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Issue 762 - 1st October

  • News Analysis

    • ABS

      • Libor risks

        Securitized products with swaps at most risk when Libor dies

        While the potential damage to US securitized markets inflicted by the abolition of Libor appears less than seemed likely only a few months ago, pockets of concern remain, say credit analysts. Deals which include swaps, particularly cross currency s...

  • News

    • ABS

      • Lack of clarity

        Positive signs for Indian ABS, but challenges remain

        The Indian ABS market has demonstrated resilience during the Covid-19 pandemic. However, going forward, the lack of a central data depository and secondary market poses challenges to the growth of securitisation in this jurisdiction. “The...

    • Structured Finance

      • Dual-currency debut

        Rare European CRE CLO prepped

        Starz Realty Capital has mandated leads for a rare European dual-currency static CRE CLO named Starz Mortgage Securities 2021-1 (see SCI’s Euro ABS/MBS Deal Tracker). The transaction has no reinvestment ability but allows the issuer to modi...

      • SCI Start the Week - 27 September

        A review of SCI's latest content

        Last week's news and analysis BPCE up Debut French green RMBS prepped CLOs and beyond CBAM Partners answers SCI's questions Downward pricing Deutsche Bank completes CRT Excellent shape European ABS/MBS market update ...

    • Capital Relief Trades

      • Freddie prints again

        The seventh STACR of 2021 and third HQA prices

        Freddie Mac has priced its latest STACR deal, designated 2021-HQA3 and worth $1.07bn, via Morgan Stanley and Citi. This is its seventh STACR of the year and, is common, will likely be accompanied by an ACIS transaction. The trade is the last STACR...

      • Mobilising capital

        Call for risk transfer adoption in development finance

        Aid agencies, development finance institutions (DFIs) and multilateral development banks (MDBs) must make development finance work harder to achieve impact, according to a new OECD policy briefing. Entitled ‘Making blended finance work for...

      • CRTs in the air

        Another two warehouse loan banks said circling the market

        Two unnamed US regional banks are currently in the throes of putting together new capital relief trades and issuance is tentatively expected in Q1 or maybe Q2 2022, say well-placed market sources. The issuers are looking to securitize warehouse loa...

    • CLOs

      • New heights

        European CLO Market remains bullish with a strong pipeline

        European CLO issuance volumes are accelerating to new levels and are already some way past last year’s €22.1bn new issue total. However, the market is showing no signs of slowing down and predictions are for new issuance to hit aro...

  • Market Moves

    • Structured Finance

      • Synthetic Libor settings confirmed

        Sector developments and company hires

        Synthetic Libor settings confirmed The UK FCA has confirmed that to avoid disruption to legacy contracts that reference the one-, three- and six-month sterling and Japanese yen Libor settings, it will require ICE Benchmark Administration to publish...

      • CLO ETF moves down cap stack

        Sector developments and company hires

        CLO ETF moves down cap stack Janus Henderson Group has filed a preliminary registration statement with the US SEC for the Janus Henderson B-BBB CLO ETF (JBBB) for US investors. The exchange-traded fund - which is expected to be the first ETF focus...

      • SFA paper supports agency CRT

        Sector developments and company hires

        SFA paper supports agency CRT The SFA has published a white paper on the economics of credit risk transfer at Fannie Mae and Freddie Mac. The paper responds to an earlier FHFA report that had questioned the economic benefits of CRT (SCI passim) and...


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