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Issue 761 - 24th September

  • News Analysis

    • CLOs
      • Replacement issues

        SOFR challenges explored

        Term SOFR is expected to be the main replacement for US Libor. This premium content article explores the challenges the new benchmark presents to US CLO equity investors. The US Federal Reserve’s Alternative Reference Rates Committee (ARR...

      • Not so new kids

        CLO manager readying for launch

        Not yet a year old, Sycamore Tree Capital Partners is aiming high. The firm intends to become a significant player in CLO management, with the belief that the experience and character of its team are more important than its age. “Mark Oka...

    • ABS
      • New frontiers?

        Prospects for further NPL ABS guarantee schemes weighed

        Given the success of both GACS and HAPS in facilitating the development of a market for non-performing loans, and consequently bank deleveraging, could similar government-backed measures emerge in other European jurisdictions? This Premium Content ar...

  • News

    • ABS
      • Excellent shape

        European ABS/MBS market update

        September is living up to its reputation as a busy month for the European ABS/MBS primary market. Even though four deals are due to price today and tomorrow and three printed yesterday spreads remain tight and demand is still strong. “It&...

    • Structured Finance
      • SCI Start the Week - 20 September

        A review of SCI's latest content

        Last week's news and analysis CRT love FHFA promotes CRT usage and tempts Fannie back into the mix Digital lender debuts German consumer collateral on offer Legal concerns Consumer protection uncertainties highlighted On the up...

    • Capital Relief Trades
      • Fannie is back

        New capital rules bring Fannie Mae in from the cold

        Fannie Mae is back in the market only five days after the Federal Housing Finance Authority (FHFA) released a proposal to significantly alter the capital treatment of CRT debt The GSE has announced that it will recommence issuance of CAS bonds next...

      • Risk transfer round-up - 23 September

        CRT sector developments and deal news

        JPMorgan is believed to be readying a capital relief trade backed by European leveraged loans. The transaction would be the bank’s first such deal and follows deals issue by NatWest and Bank of Montreal (see SCI’s capital relief t...

      • Downward pricing

        Deutsche Bank completes CRT

        Deutsche Bank has returned to the synthetic securitisation market with this year’s first capital relief trade from the CRAFT programme. Dubbed CRAFT 2021-1, the transaction is the most tightly priced CRAFT deal of the last six years (see SC...

    • RMBS
      • BPCE up

        Debut French green RMBS prepped

        BPCE is in the market with its inaugural green French prime RMBS via BPCE Home Loans FCT 2021 Green UOP (see SCI’s Euro ABS/MBS Deal Tracker). The STS-compliant transaction comprises tranches A and B, tentatively sized at 92.6% (with a 3.3-...

  • The Structured Credit Interview

    • CLOs
      • CLOs and beyond

        Don Young, partner and co-founder of CBAM Partners, answers SCI's questions

        Q: How and when did you become involved in the CLO market? My partner Mike Damaso and I have been managing CLOs since 2001. I first became involved in the space when I joined Octagon Credit investors. After this, I went on to manage the Performing...

  • Market moves

    • Structured Finance
      • Pagaya goes public via SPAC

        Sector developments and company hires

        Pagaya goes public via SPAC Fintech securitisation issuer Pagaya Technologies and EJF Acquisition Corp (EJFA), a publicly traded SPAC, have entered into a definitive business combination agreement. As a result of the transaction, which values the co...

      • Pandemic 'feedback loop' highlighted

        Sector developments and company hires

        Pandemic ‘feedback loop’ highlighted Secular changes affecting the recovery of in-person office occupancy in New York City is consequential not only for property-level cashflow, but may also have ripple effects on other sectors,...

      • US CLOs, Trups CDOs under observation

        Sector developments and company hires

        US CLOs, Trups CDOs under observation Fitch has placed 102 tranches issued by 43 US CLOs and 13 tranches issued by seven Trups CDOs under criteria observation (UCO), following the publication of its CLO and corporate CDO rating criteria last week...

      • Call for 'risk-sensitive' prudential approach

        Sector developments and company hires

        Call for ‘risk-sensitive’ prudential approach The ECB has published its comments in connection with the European Commission’s targeted consultation on the functioning of the EU securitisation framework. In particular, t...

      • Fraud charges for Honor Finance pair

        Sector developments and company hires

        Fraud charges for Honor Finance pair The US SEC has announced fraud charges against James Collins and Robert DiMeo, the former principals of Honor Finance, for misleading investors about the subprime automobile loans that backed its US$100m offering...

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