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Issue 752 - 23rd July

  • News

      • SCI Start the Week - 19 July

        A review of SCI's latest content

        Last week's news and analysis Back in vogue? Reverse equity to test market appetite Bridging the gap Sustainable SRTs to spur ESG securitisation growth? Endless cash European ABS/MBS market update Foreclosure fears CFPB...

    • ABS
      • Recovery trade

        Pub credit quality to diverge amid changing consumer behaviour

        The UK pub sector has been one of the most severely affected areas of hospitality during the last 15 months. However, despite the turmoil during the pandemic, panelists participating in a recent S&P webinar expect a recovery to return to this...

    • Structured Finance
      • Disposals pending

        Irish NPL activity set for rebound

        The Irish non-performing loan market is set for a rebound in the second half of the year, following a hiatus due to the coronavirus crisis. Indeed, owner-occupied residential mortgages are expected to be a major area of focus for banks as they develo...

      • Asset quality boon

        EU bank credit conditions normalise

        Credit conditions for European banks are normalising and prospects for the second half of the year look positive. A return to pre-coronavirus crisis operating income with higher loss absorption buffers accumulated during the pandemic should facilitat...

    • Capital Relief Trades
      • Collateral Chase

        JPMC visits CRT space again with trade referencing prime mortgages

        JP Morgan Chase is back in the regulatory capital relief market with a trade referencing 4,862 fixed rate prime mortgages almost a year to the day since its last, and first, similar such deal. The trade, designated Chase Mortgage Reference Notes 20...

      • Credit events

        US moratoria challenges highlighted

        The capital relief trades market has adapted to the existence of payment holidays by either excluding them from portfolios or limiting their presence in them. Nevertheless, payment holidays have raised challenges for US synthetic securitisations - al...

      • Risk transfer round-up - 23 July

        CRT sector developments and deal news

        Nordea is rumoured to be readying a significant risk transfer transaction that is expected to close in 2H21. The lender’s last capital relief trade closed in December 2019 (see SCI’s capital relief trade database). ...

      • Six STACRs - UPDATE

        Freddie's sixth STACR of 2021 prints inside previous two

        Freddie Mac late yesterday (July 19) priced its sixth STACR deal of the year, designated STACR 2021-DNA5, at levels inside recent DNA and HQA trades. “Freddie Mac’s single family CRT programme continued to attract strong investo...

    • RMBS
      • Minor deterioration

        Spanish payment holidays buck the trend

        The end of payment holidays for Spanish mortgages could lead to a minor deterioration in the collateral performance of Spanish RMBS. However, an impact on credit ratings is not expected. “The collateral performance has experienced a very...

  • Talking Point

    • Structured Finance
      • Social factors

        Tina De Baere, head of ESG and macro strategy at Cairn Capital, argues that securitisation can facil...

        Q: How consistent can ESG issues be? Ultimately, how subjective is ESG and ESG analysis? A: Yes, this is a question that comes up all the time. ESG topics will always be subjective; it is the nature of the beast in many ways. Given that there are...

  • The Structured Credit Interview

    • Structured Finance
      • Angel eyes

        Angel Oak Capital Advisors' Sam Dunlap talks value in non-agency MBS

        Atlanta-based Angel Oak Capital Advisors’ flagship multi-strategy income fund (ANGLX),  this year celebrates its 10-year anniversary.  The ANGLX is a dedicated structured credit mutual fund, focussing chiefly on US non-age...

  • Provider Profile

    • ABS
      • Credit engagement

        Raj Shourie, from Lockton's political and credit risks division, discusses how he will lead the firm...

        Q: Your role means that you will be responsible for leading the engagement with financial institutions internationally out of London, for both credit mitigation and country risk protection.  Tell us more about what that will entail. A: I&am...

  • Market moves

    • Structured Finance
      • Jamaica in cat bond first

        Sector developments and company hires

        Jamaica in cat bond first The World Bank/IBRD has priced a catastrophe bond that will provide the government of Jamaica with financial protection of up to US$185m against losses from named storms for three Atlantic tropical cyclone seasons ending in...

      • Pension scheme taps credit managers

        Sector developments and company hires

        Pension scheme taps credit managers Local government pension scheme Brunel Pension Partnership has launched a multi-asset credit fund, to which its clients have committed approximately £2.1bn of funds that will be spread across three separ...

      • CRC in French portfolio sale

        Sector developments and company hires

        CRC in French portfolio sale French financial guarantee provider Crédit Logement has expanded its non-performing loan servicing capabilities to begin partnering with third parties for the assignment of real estate NPL receivables. The fir...

    • RMBS
      • Euro CLO BWICs down, but staying strong

        Sector developments and company hires

        Euro CLO BWICs down, but staying strong European CLO 2.0 BWIC activity contracted sharply in the first half of 2021 versus 1H20. However, secondary liquidity remains more sustained compared to pre-pandemic levels, reflecting the market's m...

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