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Issue 666 - 1st November

  • News Analysis

    • Capital Relief Trades

      • SRT report pending

        EBA to propose harmonised excess spread treatment

        The EBA is set to propose a harmonised regulatory treatment for excess spread in significant risk transfer transactions in its final SRT report next year. Since the publication of the EBA’s discussion paper on SRT two years ago, different s...

    • Structured Finance

      • Tough approach continues

        RTS leaves disclosure challenges unresolved

        The European Commission’s long-awaited regulatory technical standards on securitisation disclosures (SCI 18 October) fail to address challenges around confidentiality. Further, the ‘no data’ options that were initially p...

    • NPLs

      • Cautious optimism

        NPL ABS opinion welcomed, although challenges remain

        The EBA’s recent opinion on non-performing loan securitisations (SCI 24 October) has been welcomed by market participants, given that it represents recognition by the authority that existing rules lead to punitive capital charges for NPL se...

  • News

    • ABS

      • Untapped potential?

        New style reinsurance vehicles yet to take off

        Almost a year since launch risk-remote reinsurance capacity vehicle Vermeer Re is yet to have any direct imitators. However, other similar structures across a wide variety of insurance risks could potentially still follow suit. Vermeer was created...

    • Structured Finance

      • SCI Start the Week - 28 October

        A review of securitisation activity over the past seven days

        Transaction of the week Fannie Mae has priced its first credit risk transfer transaction referencing a pool of multifamily loans. Dubbed Multifamily Connecticut Avenue Securities (MCAS) Series 2019-01, the landmark US$472.7m securitisation complemen...

    • Capital Relief Trades

      • SCI Capital Relief Trades Awards 2019

        Transaction of the Year: Syon Securities 2019

        Lloyds Banking Group’s synthetic UK RMBS Syon Securities 2019 was motivated by prudent risk management as part of the bank’s broader plan to support the UK economy, rather than potential regulatory capital benefits. However, Syon&...

      • SCI Capital Relief Trades Awards 2019

        Impact Deal of the Year: Room2Run

        As the first-ever synthetic impact securitisation with a multilateral development bank (MDB), Room2Run helped to free up vital capital for the African Development Bank (AfDB) to fund infrastructure projects across multiple African countries. As well...

      • SCI Capital Relief Trades Awards 2019

        Innovation of the Year: FCT Jupiter 2019

        Societe Generale’s US$3.4bn FCT Jupiter 2019 transaction has won SCI’s Innovation of the Year Award for introducing a number of ground-breaking structural innovations in connection with the redeployment of released RWA. The deal n...

      • Risk transfer round-up - 31 October

        CRT sector developments and deal news

        Santander is rumoured to be readying two synthetic securitisations of consumer loans. The issuer has been active in the asset class this year, having closed thus far one synthetic US auto loan ABS in June and two true sale auto SRTs in October (see S...

      • SCI Capital Relief Trades Awards 2019

        Investor of the Year: European Investment Fund

        The European Investment Fund (EIF) provides an unparalleled level of support to the capital relief trades market in Europe, bringing numerous synthetic securitisations across the line. The EIF is not only a key driver of innovation, participating in...

      • SCI Capital Relief Trades Awards 2019

        Law Firm of the Year: Clifford Chance

        Clifford Chance has been involved in the capital relief trades market from the beginning and the past year has underscored the firm’s dominance and influence across all sectors of the CRT business. Explaining the firm's dominance...

    • RMBS

      • Niche programme

        Unusual UK BTL RMBS marketing

        Goldman Sachs is in the market with an unusual UK buy-to-let RMBS secured by properties owned primarily by residents of the Republic of Ireland. The mortgages backing the £111.82m Banna RMBS transaction were originated by KBC Bank Ireland a...

      • Overcoming stigma

        Opportunities eyed in land banking

        One sector that continues to be underserved by financial institutions post-crisis is land banking. As such, it offers opportunity for investors that can overcome the stigma associated with the space. “There aren’t many active fi...

  • Market Moves

    • Structured Finance

      • Abacus case settled

        Sector developments and company hires

        Abacus case settled Judge Jennifer Frisch of the Minnesota District Court has terminated the Abacus 2006-10 case (SCI 2 August), after the parties filed a stipulated proposed order resolving Astra Asset Management’s claim against Goldman S...

      • Anti-NSDA provisions welcomed

        Sector developments and company hires

        Anti-NSDA provisions welcomed The inclusion of anti-net short debt activism (NSDA) provisions in offering documentation has become more common in recent months, with Sirius Computer Solutions, Nexstar Broadcasting and Allied Universal Holdco deals i...

      • GARC deal expected

        Sector developments and company hires

        EMEA Florent Trouiller has joined Norton Rose Fulbright as a partner in its Luxembourg office. Trouiller practises tax law, with a particular focus on cross-border private equity and real estate investments and securitisation transactions. He was...

      • RFC issued on disclosures

        Sector developments and company hires

        CDO transfer CVP CLO Manager has resigned as investment manager to the CVP Cascade CLO-1 and CLO-2 transactions. It has been replaced by Barings. For more CDO manager transfers, see SCI’s database. Defeasance surge US CMBS 2.0 defeasanc...


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