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Issue 740 - 30th April

  • News Analysis

    • RMBS
      • Non-prime pick-up

        UK RMBS driving European volumes

        UK RMBS led European placed securitisation volume in 1Q21, rising to €12.7bn-equivalent from €300m-equivalent in 4Q20, according to AFME data. The non-prime sector, in particular, saw a significant pick-up in activity during the qua...

    • ABS
      • Vertical structure

        Rare Spanish NPL ABS closed

        Morgan Stanley last month closed a rare Spanish non-performing loan securitisation, dubbed Retiro Mortgage Securities. The €470m transaction features a vertical structure for the management of four sub-portfolios, with a mortgage lender, an...

    • CLOs
      • Convexity clues

        CLOs hold firm but opportunities arise

        Booming CLO primary activity either side of the Atlantic continues to be met with sufficient demand to keep supporting spreads. However, there are still opportunities for investors in some areas.   “Mezz in particular has continu...

  • News

    • Structured Finance
      • SCI Start the Week - 26 April

        A review of securitisation activity over the past seven days

        Last week's stories Bottoming out EU NPL ratios improve Climate concerns The nexus between insurance risk transfer and ESG Investor interest European CLOs attracting new investors to mezz and equity Regional resilience Structural enha...

      • Funded reinsurance roll-out

        Pass-through longevity swap completed

        Prudential Insurance Company of America’s (PICA) international reinsurance business last month closed an innovative longevity swap with a UK pension scheme using a UK-regulated insurer, Zurich Assurance, as intermediary. The transaction - w...

    • Capital Relief Trades
      • Marco Polo returns

        Credit Agricole finalises landmark SRT

        Credit Agricole and the IFC have finalised a five-year US$182m mezzanine guarantee that references a US$4bn portfolio of over 1,300 emerging market trade finance exposures. Dubbed Marco Polo Three, the transaction is the largest significant risk tran...

      • Risk transfer round-up - 27 April

        CRT sector developments and deal news

        Credit Suisse has redeemed and delisted two Magnolia Finance Five transactions. Magnolia Finance Five Series 2017-1 is a US$400m CLN that matures in 2024. The other transaction, dubbed Magnolia Finance Five series 2017-2, is a US$75m CLN that matures...

  • Talking Point

    • ABS
      • Balancing act

        Alexander Batchvarov, md, head of international structured finance research at BofA Securities, disc...

        Q: How would you describe European investor appetite for esoteric securitisations currently? A: We have a situation on the market, where corporate spreads are moving very tight and at present high yield spreads are in the 300bp area in Europe. Inves...

  • The Structured Credit Interview

    • CLOs
      • Democratising data

        Stephane Michel, senior portfolio manager at the international business of Federated Hermes, answers...

        Q: How does Federated Hermes integrate ESG in its CLO business? A: CLOs are still very much a universe where we are trying to build an analytical framework that is comparable to what our equity colleagues have been able to do for much longer, due to...

  • Market moves

    • Structured Finance
      • Downgrades for 'lower quality' mall CMBS

        Sector developments and company hires

        Downgrades for ‘lower quality’ mall CMBS Moody's has downgraded 119 principal and interest, 26 interest-only and 11 exchangeable classes from 36 US CMBS and placed eleven P&I, one exchangeable and three IO classes...

      • APAC ESG expansion eyed

        Sector developments and company hires

        APAC ESG expansion eyed Moody’s is set to expand its Singapore office with the aim of spearheading ESG, climate and sustainable finance efforts in the Asia Pacific region, as well as fostering the ESG ecosystem in Singapore. Included in...

      • Irish RPL refi prepped

        Sector developments and company hires

        Irish RPL refi prepped A refinancing of two Irish reperforming RMBS - European Residential Loan Securitisation 2019-PL1 and Grand Canal Securities 1 - has hit the market. Dubbed Primrose Residential 2021-1, the transaction is backed by a €8...

      • Greek investment partnership inked

        Sector developments and company hires

        Greek investment partnership inked Mount Street Group has formed a strategic partnership in Greece and Cyprus with Technical Olympic, a Greek real estate, construction and investment group. As part of the partnership and through its subsidiary PFC...

      • RFC issued on LGD proposal

        Sector developments and company hires

        RFC issued on LGD proposal The EBA has published a consultation paper on draft Regulatory Technical Standards specifying the types of factors to be considered when assessing the appropriateness of risk weights and minimum loss given default (LGD) va...

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