Weekly Issue Archive »

Issue 713 - 9th October

  • News Analysis

    • ABS
      • Comeback king

        Container ABS weathers the storm

        US container ABS volume has made a roaring comeback over the last month, after an absence of issuance that lasted for over a year. Limited expansion in capacity and supply in both the container leasing and container shipping markets has helped the se...

    • Capital Relief Trades
      • SRT for the real economy

        Chapter two of SCI's Autumn 2020 CRT Research Report

        The second chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report explores how significant risk transfer can drive economic growth, supported by the recent High Level Forum recommendations, the European Commission’s Co...

      • Seeking clarity

        Chapter three of SCI's Autumn 2020 CRT Research Report

        The third chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report examines the impact of payment holidays on the SME significant risk transfer sector, as well as concerns over performance and data availability, and the emergence...

      • Stepping up

        Chapter four of SCI's Autumn 2020 CRT Research Report

        The fourth chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report highlights the role of the EIF in supporting European SMEs via synthetic securitisation and guarantees. This section of the report covers the EIF’s Covi...

      • Growth opportunities

        Chapter five of SCI's Autumn 2020 CRT Research Report

        The fifth and final chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report outlines the need for sensible significant risk transfer rules and the growth opportunities for the synthetic securitisation market once these are achiev...


  • News

    • ABS
      • Olympic debut

        Largest non-banking Greek ABS closed

        Avis has completed a €186m securitisation of Greek auto leases and related residual value (RV) claims. Dubbed Cronus Finance, it is the first transaction from the jurisdiction since 2010 to achieve an investment grade rating by two major rat...

    • Structured Finance
      • SCI Start the Week - 5 October

        A review of securitisation activity over the past seven days

        SCI Risk Transfer Seminar This Week Join SCI on 7 and 8 October for its Risk Transfer & Synthetics Virtual Seminar, which will explore the micro and macro drivers behind JPMorgan's landmark capital relief trades and whether this flur...

    • Capital Relief Trades
      • Transmitting credit

        SRT and the real economy explored

        SCI will be publishing a chapter of our Autumn 2020 CRT Research Report each day this week. While today’s instalment - the introduction – is available to all subscribers, the subsequent chapters will be available to premium subscr...

      • Risk transfer round-up - 5 October

        CRT sector developments and deal news

        Lloyds is rumoured to be readying its third mortgage significant risk transfer trade from the Syon programme for 4Q20. The last Syon transaction closed in February (see SCI’s capital relief trades database). Fitch placed Syon Securities 201...

      • Synthetics seminar line-up finalised

        Fireside chat, CRT workshop on the agenda

        The line-up for SCI’s 4th Annual Risk Transfer & Synthetics Seminar has been finalised. Hosted virtually on 7 and 8 October, highlights of the event include a fireside chat between Clifford Chance’s Timothy Cleary...

      • Absolute attraction

        Absolute 2021-1 shows growth of US CRT market and pass-through appetite

        The sale of Absolute 2021-1‘s pass-throughs - the $184.8m repack of two CLNs from Goldman Sachs which closed on September 25 - represents further evidence that investor appetite for higher yielding repackaged pass-through securities is grow...

      • Finnish lift off

        Latest KIMI deal completed

        Santander has completed a €650m full-stack significant risk transfer trade backed by Finnish auto loans. Dubbed KIMI 9, the transaction differs from previous post-Covid full-stack SRTs in that the first loss tranche was not preplaced or priv...

    • CMBS
      • Direct access

        For-profit social housing provider debuts

        Deutsche Bank is in the market with an unusual UK CMBS. Dubbed Sage AR Funding No. 1, the £220m transaction is sponsored by a for-profit social housing provider owned by Blackstone. “It is quite an unusual deal because it is not...

    • Real Estate
      • Plunging forbearance

        Mortgage forbearances enjoy biggest single Covid era weekly tumble

        The number of US home loans in active forbearance schemes has nosedived by 649,000 over the last seven days, according to data released today by mortgage data and analysis firm Black Knight. This represents an 18% reduction in the number of forbear...

    • RMBS
      • Fix-and-flip profits

        Low interest rates, inventory levels driving demand

        The US fix-and-flip sector has experienced an increase in demand, fuelled by securitisation. Historic low interest rates and inventory levels are further boosting the market. William Tessar, president of CIVIC Financial Services, says: “T...


  • Talking Point

    • Structured Finance
      • Structured finance solutions

        Contributed thought leadership by Ocorian

        Sonal Patel, md, head of sales - Americas, Bermuda and Caribbean, and Sinead McIntosh, business development director at Ocorian, a global leader in corporate and fiduciary services, fund administration and capital markets, highlight how structured...

    • Capital Relief Trades
      • Transatlantic challenges

        Contributed thought leadership by Mayer Brown

        Complying with EU and US CRT rules simultaneously A number of law firms have developed excellent synthetic securitisation practices in Europe, but few firms are at the forefront of developing synthetic securitisation in the US, and even fewer have...


  • The Structured Credit Interview

    • CLOs
      • Capital preservation

        Sharif Anbar-Colas, head of structured credit at Kartesia, answers SCI's questions

        Q: How and when did Kartesia become involved in the securitisation market? A: Kartesia has been involved in the securitisation market for more than 10 years and made investments in securitised products from the first fund raised in 2010. This involv...


  • Market Moves

    • Structured Finance
      • Range of moratoria take-up 'stark'

        Sector developments and company hires

        Range of moratoria take-up ‘stark’ With payment holiday concentrations having fallen over the past few remittance periods, the range of payment holiday take-up across UK RMBS is stark, according to JPMorgan’s latest Cov...

      • 'Quick fix' draft legislation published

        Sector developments and company hires

        ‘Quick fix’ draft legislation published The European Parliament has published draft legislative resolutions on amendments to the Securitisation Regulation and CRR in connection with STS synthetics and non-performing exposures. ...

      • IP transaction debuts

        Sector developments and company hires

        IP transaction debuts Aon has launched an intellectual property (IP) capital market solution with the close of an IP-backed ILS transaction, believed to be the largest such deal ever consummated. The deal involves agriculture technology c...

      • Litigation finance fund formed

        Sector developments and company hires

        Litigation finance fund formed Tetragon and its diversified alternative asset management business TFG Asset Management have entered into an agreement with Brandon Baer to invest in his newly-created company, Contingency Capital....

      • US CLO recovery continues

        Sector developments and company hires

        US CLO recovery continues US CLO OC cushions are continuing to recover, according to the latest quarterly US manager report from JPMorgan CLO research. It says: “In the upcoming final quarterly October payment (majority of CLOs), we...



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