Weekly Issue Archive »

Issue 739 - 23rd April

  • News Analysis

    • Capital Relief Trades
      • RWA boost

        ECB reveals TRIM findings

        The ECB has published the findings from its targeted review of internal models (TRIM). The exercise has resulted in a 12% RWA boost and confirmed the continued use of internal models, but for a certain number of models, restrictions or modifications...

    • CLOs
      • Investor interest

        European CLOs attracting new investors to mezz and equity

        European CLO primary activity continues to roll, with seemingly unwavering investor demand supporting prices at the top of the stack. Now, investor interest is growing across the capital structure, as new players look to enter the lower tranche space...

    • Capital Relief Trades
      • Uncertainty highlighted

        UK banks unclear on project finance slotting

        The application of the slotting approach to synthetic securitisations referencing project finance assets remains unclear. The other option for UK banks is ratings, but that approach is accompanied by its own challenges.    ...

  • News

    • ABS
      • Regional resilience

        Structural enhancements for debut aircraft ABS

        Falko Regional Aircraft has priced its debut aircraft ABS, marking the first post-pandemic securitisation to be exclusively backed by regional aircraft assets. Dubbed Regional 2021-1, the deal includes new structural features designed to address mark...

      • Bottoming out

        EU NPL ratios improve

        Despite the significant decline in economic activity since the coronavirus outbreak, European banks are not at this point facing an asset-quality shock, according to the latest analysis. Non-performing loan ratios have improved and, indeed, they are...

    • Structured Finance
      • SCI Start the Week - 19 April

        A review of securitisation activity over the past seven days

        Last week's stories Income opportunities Angel Oak Capital Advisors, answers SCI's questions Leverage boost Dual-tranche SRT prepped Robust sentiment Positive outlook for Dutch RMBS market Servicing hitch Italian NPL ABS collections...

    • Capital Relief Trades
      • Texas template

        TCB CRT establishes blueprint for US banks, say SCI speakers

        The recent $275m 3-year CLN capital relief trade from Texas Capital Bank (TCB) has established a precedent that all US banks in the US should be scrutinizing, agreed panellists involved in the roundtable discussion of the deal at SCI’s fift...

      • Risk transfer round-up - 19 April

        CRT sector developments and deal news

        NatWest is rumoured to be readying a synthetic securitisation backed by mid-market corporate loans. The transaction is expected to close in 2Q21. ...

      • CRT seminar line-up finalised

        Workshop and roundtable discussion on the agenda

        SCI’s 5th Annual Risk Transfer & Synthetics Seminar is taking place tomorrow and Thursday. Hosted virtually, one highlight of the event is a roundtable discussion between Citi, Clifford Chance and Texas Capital Bank, regard...

      • Third 2021 STACR prints

        With Fannie Mae still on the sidelines, Freddie corners CRT space

        Freddie Mac yesterday (April 19) printed its third STACR deal of the year, designated STACR 2021-DNA3, via joint book-runners Nomura and Barclays. The $910m trade consisted of four tranches. The $211m M-1 tranche, rated BBB+/A- by KBRA and S&am...

  • Talking Point

    • ABS
      • Climate concerns

        KBRA md Peter Giacone and Nephila Climate structured finance director Ariane West discuss the nexus ...

        PG: How does the insurance industry fit into the ESG discussion and where do you see touch points within the Nephila Climate universe? AW: The evaluation of climate risk, a key aspect of the ‘Environmental’ factor, is a core ca...

  • Market moves

    • Structured Finance
      • Blockchain mortgage 'ecosystem' prepped

        Sector developments and company hires

        Blockchain mortgage ‘ecosystem’ prepped Liquid Mortgage has raised capital from and entered into a strategic partnership with Redwood Trust, marking the culmination of a months-long engagement, in which Redwood Trust tested Liq...

      • Forbearance SPV availability ends

        Sector developments and company hires

        Forbearance SPV availability ends The Australian Office of Financial Management has released an update on its Structured Finance Support Fund (SFSF) activities. As of 31 March 2021, total funds committed by the SFSF were A$3.8bn, including A$1.36bn...

      • Taxonomy Delegated Act adopted

        Sector developments and company hires

        Taxonomy Delegated Act adopted The European Commission has adopted what it describes as an “ambitious and comprehensive” package of measures to help improve the flow of money towards sustainable activities across the EU. The meas...

      • CLO investment firm formed

        Sector developments and company hires

        CLO investment firm formed York Capital Management and Kennedy Lewis Investment Management have formed a strategic partnership and established a new entity called Generate Advisors. Under the agreement, York’s approximately US$4bn CLO bu...

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