Weekly Issue Archive »

Issue 673 - 20th December

  • News Analysis

    • Capital Relief Trades

      • Economic efficiency

        Standardised bank SRT pros, cons weighed

        Various factors should be considered when contemplating whether to execute a significant risk transfer transaction, especially from a standardised bank perspective. The key is to choose the most economically efficient portfolio and the rest is optimi...

    • ABS

      • Brand value

        WBS issuer differentiation highlighted

        In an unsolicited comment, Fitch last week suggested that the overall benefits of US whole business securitisation are often overstated, especially considering the increase in market activity and sectoral breadth seen this year (SCI 9 December). Howe...

  • News

    • Structured Finance

      • SCI Start the Week - 16 December

        A review of securitisation activity over the past seven days

        Transaction of the week 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 reference...

    • Capital Relief Trades

      • Risk transfer round-up - 16 December

        CRT sector developments and deal news

        Deutsche Bank is rumoured to be readying a capital relief trade from the CRAFT programme. The last CRAFT significant risk transfer deal - a US$382.5m CLN that references corporate loans - was completed in March. It remains the only CRAFT transaction...

      • UK auto SRT finalised

        Santander completes retained first-loss deal

        Santander has completed a synthetic securitisation of UK auto loans. Dubbed Motor Securities 2018-1, the financial guarantee is the lender’s first UK synthetic securitisation that features a retained first-loss tranche. According to Steve...

      • SCI's latest podcast is now live!

        The editorial team discuss key issues in securitisation today...

        In this episode of the SCI podcast, Mark Pelham and Corinne Smith discuss our new research report on standardised banks' capital relief trades and where European securitisation investors are looking to find relative value in the year ahead. ...

      • Nordic SRT inked

        Nordea returns with capital relief trade

        Nordea has priced a €5.1bn synthetic securitisation of Nordic corporate and SME loans. Dubbed Matador, the funded financial guarantee is the issuer’s first capital relief trade following the bank’s entry into the EU&r...

    • CMBS

      • Canadian restructuring

        Alberta energy market stress hits CMBS

        Calgary-based real estate investment firm Strategic Group last week submitted an initial application filing under Canada’s Companies’ Creditors Arrangement Act (CCAA), citing 50 named entities and associated commercial properties...

    • NPLs

      • NPL ABS pair inked

        Guber, UBI Banca hit the market

        A pair of Italian non-performing loan securitisations – dubbed Futura 2019 and Iseo SPV – have closed. The former is notable for being only the second Italian NPL ABS to not benefit from a GACS guarantee, following the issuance of...

      • NPL boost?

        Hoist Finance acquires landmark French portfolio

        Hoist Finance has acquired a French non-performing mortgage portfolio with more than 3,500 claims and an outstanding balance of approximately €375m. This is the largest-ever portfolio investment for Hoist Finance into a relatively untapped N...

    • RMBS

      • Year-end melee

        UMBS pooling proposal under scrutiny

        US securitisation market participants are having to address a melee of important issues ahead of year-end. The one that appears to be causing the most ire, however, is the FHFA’s recent request for input (RFI) regarding GSE pooling practice...

  • Market Moves

    • Structured Finance

      • Structured credit pro returns to the buy-side

        Sector developments and company hires

        EMEA Kingswood Holdings has appointed Lindsey McMurray and Howard Garland to its board from Pollen Street Capital. The move is as per the terms of the investment completed in September, which saw up to £80m committed by way of an issue o...

      • GSE price-fixing lawsuit settled

        Sector developments and company hires

        CLO manager transfer Hunt Investment Management has assigned collateral manager duties for the Hunt CRE 2017-FL1 and Hunt CRE 2018-FL2 CRE CLOs to OREC Investment Management. Moody's has confirmed that the move will not result in any adve...

      • Risk participation programme agreed

        Sector developments and company hires

        CLO vulnerabilities eyed The Financial Stability Board has published a report assessing the financial stability implications of developments in the global leveraged loan and CLO markets. Based on a combination of available data and analyses from FSB...


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