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Issue 776 - 14th January

  • News

    • ABS

      • Texas rising

        New Texas Capital broker dealer eyes securitization

        Texas Capital Bank has launched a broker dealer subsidiary, which is expected to extend its reach to the securitization market before the end of this year, says the Dallas-based bank. “The way we’re thinking is that securitizati...

      • Strong start

        European ABS/MBS market update

        European ABS/MBS got fully underway for 2022 over the past week. Both primary and secondary markets saw strong execution and a building pipeline. The first two new issues of the year are due to price today – Dutch BTL RMBS Jubilee Place 3...

    • Capital Relief Trades

      • Freddie breaks new ground

        Debut 2022 STACR increases detachment points - CRT volume to boom this year

        Freddie Mac is in the market with its first CRT deal of the year, designated STACR 2022 DNA-1, and the format of the new trade marks a significant shift from STACRs seen in the past. The deal, worth $1.35bn, comprises two M tranches rather...

      • Greek surge continues

        Eurobank finalises second SRT

        Eurobank and Magnetar Capital have completed an €80m second loss funded synthetic securitisation that references a €1bn portfolio of Greek corporate and SME loans. Dubbed Project Wave, the transaction is the Greek bank’s f...

      • Fannie gets 2022 under way

        First CAS deal of the year comes in big at $1.5bn

        Fannie Mae is in the market with its first CRT deal of 2022 - a $1.5bn four tranche transaction designated CAS 2022-RO1. The lead managers are Bank of America and Nomura, while co-managers are Barclays, Citi, Morgan Stanley and StoneX. While this...

      • Fannie off to a flyer

        Fannie Mae's inaugural 2022 deal CAS 2022-RO1 prices

        Fannie Mae today (11 January 2022) priced its $1.5bn CAS 2022-RO1 reported yesterday to be in the market, the GSE confirms. The $459.5m M-1, rated A/A-, was priced at SOFR plus 100bp, the $434m M-2, rated BBB/BBB, was priced at SOFR plus 190bp, the...

      • Corporate SRT priced

        HSBC completes US capital relief trade

        HSBC has finalised a US$312m CLN that references a US$2.5bn portfolio of US corporate revolvers and term loans. The deal is the UK bank’s first confirmed US synthetic securitisation and one of a handful of US corporate significant risk tran...

    • RMBS

      • DTI ratios eyed

        Affordability changes could 'increase default risk'

        Proposed changes to residential mortgage affordability testing in the UK would increase first-time buyers’ (FTBs) access to mortgage credit and support UK home prices. However, Fitch suggests that the changes could increase default risk for...

  • Market Moves

      • New moves

        Sector developments and company hires

        EMEA Ashurst is set to further expand its European securitisation team with the appointment of new global capital markets partner, Agathe Motte. Motte will join the law firm in Paris from Linklaters, where she advised French and European banks, cor...

      • New partnership

        Sector developments and company hires

        Morningstar has announced the enhancement of its DealView product with the inclusion of climate risk data through partnership with property climate risk data provider, ClimateCheck. The firm’s subsidiary, Morningstar Credit Information and...

      • JBBB ETF launched

        Sector developments and company hires

        Janus Henderson has launched the Janus Henderson B-BBB CLO ETF for US investors. The ETF is the first to focus on providing exposure to B-BBB rated CLOs and will be managed by portfolio managers John Kerschner and Nick Childs, with Jessica Shill serv...

      • Greek NPL JV agreed

        Sector developments and company hires

        Mount Street Group has received regulatory approval from the Bank of Greece to form a strategic partnership with Technical Olympic, a real estate, construction, shipping and investment group. The joint venture is effectuated through Technical Olympic...

      • Navient agrees multi-state settlement

        Sector developments and company hires

        Navient agrees multi-state settlement Navient has reached agreements with 39 US state attorneys general to provide relief totaling US$1.85bn to resolve their multi-state litigation and investigations in connection with allegations of unfair and dec...


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