Weekly Issue Archive »

Issue 720 - 27th November

  • News Analysis

    • Structured Finance

      • Offshore demand

        Chinese securitisation continues to gain traction

        A growing number of Chinese securitisation issuers are attempting to tap offshore investors, the most recent being China Merchants Bank, with its RMB4.75bn Zhaoyin HeJia 2002-5 RMBS. In the next few quarters, it is expected that offshore investors wi...

    • Capital Relief Trades

      • Excess spread harmonised

        EBA's SRT recommendations released

        The EBA’s long-awaited final report on significant risk transfer details a set of recommendations to the European Commission regarding the harmonisation of practices and processes applicable to the assessment of SRT transactions (SCI 23 Nov...

  • News

    • ABS

      • Restructuring boost

        Project Galaxy portfolio acquired

        Alpha Bank has selected US investment fund Davidson Kempner as its preferred bidder over PIMCO for its Project Galaxy portfolio. The €10.8bn pool includes the disposal of the bank’s servicing unit Cepal and is expected to clear the...

      • Bridge financing inked

        Hertz set to re-fleet under bankruptcy emergence plan

        Hertz Corporation, in conjunction with affiliates of Apollo Capital Management, has established an interim fleet financing programme to provide up to US$4bn of ABS bridge financing. Dubbed Hertz Vehicle Interim Financing Series 2020-1, the delayed dr...

    • Structured Finance

      • SCI Start the Week - 23 November

        A review of securitisation activity over the past seven days

        SRT seminar TODAY Join SCI today and tomorrow, 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...

      • Generation change?

        Investor, issuer ESG engagement surveyed

        The vast majority (81%) of ABS issuers polled in a recent Structured Finance Association survey currently incorporate ESG in their overall business operations, with 73% doing so in their asset origination and underwriting practices. The survey assess...

    • Capital Relief Trades

      • Risk transfer round-up - 23 November

        CRT sector developments and deal news

        BNP Paribas is believed to be arranging a synthetic RMBS for AXA Bank Belgium. The transaction would represent the fourth synthetic RMBS issued this year and is expected to close this quarter (see SCI’s capital relief trades database). BN...

      • SCI CRT Awards 2020

        Innovation of the Year: Vale Securities Finance 2019-1

        Unfunded protection has historically been focused on capital relief trade senior mezzanine exposures, but Bank of Ireland Group (BOIG) debuted a pari passu unfunded tranche alongside a funded junior mezzanine tranche in its €265m Vale 2019-1...

      • SCI CRT Awards 2020

        Investor of the Year: Alecta-PGGM

        The coming together of Alecta and PGGM to focus on credit risk sharing transactions (CRS), as they term capital relief trades, is undoubtedly a major event for the sector. However, it is the sizeable voice they have created with the intention of infl...

      • SCI CRT Awards 2020

        Credit Insurer of the Year: RenaissanceRe

        RenaissanceRe (RenRe) has won the Credit Insurer of the Year category in SCI’s Capital Relief Trades Awards for breaking new ground on several fronts. The firm was the first reinsurer to execute an SRT guarantee over two years ago and has b...

      • Double trouble

        Two - not one - JP Morgan corporate loan CRT trades have been in the market

        A CRT transaction between JP Morgan and a club of investors referencing corporate loans, believed to be chiefly SME-related assets, is poised to close imminently, say well-placed market sources. This trade is in addition to the bilateral corporate...

      • SCI CRT Awards 2020

        Transaction of the Year: Resonance 5

        The winners and honourable mentions of the 2020 SCI Capital Relief Trades Awards were unveiled during a virtual ceremony yesterday. We will be publishing write-ups for each category over the coming days. Top of the bill is Transaction of the Year,...

      • SCI CRT Awards 2020

        North American Transaction of the Year: Chase 2019-CL1

        It would take a brave man, or woman, to argue that JPMorgan’s Chase Mortgage Reference Notes 2019-CL1 was not the most eye-catching CRT deal of the last 12 months in North America. As such, it is a worthy winner of the SCI North American Tr...

      • SCI CRT Awards 2020

        Impact Deal of the Year: Project Grasshopper

        NatWest has raised the bar for impact investment capital relief trades with December 2019’s Project Grasshopper. A number of sector firsts - from its collateral to structural features - combined with a close fit to the bank’s broa...

    • RMBS

      • Emergency exit

        Taking the GSEs back to private hands in two months is the tallest of tall orders

        The difficulties in pulling the Fannie Mae and Freddie Mac out of conservatorship and into private hands before the new administration assumes the reins of office are close to insuperable, say sources in the agency MBS market. There are a large num...

  • Market Moves

    • Structured Finance

      • EBA SRT report released

        Sector developments and company hires

        EBA SRT report released The EBA has published its long-awaited report on significant risk transfer in securitisations, which includes a set of detailed recommendations to the European Commission on the harmonisation of practices and processes applic...

      • UK STS notification portal launched

        Sector developments and company hires

        UK STS notification portal launched The UK FCA has launched its new STS notification platform, with the aim of allowing UK securitisation originators and sponsors to ‘pre-populate’ the STS list in anticipation of the end of the B...

      • Jumbo BDC merger agreed

        Sector developments and company hires

        Jumbo BDC merger agreed FS/KKR Advisor, a partnership between FS Investments and KKR Credit Advisors (US), has announced that FS KKR Capital Corp and FS KKR Capital Corp II - two publicly traded BDCs advised by FS/KKR - have entered into a definit...

      • NPL ABS capital treatment amended

        Sector developments and company hires

        NPL ABS capital treatment amended The Basel Committee has published a technical amendment in connection with the capital treatment of non-performing loan securitisations. The rule aims to close a gap in the Basel framework by setting out prudent and...


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