Issue 731 - 26th February
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News Analysis
- Capital Relief Trades
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Through thick and thin
JPMorgan set to price its new CRT at wafer thin margins
The tightness of the pricing and the thinness of the tranches of JPMorgan’s latest capital relief trade, designated JP Morgan Wealth Management Reference Notes Series 2021-CL1 (SCI 17 February), has raised eyebrows in the marketplace. Acc...
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- Structured Finance
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Supply issues
STS volumes concentrated in auto loans
Of the securitisation asset classes that qualify for STS status, auto loan ABS is where the label has been applied most frequently. In contrast, mortgage collateral is often diverted to support covered bond issuance or STS RMBS are retained. Consum...
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US CLOs stay strong
Resets active as participants also address other issues
Reset activity continues apace in the US CLO primary market. At the same time, other aspects of the market are regaining focus. Yesterday saw another US reset price – Dryden 75, with its triple-As coming in at 104bp over three-month Libor...
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- Capital Relief Trades
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Morgan mulled
Latest JP Morgan CRT trade cited as fresh evidence of US take-off
The new JP Morgan Chase capital relief trade, for which Moody’s released the pre-sale report at the end of last week, continues to attract market comment. While the US CRT market is still some way behind the European CRT market, this latest...
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Record fundraising
Chorus exceeds SRT fund targets
Chorus Capital has concluded fundraising for Chorus Capital Credit Fund IV, its latest dedicated significant risk transfer fund. The firm has amassed US$1.4bn of capital commitments, well above the initial target of US$1bn. The fund represents Chorus...
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- Capital Relief Trades
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News
- ABS
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Galaxy securitisation finalised
Alpha and Davidson Kempner sign deal
Alpha Bank has signed a definitive agreement with Davidson Kempner with respect to its €10.8bn Galaxy portfolio (SCI 24 November 2020). The deal is the second largest rated non-performing loan securitisation in Europe and will reduce the len...
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Democratising access
Debut Indian wealth-tech bond repaid
The debut bond structured by Indian wealth-tech platform GrowFix has been fully repaid, with investors earning a 10% yearly return on the asset. The firm seeks to democratise investor access to fixed income assets yielding returns of 200bp-400bp over...
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Pandemic uplift
Covid-19 boosts NPL note sales
Non-performing loan note sales have increased by 70% since the start of the coronavirus pandemic and now account for an average of 12% of total collections. Servicers have increased note sales to compensate for lower judicial proceeds, given limited...
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- Structured Finance
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SCI Start the Week - 22 February
A review of securitisation activity over the past seven days
MM CLO seminar this week Join SCI on Thursday 25 February for our second Middle Market CLO seminar for the opportunity to meet and discuss performance patterns and expectations, new structuring trends, relative value opportunities and what the post-...
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Strong pipeline
European ABS market update
Bank of America’s Taurus 2021-1 UK has priced at tight levels for UK CMBS transactions on the back of significant demand (SCI 10 February). Against this backdrop, the European securitisation pipeline appears to be gaining strength. &l...
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- Capital Relief Trades
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Risk transfer round-up - 22 February
CRT sector developments and deal news
Standard Chartered is expected to call the first transaction from its Chakra programme in 1H21, following an end to the deal’s scheduled non-call period. More generally, banks are expected to call capital relief trades this year, as planned...
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Risk transfer round-up - 25 February
CRT sector developments and deal news
Eurobank is rumoured to be readying a capital relief trade. The transaction would be the Greek lender’s first significant risk transfer transaction and the second to ever come out of Greece, following Piraeus Bank’s pending deal. ...
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- CLOs
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MM CLO seminar line-up finalised
AI networking opportunities offered
The line-up for SCI’s 2nd Annual Middle Market CLO Seminar has been finalised. The event takes place virtually tomorrow (25 February). A panel on measuring performance will assess how the middle market CLO sector fared during the...
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- ABS
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Market Moves
- Structured Finance
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Irish NPE portfolio offloaded
Sector developments and company hires
Irish NPE portfolio offloaded AIB Group is set to sell a non-performing loan portfolio in long-term default to Mars Capital Finance Ireland as part of a consortium arrangement with Mars and affiliates of Apollo Global Management. At completion, AIB...
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Fintech lender hires SRT pro
Sector developments and company hires
Fintech lender hires SRT pro European consumer credit platform auxmoney has appointed Boudewijn Dierick md of auxmoney Investments, a newly established investment arm of the company based in Dublin. Reporting to auxmoney cfo Daniel Drummer, Dierick...
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QM final rules revisit mulled
Sector developments and company hires
QM final rules revisit mulled The CFPB is considering whether to initiate a rulemaking to revisit the Seasoned QM Final Rule. If the bureau decides to do so, it expects that it will consider in that rulemaking whether any potential final rule revoki...
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Injunction sought over Blue Owl combination
Sector developments and company hires
Injunction sought over Blue Owl combination Golub Capital Partners, one of 17 partner managers in the Dyal Capital Partners IV fund, has brought a lawsuit against the fund, Neuberger Berman Group (NBG) and NB Alternatives Advisers, seeking an inju...
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UKAR pair preplaced
Sector developments and company hires
UKAR pair preplaced Citi has preplaced a pair of UK non-conforming RMBS backed by a portfolio it acquired from UKAR. The transactions – the £2.898bn Jupiter Mortgage No. 1 and the £1.559bn Stratton Mortgage Funding 2021...
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- Structured Finance
 
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