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Issue 662 - 4th October

  • News Analysis

    • ABS

      • ABS key to energy upgrade initiative?

        Securitisation could solve efficiency projects challenge

        The European Commission reports that 75% of Europe’s building stock is not energy efficient, but sourcing the capital needed for upgrade projects is challenging due to their small size. Pooling and securitising the cash flows generated from...

      • Issuance wave

        Opel and Sabadell settle first full-stack SRTs

        Opel and Sabadell have settled their first full-stack significant risk transfer transactions. The true sale deals are the latest in a slew of such issuance, following the introduction of the STS framework this year (SCI 27 September). The &euro...

    • Derivatives

      • Problem solving

        Credit derivative hedges mooted in a deteriorating environment

        The end of the credit cycle and fears over global geopolitical and natural events are driving European portfolio managers to look for ways to protect themselves against the expected downturn. Credit derivatives provide a variety of potential solution...

    • CDS

      • Index ingenuity

        Credit derivatives strategy finds value in capital constraints

        With doveish central bank policy in the US and Europe having a tightening effect on yields across a range of asset classes, investors are increasingly seeing the appeal of alternative investment strategies. This is especially true of strategies utili...

  • News

    • ABS

      • Spanish SRT finalised

        Santander completes full-stack auto ABS

        Santander has priced a €555.5m true sale significant risk transfer transaction dubbed Santander Consumer Spain Auto 2019-1. The full-stack deal has been driven by new regulatory guidelines on excess spread and adds to this year’s h...

    • Structured Finance

      • SCI Start the Week - 30 September

        A review of securitisation activity over the past seven days

        Transaction of the week FirstKey Mortgage is marketing the first securitisation backed by manufactured homes (MH) since the financial crisis (SCI 16 January), with over half the collateral balance comprising contracts secured from collapsed securiti...

    • Capital Relief Trades

      • Nascent stages

        CRT mezz investor base needs time to develop

        The pace of growth of the risk transfer market is likely to be tied to the development of the synthetic mezzanine risk market, which is currently at a nascent stage (SCI 9 August). Traditional capital relief trade investors have limited appetite for...

      • Risk transfer round-up - 4 October

        Capital relief trade sector developments and deal news

        HSBC is rumoured to be readying a corporate capital relief trade for 4Q19. According to SCI data, the lender’s last risk transfer transaction was completed in December 2015 and was dubbed Metrix Portfolio Distribution (see SCI’s c...

    • NPLs

      • Autumn sales

        Italian NPL, UTP disposals continue apace

        Illimity Bank and a Cerberus Capital Management affiliate have acquired a second unlikely-to-pay loan portfolio from Banca Monte Paschi di Siena (MPS), following a previous MPS transaction with Cerberus (SCI 2 August). Separately, UniCredit has discl...

    • RMBS

      • Development drive

        Canadian private RMBS boost

        Home Trust Company became the fourth issuer to tap the Canadian private RMBS market with its private placement of Classic RMBS Trust Series 2019-1 (SCI 23 September). The firm plans to issue two transactions a year from the programme and, in doing so...

      • Reverse mortgage RMBS prepped

        First post-crisis deal backed by newly-originated reverse mortgage loans markets

        RMF is marketing its first private RMBS backed by jumbo proprietary reverse mortgages loans and, according to KBRA, the first RMBS backed by newly-originated reverse mortgages since the financial crisis. Dubbed RMF Proprietary Issuance Trust...

  • Market Moves

    • Structured Finance

      • B-piece service bulks out

        Sector developments and company hires

        B-piece service bulks out Greystone, has added Paul Smyth, Cary Williams, and Paul Jankovsky as mds and Robert Farrington as a director to its CMBS platform. Based in Irving, Texas, the team bri...

      • CLO firm co-founder to retire

        Sector developments and company hires

        30-year CIRT debuts Fannie Mae has completed its sixth Credit Insurance Risk Transfer transaction of 2019: CIRT 2019-3 covers US$14.8bn in unpaid principal balance of 21- to 30-year original term fixed-rate loans. The deal marks the first time a 30...

      • ILS acquisition announced

        Company hires and sector developments

        Acquisition announced Artex Risk Solutions has announced that it has reached agreement to acquire Horseshoe Insurance Services Holdings., significantly strengthening its ILS operations. The transaction is subject to regulatory approval and expected...


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