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Issue 725 - 15th January

  • News Analysis

    • Capital Relief Trades
      • Capital boost

        Greek banks eye CRTs to tackle NPLs

        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 explore how Greek banks are utilising synthetic securitis...

    • RMBS
      • QM queue

        New seasoned QM category could open door to increased MBS

        On December 10, the Consumer Finance Protection Bureau (CFPB) issued the final rule for the criteria which define a Qualified Mortgage, and the introduction of an innovative seasoned loan category could provide a route for increased lending and great...

  • News

    • Capital Relief Trades
      • Canadian CRT in the wings

        Canadian bank said to ready CRT

        A Canadian bank, rumoured to be Scotia, is working on a new CRT trade, say well-placed market sources. Timing is uncertain, and it is also not clear if the bank has gone out to investors yet.The asset base is believed to be SME or large corporate l...

    • RMBS
      • Forbearance falters

        Decline in loan removal from forbearance suggests large unknowns ahead

        There has been a “troubling slowdown” in the rate of improvement of the number of mortgages in forbearance plans, says housing data provider Black Knight. This slowdown indicates the mortgage-backed sector enters a period of consi...

      • Libor linkage

        UK RMBS transition risks highlighted

        A number of UK RMBS issuers are initiating consent solicitation processes to amend notes and swap contracts from Libor to SONIA ahead of the cessation of Libor. Legacy transactions without active sponsors or those comprising US dollar-denominated not...

      • Strong opening

        UK RMBS market update

        The first public European securitisation of the year, dubbed Hops Hill 1, is expected to price today. Sponsored by UK Mortgages, the UK buy-to-let RMBS has received strong demand across the capital stack.   The £332.6m deal is ba...

  • The Structured Credit Interview

    • Structured Finance
      • Expanding footprint

        Jordan Milman, global head of structured products at Hayfin, answers SCI's questions

        Q: How and when did Hayfin become involved in the structured credit market? A: Hayfin launched a structured credit offering in 2012 and since then has invested over €1.7bn through more than 200 transactions, generating gross returns of 11.9...

  • Market moves

    • Structured Finance
      • Landmark Pan-Asian ILS launched

        Sector developments and company hires

        Landmark Pan-Asian ILS launched MS Amlin Underwriting has launched Phoenix 1 Re, the first locally issued ILS to provide capacity to a local cedant, solely focused on the Pan-Asia region. The special purpose reinsurance vehicle (SPRV) is domiciled i...

      • Ocwen, CFPB mediation unresolved

        Sector developments and company hires

        Ocwen, CFPB mediation unresolved Ocwen Financial Corporation has issued a statement expressing its disappointment that settlement discussions with the CFPB have not been resolved (SCI 21 April 2017). The move is in response to the mediator&rsq...

      • Lloyd's ILS platform unveiled

        Sector developments and company hires

        Lloyd’s ILS platform unveiled Lloyd's has established London Bridge Risk PCC, the first UK ILS structure to be approved by the PRA for use for multiple, market-wide transactions for Lloyd's members. Clifford Chance worked w...

      • illimity inks NPL ABS duo

        Sector developments and company hires

        illimity inks NPL ABS duo illimity Bank has finalised two non-performing loan transactions, including the sale to Phinance Partners and SOREC involving a €129m GBV portfolio related to around 4,500 debtors. The portfolio consists of unsec...

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