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Issue 746 - 11th June

  • News Analysis

    • Capital Relief Trades
      • Execution queries

        Questions linger over funded insurer SRTs

        Originators of significant risk transfer transactions have welcomed the trio of innovative funded insurer trades from Credit Risk Transfer Solutions (SCI 27 May). Even though all three deals were successfully executed, questions have been ra...

  • News

    • ABS
      • Low flying aircraft

        Aircraft ABS remain slowest to recover from Covid

        Aircraft lease ABS remains the black spot of the US ABS market, and has been the slowest to recover from the pandemic sell-off, note analysts. While spreads in every other sector have now recovered from the pandemic sell-off, and, in fact are now t...

    • Structured Finance
      • SCI Start the Week - 7 June

        A review of securitisation activity over the past seven days

        Last week's stories Canuck rumours Canadian banks said to be circling CRT Capital cushions Buoyant CET1 levels explain CRT reluctance Domi debut Domivest transaction attracts strong investor appetite FHFA under fire Arch takes aim at...

    • Capital Relief Trades
      • Rebound continues

        Second trade finance SRT inked

        Standard Chartered has completed a US$128m CLN that references a portfolio of trade finance exposures. Dubbed Shangren Five, the transaction is the second post-Covid trade finance significant risk transfer trade, implying that the asset class is rebo...

      • Positive prospects

        Rating upgrades boost default outlook

        The number of ‘weakest links’ – issuers rated single-B-minus or lower with negative outlooks or ratings on credit watch with negative implications – decreased to 353 as of 30 April 2021 and is nearing pre-pande...

      • Risk transfer round-up - 7 June

        CRT sector developments and deal news

        Santander is rumoured to be readying a significant risk transfer deal referencing Portuguese corporate and SME loans. The transaction would be the lender’s first post-Covid Portuguese SME capital relief trade. The last one, dubbed Syntotta,...

    • Insurance-linked securities
      • Arch markets MILN

        Second Bellemeade deal of 2021 in the market, pricing soon

        Arch is currently in the market its second mortgage insurance-linked note (MILN) of the year, and the trade is expected to price tomorrow or Friday, say sources. The transaction, dubbed Bellemeade Re 2021-2, should close next week or the week after...

  • Market moves

    • Structured Finance
      • Euro CLOs could still soften

        Sector developments and company hires

        Euro CLOs could still soften European CLO new issue triple-A spreads are now out to 87bp-88bp from their post-Covid tights of 79bp-80bp. While there appears to be considerable support at current levels, technicals could yet push them to the low-90s,...

      • NPL secondary market measures agreed

        Sector developments and company hires

        NPL secondary market measures agreed The European Parliament and European Council have agreed on common EU standards regulating the transfer of non-performing loans from banks to secondary buyers while protecting borrowers’ rights. The mea...

      • Sustainable infrastructure exposure offered

        Sector developments and company hires

        Sustainable infrastructure exposure offered Bayfront Infrastructure Management has priced an infrastructure ABS via Bayfront Infrastructure Capital II (BIC II), a wholly owned and newly incorporated distribution vehicle. The transaction is backed by...

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