Issue 763 - 8th October
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News Analysis
- Capital Relief Trades
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CRT crush
Mayer Brown working with 'many' imminent issuers
Mayer Brown is currently working on “many” US private label capital relief trades which will “come to fruition” in the near future, according to partner Carol Hitselberger. She was speaking yesterday (4 October...
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- ABS
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Green light
Record second-hand car prices fuel RV opportunities
Rising used car prices are positive for auto ABS transactions with exposure to residual values (RVs). Indeed, opportunities could emerge for deals with RV risk to outperform rating agency assumptions, which could – in turn – lead...
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- Capital Relief Trades
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Landmark guarantee inked
ThinCats and BBB seal agreement
The British Business Bank and alternative lender ThinCats have finalised a guarantee agreement via the former’s ENABLE Guarantee programme. The guarantee will provide up to £300m of additional funding for UK SMEs and midcaps. The...
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- Capital Relief Trades
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News
- ABS
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Untapped markets
French NPLs gaining attention
Southern European jurisdictions continue to witness strong activity in the non-performing loan space, especially in Greece and Cyprus. At the same time, investor interest in French NPLs is on the rise. “Investors are looking further afiel...
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- Structured Finance
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SCI Start the Week - 4 October
A review of SCI's latest content
Last week's news and analysis CRTs in the air Another two US warehouse loan banks said circling the market Dual-currency debut Rare European CRE CLO prepped Freddie prints again The seventh STACR of 2021 and third HQA prices La...
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Chopra on the march
CFPB to expand its role and come down harder on securitisation
The securtisation market will see a more aggressive CFPB under the leadership of recently appointed director Rohit Chopra, with “more frequent enforcements and bigger fines,” according to Rachel Rodman, a partner with Cadwalader,...
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Credit recovery
Rating upgrades outpace downgrades
Rating upgrades are outpacing downgrades this year, although net upgrades so far represent only about 12% of the net Covid-induced downgrades in 2020. Still, credit outlooks in aggregate have stabilised and returned to pre-pandemic levels, while defa...
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- Capital Relief Trades
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CRT seminar line-up finalised
Fireside chat, awards on the agenda
SCI’s 7th Annual Capital Relief Trades Seminar is taking place in-person on 13 October at the London offices of Allen & Overy. The event will explore the introduction of the STS synthetics regime and publication of the EBA&rsquo...
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Risk transfer round-up - 6 October
CRT sector developments and deal news
BNP Paribas is believed to be readying its sixth capital relief trade from the Resonance programme. The last Resonance trade closed in September 2020 (see SCI’s capital relief trades database). ...
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Provisioning relief
Second Stage 2 SRT finalised
Intesa Sanpaolo has executed a synthetic securitisation that references a portfolio of Stage 2 assets. The Italian corporate and SME deal follows its first Stage 2 trade that closed in July (SCI 29 July). Indeed, more such transactions are expected a...
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- Regulation
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Libor warnings
Senior Fed governor spells things out for the SFA
Federal Reserve vice chair of supervision Randal Quarles fired a shot across the bows – very close to the bows – of the structured finance market this morning (October 5th) when he addressed the SFA conference in Las Vegas on the...
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- RMBS
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Forbearances plunge
Fresh data reveals biggest drop in forbearances in a year
The largest drop in the number of US mortgages in forbearance in 12 months was recorded last week in the seven days ending October 4 according to Black Knight data released today. Active forbearance plans fell by 177,000, or 11%, with heal...
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- ABS
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Talking Point
- ABS
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Capitalising Mobility-as-a-Service
SDG Investments partner Stefan Bund and senior structurer Toni Phan explore the opportunity for impa...
The trade-off between urbanisation, individualisation and sustainability has led to the emergence of new business models around individual and micro-mobility. New mobility providers enter the market and shape the urban landscape with their cars, mope...
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- CMBS
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What is the future for US office space?
Steve Jellinek, head of CMBS research at DBRS Morningstar, explores the impact of Covid-19 on the U...
On a national level, the US office market is likely to see a rebound from the coronavirus pandemic-induced recession, even as net absorption has underperformed and construction remains elevated. The amount of sub-leasable space continues to shrink, d...
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- ABS
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Market Moves
- Structured Finance
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CIFC, TRS launch leveraged loan partnership
Sector developments and company hires
CIFC, TRS launch leveraged loan partnership Teacher Retirement System of Texas (TRS) and CIFC Asset Management have established a new leveraged loan investment fund platform known as Texas Debt Capital (TDC). A CIFC affiliate is the general partne...
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Regions boosts CRE capability
Sector developments and company hires
Regions boosts CRE capability Regions Bank has entered into a definitive agreement to acquire Sabal Capital Partners, one of the top originators of Fannie Mae and Freddie Mac small-balance commercial real estate loans with a growing presence in no...
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CSS refocuses on GSE MBS issuance
Sector developments and company hires
CSS refocuses on GSE MBS issuance Common Securitization Solutions (CSS) is undertaking a series of actions to better align its corporate governance structure with its core mission of supporting the infrastructure for Fannie Mae and Freddie Mac MBS...
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US insurer CLO exposure 'relatively small'
Sector developments and company hires
US insurer CLO exposure ‘relatively small’ The NAIC has released stress testing results on US insurers' exposure to CLOs, as of year-end 2020. The stress tests examined the resilience of CLOs under three different scenari...
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- Structured Finance
 
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