Weekly Issue Archive »

Issue 770 - 26th November

  • News Analysis

    • Capital Relief Trades
      • Robust fundamentals

        Positive outlook for GSE CRT market

        GSE credit risk transfer gross new issuance has already hit record annual volumes, driven by high mortgage originations and refinancings. Indeed, speakers participating in SCI’s ‘Post-pandemic GSE CRT Performance’ webina...

      • Scores on the doors

        Significant shift in scorecard augurs increased CAS/STACR

        The new 2022 GSE scorecard, released at the end of last week, is likely to mean greater issuance in the CRT sector by Fannie Mae and Freddie Mac, say market sources. “With the 2022 FHFA scorecard focusing the GSEs on ‘promoting...

      • Spitfire launched

        Santander completes capital relief trade

        Santander has finalised a synthetic securitisation of UK auto loans. Dubbed Project Spitfire, the transaction references a £750m portfolio. The deal is the first post-Covid European synthetic auto ABS. Rated by KBRA and Moody’s,...

  • News

      • Slowly widening

        European ABS/MBS market update

        With investors already looking ahead to 2022, the European ABS/MBS primary market is slowly thinning out. However, transactions were still well received this week, though macro concerns have started to make an impact. “The market has gene...

    • ABS
      • Advanzia advances

        German credit card ABS debuts

        European online lender Advanzia has closed its debut ABS transaction of over €475m in senior funding. The deal also represents the first securitisation backed by a German credit card portfolio. "Advanzia continues to strengthen it...

    • Structured Finance
      • SCI Start the Week - 22 November

        A review of SCI's latest content

        FREE Webinar recording - Post pandemic GSE CRT performance Click here to see a recording of a distinguished panel of US Credit Risk Transfer industry experts as they discuss the capital regime, issuance trends and the regulatory landscape. Last we...

    • Capital Relief Trades
      • Partial placement dropped

        Montepio opts for full-stack SRT

        Montepio Bank has finalised a full-stack significant risk transfer transaction backed by a €378.3m portfolio of Portuguese consumer and auto loans (see SCI’s Euro ABS/MBS Deal Tracker). Dubbed Pelican Finance Two, the deal is the b...

  • Talking Point

    • Capital Relief Trades
      • SRT chronicle: part two

        In the second of a three-part series on bank risk transfer transactions, Olivier Renault* looks at t...

        The SRT market is predominantly European (representing 86% of transactions since 2010), although US banks are accounting for an increasing percentage since 2019 - with JPMorgan now a regular issuer, one transaction by Goldman Sachs in 2020 and a few...

  • The Structured Credit Interview

    • CLOs
      • US expansion

        John Fraser, the new chairman of Tikehau's global structured credit strategies, answers SCI's questi...

        Q: Tikehau Capital launched its first US CLO in August. Could you explain the motivations for doing so? A: Establishing a presence in the US CLO market is a key part of Tikehau Capital’s growth plans for its credit platfo...

  • Market Moves

    • Structured Finance
      • Upgrades anticipated after CMBS updates

        Sector developments and company hires

        Moody’s has updated three commercial real estate sector methodologies, following requests for comments on the proposals in July. The rating agency has placed a number of US CMBS tranches on review for upgrade as a result. One of the updat...

      • Rare RMBS with a twist

        Sector developments and company hires

        A rarely seen public Swedish RMBS is in the market with an unusual structural twist – Hypoteket Mortgages 3 AB. "Credit enhancement is provided through overcollateralisation and can increase as the transaction captures all excess s...

      • Syon upgraded on stable performance

        Sector developments and company hires

        KBRA has completed a surveillance review of Lloyds’ synthetic RMBS Syon Securities 2020-2. The agency subsequently upgraded the class A and B notes by a notch to single-A minus and double-B plus respectively, in light of the fully ramped-up...

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