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Issue 769 - 19th November

  • News Analysis

    • ABS
      • FFELP follies

        Debt servicer in the spotlight as default looms for $3bn SLABS

        All eyes are on student loan servicer Navient after Fitch downgraded SLMA 2008-3 to D at the beginning of the month. It is highly likely that more Federal Family Education Loan Program (FFELP) deals will meet the same fate and Navient must work out...

      • Nascent asset class

        Non-performing lease ABS tipped for growth

        Issuance of ABS backed by Italian non-performing leases is expected to reach €1bn over the next year, partially driven by increased defaults following the expiry of payment holidays. Recent legal developments and GACS-eligibility of the asse...

    • CMBS
      • School's out?

        Future of PBSA CMBS sector scrutinised

        Conflicting factors such as depressed occupancy levels and excellent collateral properties, or a high dependence of international students and propitious domestic demographics, suggest that purpose-built student accommodation (PBSA) CMBS is a complex...

    • Capital Relief Trades
      • Lower for longer?

        SRTs to benefit from inflation

        Significant risk transfer transactions are expected to receive a boost from anticipated interest rate rises, following increasing levels of inflation worldwide. Indeed, SRTs are floaters offering positive real returns, along with diversification and...

  • News

    • Structured Finance
      • SCI Start the Week - 15 November

        A review of SCI's latest content

        FREE Webinar tomorrow - Post pandemic GSE CRT performance Register here to join a distinguished panel of US Credit Risk Transfer industry experts as they discuss the capital regime, issuance trends and the regulatory landscape. Webinar starts at 10:...

    • Capital Relief Trades
      • New tender, new CAS

        Debut Fannie tender and new CAS in the market

        Fannie Mae has announced a debut tender offer for seven old CAS notes, with an original principal balance of $3.22bn, following the example set by Freddie Mac two months ago. The notes are the CAS 2016-C03, class 2M-2, the CAS 2016-C04, class 1M-2,...

      • SRT wave

        Capital call surge continues

        Credit Agricole has finalised a €70m CLN that references a €2bn portfolio of capital call facilities. Dubbed Premium Green Series 2021-5, the transaction is riding a wave of such deals as banks eye concentration limits pertaining to...

      • SRT finalised

        Credit Agricole completes capital relief trade

        Credit Agricole has finalised a €168m five-year CLN that references a €2.8bn portfolio of corporate loans. Dubbed Premium Green 2021-4, the transaction is the French lender’s third significant risk transfer transaction thi...

      • Risk transfer round-up - 15 November

        CRT sector developments and deal news

        Citi is believed to be readying a capital relief trade backed by corporate loans. The transaction is expected to close in 4Q21. Santander is also rumoured to be readying its own corporate CRT for this quarter. Meanwhile, Bank of Ireland is allegedl...

    • CMBS
      • Optimisation impact

        GSA CMBS exposure gauged

        KBRA Credit Profile (KCP) has published a special report on US CMBS exposure to the General Services Administration (GSA), after federal agencies were instructed in June to evaluate new policies for the workplace, including remote-work strategies. Th...

  • Talking Point

    • Capital Relief Trades
      • SRT chronicle: part one

        In the first of a three-part series on bank risk transfer transactions, Olivier Renault* takes a his...

        The bank balance sheet securitisation market has enjoyed significant growth over the past five years and looks set to continue apace on the back of clearer regulation, an increasing number of banks having acquired the technology and economic incentiv...

      • The lessons of history

        STACR founder Don Layton talks the early and current days of the market

        In the latest Freddie Mac podcast former ceo Don Layton describes the birth of the CRT market and says that following the launch of the first STACR deal in early 2013 he was instructed by the FHFA to share the secret recipe with Fannie Mae. ...

  • Market moves

    • Structured Finance
      • ESG exclusion checklist unveiled

        Sector developments and company hires

        ESG exclusion checklist unveiled The European Leveraged Finance Association (ELFA) has launched an ESG exclusion checklist for business activities, which aims to streamline the negative screening and exclusion process for CLO managers. The checklist...

      • Dutch mortgage alliance expanded

        Sector developments and company hires

        Dutch mortgage alliance expanded Achmea Bank is set to acquire a €500m mortgage portfolio from Dutch insurer a.s.r., which will continue to manage the mortgages for Achmea Bank. The two organisations have expressed the intention to conduct...

      • GSE scorecard released

        Sector developments and company hires

        GSE scorecard released The FHFA has released the 2022 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions (CSS). The purpose of the 2022 Scorecard is to hold the GSEs and CSS accountable for fulfilling their core mission requi...

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