Weekly Issue Archive »

Issue 744 - 28th May

  • News Analysis

    • Structured Finance
      • Missed opportunity

        ESA report disappoints on securitisation treatment

        The recent European Supervisory Authorities (ESA) report on the implementation and functioning of the EU Securitisation Regulation (SCI 17 May) disappointed many in the industry, since it avoided tackling long-standing issues in the treatment of secu...

    • Capital Relief Trades
      • CRT return for FNMA?

        Supreme Court ruling on Calabria's future imminent

        A US Supreme Court decision about whether President Biden can remove Mark Calabria as director of the Federal Housing Finance Authority (FHFA) may arrive as soon as next week, say well-placed sources. Following recent precedent, it seems likely tha...

      • Landmark SRTs finalised

        Cash collateralised insurer deals debut

        Credit Risk Transfer Solutions (CRTS) has executed three synthetic securitisations that have broken new ground in the market. Indeed, the firm has structured the first cash collateralised capital relief trades that involve insurer counterparties. A...

      • End of the line?

        SRT issuers mull dropping synthetic excess spread

        The requirement to fully capitalise synthetic excess spread is expected to result in SRT issuers dropping the feature from their transactions. This CRT Premium Content article weighs the relative benefits of synthetic securitisations versus those of...

    • Regulation
      • True lending truth

        Senate vote to reject True Lender will not affect loan securitizations

        Denounced as a brake upon consumer lending, the recent Senate vote to strike down the so-called ‘True Lender Rule’ is a storm in a teacup, say lawyers. The rule had only become effective in December 2020 and had been the subject...

  • News

    • Structured Finance
      • SCI Start the Week - 24 May

        A review of securitisation activity over the past seven days

        Last week's stories Gaining momentum European solar ABS issuance tipped to emerge Revving up Strong demand continues for CRE CLOs SRT boost Barclays expands Colonnade platform Other deal-related news OneMain has become the first U...

      • Climate risks disclosed

        EBA publishes landmark banking study

        The EBA has published the first EU-wide pilot exercise on climate risk for the banking sector. The exercise shows that over half of banks’ exposures are allocated to sectors that might be sensitive to climate transition risk. However, the s...

      • Moving forward

        Positive consumer sentiment emerging post-pandemic

        As the European securitisation market moves beyond the coronavirus crisis, an overall positive picture appears to be emerging. However, the withdrawal of governmental support measures remains a risk for many jurisdictions in the region. &...

    • CLOs
      • Focal point

        Arb rather than NAV in focus

        European CLO equity performance has held strong despite the unprecedented Covid shock and significant shifts in loan market pricing in the last 12 months, supporting the view that a diversified portfolio of CLO equity can deliver strong and consisten...

  • Talking Point

    • Capital Relief Trades
      • Actuarial approach

        Alphidem co-founder Ken Sutter outlines how the quantitative modelling of capital relief trades can ...

        In light of the current regulatory and interest rate environment, it could be assumed that capital relief trades enjoy great popularity, even outside of the dedicated investor community. However, despite growth and positive market trends, the asset c...

  • Market moves

    • Structured Finance
      • CLO conflicts of interest eyed

        Sector developments and company hires

        CLO conflicts of interest eyed IOSCO has issued four questionnaires for industry participants on conduct risks in leveraged loans (LLs) and CLOs targeting bank lenders, CLO investors, CLO managers and LL sponsors. Through its Committee 3 on Regula...

      • CLO manager ESG policies polled

        Sector developments and company hires

        CLO manager ESG policies polled A recent survey conducted by Fitch shows that 84% of the 117 CLO managers it polled have a stated ESG policy, while 60% are part of an organisation that is a signatory to the United Nations Principles for Responsible...

      • ETL waiver requested following cyberattack

        Sector developments and company hires

        ETL waiver requested following cyberattack European truck lease provider Fraikin SAS was subject to a ransomware attack that started on 11 May. S&P notes that the credit quality of its two securitisations - FCT Eurotruck Lease II and FCT Eur...

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