Weekly Issue Archive »

Issue 677 - 31st January

  • News Analysis

    • Capital Relief Trades

      • Grasshopper up

        Landmark green SRT finalised

        RBS has completed a landmark capital relief trade referencing a £1.1bn portfolio of UK project finance loans. Dubbed Project Grasshopper, the approximately £78m financial guarantee is the first risk transfer transaction to be back...

    • ABS

      • Equity increase

        Aircraft ABS volumes powering rise in growth of equity notes

        Aircraft ABS issuance volumes are expected to rise again this year, even after a bumper 2019. As a result, the nascent market in the related equity notes (E-Notes) should also grow, but investing in that part of the capital structure is not without i...

  • News

    • ABS

      • Tail risk debut

        Innovative cat bond completed

        Goldman Sachs has completed an unusual catastrophe bond that covers the tail risk that State National Insurance Company is exposed to through its insurance agreements with ILS manager Nephila Capital as capacity provider. Principal reduction of the n...

    • Structured Finance

      • SCI Start the Week - 27 January

        A review of securitisation activity over the past seven days

        Transaction of the week ResponsAbility Investments has announced the first closing of an innovative climate fund, set up as a blended finance structure that offers different classes of risk and has received commitments from a number of public and pr...

    • Capital Relief Trades

      • Risk transfer round-up - 27 January

        CRT sector developments and deal news

        Banco BPM is rumoured to be readying a capital relief trade for this year. The issuer launched its first risk transfer transaction in June 2019, which was carried out with the EIF (see SCI’s capital relief trades database). ...

      • Risk transfer round-up - 28 January

        CRT sector developments and deal news

        Deutsche Bank has completed a capital relief trade from the CRAFT programme. Dubbed CRAFT 2020-1, the US$150m 9.5-year CLN priced at Libor plus 9.5%. The floater is non-callable and has a weighted average life and expected maturity equal to 7.5 years...

      • BMO SRT inked

        Repeat Manitoulin trade completed

        Bank of Montreal has completed a capital relief trade referencing US and Canadian senior secured and senior unsecured corporate loans. Dubbed Manitoulin USD Algonquin 2020-1, the five-year financial guarantee is a repeat transaction of another Manito...

    • CLOs

      • Ramping up

        BlueBay bolsters structured credit footprint

        BlueBay Asset Management is ramping up its debut CLO, with launch planned for next quarter. At the same time, portfolio manager Alex Navin is set to relocate to New York to strengthen the firm’s US credit investment team. “The m...

  • Market Moves

    • Structured Finance

      • Hedge fund liquidated amid accounting probe

        Sector developments and company hires

        Hedge fund liquidated amid accounting probe TCA Fund Management Group is liquidating its main credit hedge fund, TCA Global Credit Master Fund, after the fund received redemption and withdrawal requests in excess of available cash. The redemptions...

      • Valuations provider bought by investor consortium

        Sector developments and company hires

        Acquisitions A consortium led by funds managed by Stone Point Capital and Further Global has agreed to acquire Duff & Phelps for US$4.2bn. The equity sellers include the Permira funds, which will continue to hold a significant stake in the c...

      • Covered funds provisions set to be revised

        Sector developments and company hires

        AMR auction debut The first-ever CLO applicable margin reset executed online – via KopenTech’s auction platform - saw all five tranches of TCW 2019-1 CLO refinanced successfully. The coupon of the US$240m triple-A rated tranche w...


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