Weekly Issue Archive »

Issue 672 - 13th December

  • News Analysis

    • ABS
      • IT solution

        Infrastructure ABS could hold the key to a brighter future for Europe's banks

        The European banking sector is struggling under the burden of shrinking profits and growing costs, yet benefits from consistent regulatory support and an entrenched role within the continent’s broader economy. The major challenge for banks...

      • 2020 vision

        Looking for relative value in European securitisation

        Next year seems likely to present structured finance investors with even greater challenges in the search for yield. Nevertheless, relative value is to be found in 2020 for those looking in the right places. Macro and geopolitical factors should al...

    • Structured Finance
      • CET1 ratios eyed

        Disposals, securitisations to protect bank capital

        European bank CET1 ratios have stabilised over recent years, as Basel 3 capital requirements and other supervisory measures have been fully phased in. However, further RWA inflation could result from the ECB’s TRIM exercise or the Basel 4 o...

  • News

    • Structured Finance
      • SCI Start the Week - 9 December

        A review of securitisation activity over the past seven days

        Transaction of the week NIBC recently priced the first fully-compliant ESG CLO, North Westerly VI, utilising a wholly exclusionary loan section process. The €410m transaction is expected to be the first of many ESG-compliant transactions fr...

    • Capital Relief Trades
      • Mutual agreement

        BPPB SRT debuts

        Further details have emerged about the EIF and Banca Popolare di Puglia e Basilicata’s (BPPB) €60m financial guarantee under the SME Initiative Italy (SCI 6 December). Referencing a €120m Italian SME portfolio, the transac...

      • Mixed motivations

        THRP sets stage for US bank CRT

        A combination of macro and micro factors are understood to have influenced the issuance of JPMorgan’s recent Chase 2019-CL1 synthetic RMBS (SCI 10 October). Notably, the US Treasury’s aim of harmonising regulatory frameworks acros...

    • CLOs
      • Ratings volatility?

        CLO single-B minus scenarios tested

        Single-B minus rated obligors currently constitute a record high of nearly 19% of US broadly-syndicated loan CLO exposure, according to S&P figures. To address concern over the credit stability of these companies and the potential for downgra...

    • NPLs
      • Riding the wave

        NBG offloads secured NPL exposures

        The National Bank of Greece has completed its first secured non-performing loan transaction. Dubbed Project Symbol, the €900m portfolio is riding a wave of secured NPL transactions in Greece. The portfolio references 12,800 borrowers and i...

    • Regulation
      • Sticking with the programme

        ABSPP hits new high, but total volumes remain low

        Latest figures from the ECB show that its ABSPP holdings are at an all-time high. However, the programme remains far from the market moving purchaser it was once expected to be. Bank of America European structured finance analysts report that ECB n...

  • The Structured Credit Interview

    • Structured Finance
      • Core qualities

        Caroline Chen, svp and research analyst at Income Research & Management, answers SCI's questions

        Q: How and when did Income Research & Management become involved in the securitisation market? A: Income Research & Management is a privately-owned fixed income investment manager that serves institutional and private clients. The...

  • Market Moves

    • Structured Finance
      • Turbo feature for CLO reset

        Sector developments and company hires

        Early upgrade DBRS Morningstar has taken the unusual step of upgrading from double-B (low) to double-B the class E notes issued by Autonoria Spain 2019 a week after the transaction priced (SCI 2 December). The move follows the final pricing of the...

      • Alternative credit platform expands

        Sector developments and company hires

        CFO appointed Annaly Capital Management has appointed Serena Wolfe as cfo and a member of its operating committee. Glenn Votek, the company’s cfo and interim ceo and president (SCI 21 November), has stepped down from his role as cfo. Wol...

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