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Issue 708 - 4th September

  • News Analysis

    • Capital Relief Trades

      • Seeking stability

        Stimulus complicating SME SRT analysis

        Coronavirus-related stimulus schemes are complicating the analysis of European SME significant risk transfer deals. While a small number of such transactions are being discussed with investors, the EIF’s involvement is anticipated for the v...

    • CLOs

      • Challenging times

        European CLO overlap issues addressed

        European CLOs’ overlap disadvantage versus the US has been exacerbated by the Covid crisis, but managers appear to be responding well to the challenge. At the same time, top of the stack European paper is finding favour over US equivalents...

    • CMBS

      • Hotel headache

        Hotel-backed US CMBS sector eyes crucial year-end

        The hotel/lodging-backed US CMBS market sits on a knife edge. No area of the ABS market is less protected against the harsh winds of the Covid 19 economic winter, and the next few months will be crucial to the performance of many CMBS transactions. ...

  • News

    • Capital Relief Trades

      • Risk transfer round-up - 4 September

        CRT sector developments and deal news

        Intesa Sanpaolo is rumoured to be readying a corporate capital relief trade from its GARC programme for 2H20. The Italian lender closed its first post-Covid significant risk transfer deal and last GARC transaction in June. The latter deal referenced...

    • NPLs

      • Liquidity boost

        Piraeus taps Intrum

        Piraeus Bank and Intrum have signed an agreement under which Intrum will acquire 30% of the junior and mezzanine tranches of a €1.9bn non-performing loan RMBS dubbed Project Phoenix. The novelty of the deal lies in its ability to facilitate...

  • Talking Point

    • Structured Finance

      • View from an investor Part II

        Last week DuPont Capital's Karlis Ulmanis told us where he sees value; this week it's the other side...

        Things not to like CRT Three GSE CRT bonds have been issued since early March, when the lockdown began. These were the most recent $1.088bn (upsized from $1.038bn) STACR DNA4 priced by Freddie on August 18, the $1.1bn STACR 2020-DNA3 printed at t...

  • Market Moves

    • Structured Finance

      • EGF expression of interest launched

        Sector developments and company hires

        EGF expression of interest launched The EIF has issued a call for expression of interest in participating in its Pan-European Guarantee Fund (EGF), which forms part of the overall package of measures agreed by the Eurogroup on 9 April and further en...

      • Negative rating actions tallied

        Sector developments and company hires

        Negative rating actions tallied Fitch reports that global structured finance negative rating actions - including downgrades, negative outlooks and rating watch negatives - reached an eight-year high in 1H20, reflecting weakening credit conditions du...

      • CMBS cure rates eyed

        Sector developments and company hires

        CMBS cure rates eyed August US CMBS remittance data shows declining 30-plus day delinquency rates, as consent and forbearance agreements came into force and the country reopened. Within post-GFC conduit deals, 30-plus day delinquencies fell 40bp mon...

      • Reporting template RTS published

        Sector developments and company hires

        Reporting template RTS published Seven Commission Delegated and Implementing Regulations comprising the technical standards in connection with the details to be made available by the originator, sponsor and SSPE in a securitisation transaction subje...


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