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Issue 748 - 25th June

  • News Analysis

    • Structured Finance
      • Adopting change

        Class A loan note attracts attention

        Together Money earlier this month priced its second public small balance CMBS, the £249m Together Asset Backed Securitisation 2021-CRE2. The transaction is notable for including a class A loan note in the capital structure – a fea...

    • Capital Relief Trades
      • Back into the fold

        CRT returns to centre stage with FHFA changing of the guard

        The appointment of Sandra Thompson as the new acting director of the Federal Housing Finance Authority (FHFA) following the dismissal of Mark Calabria signals a radical change of direction for the agency and one that is likely to mean an enhanced rol...

  • News

    • ABS
      • Ever tighter?

        European ABS/MBS market update

        European ABS/MBS primary spreads continue to edge in on heavy investor demand. That looks unlikely to change, especially in core Europe, as supply begins to ease into the summer. “The most notable development of the past four months for m...

      • Leading the pack

        UniCredit tops NPL sales

        UniCredit has topped the list for European non-performing loan sales since 2019, according to new data released by KPMG. Indeed, Italian banks overall remain the most active sellers across the sector. The European NPL market is highly concentrated,...

    • Structured Finance
      • SCI Start the Week - 21 June

        A review of securitisation activity over the past seven days

        Last week's stories AutoNoria returns BNP Paribas draws crowd Counting Calabria The Supreme Court decision on the FHFA is eagerly awaited NPL ABS return Government guarantees dominate 2020 NPE activity Pricing flurry European ABS/MBS...

    • Capital Relief Trades
      • Risk transfer round-up - 22 June

        CRT sector developments and deal news

        Societe Generale is believed to be readying a capital relief trade backed by capital call facilities that is expected to close in 2H21. The transaction would be the French lender’s second such deal this year, following the execution of one...

      • SRT debut

        LBBW prints first capital relief trade

        The EIB Group and LBBW have executed a €95m mezzanine guarantee that references a €1.8bn portfolio of SME and midcap loans. The transaction is the German lender’s first capital relief trade and will enable it to provide up...

      • US is coming

        Stand by for more US regional bank deals, say panellists at IMN conference

        Citigroup is currently having discussions with more US regional banks about issuing CRT transactions, following the lead established by the groundbreaking deal from Texas Capital Bank three months ago, it was revealed at the IMN risk transfer confere...

      • Calabria exits

        FHFA director removed, GSE stocks nosedive; Fannie comeback?

        The Biden administration fired Federal Housing Finance Authority (FHFA) director Mark Calabria this afternoon (June 23) after the much-awaited Supreme Court ruling concerning the FHFA was delivered today. Little time was wasted in getting rid of Ca...

      • Riding a wave

        BNP Paribas executes capital call SRT

        BNP Paribas has finalised a significant risk transfer transaction backed by capital call facilities. Dubbed Wagner 2021-1, the deal is the French lender’s first such transaction and is riding a wave of capital call SRTs.   Banks...

    • CLOs
      • CLO opportunities seminar line-up finalised

        Electronification, alternative structures on the agenda

        SCI’s 1st Annual CLO Special Opportunities Seminar is taking place virtually on 29 June. The event examines the key areas in which investors and managers can enhance returns, from deal structures and pricing to unusual asset classe...

  • The Structured Credit Interview

    • Structured Finance
      • Volatility hedge

        Bart Bakx, head of ABS and mortgages at NN Investment Partners, explains why securitisation and priv...

        Q: Do you believe private credit will take on a more significant role in investor portfolios in 2021? If so, which factors are driving this forward? A: We see that many investors are undertaking searches and these are increasing towards private cred...

  • Market Moves

    • Structured Finance
      • Generali debuts green cat bond

        Sector developments and company hires

        Generali debuts green cat bond Assicurazioni Generali has priced an innovative catastrophe bond. Dubbed Lion III Re, the €200m ILS has a number of sustainable finance features. First, Generali freed up €28.1m in capital as a resu...

      • Digital investment ABS prepped

        Sector developments and company hires

        Digital investment ABS prepped DigitalBridge Group is in the market with its debut securitisation, the US$500m DigitalBridge Issuer Series 2021-1. The unusual transaction is secured by the firm’s digital investment management fees and carr...

      • Apollo, illimity form NPE JV

        Sector developments and company hires

        Apollo, illimity form NPE JV illimity Bank has entered into a binding heads of terms to form a 50:50 joint venture with certain funds managed by Apollo Global Management aimed at investing up to €500m in single-name distressed credit expo...

      • RFC issued on NPL treatment

        Sector developments and company hires

        RFC issued on NPL treatment The EBA has launched a public consultation on amendments to its regulatory technical standards on credit risk adjustments in the context of the calculation of the risk weight (RW) of defaulted exposures under the standard...

      • Aussie green RMBS bags Nochu support

        Sector developments and company hires

        Aussie green RMBS bags Nochu support Firstmac has closed a groundbreaking A$750m green RMBS, backed by the Clean Energy Finance Corporation (CEFC) and Norinchukin. The underlying properties will be among the most energy efficient in Australia, mee...

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