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Issue 779 - 4th February

  • News Analysis

    • Structured Finance

      • Big business

        Strategic shift favours alternative credit M&A activity

        The alternative credit industry might be at an inflection point in its development, with a decisive change anticipated in M&A activity in terms of the dominant acquirer from a financial to strategic buyer. Such a transition would inevitably b...

    • Capital Relief Trades

      • Risk transfer boost

        Barclays tops annual SRT issuance

        Barclays has finalized twelve significant risk transfer transactions from the Colonnade programme last year which all total US$1.6bn in equity tranche notional. The number of deals renders Barclays the most active SRT originator of 2021 as capital re...

      • Sea sick CRT

        GSE CRT investments punished by January blues

        The GSE CRT market provided only a very thin positive return in January as inflationary pressures build and the yield curve moves into bear flattening mode. The CRTx, the flagship index of Charlotte, NC-based consultancy Mark Fontanilla & C...

      • Climate stress tests launched

        ECB releases climate scenarios

        The European Central Bank (ECB) has launched its climate risk stress test to assess the financial and economic impact of climate change for bank balance sheets. The recent disclosures offer some clarity around the physical risks of climate change, bu...

  • News

    • Structured Finance

      • SCI Start the Week - 31 January

        A review of SCI's latest content

        Last week's news and analysis Electric avenue Electric cars aren't as green as they seem Inflection Point? European ABS/MBS market update Multi-family moves SitusAMC Insights speaks up on the US multi-family market Rema...

    • Capital Relief Trades

      • Fannie surge

        Second CAS of 2022 in the market

        Fannie Mae is in the market with its second CRT trade of the year - a $1.24bn transaction designated CAS 2022-R02. The deal should price in the next day or two. Its inaugural 2022 CAS deal printed less than three weeks ago. That was a low LTV dea...

      • Fannie CAS prices

        New high LTV CAS, second CAS of 2022, prints

        Fannie Mae has priced the $1.2m CAS 2022-RO2, reported to be in the market on Monday. The transaction consists of four tranches. The $357.5m 2M-1, rated BBB/BBB, has priced at 1m SOFR plus 120bp. The $378.5m 2M-2, rated BB/BBB-, has priced at 1m SO...

      • Freddie fever

        Freddie in the market with 2nd STACR of 2022, 4th GSE CRT deal

        The frenetic start to the new year in the GSE market shows no sign of abating as news spread today that Freddie Mac is in the market with a new STACR deal. The $1.92bn trade, designated  STACR DNA 2022-2, is Freddie’s second of 2...

      • Risk transfer round up-4 February

        CRT sector developments and deal news

        Helaba and Bayern LB are each believed to be readying significant risk transfer transactions for this year. LBBW became the first Landesbank last year to execute an SRT. The latter was finalized in June 2021 (SCI 22 June 2021). Stelios Papadopoulos...

      • STS SRT finalized

        BNP Paribas completes synthetic ABS

        BNP Paribas has executed two significant risk transfer transactions from the Resonance programme that together reference a €10bn global corporate portfolio (SCI 6 October 2021). The first transaction was executed with PGGM and Alecta and is...

    • RMBS

      • MBS meltdown

        Fed ends MBS purchases, will reduce portfolio

        MBS yields have risen 15bp since the beginning of the year and are set to rise at least another 15bp and probably more, say market analysts. Mortgage securities have been buffeted by a combination of inflationary pressures and the rapidly attenuati...

  • Talking Point

    • Structured Finance

      • Positive outlook

        Tapan Jain, portfolio manager at Hildene Capital, shares his views on the CLO market 2021 proved to be a banner year for the CLO market, from a returns perspective and also through the lens of the market’s “maturity&...

  • Market Moves

    • Structured Finance

      • Maltese SME guarantee inked

        Sector developments and company hires

        Bank of Valletta and the EIB Group have renewed their partnership to support the business needs of SMEs in Malta. Under this new agreement, the bank will provide an additional €28m to Maltese SMEs on favourable terms and with long tenors ove...

      • Team expansion

        Sector developments and company hires

        Apollo has beefed up its Asia Pacific business, with the addition of Anthony Hermann as a partner and head of Asia Pacific credit, based in Sydney. Together with fellow new hires mds Vidyasagar Pulavarti and Julian Longstaff, he will be responsible f...

      • STS register rolled out

        Sector developments and company hires

        ESMA has launched its STS Register for the notification of securitisations under the Securitisation Regulation. The entry into force of the Securitisation Regulation on 1 January 2019 introduced an obligation for originators and sponsors to jointly n...


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