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Issue 745 - 4th June

  • News Analysis

    • Capital Relief Trades
      • Capital cushions

        Buoyant CET1 levels explain CRT reluctance

        Dealers agree that this year has been quieter in the CRT market in USA and Canada than had been anticipated - with the honourable exception of the ground-breaking Texas Capital Bank deal in March. “It is a very strange time. It feels like...

    • NPLs
      • Positive prospects

        Italian NPL ABS growth pending

        Italy’s NPL market remained busy last year despite Covid-related uncertainty, and investor demand for Italian NPL sales and securitisations is expected to persist this year as the economy recovers. Italian banks' non-performing lo...

  • News

    • Capital Relief Trades
      • Risk transfer round up-3 June

        CRT sector developments and deal news

        Sabadell is believed to be prepping a capital relief trade backed by SME loans that is expected to close in 3Q21. The bank’s last significant risk transfer trade was finalized in June 2020 (see SCI’s capital relief trades database...

      • Canuck rumours

        Canadian banks said to be circling CRT

        Rumours continue to swirl about the possibility of an imminent regulatory capital relief trade issued by a Canadian bank. In January, there were strong rumours that a CRT trade was in the offing in the near future, probably from Scotia. These rumou...

      • FHFA under fire

        Arch takes aim at FHFA report on GSE CRT

        David Gansberg, president and ceo of Arch Mortgage Insurance, has taken serious issue with the recent Federal Home Financing Authority (FHFA)’s report on the GSE CRT programme, published last month. Writing in Housing Wire last week, Gans...

      • Pandemic hedges

        CRT solutions for pandemic events mulled

        Munich Re’s Epidemic Risk Solutions (ERS) unit is targeting credit risk transfer solutions that incorporate pandemic events, although the initiative remains in its early stages and coverage will for now amount to only an economic hedge with...

    • NPLs
      • Revised expectations

        Italian NPL business plans underperform

        Italian NPL transaction collections are largely underperforming expectations, partly due to the impact of the pandemic, according to the latest data. Some 21 Italian NPL securitisation servicers have updated their business plan at least once and only...

    • RMBS
      • Domi debut

        Domivest transaction attracts strong investor appetite

        The debut STS-compliant buy-to-let (BTL) RMBS transaction, issued by Dutch lender Domivest and dubbed Domi 2021-1, has now closed and the transaction saw significant demand across the capital structure and also from new investors, according...

  • Talking Point

  • The Structured Credit Interview

    • Structured Finance
      • New moves

        Rob McDonough, director of ESG and regulatory initiatives at Angel Oak Capital, Advisors discusses i...

        1./Can you provide more detail on the framework you developed to quantify the deal’s social impact at the loan level? The core strategy underpinning the formation of Angel Oak’s Non-QM mortgage lending operations in 2011 was to...

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