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Issue 737 - 9th April

  • News Analysis

    • CMBS
      • Pockets of value

        Patient investors can find bargains in depressed CMBS sector

        No area of the US securitization market has been as severely punished by the events of the last year as the CMBS market, and prices for large quantities of bonds incorporating hotel, office space and retail assets have fallen off a cliff. Yet, amid t...

    • Capital Relief Trades
      • Positive prospects

        Margin loan CRTs on the agenda

        Credit Suisse is expected to close a capital relief trade referencing Asian margin loans this quarter (SCI 15 March), with further such transactions anticipated amid rising current and future IPO issuance. Although senior management and regulators re...

    • ABS
      • Inclusive approach

        ABCP to facilitate sustainable asset transition

        An inclusive approach to transitioning assets is considered crucial to developing a functioning ESG securitisation market. In this context, ABCP is expected to play an active role in financing the move towards a low-carbon economy. A recent AFME di...

  • News

    • ABS
      • Collection boost?

        NPL sales increase pending amid uncertain timing

        European non-performing loan sales are expected to receive a boost this year, due to higher unemployment and the impact of reduced government support measures on corporates. However, the timing remains uncertain and large-scale sales could be delayed...

    • Capital Relief Trades
      • Risk transfer round-up - 6 April

        CRT sector developments and deal news

        Societe Generale is believed to have finalised a synthetic securitisation backed by capital call facilities. The transaction follows a boost in capital call issuance last year, with more such deals expected this year. Indeed, BNP Paribas is allegedly...

      • Risk transfer round-up - 7 April

        CRT sector developments and deal news

        Standard Chartered is expected to price a corporate capital relief trade from the Chakra programme this week. The lender’s last corporate deal from the programme was finalised in November 2019 (see SCI’s capital relief trades data...

  • Market moves

    • Structured Finance
      • Recovery package fast-tracked

        Sector developments and company hires

        Recovery package fast-tracked The Securitisation Capital Markets Recovery Package measures have been published in the EU Official Journal, meaning that the STS synthetics framework and improved non-performing loan ABS rules will come into force on F...

      • GACS NPL ABS performance eyed

        Sector developments and company hires

        GACS NPL ABS performance eyed A sum of eight new GACS non-performing loan securitisations priced in late 2020, with a cumulative balance of €3.4bn (securitising a cumulative original GBV of €13.4bn of NPLs), according to JPMorgan&a...

      • Non-resident Aussie RMBS debuts

        Sector developments and company hires

        Non-resident Aussie RMBS debuts Brighten Home Loan is readying its inaugural RMBS - the A$250m Solaris Trust 2021-1 – which is backed by loans predominantly to non-Australian resident borrowers. S&P notes that the portfolio is not...

      • Innovative UTP fund launched

        Sector developments and company hires

        Innovative UTP fund launched illimity Group asset management company illimity SGR has completed the first closing of its illimity Credit & Corporate Turnaround (iCCT) fund, dedicated to investments in unlikely-to-pay (UTP) loans to SMEs with...

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