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Issue 749 - 2nd July

  • News Analysis

    • RMBS
      • Strong technical

        WFH lifestyle boosts RMBS market

        The UK stamp duty land tax (SDLT) break, which was introduced by the government in July 2020 to support the housing market during the pandemic, is being scaled back at the end of this month. Although the tax break has had a positive impact on the RMB...

    • Structured Finance
      • Finish line

        ESMA designates securitisation repositories

        ESMA has announced the European DataWarehouse (EDW) and SecRep as the EU’s official securitisation repositories. The decision addresses an important element of the disclosure framework under the Securitisation Regulation that was long left...

    • ABS
      • Innovative NPL ABS inked

        CF opts for ReoCo rather than GACS

        Credito Fondiario has finalised an unusual Italian non-performing loan securitisation that falls outside the GACS scheme. Dubbed Palatino SPV, the transaction features a ReoCo with much larger firepower compared to previous non-GACS deals. Accordin...

    • CMBS
      • Litmus test

        European CMBS momentum set to last

        Nine European CMBS have been issued so far this year and two are currently marketing, pointing to growing confidence in the sector amid a post-coronavirus recovery. Indeed, current momentum in the market - exemplified by the volume of activity and in...

    • ABS
      • Pick a card, any card

        Covid credit card usage soared, but ABS issuance is strangled

        US credit card usage increased dramatically due to the pandemic, but, as yet, this is not expected to result in elevated credit card-backed ABS issuance, agree analysts. Credit card balances have declined significantly in the last year while the ma...

      • Crazy collateral

        ABS yields sink as collateral surges, driving investors to look elsewhere

        The bounce-back from the pandemic has been overwhelmingly positive for collateral in US ABS deals, according to a new report from Moody’s. Indeed, such is the strength of the recovery that investors have been forced to look for attractive...

  • News

    • ABS
      • Tight summer

        European ABS/MBS market update

        Following a busy quarter that saw every new deal being met with heavy investor demand, there is no sign of the appetite for paper diminishing. Secondary has picked up too over the last week and is showing a similar trend. Even with the summer holid...

    • Structured Finance
      • SCI Start the Week - 28 June

        A review of SCI's latest content

        CLO seminar tomorrow SCI’s 1st Annual CLO Special Opportunities Seminar is taking place virtually tomorrow, 29 June. The event examines the key areas in which investors and managers can enhance returns, from deal structures and pr...

    • Capital Relief Trades
      • Risk transfer round-up - 1 July

        CRT sector developments and deal news

        MeDirect is believed to have cancelled a synthetic securitisation backed by mid-market corporate loans that was expected to close in 2Q21. Deutsche Bank was acting as the arranger on the deal. ...

    • RMBS
      • Advantageous returns

        Australian RMBS market update

        With deals paying juicy yields, investors are turning to the Australian RMBS market for advantageous returns. Meanwhile, Bluestone is testing market appetite for a potential debut prime transaction. “A clear trend is yield chasing,&rd...

  • Market moves

    • Structured Finance
      • UK to review Securitisation Regulation

        Sector developments and company hires

        UK to review Securitisation Regulation The UK government has issued a call for evidence in connection with the Securitisation Regulation. Under the consultation, the government is seeking views on updating the regulation to ensure that it &ldquo...

      • Energy-efficiency tax credit ABS debuts

        Sector developments and company hires

        Energy-efficiency tax credit ABS debuts UniCredit has executed the first securitisation of tax credits arising from the Italian ‘Eco-Sisma-SuperEcosisma Bonus’ scheme. Under one of Italy's Covid-recovery laws (the Decreto...

      • Italian SME ABS first finalised

        Sector developments and company hires

        Italian SME ABS first finalised Banca Carige and Banca del Monte di Lucca have completed Lanterna Finance 2021, the first Italian SME ABS backed by loans fully guaranteed by the Italian government. The up to €30,000 unsecured loans have bee...

      • RMBS issuer sues Hussain

        Sector developments and company hires

        RMBS issuer sues Hussain Clavis Securities has begun High Court proceedings against Rizwan Hussain, who issued letters in April - purportedly for and on behalf of the issuer - which described the purported termination of the appointments of HSBC a...

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