Weekly Issue Archive »

Issue 667 - 8th November

  • News Analysis

    • Capital Relief Trades

      • Tactical opportunity?

        Downturn could spur CRT secondary activity

        Capital relief trade secondary market activity remains minimal. However, a credit downturn could spur trading opportunities if some investors are forced to sell bonds or choose to reallocate to other sectors. “While some investors see rel...

    • NPLs

      • Rollover prepped

        NPL CRT to be refinanced

        Hoist Finance is readying a rated securitisation backed by Italian unsecured non-performing loans with a gross book value of €5bn, as of end-September. The capital relief trade is the firm’s first public securitisation of NPLs cons...

      • Liquidation challenges

        Greek economy precludes enforcement option

        An improvement in economic fundamentals and reform efforts has boosted both the deal flow and prospects of the Greek non-performing loan market. However, recovery prospects on Greek NPLs remain low, mainly because debtors are in negative equity. Cons...

  • News

    • Structured Finance

      • SCI Start the Week - 4 November

        A review of securitisation activity over the past seven days

        Transaction of the week 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 originat...

    • Capital Relief Trades

      • SCI Capital Relief Trades Awards 2019

        Credit Insurer of the Year: Arch Capital Group

        Arch Capital Group Ltd (ACGL) is SCI’s Credit Insurer of the Year in recognition of its position as global leader in mortgage credit risk transfer and the completion of a first-of-its-kind transaction with ING. With US$300bn of assets under...

      • SCI Capital Relief Trades Awards 2019

        Advisor/Service Provider of the Year: Scope Ratings

        Scope Ratings has been selected as SCI’s Advisor/Service Provider of the Year, thanks to its involvement in innovative risk transfer transactions in unusual asset classes, such as project finance, and standardised bank deals. The rating age...

      • SCI Capital Relief Trades Awards 2019

        Personal Contribution to the Industry: Mascha Canio, Head of Credit & Insurance Linked Investmen...

        Heading up a team responsible for one of the largest investment portfolios in the sector that has driven market growth while setting a benchmark that others follow would perhaps be enough. But Mascha Canio’s personal contribution extends fu...

      • Risk transfer round-up - 8 November

        CRT sector developments and deal news

        BMO will call a capital relief trade dubbed Muskoka Series 2017-1 in December. The senior secured and senior unsecured US and Canadian corporate loan deal is due in 2022. The lender’s last capital relief trade was completed in July and was...

      • Risk transfer return

        Bank of Ireland issues mezzanine tranche

        Bank of Ireland has issued an additional mezzanine tranche on top of the junior tranche of a 2017 capital relief trade dubbed Mespil Securities (SCI 29 November 2017). The bank issued the note as the one-year grandfathering period for pre-2019 capita...

  • The Structured Credit Interview

    • Structured Finance

      • Pursuing illiquidity premia

        Corbin Capital ceo Tracy McHale Stuart and cio Craig Bergstrom answer SCI's questions

        Q: How and when did Corbin Capital become involved in the securitisation market? TMS: We’ve been involved in the securitised markets for roughly 13 years. In the early 2000s, the returns in structured credit were so compressed and we d...

  • Market Moves

    • Structured Finance

      • NPL ABS inked

        Sector developments and company hires

        Eminent domain mods introduced To address the heightened risk to borrowers and investors of a multifamily property located in King County being taken by eminent domain (SCI 14 October), Fannie Mae has introduced a prospective modification to its mul...

      • CMBS md recruited

        Sector developments and company hires

        North America Incapital has appointed William White as md, CMBS. Based in Boca Raton, he will report to co-heads of fixed income George Holstead and Laura Elliot. White was previously md and head of CMBS trading at Raymond James, and before that w...

      • MPL ABS breaches liquidity covenant

        Sector developments and company hires

        EMEA BTIG has established a fixed income credit division in London to service clients across EMEA. The team is led by Michael Carley, md and head of European fixed income credit, who joined BTIG in New York last year. Bobby Dziedziech (director an...

    • RMBS

      • Counter suit filed over servicing system

        Sector developments and company hires

        Servicing system suit PennyMac Financial Services has filed a counter suit against Black Knight, alleging that Black Knight uses its market-dominating LoanSphere MSP mortgage servicing system to engage in unfair business tactics that both entrap i...


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