to have completed in July. The Spanish bank’s last confirmed transaction was G...

    • Insurance-linked securities
      • ILS acquisition prepped

        Deal will make Markel largest sector fund manager

        Markel Corporation is set to acquire Nephila Holdings in a transaction that will establish Markel as the largest manager of funds in the ILS sector. Following the acquisition, the combined AUM between Nephila and Markel will stand at approximately US...

  • The Structured Credit Interview

    • Insurance-linked securities
      • Finding the efficient frontier

        Dominik Hagedorn, co-founder at Tangency Capital, answers SCI's questions

        Q: How and when did Tangency Capital become involved in the ILS market? A: Tangency Capital was launched in the autumn of 2017 by Michael Jedraszak, Kai Morgenstern and me, with the aim of offering institutional investors access to natural catastrop...

  • Market Moves

    • Structured Finance
      • Market moves - 7 September

        New hires and company developments in the structured finance industry

        CRT expert wanted Banca IMI is hiring a senior risk transfer solutions structure for its Milan office. The bank wants a candidate with experience in capital markets and investment banking with a top tier Italian or European investment bank, consult...

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