Weekly Issue Archive »

Issue 669 - 22nd November

  • News Analysis

    • Capital Relief Trades

      • US CRT pick-up?

        Volumes to remain restricted to large banks

        The US capital relief trades market is witnessing a long-awaited uptick, with three deals reportedly being readied. JPMorgan’s recent landmark synthetic RMBS appears to have boosted issuance (SCI 10 October), although volume is expected to...

    • ABS

      • New ground

        O&G securitisations open up new asset class to ABS investors

        For the first time, working interests in oil and gas wellbores have been securitised, marking a new partnership between the oil and gas and ABS industry. These deals have been warmly received by investors and potential issuers, with more transactions...

    • Capital Relief Trades

      • Template concerns

        Paper proposes mitigants for unintended consequences

        Major risk-sharing transaction investor PGGM has published a position paper on the ESMA securitisation disclosure templates (SCI 1 November). The paper proposes changes to mitigate the unintended consequences of applying true sale ABS reporting stand...

  • News

    • ABS

      • SME programmes launched

        EIF supports two inaugural funding initiatives

        The EIF has for the first time provided funding support for a German online SME lending platform. In another first, the EIF has announced a funding guarantee to support lending to French cooperatives. German online lending platfor...

      • Growth surge?

        Russian structured bonds expected to grow

        The Russian structured finance market has traditionally been dominated by a small number of asset classes and securitised issuance volumes have remained low compared to the US and Europe. This may soon change, however, after regulation introduced las...

    • Structured Finance

      • SCI Start the Week - 18 November

        A review of securitisation activity over the past seven days

        Transaction of the week UniCredit has completed what is believed to be the largest European ABS transaction post-crisis. Dubbed Impresa Two, the deal is a departure from previous securitisations, given the inclusion of large corporate loans in the p...

    • Capital Relief Trades

      • Ramping up

        Standard Chartered boosts corporate issuance

        Standard Chartered has completed a US$135m CLN that references a US$1.5bn portfolio of US and European corporate revolvers. Dubbed Chakra 4, the deal was carried out for both credit risk management and capital relief purposes. The disclosed pool to...

    • NPLs

      • Hercules tapped

        Alpha Bank preps NPL securitisation

        Alpha Bank is set to securitise a €12bn mixed portfolio of retail secured and unsecured loans, mortgage and wholesale non-performing loans in 1H20. Dubbed Project Galaxy, the transaction protects shareholders from dilution and is one of the...

  • Market Moves

    • Structured Finance

      • Structured credit head announced

        Sector developments and company hires

        Acquisition finalised Artex has completed the acquisition of Horseshoe Insurance Services Holdings. This acquisition significantly strengthens its ILS operations and furthers the company’s goal to become the best service provider to the w...

      • Italian AM expands to US

        Sector developments and company hires

        Azimut expands Italian asset manager Azimut has established a US-based operation named Azimut Alternative Capital Partners (AACP), with the purpose of investing in GP stakes of alternative managers specialised in the private markets space. Concurre...

      • Legal firm beefs up

        Sector developments and company hires

        GSE capital rule eyed The FHFA plans to re-propose the entire regulation on capital requirements for Fannie Mae and Freddie Mac sometime next year, stating that the 2018 capital rule was proposed before it began the process of retaining capital at...

      • Ceo retires

        Sector developments and company hires

        Capital markets head appointed 23 Capital has hired Sreesha Vaman as md, head of capital markets. 23 Capital is a capital and solutions provider focused on the sports, music and entertainment sectors. Vaman has more than 15 years of experience acro...

      • FRTB consultation launched

        Sector developments and company hires

        APAC poll highlights key risks More than 80% of market participants polled by Moody’s at its recent Asia Pacific Structured Finance Conference in Singapore identified slowing global economic growth as posing a key risk for the Asia Pacifi...


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