Weekly Issue Archive »

Issue 719 - 20th November

  • News Analysis

    • Capital Relief Trades

      • Democrats and CRT

        Banks, GSEs eye Washington for policy clues

        It is, probably, a reasonable assumption that US President-elect Joe Biden has never given a second thought to credit risk transfer mechanisms. But for this market and particularly the GSEs, the new administration represents a sea-change in philosoph...

    • CLOs

      • Automated alternative

        CLO tax solution getting traction

        An automated alternative to the traditional season-and-sell process that enables tax efficiency for CLOs is starting to gain traction. Smaller firms are expected to be the earliest adopters, though the programme’s efficiencies could benefit...

    • Capital Relief Trades

      • Greek synthetics eyed

        Alantra targets CRTs, new jurisdictions

        Alantra has evolved to become one of the premier players in the non-performing loan markets by utilising a combination of services, including credit portfolio advisory and asset management. However, following the recent hiring of Francesco Dissera (S...

  • News

    • ABS

      • Record print

        VW's latest Chinese ABS oversubscribed

        Volkswagen Financial Services has completed its largest-ever Chinese auto ABS, despite challenging market conditions. Dubbed Driver China Eleven Trust, the RMB8bn (circa €1bn) is backed by a diversified pool of receivables from over 134,000...

      • Positive outlook

        DoValue signs NPL MoU

        DoValue has signed a memorandum of understanding with Bain Capital Credit for the exclusive management of a portfolio of non-performing loans originated in Cyprus for a total claim of approximately €650m. Following this agreement, the total...

    • Structured Finance

      • SCI Start the Week - 16 November

        A review of securitisation activity over the past seven days

        SRT seminar NEXT WEEK Join SCI on 23 and 24 November for its virtual 6th Annual Capital Relief Trades Seminar, which will explore a number of recent regulatory developments that underline European policymaker support for balance sheet synthetic secu...

    • Capital Relief Trades

      • Risk transfer round-up - 16 November

        CRT sector developments and deal news

        Details have been revealed of two global corporate capital relief trades issued by Barclays which were finalised in 2Q20. The first, dubbed Colonnade Global 2020-2A, is a US$210m CLN that matures in 2028. The second, called Colonnade Global 2020-2B,...

      • CRT seminar line-up finalised

        Fireside chats, awards presentation on the agenda

        The line-up for SCI’s 6th Annual Capital Relief Trades Seminar has been finalised. Hosted virtually on 23 and 24 November, highlights of the event include fireside chats with PGGM’s Mascha Canio and EBA policy expert Pabl...

      • Synthetic RMBS priced

        Lloyds finalises Syon transaction

        Lloyds has priced the third transaction from its Syon programme. The seven-year significant risk transfer trade is motivated by prudent risk management within the context of providing support to first-time buyers, in line with the bank’s He...

      • Capital headache

        The finalized GSE capital rules give with one hand whilst the other takes

        The finalized capital rule for the GSEs, released yesterday afternoon (November 19) by the Federal Housing Finance Agency (FHFA), increases the amount of dollar relief afforded by CRT mechanisms from that envisaged by the rules released in May, but t...

    • CMBS

      • Maturity wall eyed

        Mall loans face financing difficulties

        US CMBS mall delinquencies have reached approximately US$9.65bn across 93 non-defeased loans secured by regional malls and large anchored retail assets, according to a new DBRS Morningstar analysis. The overall delinquency rate for this cohort of loa...

  • Market Moves

    • Structured Finance

      • CRE data initiative launched

        Sector developments and company hires

        CRE data initiative launched Moody's Analytics has formed a new partnership with The Business School (formerly Cass) at City, University of London, to build a database of loan-level commercial real estate information covering the UK and Eu...

      • APAC capital advisory formed

        Sector developments and company hires

        APAC capital advisory formed Aon has launched an Asia Pacific Capital Advisory unit to deliver a holistic approach to capital optimisation for re/insurers. The initiative follows Aon’s launch of similar units in the UK and US. At the s...

      • Highland trio launch new firm

        Sector developments and company hires

        Highland trio launch new firm Ex-Highland Capital Management executives Mark Okada, Jack Yang and Trey Parker have launched Sycamore Tree Capital Partners, an asset management firm specialising in private and alternative credit. Okada will serve as...


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