Weekly Issue Archive »

Issue 711 - 25th September

  • News Analysis

    • Capital Relief Trades

      • Doubling up

        Record year anticipated for the EIF

        The bulk of European SME capital relief trades in 1H20 were public, with the EIF a particularly active participant, given its mandate to support the sector. Indeed, it is shaping up to be a record year for the organisation in terms of synthetic secur...

      • Calabrian calibration

        FHFA silent on the implication of the director's comments about GSE CRT last week

        The Federal Housing Finance Authority (FHFA) has been unable provide more details about what director Mark Calabria’s meant at last week’s Congressional hearings when he apppeared to envisage a reduced place for CRT deals offered...

  • News

    • Structured Finance

      • Spread compression

        European securitisation market update

        European auto and consumer ABS have seen a strong reception this week, despite renewed virus-related concerns. The first German auto ABS since May printed at tight levels, for example, while a rare UK consumer ABS from Premium Credit has entered the...

      • SCI Start the Week - 21 September

        A review of securitisation activity over the past seven days

        REMINDER: SCI CRT Awards The submissions period for the 2020 SCI CRT Awards is now open. The qualifying period for the awards is the 12 months to 30 September 2020. Pitches and/or any queries should be emailed to cs@structuredcreditinvestor.com by...

    • Capital Relief Trades

      • JP Morgan at CRT again

        The US bank is reportedly readying a corporate/SME loan deal

        JP Morgan Chase is preparing a capital relief trade (CRT) referencing corporate and SME loans, say well-placed market sources. It is getting ready to place the trade among a “small club” of investors before the end of financial...

      • Syon safe

        Fitch affirms ratings for Lloyds SRTs

        Fitch has removed the Syon Securities 2019 and 2020 transactions from rating watch negative (RWN), after having placed them there in April following the coronavirus outbreak. The class C and D notes of Syon 2019 and class C notes of Syon 2020 were pl...

      • Risk transfer round-up - 25 September

        CRT sector developments and deal news

        Goldman Sachs is rumoured to be prepping two US corporate significant risk transfer deals for 4Q20 and the lender is believed to have closed another corporate deal in 3Q20. The trades would be the bank’s first SRTs (see SCI’s capi...

      • Tight pricing

        BNP Paribas completes SRT

        BNP Paribas has finalised a €324m funded financial guarantee and is scheduled to complete a €100m insurance policy before the end of 3Q20. Dubbed Resonance Five, the tranches reference a static €8bn global corporate portfol...

    • CLOs

      • Into the light?

        European CLOs continue to improve

        The European CLO market is seeking to build on its relatively stable foundations of recent months as prices move ever-tighter. Notwithstanding the broader ramifications of a continuing global pandemic, the sector looks set to be leaving the darkest d...

  • Market Moves

    • Structured Finance

      • Moody's move mezz positive

        Sector developments and company hires

        Moody’s move mezz positive Moody's has issued a request for comment on proposed changes to its methodology for rating CLOs that adjust its analytical treatment of corporate obligors with a negative outlook or whose ratings are on...

      • Private credit fund formed

        Sector developments and company hires

        Private credit fund formed FrontWell Capital Partners has launched with committed seed capital of more than US$350m from a group of international investors. Headquartered in Toronto, the firm aims to provide transitionary senior debt financing - i...

      • Revolver exposures on offer

        Sector developments and company hires

        Revolver exposures on offer Goldman Sachs is in the market with a balance sheet synthetic securitisation referencing a portfolio of predominantly investment-grade senior unsecured revolving loan facilities. Dubbed Goldman Sachs Bank USA credit-linke...


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