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Issue 754 - 6th August

  • News Analysis

    • CMBS
      • Revival of the fittest

        Euro CMBS continues to gain traction

        European CMBS is experiencing a sturdy revival, despite a wave of downgrades by US rating agencies, participants in a recent Scope Ratings webinar agreed. With 10 public European CMBS issued in 1H21 - amounting to €3bn – and anothe...

    • ABS
      • ABS-lite appetite

        Insured trade receivables notes in vogue

        Meaningful flows into trade finance ABS are emerging from institutional investors. Such demand is, in turn, spurring structural innovation across the sector. “In the hunt for yield, traditional institutional investors are shopping around...

    • Capital Relief Trades
      • Positive results

        Stress tests raise SRT prospects

        The results of the latest EU bank stress tests demonstrate that European banks are able to withstand severe shocks. Indeed, the tests were the most severe to date and - following the ECB’s lifting of dividend restrictions in late July - ban...

      • Positive prospects

        Risk sharing remains promising, despite due diligence burden

        Risk-sharing deals involving the EIF and private investors are yet to gain ground. This CRT Premium Content article surveys the likelihood of such collaborations going forward. Significant risk transfer transactions between banks on the one hand an...

  • News

    • ABS
      • Summer reflections

        Euro ABS/MBS new issuance pricing trends

        From now on, SCI will publish regular case studies and reports on the European ABS/MBS market in addition to our usual news stories on the sector and the first can be found here for free. This time, we examine the demand and consequent pricing dyna...

    • Structured Finance
      • SCI Start the Week - 2 August

        A review of SCI's latest content

        Last week's news and analysis Are direct lending strategies fit for purpose? Contributed thought leadership by Ocorian Consistent opportunities European CLOs still offering value Ginnie in a hurry Only 10 more days for market inpu...

    • Capital Relief Trades
      • SME SRT return

        STS synthetic securitisation debuts

        Santander has finalised a €183m direct CLN that references a €3.05bn portfolio of Portuguese corporate and SME loans. Dubbed Castelo, the significant risk transfer transaction is the first post-Covid Portuguese capital relief trade...

      • Issuance boost

        STS synthetic securitisations taking off

        The pipeline of STS synthetic securitisations continues to grow (SCI 5 March), with at least a dozen such transactions expected to price by year-end. Banks that are new to the significant risk transfer market, as well as regular capital relief trade...

      • Risk transfer round-up - 5 August

        CRT sector developments and deal news

        Credit Agricole is believed to be readying a capital relief trade backed by capital call facilities that is expected to close in 2H21. The bank has issued such deals over the last two years and follows a slew of banks issuing these trades, including...

      • Record Freddie

        Freddie Mac churns out STACR and ACIS at highest yet seen volumes

        Freddie Mac today (August 5) announced that its CRT programme, including both STACR and ACIS, achieved record H1 issuance of $9.9bn, protecting $418.9bn of unpaid principal balance of mortgage loans. This was comprised of $6.4bn of issuance in Q1 -...

    • CMBS
      • Robust performance

        Freddie Mac K-Series defaults, losses tracked

        Freddie Mac K-Series CMBS are exhibiting a cumulative default rate of 0.35%, according to a new KBRA loan default and loss study on the sector. Such robust performance is expected to continue, as the US multifamily sector has benefited from strong in...

    • NPLs
      • Scalabis strikes

        Algebra brings Portuguese NPL ABS

        Algebra Capital is in the market with an unusual Portuguese non-performing loan ABS. Dubbed Scalabis STC (compartment Panda), the securitisation is backed by a €1.47bn portfolio that was acquired through two investment vehicles – L...

  • Market Moves

    • ABS
      • Risk assessment platform bolstered

        Sector developments and company hires

        Risk assessment platform bolstered Moody's is set to acquire climate and natural disaster risk modeling and analytics firm RMS from Daily Mail and General Trust for approximately US$2bn. The acquisition will immediately increase Moody&...

    • Structured Finance
      • Debt servicing spin-off inked

        Sector developments and company hires

        Debt servicing spin-off inked Credito Fondiario Banking Group has demerged its debt purchasing and servicing activities in favour of the newly established Gardant Group. As part of this reorganisation, it has redefined the bank's mission a...

      • SOFR term rates recommended

        Sector developments and company hires

        SOFR term rates recommended The Alternative Reference Rates Committee (ARRC) is now formally recommending CME Group’s forward-looking SOFR term rates, following the completion of a key change in interdealer trading conventions on 26 July u...

      • Pretium strengthens resi credit capabilities

        Sector developments and company hires

        Pretium strengthens resi credit capabilities Sarah Kong, Andrew Miller and Peter Morreale have joined Pretium as mds, based in New York. Kong will be responsible for mortgage whole loan trading at Pretium and joins from Goldman Sachs, where she sp...

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