Weekly Issue Archive »

Issue 683 - 13th March

  • News Analysis

    • Structured Finance

      • Definition debate

        Call for coalescence around ESG standards

        Impact is still being defined in the capital markets, both at a conceptual level and in terms of general product development. The terms ‘ethical’, ‘ESG’, ‘impact’ and ‘responsible&...

    • Capital Relief Trades

      • Multi-tranching?

        Investor diversification raises triple-tranche prospects

        Seer Capital sees a future for triple tranche structures in significant risk transfer transactions. One driver is the market’s need to further diversify the investor base. According to Richard d’Albert, co-cio and cro at Seer Ca...

  • News

    • Structured Finance

      • SCI Start the Week - 9 March

        A review of securitisation activity over the past seven days

        Transaction of the week AmTrust International has completed its inaugural capital relief trade, which references a €1bn seasoned low-LTV residential mortgage portfolio originated by an undisclosed leading Italian bank. The transaction is b...

    • Capital Relief Trades

      • Regulatory events

        Standard Chartered amends Gongga SRT terms

        Standard Chartered has amended the regulatory event definitions for the class A notes of a corporate SRT dubbed Gongga that was finalised last year (SCI 2 August 2019). The amendments exclude any reference to any requirement to disclose information a...

    • NPLs

      • AMC uncertainty

        Trade deal clouded by uncertainties for NPLs

        The US-China trade deal now finally allows foreign investors to acquire coveted local AMC licences that will in turn allow them to buy non-performing loans directly from banks. However, foreign investors remain in the dark about whether foreign-owned...

    • RMBS

      • Mortgage moratoriums

        Impact of payment suspensions to be limited

        The Italian government and a trio each (at the time of writing) of lenders in Ireland and the UK are set to temporarily suspend mortgage payments for certain borrowers amid the disruption caused by COVID-19. The impact of these moratoriums is expecte...

  • Market Moves

    • Structured Finance

      • Insurance giants set to combine

        Sector developments and company hires

        Insurer combination agreed Aon and Willis Towers Watson have agreed to combine in an all-stock transaction with an implied combined equity value of approximately US$80bn. The strategic rationale behind the combination is to create a more innova...

      • Dutch VAT grace period mulled

        Sector developments and company hires

        Alhambra missed payment A borrower of a €10m loan securitised in the Alhambra SME Funding 2019-1 transaction has missed its February interest payment. The servicer says it is in “close contact” with the borrower and does...

      • AXA IM creates two key units

        Sector developments and company hires

        AXA IM restructuring AXA Investment Managers intends to create a new €137bn business unit - called AXA IM Alts - as part of a wider restructuring of the business into two key divisions, with the aim of creating a simplified and more focused...

      • Native blockchain securitisation debuts

        Sector developments and company hires

        Ares facility inked Non-Standard Finance (NSF) has entered into a new six-year securitisation facility totalling £200m, at pricing that is more favourable than its existing facility and is expected to result in a pre-tax saving of approx...


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