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Issue 775 - 7th January

  • News Analysis

    • Alternative assets

      • Atalaya to return (update)

        $232m Atalaya equipment leasing securitization to be followed by annual repeats

        The debut securitization of equipment leasing assets last month from Atalaya Capital Management is the first deal in what are due to be annual visits to this market, says md and head of equipment leasing Rana Mitra. “More deals are planne...

  • News

    • Capital Relief Trades

      • WAB CRT number 2

        WAB becomes 1st US regional to do CRT on direct mortgage exposure

        Phoenix-based Western Alliance Bank (WAB), a wholly owned subsidiary of Western Alliance Bancorporation (WAL, marked the last days of 2021 with its second CRT trade in four months, designated WAL 2021 CL2. The $50bn bank first entered the CRT space...

      • Risk transfer return

        Santander completes capital relief trade

        Santander has finalized a €291.6m synthetic securitisation that references a €5bn portfolio of US, UK, and European undrawn corporate revolvers. Dubbed Bultaco, the transaction is the first confirmed post-covid significant risk tran...

      • Greek wave

        Eurobank finalizes SRT

        Eurobank has completed a first loss financial guarantee with the EIB group that references a €0.7bn portfolio of Greek SME and large corporate loans. Dubbed Project Wave Two, the transaction is the first capital relief trade of the Greek mar...

      • First loss SRT debuts

        BBVA executes capital relief trade

        BBVA and the EIB group have finalized a €120m financial guarantee that will enable the Spanish lender to channel over €960m into SME lending. The STS transaction will support working capital and liquidity needs, as well as cover t...

      • The year of records

        GSE CRT issuance hit peaks in 2021, but 2022 supply set to exceed

        The GSE CRT market set records in 2021 and in Q4, according to data produced this week by Mark Fontanilla & Co, the Charlotte, NC-based research and consultancy firm. Gross benchmark issuance in the CRT market came in at $14.12bn,...

  • Talking Point

    • ABS

      • Angel Oak hits up MILNs

        In the third and final in our series of EOY interviews with investment managers about where they exp...

        Colin McBurnette handles RMBS allocation for Angel Oak, and in 2021 he expanded the footprint of his portfolio into the mortgage insurance-linked note market for the first time. Heading into March 2020, Angel Oak had zero dollars in total MI exposu...

    • Regulation

      • SCI Forum: does the STS regime work?

        Our expert responds to readers' questions

        Is STS doing what it is designed to do for the securitisation market? Daniel Hill, partner at Allen & Overy, gives his view The STS regime, introduced in the EU for traditional securitisations on 1 January 2019 (and then for synthetic sec...

  • The Structured Credit Interview

    • CLOs

      • Rising star

        Gordon Neilly, executive chairman at WhiteStar Asset Management, answers SCI's questions

        Q: Gordon, what are your expectations for WhiteStar as it expands further into the European CLO space? A: So, this is our entry point into the European CLO space. If you look at the industry today, not only is the European CLO market far less devel...


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