Weekly Issue Archive »

Issue 750 - 9th July

  • News Analysis

    • Capital Relief Trades
      • Softly softly

        US banks reluctant to swallow issuance costs of corporate CRTs

        The imminent issue of another CRT trade from JP Morgan Chase, its fourth in a year, appears to support the often widely disseminated view that the US market is at lift-off point. This view also gained ballast with the inaugural US regional bank dea...

    • CMBS
      • Going hybrid

        New working models 'render offices as a service'

        The Covid-19 pandemic has ushered in hybrid working models that are redefining real estate valuations of offices as a service, rather than passive assets. At the same time, a shift in the balance of power from landlords to tenants appears to be under...

  • News

    • ABS
      • International SLABS debuts

        Global legal, regulatory complexity addressed

        Prodigy Finance is in the market with the first rated securitisation backed by international private student loans. One differentiating factor of the US$303.5m Prodigy Finance CM2021-1 transaction is the originator’s business model, which a...

      • Stable outlook

        NPL ABS potential underlined

        Greece is now leading the way in Europe’s bad loan clean-up, participants in a recent DBRS non-performing loan webinar agreed. The outlook for the European NPL market overall is stable, despite decreased collections and extended timeframes...

    • Structured Finance
      • SCI Start the Week - 5 July

        A review of SCI's latest content

        Last week's news and analysis Advantageous returns Australian RMBS market update Crazy collateral ABS yields sink as collateral surges, driving investors to look elsewhere Finish line ESMA designates securitisation repositories ...

    • Capital Relief Trades
      • Risk transfer round-up - 8 July

        CRT sector developments and deal news

        Intesa Sanpaolo is believed to be readying a significant risk transfer transaction backed by corporate loans that is expected to close in 2H21. The Italian lender’s last corporate SRT closed in December 2020.   ...

      • Fourth gear

        JP Morgan takes to the road again for fourth auto CLN in 11 months

        JP Morgan Chase is to issue its second auto loan credit linked note (CLN) of the year and its fourth in less than a year as it continues to expand its use of CRT technology. The eight-tranche offering, designated Chase Auto Credit Linked Notes Seri...

      • Issuance boost

        BNP Paribas leads the pack

        BNP Paribas has completed a full-stack significant risk transfer transaction backed by French unsecured consumer loans. Dubbed Noria 2021, the securitisation is the first capital relief trade from the programme to be backed by personal, debt consolid...

    • Real Estate
      • Forbearances south of 2m

        Forbearances below 2m for 1st time in 15 months - big weekly drop

        The number of active mortgage forbearance plans in the US dropped by 189,000 in the last week to below two million for the first time since April 2020, mortgage data provider Black Knight reported this morning (July 9). This represents the highest...

    • RMBS
      • Taper talk

        Fed tapering could lead to 50bp MBS repricing

        If - as many expect - the Federal Reserve commences a taper operation in 2H21 then agency mortgage bonds could reprice wider by 40bp-50bp, suggest MBS analysts. The Fannie Mae interpolated five year/10 year curve currently yields around 69bp to Tre...

  • Market moves

    • Structured Finance
      • NPL facility inked

        Sector developments and company hires

        NPL facility inked Together Financial Services has launched a new £96.2m securitisation vehicle called Brooks Asset Backed Securitisation 1 (BABS), which matures in 2026. The facility consists of a varied pool of residential and commercial...

      • Sustainable finance strategy unveiled

        Sector developments and company hires

        Sustainable finance strategy unveiled The European Commission has adopted a number of measures in connection with sustainable finance. First, a new Sustainable Finance Strategy sets out several initiatives to tackle climate change, as well as increa...

      • EU monetary policy to reflect carbon transition

        Sector developments and company hires

        EU monetary policy to reflect carbon transition The ECB has published its new monetary policy strategy, which includes what it describes as “an ambitious climate-related action plan”. The central bank states that climate change h...


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