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Issue 730 - 19th February

  • News Analysis

    • CLOs
      • Refi surge

        Spread compression drives wave of CLO refinancings

        European CLO refinancings and resets have been prominent this year, driven by strong spread compression. While such activity is expected to continue, capacity constraints could leave some deals incomplete. So far this year, the European market has...

    • ABS
      • Forgive and forget

        Student loan forgiveness heralds widespread prepayment in student loan ABS, but is credit positive

        Some form of student loan forgiveness now looks likely to happen, and the effects upon the Federal Family Education Loan Program (FFELP) ABS market will be considerable, as a large percentage of bonds in circulation will be paid down. “We...

      • NDBI risk eyed

        Economic resilience bonds in the works

        Political risk and social volatility became headline news last month, with the storming of the US Capitol. One firm is attempting to connect such non-damage business interruption risks to the capital markets via ILS structures. “Over the...

    • Structured Finance
      • Private role?

        Benefits of tokenisation weighed

        As investment trends shift more towards private financings, tokenisation could play an important role in facilitating transactions. However, obstacles remain to a more widespread adoption of blockchain technology. “A small revolution is g...

  • News

    • ABS
      • Seasonal effects

        Servicer boost for Italian NPL collections

        Seasonality effects gave Italian non-performing loan collections a significant boost for the second year in a row, even though Italy went into a second lockdown in November. Volumes were 71% higher in December 2020, similar to the 77% rise seen in De...

    • Structured Finance
      • SCI Start the Week - 15 February

        A review of securitisation activity over the past seven days

        Last week's stories Constructive outlook AXA Investment Managers answers SCI's questions Fly or goodbye - can airlines survive without taking to the skies? Contributed thought leadership by Ocorian ILS innovation UK platform to support ad...

    • Capital Relief Trades
      • Consumer SRT prints

        Santander finalises capital relief trade

        Santander has priced Santander Consumo Four, its latest full-stack capital relief trade. Backed by a €1.5bn Spanish consumer loan portfolio, the transaction is significant for its size and can only be matched by a German full-stack deal that...

      • Risk transfer round-up - 16 February

        CRT sector developments and deal news

        Getin Noble Bank is believed to have postponed its planned synthetic RMBS transaction. The deal - which references a portfolio of foreign exchange mortgage loans - was anticipated to close in 1Q21, marking the bank’s first synthetic securit...

      • Growing trend

        Third-party CRT arrangers gaining traction

        Deutsche Bank is believed to be arranging a capital relief trade referencing mid-market corporate loans for an undisclosed Maltese bank. Expected to close this quarter, the transaction would mark the first significant risk transfer trade out of the j...

    • RMBS
      • Faster Fannie, faster

        GSEs grew appreciably in 2020 and can now retain earnings

        Fannie Mae’s net worth increased by US$10.7bn last year to reach US$25.3bn, the GSE reported in its 4Q20 results. Under an agreement reached last month, it will be allowed to retain extra earnings in a bid to build up capital. Hitherto, a...

  • Market moves

    • Structured Finance
      • MBIA litigation settled

        Sector developments and company hires

        MBIA litigation settled MBIA Insurance Corporation has entered into an agreement to settle the litigation it filed in 2009 against Credit Suisse and certain affiliated entities (SCI passim). The settlement follows a post-trial decision by the Cour...

      • Maritime financing facility agreed

        Sector developments and company hires

        Maritime financing facility agreed Maritime and offshore alternative capital provider Fleetscape Capital has entered into an innovative financing structure with Macquarie that provides a more efficient offer to vessel owners seeking higher leverage...

      • 'Unique' CLN deal readied

        Sector developments and company hires

        ‘Unique’ CLN deal readied JPMorgan Chase Bank (JPMCB) is prepping the debut CLN issuance from the JPMorgan Wealth Management Mortgage (JPMWM) platform to transfer credit risk to noteholders through a hypothetical tranched CDS on...

      • Small balance UK CMBS prepped

        Sector developments and company hires

        Small balance UK CMBS prepped Together Commercial Financial Services is marketing an unusual securitisation backed by small balance commercial assets. Dubbed Together Asset Backed Securitisation 2021-CRE1 (TABS 2021-CRE1), the £328.8m tran...

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