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Issue 756 - 20th August

  • News Analysis

    • Capital Relief Trades
      • The puzzling case of the disappearance of Fannie Mae

        FNMA's absence from CRT investigated

        Fannie Mae has not issued a CRT deal since 1Q20. This SCI CRT Premium Content article investigates the circumstances behind the GSE’s disappearance from the market and what might make it come back. Fannie Mae, one of the co-founders of th...

    • CLOs
      • Bullish sentiment

        CLO, loan opportunity set to continue outperforming

        The global CLO market is now pushing US$1trn in outstandings. Against this backdrop, both CLOs and the underlying loans are expected to outperform, as investors continue seeking higher risk-adjusted returns. Mohamed Seif, co-founder and md of Lakem...

    • Structured Finance
      • Robust recovery

        Bumper "summer" for Aussie securitisation

        The Australian securitisation market has experienced a deluge of activity in the last few weeks. With a total of A$8bn placed in July, the sector experienced its busiest month since 2007. Australia's effective management of the coronavirus...

    • Capital Relief Trades
      • Double bind

        New SRT tests pose complexities

        The European Commission’s new consultation on the Securitisation Regulation (SCI 26 July) for the first time officially offers banks the opportunity to raise questions on the workability of the new significant risk transfer tests included i...

  • News

    • Structured Finance
      • SCI Start the Week - 16 August

        A review of SCI's latest content

        Last week's news and analysis Amortization antics Vehicle inventory shortage forces ABS issuers to forestall amortization CMBS fillip Hotel sector leads recovery in US CMBS but retail still depressed Downward trend Corporate defau...

    • Capital Relief Trades
      • Chowa finalised

        NatWest executes leveraged loan SRT

        NatWest has finalised a significant risk transfer transaction referencing leveraged loans. Dubbed Project Chowa, the synthetic securitisation was issued under the Nightingale programme and is a boost to this year’s leveraged loan SRT issuan...

      • Financing boost

        EGF extended to synthetics

        The European Commission has approved the extension of the EIB’s European Guarantee Fund’s support to synthetic securitisations, following an assessment of EU state aid rules. The extension to significant risk transfer deals applie...

    • CMBS
      • There's gold in them thar malls

        Retail CMBS notes have bucked the recovery, but rewards are there

        The currently much-spurned retail CMBS market contains pockets of great value, according to Karlis Ulmanis, portfolio manager at DuPont Capital. In general, CMBS spreads have bounced back to pre-pandemic levels. CMBS based on the hotel sector have...

    • RMBS
      • Unanswered questions

        Mixed outlook for the UK RMBS market

        The outlook for the UK RMBS market is mixed for the rest of the year. Indeed, questions remain over issuance volumes and performance once the furlough scheme ends on 30 September. UK collateral has constituted 67% of total European RMBS issuance so...

  • Provider Profile

    • Structured Finance
      • Pretium steps out

        New hires signal new products and added depth to old ones

        The three key hires that specialist mortgage and real estate investment manager Pretium announced earlier this month signal its intention to widen its footprint in the US residential mortgage space by adding depth in existing product ranges but also...

  • Market moves

    • Structured Finance
      • Corporate, PF businesses bolstered

        Sector developments and company hires

        Corporate, PF businesses bolstered KBRA has enhanced its corporate and project finance businesses by forming new sector teams to focus on the intersection of infrastructure, energy, renewables and middle market lending. The aim of the sector-focus...

      • APAC ILS issuance on the rise

        Sector developments and company hires

        APAC ILS issuance on the rise Continued efforts from Asia Pacific reinsurers to source alternative capital through the ILS market is anticipated, following on the heels of the seven catastrophe bonds that were issued using Singapore-domiciled vehicl...

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