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Issue 760 - 17th September

  • News Analysis

    • ABS
      • Traffic jam

        Bumper two days in auto ABS underlines strength of fundamentals

        No less than eight US auto loan-backed ABS deals have been priced in the last two days, making the last 48 hours the busiest two day period in the sector in recent memory as borrowing costs continue to be alluring and investor appetite vigorous. Th...

    • Capital Relief Trades
      • CRT love

        FHFA promotes CRT usage and tempts Fannie back into the mix

        The Federal Housing Finance Agency (FHFA) hopes to both lure Fannie Mae back to the CRT market and increase access to affordable housing with its proposed amendments to the Enterprise Regulatory Capital Framework (ECRF) unveiled two days ago, suggest...

  • News

    • ABS
      • Digital lender debuts

        German consumer collateral on offer

        Digital lending platform auxmoney Investments is in the market with its inaugural public securitisation – Fortuna Consumer Loan ABS 2021. The transaction, which will be certified as STS by SVI, is backed by a €227.75m portfolio of...

      • Pick-up continues

        European ABS/MBS market update

        Following on from last week’s pick-up, the European ABS/MBS market is set for another busy week. The pre-summer dynamic has returned, with activity in both primary and secondary. “It appears as though this week will be particula...

      • Strong opportunities

        European NPL investment trends discussed

        Emerging non-performing loan opportunities across a number of jurisdictions in Europe are boosting sentiment in the market, with particularly strong demand seen in Italy. However, challenges are anticipated in this jurisdiction for transactions that...

      • Legal concerns

        Consumer protection uncertainties highlighted

        A recent European Court of Justice (ECJ) ruling on consumer rights in German loan agreements amplifies legal uncertainty regarding information that needs to be included in contracts, Fitch suggests. The implications for Fitch-rated German auto ABS ha...

      • Tight pricing

        Santander sets post-Covid record

        Santander has completed a €580.8m 14-year full-stack significant risk transfer transaction that references a portfolio of Spanish auto loans. Dubbed SC Spain Auto 2021, the transaction’s first loss tranche achieved the tightest pri...

    • Structured Finance
      • SCI Start the Week - 13 September

        A review of SCI's latest content

        NPL ABS seminar tomorrow SCI’s 3rd Annual NPL Securitisation Seminar is taking place virtually tomorrow 14 September. The event will explore the impact of the coronavirus fallout on performance and issuance, as well as on pricing assumptio...

      • On the up

        Growth in private real estate deals continues

        The UK real estate sector is seeing strong growth in private transactions, with loan-on-loan financings emerging as a popular method of funding for debt funds and challenger lenders. At the same time, forward flow transaction volume is gathering pace...

    • Capital Relief Trades
      • Spanish SRT finalised

        Another STS synthetic executed

        Santander has finalised a €177m cash collateralised significant risk transfer transaction that references a €2.528bn portfolio of Spanish corporate, SME and self-employed borrowers. Dubbed Magdalena Five, the deal is Santander&r...

      • Tender pick-up

        Buyback value depends on specifics of each bondholder

        Freddie Mac broke new ground with its tender offer last week, but there is some doubt about how many investors will be interested in surrendering their by now valuable paper, say market experts. The average coupon of the eight tranches on offer is...

      • SRT debut

        First Nordic green synthetic executed

        Nordea and the EIF have finalised a significant risk transfer transaction that references a €1.8bn portfolio of corporate and SME loans (SCI 23 July). The deal will free up capital for green lending to Swedish and Finnish firms, rendering it...

  • Provider Profile

    • Structured Finance
      • Servicing expansion

        SitusAMC executive md and head of Europe Lisa Williams and director Alfonso Pagano discuss opportuni...

        Q: Alfonso, tell us a bit about your new role at SitusAMC? AP: I joined SitusAMC this past July to lead the expansion of the firm’s servicing business beyond commercial real estate to include corporate direct debt, infrastructure and soc...

  • Market moves

    • Structured Finance
      • 400CM tap NPL ABS market

        Sector developments and company hires

        400CM tap NPL ABS market 400 Capital Management has closed two securitisations backed by US$780.2m of residential non-performing loans. The firm entered into the securitisations to obtain term financing, remove mark-to-market risk, reduce cost and...

      • Specialist lender stake acquired

        Sector developments and company hires

        Specialist lender stake acquired BNP Paribas Asset Management (BNPP AM) is set to acquire a majority stake in Dynamic Credit Group, the Amsterdam-based asset manager and specialist lender with €9bn of assets under management. The deal will...

      • NPR issued on GSE capital framework

        Sector developments and company hires

        NPR issued on GSE capital framework The FHFA is seeking comment on a notice of proposed rulemaking that would amend the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac. The proposed amendments would refine the prescribe...

      • Securitisation execs promoted in PGIM reorg

        Sector developments and company hires

        Securitisation execs promoted in PGIM reorg PGIM Fixed Income has reorganised its senior management team, with the appointments effective from 1 January 2022. Under the reorganisation, md John Vibert has been promoted to the newly created role of...

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