Weekly Issue Archive »

Issue 664 - 18th October

  • News Analysis

    • Capital Relief Trades
      • Meaningful constituent?

        Perceived difference between IRB, standardised banks narrowing

        Recent transactions imply that the difference between how IRB and standardised banks are perceived by capital relief trade market participants is narrowing. However, opinions vary on whether standardised banks can ever become a meaningful constituent...

      • Optimisation opportunities

        Synthetic, true sale options explored for emerging markets

        Qbera Capital has plans to deliver innovative balance sheet optimisation strategies to financial institutions and non-bank financial institutions (NBFIs) in emerging markets. With a particular focus on African, Middle Eastern and Indian firms, Qbera...

    • Structured Finance
      • ESG scores launched

        New scoring system has "limited" credit rating impact

        Fitch has introduced new ESG Relevance scores for structured finance and covered bonds, which communicate how material an ESG factor is to a credit decision. The agency has assigned elevated scores to approximately 18% of structured finance and cover...

  • News

    • ABS
      • Auto SRT finalised

        Excess spread follows new regulatory guidance

        Santander has completed its eighth transaction from the Kimi programme. The €799m true sale significant risk transfer deal references Finnish auto loans and, unlike its predecessor Kimi 7, excess spread in the transaction flows all the way t...

      • Inaugural French ABS prepped

        ABS is first SME deal from promotional bank

        Bpifrance is marketing a debut €2bn SME ABS. The transaction, dubbed Bpifrance 2019-1, is a three-year revolving cash securitisation of medium to long term secured and unsecured loans to SMEs and mid-cap companies located in France...

    • Structured Finance
      • SCI Start the Week - 14 October

        A review of securitisation activity over the past seven days

        SCI CRT Seminar 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...

    • Capital Relief Trades
      • Positive impact

        Capital allocation factor debuts

        Societe Generale has completed an innovative risk transfer transaction that, for the first time, incorporates a capital allocation factor that incentivises additional positive impact finance lending. Mariner Investment Group has purchased the junior...

      • Best in class

        SCI Capital Relief Trades Awards winners revealed

        The winners of SCI’s inaugural Capital Relief Trades Awards were revealed at a ceremony last night. The selections reflect the vibrancy and innovation evident across the risk transfer market over the last 12 months and emphasise the utility...

      • Risk transfer round-up - 18 October

        CRT sector developments and deal news

        Nordea is rumoured to be prepping a corporate capital relief trade for this year. The Nordic lender’s last risk transfer transaction - dubbed Archean I - closed in August 2016 (see SCI’s capital relief trades database). ...

    • CMBS
      • Affordable housing eyed

        Agency CMBS eminent domain exposure gauged

        The King County Housing Authority (KCHA), a municipal corporation created by the State of Washington, last week acquired two properties securitised in Fannie Mae DUS CMBS by exercising its power of eminent domain in lieu of condemnation. The move fol...

  • Market Moves

    • Structured Finance
      • Serbian NPL disposal plans announced

        Sector developments and company hires

        Associate appointed Channel Capital Advisors has hired Pouya Jafari as an associate in London. He was previously a credit analyst at Wells Fargo, in London. Serbian NPL disposal planned The Serbian Deposit Insurance Agency has invited bids for...

      • Indian ABS soars

        Sector developments and company hires

        CLO business announced AllianceBernstein has announced a new loan and CLO management business, hiring Scott Macklin to lead the effort. Macklin was previously head of research in Och-Ziff’s credit business and the new firm will be initial...

      • Euro advisory firm boosts SF expertise

        Company hires and sector developments

        Euro advisory firm boosts SF expertise Zedra has hired Rens van Hoof as head of capital market solutions out of its Amsterdam offices. He has a range of experience covering special purpose vehicles for securitisation, structures for bond issues and...

      • RTS draft published

        Sector developments and company hires

        The European Commission has published the Delegated Regulation on Regulatory Technical Standards (RTS) regarding the disclosure requirements in the Securitisation Regulation, detailing what information has to be disclosed by the sellers of European s...

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