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Issue 747 - 18th June

  • News Analysis

    • CLOs
      • Smoother transition?

        US CLO secondary looks to be taking this quarter-end in its stride

        Current market technicals typically indicate a spike in volatility at the bottom of the US CLO debt stack, as trading hots up into quarter-end. However, Q2 looks set to be a smoother ride than Q1 and secondary market focus has shifted towards equity....

    • Capital Relief Trades
      • Counting Calabria

        The Supreme Court decision on the FHFA is eagerly awaited, but immediate impact may be limited

        Market-watchers are still waiting with bated breath for the Supreme Court judgement on whether the executive can dismiss Mark Calabria from the Federal Housing Finance Authority (FHFA), but some say that even if the president is given the authority t...

  • News

    • ABS
      • NPL ABS return

        Government guarantees dominate 2020 NPE activity

        Government guaranteed non-performing loan securitisations in Italy and Greece dominated NPL transaction issuance last year. However, overall volumes were well below their 2018 and 2019 peaks. Most NPL transaction activity came to a halt during 2H20...

      • Pricing flurry

        European ABS/MBS market update

        Yesterday saw five new European ABS/MBS price in one of the busiest days the primary market has seen this year. However, volumes are still short of pre-Covid levels. Despite the flurry of deals yesterday, paper throughout the stack saw strong deman...

    • Structured Finance
      • SCI Start the Week - 14 June

        A review of securitisation activity over the past seven days

        Last week's stories Arch markets MILN Second Bellemeade deal of 2021 in the market, pricing soon Execution queries Questions linger over funded insurer SRTs Positive prospects Rating upgrades boost default outlook Rebound continues Se...

    • Capital Relief Trades
      • Super narrow Arch prices

        New Bellemeade comes at spreads well inside previous CRT trade

        Arch Capital has priced its latest Bellemeade CRT transaction at levels significantly tighter than the last such deal in March, and to a more broadly syndicated pool of investors than ever before, confirms evp, alternative markets Jim Bennison. The...

      • Triple-starred first for BMO

        BMO brings innovative C$ CRT trade referencing Canadian CRE

        A groundbreaking Canadian dollar denominated regulatory capital relief trade from Bank of Montreal (BMO) closed earlier today (June 15), say well-placed market sources. Not only does the deal constitute the first Canadian dollar CRT trade, it will...

      • Risk transfer round-up - 17 June

        CRT sector developments and deal news

        BNP Paribas is believed to be readying a synthetic CMBS that is expected to close in 3Q21. The transaction would be among the first pure post-Covid synthetic CMBS deals, along with the latest Boreal trade from Bank of Montreal (see SCI’s ca...

      • AutoNoria returns

        BNP Paribas draws crowd

        BNP Paribas has arranged a €1bn full-stack significant risk transfer transaction for Banco Cetelem. Dubbed AutoNoria Spain 2021, the Spanish auto SRT is the first post-Covid capital relief trade from the AutoNoria programme and attracted one...

  • Provider Profile

    • ABS
      • Financing football

        James Paul, head of sport at Blackstar Capital, discusses how structured finance is playing a pivota...

        Q: Which sports are you seeing structured financing in? A: In Europe, football is the most mature sport commercially and hence attracts most of the opportunities for structured debt financing. That isn’t to say that there aren’t...

  • Market moves

    • Structured Finance
      • Auto turnover dampens DFP issuance

        Sector developments and company hires

        Auto turnover dampens DFP issuance Accelerated dealer auto inventory turnover has resulted in insufficient collateral available for US dealer floorplan (DFP) ABS master trusts in 2021, Fitch reports. The agency notes that this is indirectly accoun...

      • Innovative SME securitisation fund inked

        Sector developments and company hires

        Innovative SME securitisation fund inked SGR-CESGAR, the Spanish guarantee society (SGR) association, has launched a pioneering securitisation fund that aims to provide Spanish SMEs with access to the capital markets. Dubbed Aquisgrán,...

      • Piraeus preps third NPL ABS

        Sector developments and company hires

        Piraeus preps third NPL ABS Piraeus Financial Holdings has reached definitive agreements with Intrum and Serengeti Asset Management in connection with the sale of 49% and 2% respectively of the mezzanine and junior notes of the Sunrise I non-perfo...

      • SRT upgraded on CE build-up

        Sector developments and company hires

        SRT upgraded on CE build-up Scope Ratings has affirmed its single-A rating on the class C credit-linked notes issued by SSPAIN 2019-A and upgraded the class D to F notes to triple-B plus, triple-B minus and double-B plus respectively from triple-B m...

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