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Issue 734 - 19th March

  • News Analysis

    • CMBS
      • Bifurcated bother

        Stress for CMBS secured by ground fees, leaseholds

        The popularity of US CMBS backed by loans secured by property leaseholds or ground fees, or both, has waned recently. Indeed, such transactions priced in the heyday of 2014-2017 are coming under increasing stress. “These deals were more p...

    • ABS
      • Diversification play

        MPL platforms broadening product offerings

        The consumer loan marketplace lending ABS segment has proved to be resilient through the coronavirus-induced downturn. However, concerns are emerging regarding how performance might change after stimulus and borrower relief measures come to an end in...

    • CLOs
      • Bank boost

        US CLO triple-As see strong bank demand, but for how long?

        Significant support from US banks has contributed to the 2021 rally at the top of the stack. Inevitably, though, that level of support will be finite. Notwithstanding the slight wobble seen in the last few sessions, the primary-secondary basis in U...

    • Capital Relief Trades
      • Legislative hoops

        Multiple layers of regulatory assent hinders US CRT development

        Texas Capital Bank confirmed last week that it sought approval from three different US regulators before selling its debut capital relief trade (SCI 12 March). For many banks, this process represents a deterrent to issuance. The OCC, the US Fed and...

      • Record breakers?

        Chart-topping CRT issuance volumes anticipated

        The capital relief trades market is set to break issuance records in 2021 after a challenging 2020, as banks seek ways to improve their return on equity and following pent-up issuance from last year. In this CRT Premium Content article, we examine th...

      • Target recalibration

        UK SME synthetics to regain traction

        NatWest is believed to be readying a synthetic securitisation referencing UK SME loans. The transaction would be the capital relief trade market’s first post-Covid UK SME deal, as issuers and investors begin to re-engage with the asset clas...

  • News

    • Structured Finance
      • SCI Start the Week - 15 March

        A review of securitisation activity over the past seven days

        Last week's stories Alignment issues EEM performance concerns emerge Cladding issues Fire-safety requirements to have 'marginal' impact on RMBS CLOs/CBOs solid US CLO primary rumbles on as CBOs perform strongly Collection hitch Januar...

    • Capital Relief Trades
      • Risk transfer round-up - 15 March

        CRT sector developments and deal news

        Credit Suisse is expected to close a synthetic securitisation from the Orient programme in 2Q21. The capital relief trade will reference Asian Lombard loans.  ...

      • Risk transfer round-up - 16 March

        CRT sector developments and deal news

        Last month it was revealed that Deutsche Bank is readying a mid-market corporate capital relief trade for a Maltese bank (SCI 19 February). However, the identity of the issuer has remained a mystery until now. According to multiple sources, the issue...

      • Greek synthetic debuts

        Piraeus Bank finalises capital relief trade

        Piraeus Bank has finalised its long-awaited synthetic securitisation with CRC. The approximately €100m financial guarantee references a €1.4bn portfolio of Greek corporate and SME loans and is the Greek market’s first capi...

    • CMBS
      • Performance indicators

        Footfall data, CMBS spread correlation highlighted

        Advan Research Corporation plans to create more sophisticated applications, such as bond calculators, for US CMBS market participants over the next three to six months. The move follows the release of the firm’s CMBS foot traffic counts dat...

  • Market moves

    • Structured Finance
      • Defence Bank debuts Aussie RMBS

        Sector developments and company hires

        Defence Bank debuts Aussie RMBS Defence Bank (DBL) is prepping its inaugural public Australian prime RMBS, the A$300m DBL Funding Trust No. 1 Salute Series 2021-1. DBL provides financial products and services to members of the Australian Defence For...

      • 'Unprecedented' Moroccan CRT closed

        Sector developments and company hires

        ‘Unprecedented’ Moroccan CRT closed Moroccan fertiliser giant OCP Group has subscribed to the notes issued by the first synthetic securitisation in Morocco. The transaction involved the establishment of a collective securitisatio...

      • Gemgarto delinked from Libor

        Sector developments and company hires

        Gemgarto delinked from Libor Kensington Mortgage Company has delinked its Gemgarto 2018-1 RMBS from its tie to three-month sterling Libor by amending the asset, liability and hedge sides of the deal, which matures in September 2065. The changes allo...

      • Chip shortages 'credit positive' for auto ABS

        Sector developments and company hires

        Chip shortages ‘credit positive’ for auto ABS Sizable auto production cuts due to semiconductor shortages in the US will provide support for used vehicle values, a credit positive for securitisations and captive auto finance comp...

      • MPL acquisition to accelerate auto financing

        Sector developments and company hires

        MPL acquisition to accelerate auto financing Upstart Holdings is set to acquire Prodigy Software, a provider of cloud-based automotive retail software. Upstart says it is seeking to reduce the cost of auto financing by creating a modern multi-chan...

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