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Issue 699 - 3rd July

  • News Analysis

    • Capital Relief Trades

      • Spanish SRT inked

        BBVA launches capital relief trade

        BBVA has completed an €87m mezzanine guarantee with the EIF. Dubbed Vela Four, the transaction references a static €1.25bn Spanish SME and mid-cap portfolio and has a simpler structure compared to previous capital relief trades from...

    • ABS

      • Support measures

        Guarantee programmes hinder SME ABS comparability

        European SME ABS comparability is being hindered by the diverging terms and conditions of guaranteed loan programmes across the region. Ultimately, the impact of the coronavirus fallout on SME ABS asset quality will depend on the path of economic rec...

  • News

    • Structured Finance

      • Consumer considerations

        Borrower relief aids performance

        The downward trend of 30-plus delinquency rates for US marketplace lending, auto and credit cards continued into May. Higher delinquent levels were mitigated by borrower relief programmes. Melvin Zhou, senior director, consumer ABS at KBRA, says: &...

    • Capital Relief Trades

      • Risk transfer round-up - 1 July

        CRT sector developments and deal news

        NatWest is rumoured to be readying a capital relief trade backed by mid-market corporate loans for 3Q20. The transaction would be the issuer’s first post-Covid significant risk transfer deal, following the announcement of Project Grasshoppe...

      • Fast amortisation

        SSPAIN deleveraging highlighted

        Scope Ratings has published a monitoring report for Santander’s 2019 US auto significant risk transfer deal SSPAIN (see SCI’s capital relief trades database). The assigned ratings remain the same and the rated notes have benefited...

      • Risk transfer round-up - 3 July

        CRT sector developments and deal news

        Details have emerged of three corporate capital relief trades issued by Barclays last month. The risk transfer transactions are the lender’s first following the coronavirus crisis. The combined first loss tranches total US$380m and referenc...

    • CMBS

      • Consistently attractive CMBS

        CMBS is still the TALF favourite, but overall take-up could increase

        Some 58% of loans requested under TALF 2.0 during the first subscription period, or $145m, were for CMBS purchases and the relative popularity of this asset class is not expected to diminish in the second subscription period beginning July 6, say CMB...


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