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Issue 768 - 12th November

  • News Analysis

    • RMBS

      • Evolving landscape

        Consolidation, fintech driving banking evolution in Ireland and the UK

        Consolidation among lenders and the proliferation of fintechs is driving change in the Irish and UK banking sectors. This Premium Content article investigates the impact on the jurisdictions’ RMBS markets. The banking landscape in Ireland...

      • Hurdles ahead?

        Dutch RMBS market continues to face challenges

        The Dutch prime RMBS market received a boost last week with the announcement of Lloyds Bank’s STS-compliant Candide Financing 2021-1, after the issuer’s almost 10-year absence from the market (SCI 3 November). However, while the p...

    • CLOs

      • Risk mitigation

        Euro CLO wraps gaining traction

        Assured Guaranty (Europe) SA this week closed a financial guarantee for a further European CLO, following the wraps it recently provided for the North Westerly V CLO and Tymon Park CLO deals (SCI 6 September). Financial guarantees are proving attract...

  • News

    • ABS

      • Some softening

        European ABS/MBS market update

        With the end of the year in sight, issuers are competing for investor demand in the European ABS/MBS primary market. This week saw mixed results for the various actors involved. “Naturally the market is more complex than a few weeks ago,&...

      • More of the same?

        Euro auto ABS tipped for further diversification

        The European auto ABS market is set for further expansion and diversification, according to new research from DBRS Morningstar. The report, which covers auto ABS issuance over the past five years, suggests that present market stability - despite Covi...

    • Structured Finance

      • Too slow

        Disappointing timeline for call for evidence on STS reform

        The European Commission’s latest call for evidence on its securitisation prudential framework review highlights a familiar pattern in the EU’s regulatory actions. The combination of an elongated timeline and the absence of a holis...

      • Hedges eyed

        CPMs target post-pandemic concentration risks

        The International Association of Credit Portfolio Managers (IACPM) has completed its 2021 Principles and Practices in CPM Survey. Conducted every other year, the survey focuses on five key areas of concern to its members, including the evolution of r...

      • SCI Start the Week - 8 November

        A review of SCI's latest content

        Last week's news and analysis Back from the brink Lloyds resurrects UK SME SRTs Dual-currency deal Pan-European CMBS prepped Electric avenue Adoption of electric cars spells greater volatility for rental car ABS Freddie and Fan...

    • Capital Relief Trades

      • Back to back STACR

        Second STACR in just over a week hits the tape

        Freddie Mac today priced its second STACR in a little over a week, designated STACR 2021-DNA7. The $1.27bn trade is expected to settle on November 12, says the borrower. The joint lead managers are Wells Fargo and Citi, while co-managers are Barcla...

      • Risk transfer round-up - 10 November

        CRT sector developments and deal news

        BCP is believed to be working on another transaction in Poland (SCI 28 October). Indeed, the bank is rumoured to be readying two transactions. The second trade allegedly references leasing assets. The Portuguese bank’s last capital relief...

      • A new chapter for GSE CRT - SCI webinar

        Inflation, capital rules, lower origination and regulatory change all loom large

        As US inflation hits a 30-year high, the GSE CRT market has a headwind to contend with it hasn’t seen for a long time. October CPI, reported yesterday, increased by 6.2% from 12 months ago, which represented the fastest annual pace of gro...

    • RMBS

      • Irish rebound

        Second NPL securitisation marketing

        Another Irish non-performing loan securitisation has hit the market less than a month after the Rathlin Residential 2021-1 RMBS priced (see SCI’s Euro ABS/MBS Deal Tracker). The move is in line with the expected growth and post-Covid recove...

  • Talking Point

    • ABS

      • Indian securitisation market presents challenges

        The Indian structured finance market has been around for over two decades but remains quite restrict...

        The market revolves around Indian banks' targets for lending to priority sectors. Banks have traditionally been the largest investors in securitised debt, as they need to fulfil the Indian central bank’s requirements to lend a targe...

  • The Structured Credit Interview

    • RMBS

      • Market movers

        Leading agency MBS buyer talks taper, inflation and origination

        While the encroach of inflationary pressures and the Fed taper will be important factors to consider, the dominant fundamental influence upon MBS in the medium term will be supply, says Brendan Doucette, portfolio manager for GW&K. Doucette...

  • Market Moves

    • Structured Finance

      • US CLO equity outperforms

        Sector developments and company hires

        US CLO equity outperforms US CLO Equity cashflows average 15.2% across 1,038 BSL transactions that have had four payment dates in 2021, according to a report from JPMorgan CLO research analysts. This is the highest since 2016, which averaged 19.6%. ...

      • First LBR PCC investor signed

        Sector developments and company hires

        First LBR PCC investor signed Lloyds has announced that Ontario Teachers’ Pension Plan Board will be the first investor to support underwriting through its multi-insurance SPV, London Bridge Risk (LBR) PCC. LBR was established in January...

      • Sri Lanka eyes remittance securitisation

        Sector developments and company hires

        Sri Lanka eyes remittance securitisation The government of Sri Lanka (GOSL) is requesting competitive proposals from banks and investors for consideration to be appointed as counterparts or arrangers for its proposed securitised financing arrangeme...

      • Multi-currency CLO closed

        Sector developments and company hires

        Multi-currency CLO closed Barclays has closed a multi-currency managed cashflow balance sheet CLO. Dubbed Duke Global Funding, the £4bn-equivalent transaction is backed by 519 senior secured and senior unsecured loans extended predominantl...


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