Weekly Issue Archive »

Issue 765 - 22nd October

  • News Analysis

    • Capital Relief Trades

      • RTS pending

        SRT regulatory uncertainty persists

        The regulatory technical standards (RTS) pertaining to the EBA’s final report on significant risk transfer that were expected to be published in June have been postponed indefinitely. The RTS focus on the paper’s onerous excess sp...

  • News

    • ABS

      • SRT prints

        KIMI X prices tight

        Santander has finalised a full-stack capital relief trade backed by a €450m portfolio of Finnish auto loans. Dubbed KIMI X, the transaction priced at pre-Covid levels (see SCI’s capital relief trades database).  Rated by...

      • Pockets of resilience

        European ABS/MBS market update

        European ABS/MBS spreads leaked slightly wider and investor demand cooled somewhat last week as the market finally caught up with broader macro volatility. However, some sectors continue to outperform and this week is off to a strong start with a bro...

    • Structured Finance

      • SCI Start the Week - 18 October

        A review of SCI's latest content

        Last week's news and analysis Beyond Covid-19: What effect has the pandemic had on the European RMBS and mortgage markets? Big bang? Tokenisation touted as a replacement for securitisation Challenging valuations Covid-19 aftermath...

    • Capital Relief Trades

      • SCI CRT Awards: Impact Deal of the Year

        Winner: Marco Polo Three

        Crédit Agricole and the IFC’s Marco Polo Three transaction has won the Impact Deal of the Year category in SCI’s Capital Relief Trades Awards. The significant risk transfer trade stands out for its sustainable finance a...

      • Risk transfer round-up - 18 October

        CRT sector developments and deal news

        Polish lender mBank is believed to be readying a capital relief trade referencing a portfolio of corporate and SME loans. The lender is a subsidiary of Commerzbank. Meanwhile, Standard Chartered and Barclays are said to be each prepping a CRT from...

      • SCI CRT Awards: Innovation of the Year

        Winner: Colisée 2020

        Societe Generale’s Colisée 2020, a private club capital relief trade that provides protection on a portfolio of equipment lease exposures, is awarded SCI’s Innovation of the Year. The deal - which closed during 4Q20, in...

      • SCI Awards: Investor of the Year

        Winner: Christofferson, Robb & Company

        Ever-present in risk sharing transactions (RST) since its formation in 2002, the CRT awards year 2020-2021 was not an unusual one for Christofferson, Robb & Company (CRC) in many respects. However, the firm did break with usual practice in on...

      • CAS calling

        Fannie Mae in the market with its first CAS deal since Q1 2020

        Fannie Mae is in the market with its 40th CAS transaction, designated Connecticut Avenue Securities (CAS) Series 2021-R01 Notes, and the deal is expected to price imminently. The arranger, trustee and custodian is Wells Fargo. This is the first C...

      • SCI Awards: Credit Insurer of the Year

        Winner: Fidelis Insurance Holdings

        Fidelis Insurance Holdings Ltd is a Bermuda-based global provider of specialty and bespoke insurance and reinsurance products, with underwriting entities in the UK, Ireland and Bermuda. For leading the insurance industry in participating in significa...

      • CAS prices

        Expected Fannie Mae CAS, the return to CRT, hits the tape

        Fannie Mae, as expected, priced its $1.2bn CAS Series 2021-R01 REMIC this afternoon (October 19) via joint bookrunners Bank of America and Nomura. This represents its first CAS trade since Q1 2020, and it now intends to bring another CAS trade next...

      • Innovative SRT finalised

        Bank of Ireland executes synthetic RMBS

        Bank of Ireland has finalised a €265m synthetic securitisation that references a €1.4bn portfolio of restructured Irish mortgages (SCI 8 September). Dubbed Glen Securities Finance, the transaction is the first capital relief trade t...

      • SCI CRT Awards: Issuer of the Year

        Winner: BNP Paribas

        BNP Paribas has won the Issuer of the Year category in SCI’s 2021 Capital Relief Trades Awards, thanks to the volume of transactions it issued during the awards period, as well as for furthering deal innovation and expanding the market&...

      • SCI CRT Awards: North American Issuer of the Year

        Winner: BMO Capital Markets

        BMO has for some time been one of the leading SRT issuers in the world and by far the most established in North America. This year the bank added further innovation to its offering with the establishment of two new platforms providing investors with...

      • SCI CRT Awards: Arranger of the Year

        Winner: Santander

        Santander has won SCI’s Arranger of the Year category after having showcased capabilities and achievements over the last 12 months that broke new ground in the capital relief trades market on several fronts. Indeed, the lender has closed tr...

      • SCI CRT Awards: North American Arranger of the Year

        Winner: Citi

        As long as there has been a capital relief trades market in the US, Citi has been there. But its presence in the market has more than a historic significance. In the tombstones for a high percentage of the deals for US issuers in 2020/2021 - from the...

      • SCI CRT Awards: Law Firm of the Year

        Winner: Clifford Chance

        In a year that was heavily affected by the global Covid-19 pandemic, and the extension of the STS regime to synthetic securitisation, Clifford Chance has stood out as the leading law firm on all aspects of credit risk transfer transactions. &ld...

      • SCI Awards: North American Law Firm of the Year

        Winner: Clifford Chance

        Clifford Chance has developed a strong reputation in the market, ranking as North America’s top law firm of the year for the second year running. The firm has helped to navigate clients with deals of a complex nature. The last 12 months h...

    • Regulation

      • Trustmark settles for $5m

        Three agencies join forces in breach of Fair Housing Act case

        Trustmark National Bank, of Jackson Mississippi, has today (October 22) settled allegations brought by the OCC, the DOJ and the CFPB that it violated the Fair Housing Act of 1968 for $5m. According to the investigation staged by the three agencies,...

  • Market Moves

    • Structured Finance

      • SOFR-linked green ABCP issued

        Sector developments and company hires

        SOFR-linked green ABCP issued Crédit Agricole CIB has issued the first green ABCP indexed to SOFR to finance electric vehicles and hybrids in auto portfolios, as well as solar loan transactions. Issued by Atlantic Asset Securitization,...

      • Project Frontier securitisation inked

        Sector developments and company hires

        Project Frontier securitisation inked National Bank of Greece (NBG) has entered into a definitive agreement with a consortium consisting of affiliates of Bain Capital Credit, Fortress Investment Group and doValue Greece, for the sale of 95% of the...

      • Rare agricultural MBS prints

        Sector developments and company hires

        Rare agricultural MBS prints The Federal Agricultural Mortgage Corporation (Farmer Mac) – a federally chartered corporation that provides a secondary market for a variety of loans made to borrowers in rural America, with the aim of increas...

      • Gallatin CLO platform acquired

        Sector developments and company hires

        Gallatin CLO platform acquired Aquarian Holdings has launched Aquarian Credit Partners (ACP), a syndicated high-yield credit investment management platform. Aquarian has partnered with Justin Driscoll, Bo Williams and the rest of the Gallatin Loan...


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