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Issue 663 - 11th October

  • News Analysis

    • Capital Relief Trades

      • Rating challenges

        Limited appetite for rated senior mezz

        Issuers have typically refrained from seeking ratings on the senior mezzanine tranches of dual-tranche capital relief trades, due to stricter eligibility criteria, cost considerations and the fact that most SRT investors don’t need ratings....

    • ABS

      • Opening up

        Platform hopes to securitise global banks' trade finance assets

        While trade finance assets are of growing interest to investors, due to the attractive risk-return profiles on offer, many non-bank investors are unable to easily access them, especially large institutions like pension funds. A new platform hopes to...

    • CLOs

      • Performance hurdles

        Loan sell-offs hampering US CLOs

        Increasing numbers of loan sell-offs are hampering performance in US CLOs relative to other US credit markets. The issue is not yet a major one and could still be overcome, but the emerging trend signals the potential for larger problems ahead.&n...

    • Capital Relief Trades

      • Framework focus

        EBA synthetics paper welcomed, despite concerns

        Risk transfer market participants have welcomed the EBA’s discussion paper on STS synthetics (SCI 25 September); in particular, the standardisation that it espouses for capital relief trades. However, concerns remain over the absence of any...

    • NPLs

      • Hercules sets forth

        Greek asset protection scheme approved

        The European Commission has announced that the Greek government’s asset protection scheme - dubbed Hercules - complies with state aid rules, thereby paving the way for its implementation. Although the non-performing loan ABS scheme is expec...

  • News

    • Structured Finance

      • SCI Start the Week – 7 October

        A review of securitisation activity over the past seven days

        Transaction of the week 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 P...

    • Capital Relief Trades

      • Synthetic RMBS debut

        Non-GSE CRT deal prepped

        JPMorgan Chase Bank (JPMCB) is marketing what is believed to be the first rated synthetic mortgage risk transfer transaction originated by a US bank – Chase Mortgage Reference Notes 2019-CL1. The deal utilises tranched CDS documentation to...

      • Risk transfer round-up - 10 October

        Capital relief trade sector developments and deal news

        RBS is rumoured to be readying a capital relief trade backed by project finance loans. According to SCI data, this would be the issuer’s first project finance risk transfer transaction (see SCI’s capital relief trades database). ...

      • CRT line-up finalised

        Awards ceremony to round off risk transfer event

        The line-up for SCI’s 5th Annual Capital Relief Trades Seminar on 17 October has been finalised. Hosted by Allen & Overy, the event will take place at One Bishops Square, London and features for the first time an industry awards cer...

    • CLOs

      • Danish firm's debut CLO prepped

        Inaugural ESG-compliant deal likely to be first of many

        Capital Four is set to price its debut BSL CLO this week, dubbed Capital Four CLO I.  The €359.4m transaction, arranged by Goldman Sachs, is also ESG-compliant and likely to be the first of many for the firm. Tim Smith, head of st...

  • Market Moves

    • Structured Finance

      • Bank leaves CDS committee

        Sector developments and company hires

        Bank leaves CDS committee Societe Generale has decided to leave the Credit Determinations Committee. The bank is not however scaling back in flow credit trading but, while remaining active in the market and trading CDS, it is opting for a more sele...

      • Credit system "positive" for China SF deals

        Sector developments and company hires

        Credit system a positive for China SF deals China’s plan to establish a comprehensive, nationwide credit information system by 2020 is credit positive for the country’s structured finance deals, because this system will reduce t...

      • Co-founder to depart

        Company hires and sector developments

        Co-founder moves on BlueMountain’s co-founder and co-president Stephen Siderow is set to leave the firm, but he will continue in his current management role through the end of this year to support an orderly transition. The firm was acqui...

      • Structured finance head appointed

        Sector developments and company hires

        EBA’s agenda released The EBA has published its 2020 agenda, detailing its work activities for the coming year. On the securitisation side, its work will mainly be focused on STS-related mandates. In 4Q20, the authority plans to publish r...


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