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Issue 771 - 3rd December

  • News Analysis

    • CMBS
      • Meeting opportunity

        New trading platform to capitalise on multifamily growth

        Sabal’s new US CMBS trading business - SCH Trading (SCI 9 November) - aims to capitalise on a shift in the market relative to incumbent market-makers. The move comes amid rising investor appetite for multifamily product and an increased foc...

    • ABS
      • Restructurings eyed

        Real estate and hospitality assets targeted

        Arrow Global’s new corporate restructuring unit in Portugal is expected to focus on the real estate and hospitality sectors (SCI 25 November). The move comes as moratoria in the country draw to an end amid a scarcity of capital for local co...

    • Structured Finance
      • ESG countdown

        ECB climate stress tests pending

        The ECB’s pending climate stress tests are expected to offer some answers around the data and modelling challenges pertaining to the analysis of climate risks. Indeed, the stress tests could also prove definitive for ESG significant risk tr...


  • News

    • ABS
      • GACS pair print

        Mixed NPE pool debuts

        A pair of Italian non-performing loan securitisations have closed over the past week that are expected to benefit from the GACS government guarantee (see SCI’s Euro ABS/MBS Deal Tracker). UniCredit has completed OLYMPIA SPV, its third GACS...

      • Winding down

        European ABS/MBS market update

        The European ABS/MBS primary market appears to have begun winding down for year-end this week. With softening prices, macroeconomic concerns and the upcoming festive season, it seems that participants are already looking ahead to 2022. “F...

    • Structured Finance
      • SCI Start the Week - 29 November

        A review of SCI's latest content

        Last week's news and analysis Advanzia advances German credit card ABS debuts Partial placement dropped Montepio opts for full-stack SRT Robust fundamentals Positive outlook for GSE CRT market SCI forum: The benefits of forward...

    • Capital Relief Trades
      • Ramp-up continues

        Barclays completes capital relief trade

        Barclays has finalised a US$90m synthetic securitisation that references a global corporate portfolio. Dubbed Colonnade Global 2021-4, the transaction adds further impetus to the Colonnade programme, following the integration of commercial real estat...

      • Mespil refinanced

        BOI completes leveraged loan CRT

        Bank of Ireland has finalised a synthetic securitisation that references a US$2.85bn portfolio comprising nearly 200 US and European leveraged loan borrowers. Dubbed Mespil Securities 2021-1, the transaction is a refinancing of an existing deal from...


  • Talking Point

    • Capital Relief Trades
      • SRT chronicle: part three

        In the final instalment of a three-part series on bank risk transfer transactions, Olivier Renault* ...

        We have seen in part one of this series how far the SRT sector has developed in the past 10 years from a niche market with 10-12 transactions issued a year to a much larger and more diversified market. Barring a material downturn in the credit cycle,...


  • Provider Profile

    • RMBS
      • Enhanced value

        Securent president Justin Vedder and SitusAMC ceo Michael Franco answer SCI's questions

        Q: Securent is a newly formed SitusAMC entity that provides comprehensive risk management and insurance programmes for MBS and mortgage stakeholders (SCI 18 November). Tell us about your vision for the company. JV: Securent is designed fo...


  • Market Moves

    • Structured Finance
      • BWIC workgroup formed

        Sector developments and company hires

        Mortgage Industry Standards Maintenance Organization (MISMO) has formed a BWIC data development workgroup, with the aim of standardising the BWIC format to facilitate accuracy, liquidity and rapid pricing for MBS transactions. The initiative focuses...

      • RFC issued on ABS tax policies

        Sector developments and company hires

        RFC issued on ABS tax policies HMRC is seeking feedback on two draft statutory instruments: the Taxation of Securitisation Companies (Amendment) Regulations 2022 and the Securitisation Companies and Qualifying Transformer Vehicles (Exemption from St...

      • Bosphorus CLOs transferred

        Sector developments and company hires

        Bosphorus CLOs transferred Cross Ocean Adviser, an affiliate of Cross Ocean Partners Management, has assumed collateral management of the Bosphorus CLO IV, Bosphorus CLO V and Bosphorus CLO VI transactions from Commerzbank. Moody's has conf...



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