Weekly Issue Archive »

Issue 721 - 4th December

  • News Analysis

    • Capital Relief Trades

      • High-quality counterparties

        Insurer involvement in SRT on the rise

        SCI publishes regular in-depth analysis of trends and developments across the capital relief trades market, in addition to our usual news output. In this latest CRT Premium Content article, we examine how insurers are gaining traction as high-quality...

  • News

    • ABS

      • Collections conundrum

        Italian NPL ABS amortisation eyed

        The number of Italian non-performing loan securitisations with lagging collections is set to rise to 17 by 1Q21, Scope predicts. If the slowdown continues, the average time for deals to amortise will exceed 10 years, according to the agency&rsquo...

    • Structured Finance

      • SCI Start the Week - 30 November

        A review of securitisation activity over the past seven days

        Last week's stories Double trouble Two - not one - JP Morgan corporate loan CRT trades have been in the market Emergency exit Taking the GSEs back to private hands in two months is the tallest of tall orders Excess spread harmonise...

    • Capital Relief Trades

      • SCI CRT Awards 2020

        Issuer of the Year: Intesa Sanpaolo

        Intesa Sanpaolo has won the Issuer of the Year category at SCI’s Capital Relief Trades Awards for drastically expanding both its investor base and the asset classes it securitises via significant risk transfer transactions. Key to this succ...

      • Risk transfer round-up - 30 November

        CRT sector developments and deal news

        Getin Noble Bank plans to execute its first capital relief trade, a synthetic securitisation referencing a Sfr750m portfolio of foreign exchange mortgage loans. The purpose of the transaction is to optimise capital by transferring both credit and for...

      • SCI CRT Awards 2020

        North American Issuer of the Year: Freddie Mac

        Freddie Mac has several claims to fame over the last 12 months. One of the most arresting is that the GSE rejuvenated the credit risk transfer sector following the most traumatic period of market turbulence and investor alarm in the last decade. On...

      • SCI CRT Awards 2020

        Arranger of the Year: Credit Suisse

        Credit Suisse completed two significant risk transfer transactions during 2Q20 that differ significantly from the typical capital relief trades executed during the height of the coronavirus crisis and were placed with different investor bases. The ba...

      • Test case

        JPMorgan CRT details revealed

        Further details have emerged in connection with a corporate capital relief trade that was completed last month between JPMorgan and PGGM and Alecta (SCI 27 November). The transaction was motivated less by capital needs, given the US lender’...

      • SCI CRT Awards 2020

        North American Arranger of the Year: BMO Capital Markets

        BMO Capital Markets (BMO) has led the way in true risk sharing trades outside of Europe for over four years. Its well-established programmes, combined with strong investor connections enabled it to be the first to close a deal after the declaration o...

      • SCI CRT Awards 2020

        Law Firm of the Year: Allen & Overy

        In a highly disrupted year, Allen & Overy (A&O) has distinguished itself by not only maintaining its significant market share, but also by being able to expand its offering into new markets, advising on a variety of deals in numerous...

      • Innovative SRT inked

        Belgian synthetic RMBS finalised

        AXA Bank Belgium has completed a synthetic RMBS that references a static €730m portfolio of Belgian prime mortgages. Dubbed CASPR-1, the significant risk transfer trade is unusual due to the underlying asset class and the amortisation struct...

      • SCI CRT Awards 2020

        North American Law Firm of the Year: Clifford Chance

        The burgeoning development of the US bank capital relief trade (CRT) market has been one of the major talking points of the sector in 2020 – perhaps the major talking point – and Clifford Chance has been at the forefront of this b...

      • Covid communications

        The pandemic has meant greater negotiation over terms between CRT buyers and sellers

        Discussions between CRT issuers and potential investors have become more protracted in  2020 as a result of Covid 19, with borrowers more willing to give way on areas such as term sheets and credit exposure limitations, notes Kaelyn Abrell,...

      • SCI CRT Awards 2020

        Advisor/Service Provider of the Year: US Bank

        US Bank’s global corporate trust team has established a strong presence in Europe over the past 10 years, ranking as the region’s top structured finance trustee by deal volume, according to multiple sources including Moody&rsq...

      • STACR due

        BofA and Wells Fargo to underwrite imminent STACR deal

        Freddie Mac has mandated Bank of America and Wells Fargo as joint bookrunners for its imminent STACR REMIC 2020-DNA6, due to be priced in the week beginning December 14th,  the GSE made known today. This is the fifth STACR trade Freddie ha...

      • SCI CRT Awards 2020

        Analytics Firm of the Year: Mark Fontanilla & Company

        Mark Fontanilla & Company (MF&Co), founded in Charlotte, North Carolina, in 2017, provides a host of financial market advisory and consultancy services. The CRTx Total Return Index and its associated data/analytics suite is the firm&a...

      • SCI CRT Awards 2020

        Personal Contribution to the Industry: Steve Gandy, md and head of private debt mobilisation, notes ...

        At the helm of arguably the most active and diverse capital relief trades arranging team, Steve Gandy has demonstrated strong leadership in innovation and the introduction of new asset classes and jurisdictions to the market. However, this award also...

  • The Structured Credit Interview

    • CLOs

      • Tech solution

        Peter Jasko, ceo at Semeris, answers SCI's questions

        Q: How and when did you become involved in the securitisation market? A: Semeris launched last month (SCI 4 November), but I started getting involved in securitisation and CLOs in particular in 2001. I had been involved in the credit derivatives ma...

  • Market Moves

    • Structured Finance

      • Information giants to combine

        Sector developments and company hires

        Information giants to combine S&P Global and IHS Markit have entered into a definitive merger agreement to combine in an all-stock transaction that values IHS Markit at an enterprise value of US$44bn, including US$4.8bn of net debt. Under...

      • IBA to consult on Libor transition proposal

        Sector developments and company hires

        IBA to consult on Libor transition proposal The US Fed, the OCC, the FDIC and the UK FCA have welcomed a proposal by ICE Benchmark Administration (IBA), the administrator for Libor, that lays out a path forward in which banks should stop writing new...

      • Pre-pandemic trends persist for US CLOs

        Sector developments and company hires

        Pre-pandemic trends persist for US CLOs Pre-pandemic trends in US leveraged lending - including high leverage, weak covenants and declining recoveries - resumed by 3Q20 and should continue into 2021, absent a renewed downturn, according to Moody&...

      • Dark fibre first

        Sector developments and company hires

        Dark fibre first Summit Issuer Series 2020-1, the first securitisation backed by dark fibre communication infrastructure assets, is being marketed by Barclays on behalf of sponsor and manager Summit Infrastructure Group (SummitIG). The deal compri...


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