Weekly Issue Archive »

Issue 732 - 5th March

  • News Analysis

    • CLOs
      • Ever-changing moves

        Euro CLOs remain fluid

        The European CLO market is in a far more fluid state than the headline refi/reset boom suggests. As such, investor vigilance over potential market changes is as important as ever.  “We’ve got upwards of 50 cleansing not...

    • Capital Relief Trades
      • Residential rise

        Mortgage SRT motivations examined

        An increase in European synthetic RMBS volume is anticipated, following the issuance of three mortgage risk transfer deals in the last two months of 2020. In this latest CRT Premium Content article, we examine the different issuer motivations for exe...

    • Structured Finance
      • Benchmark legislation

        Congress to rescue Libor-based contracts, but questions remain

        Federal Reserve chairman Powell’s endorsement last week of federal legislation to ease the transition to non-dollar Libor benchmarks has been hailed as a positive step for the structured finance industry. Powell was speaking in front of the...

      • Stepping up

        Indian banks change gear on Libor transition

        The State Bank of India and ICICI Bank undertook their first alternative risk-free rate transactions in January. This utilisation of SOFR is expected be instructive in helping the Indian securitisation market move towards Libor cessation, having init...

    • Capital Relief Trades
      • Promising pipeline

        STS synthetic securitisations slated

        Appetite for STS synthetic securitisations is emerging ahead of the publication of the final legislative text, which is anticipated in April, with several transactions expected to hit the market this year. Indeed, panellists at IMN’s recent...

    • CLOs
      • Middle market opportunities

        MM CLOs still offer relative value and continued innovation

        One of the key attractions of middle market CLOs is the relative value opportunity they offer investors. While the sector has rallied in recent months alongside broader markets, it still offers trading opportunities, according to the participants in...

  • News

    • ABS
      • NPL ABS inked

        Vega securitisation underway

        Piraeus Bank and Intrum are proceeding with the implementation of a non-performing loan securitisation. Dubbed Vega, the transaction references a €4.9bn portfolio of secured and unsecured SME loans and residential mortgages. The trade is Pir...

    • Structured Finance
      • SCI Start the Week - 1 March

        A review of securitisation activity over the past seven days

        Last week's stories Democratising access Debut Indian wealth-tech bond repaid Morgan mulled Latest JP Morgan CRT trade cited as fresh evidence of US take-off Pandemic uplift Covid-19 boosts NPL note sales Record fundraising Chorus exc...

    • Capital Relief Trades
      • Risk transfer round-up - 3 March

        CRT sector developments and deal news

        Santander is allegedly expected to call a capital relief trade dubbed Nansa this year, as the deal approaches its scheduled call date. The transaction was finalised in 2018 and references large corporate loans.   ...

      • Risk transfer round-up - 5 March

        CRT sector developments and deal news

        Alpha Bank is rumoured to be readying a synthetic securitisation, rendering it the third Greek bank to debut a capital relief trade this year, along with Piraeus Bank and Eurobank. Greek banks are eyeing synthetics as part of their non-performing l...

    • CLOs
      • Pattern recognition?

        New issue and secondary CLO double-B disparity discussed

        SCI publishes regular case studies and reports on the CLO market in addition to our usual news stories on the sector and the latest can be found here. This time, we examine the double-B pricing patterns in CLO primary and secondary markets amid Nov...

  • Market Moves

    • Structured Finance
      • General QM delay proposed

        Sector developments and company hires

        General QM delay proposed The CFPB has released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from 1 July 2021 to 1 October 2022 (SCI 24 February). The CFPB is proposi...

      • Libor announcements to 'accelerate' transition

        Sector developments and company hires

        Libor announcements to ‘accelerate’ transition The UK FCA has confirmed that all Libor settings will either cease to be provided by any administrator or no longer be representative immediately after 31 December 2021 - in the case...

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