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Issue 753 - 30th July

  • News Analysis

    • ABS
      • Up, up and away

        Recovery of GSE CRT/MILN deals from dark days of spring 2020 continues to impress

        Although risks to performance remain, the recent impressive performance of GSE CRT and MILN transactions is set to continue, says Yash Shah, DBRS Morningstar vice president.   Shah was speaking yesterday (July 27) on a webinar organised by...

      • Out of favour?

        WBS issuers turning to high yield bonds

        Punch Pubs Group last month refinanced its pub securitisation in the European high yield bond market, becoming the second pubco to do so after Stonegate refinanced its legacy Enterprise and Unique transactions in July 2020. The move underlines a grow...

    • RMBS
      • Ginnie in a hurry

        Only 10 more days for market input on new capital rules

        Ginnie Mae has blindsided the market with its new proposed capital rules for non-bank lenders, which it also appears to want to implement before the end of the year, say sources. The government agency announced a request for input (RFI)from interes...

  • News

    • ABS
      • Summer hiatus

        European ABS/MBS market update

        Tight spreads, significant supply and general optimism have epitomised the first half of the year in European ABS/MBS. Now, as the primary market finally comes to a halt for the summer with only one deal widely marketing – Taurus 2021-4 UK,...

      • Growing foothold

        CRC expands Latin American presence

        Christofferson, Robb & Co (CRC) has fully acquired Colombian consumer lender Finsocial. The acquisition will help grow CRC’s foothold in the Latin American consumer market, although the firm will remain opportunistic towards that se...

    • Structured Finance
      • SCI Start the Week - 26 July

        A review of SCI's latest content

        Last week's news and analysis Angel eyes Angel Oak Capital Advisors talks value in non-agency MBS Asset quality boon EU bank credit conditions normalise Collateral Chase JPMC visits CRT space again with trade referencing prime mort...

      • Risk on

        Lower quality credit outperforms

        The first half of 2021 has been universally positive for below-investment grade credit markets and for alternative credit funds. Indeed, stressed and distressed corporate credit generated the highest returns. “If you fell asleep at the en...

    • Capital Relief Trades
      • Landmark CRT debuts

        BMPS inks first stage two SRT

        Banca Monte dei Paschi di Siena (BMPS) and Christofferson, Robb & Co (CRC) have finalised two financial guarantees of corporate and SME loans and project finance exposures respectively. The corporate and SME transaction is the first significa...

      • Risk transfer return

        Intesa executes SRT

        Intesa Sanpaolo has completed a €60m mezzanine guarantee with the EIB Group that references a €1.4bn Italian SME portfolio. The significant risk transfer trade is Intesa’s first for the year and will release capital that w...

      • Risk transfer round-up - 26 July

        CRT sector developments and deal news

        NatWest is expected to close a synthetic securitisation backed by leveraged loans next month. Dubbed Chowa, the transaction would be the British lender’s first significant risk transfer trade to be backed by such assets. ...

    • CLOs
      • Consistent opportunities

        European CLOs still offering value

        Notwithstanding a slight and short-lived wobble last week as a result of macro volatility, the European CLO market has remained the model of consistency over the past few months with technicals dominating fundamentals. That consistency has provided o...

  • Talking Point

    • Structured Finance
      • Are direct lending strategies fit for purpose?

        Contributed thought leadership by Ocorian

        Ocorian's Global Head of Capital Markets Alan Booth draws on the firm’s global survey of capital markets decision-makers to shed light on why a staggering 87% of firms surveyed have a direct lending strategy in place. He...

  • Provider Profile

    • ABS
      • Social vision

        Edward Baker, capital markets director at Prodigy Finance, explains how the lender's innovative secu...

        Q: Prodigy Finance earlier this month issued a first-of-its-kind ABS backed by international private student loans (SCI 7 July). Tell us more about Prodigy Finance CM2021-1? A: The US$288m issuance is Prodigy’s inaugural ABS and comes unde...

  • Market moves

    • Structured Finance
      • Call for more risk-sensitivity in Sec Reg

        Sector developments and company hires

        Call for more risk-sensitivity in Sec Reg The European Commission has launched a consultation on the Article 46 review of the Securitisation Regulation, seeking stakeholder feedback on a broad range of issues. The questionnaire covers: the effects o...

      • BTL issuer acquired

        Sector developments and company hires

        BTL issuer acquired Starling Bank has acquired specialist buy-to-let mortgage lender Fleet Mortgages in a £50m cash and share deal. To date, Fleet Mortgages has originated £2.3bn of mortgages and experienced zero credit losses....

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