Weekly Issue Archive »

Issue 781 - 18th February

  • News Analysis

    • Capital Relief Trades

      • First loss guarantee tapped

        EGF SRTs receive mixed reactions

        Banks across Europe have issued significant risk transfer transactions under the EIB group’s European guarantee fund (EGF), six months after the European Commission agreed the scheme’s extension to synthetic securitisations (SCI 1...

    • ABS

      • Social mobility

        'Cultural progression' puts social bonds in focus

        Securitisations designated as social bonds are gaining traction, with the underlying asset classes expected to broaden. Indeed, at present, it is easier to define lending in a socially responsible way than defining it as ‘green’. ...

    • CMBS

      • Comfort break

        Motorway service area CMBS yet another blow to WBS

        Late last year Goldman Sachs issued Highways 2021, a £262m CMBS backed by a single loan secured by eight UK motorway service area properties. The transaction mirrored Welcome Break’s 1997 £321m bond issue, which represen...

    • ABS

      • Aligning interests

        Greek NPL market tipped for further growth

        Activity across the Greek non-performing loan market is gathering pace. New players are expected to enter the sector this year, with a further uptake seen under the HAPS programme. “There will be further uptake of HAPS – it has...

    • Capital Relief Trades

      • Bond exodus

        Credit options tapped as floater shift begins

        Bond investors have been tapping credit spread options and CDS indices to hedge the downside risk for their portfolios following rising levels of inflation and firm expectations of rate rises this year. More saliently, the use of credit derivatives c...

      • Maturity extensions

        Undrawn RCFs return but modelling issues persist

        Santander has reopened the market for significant risk transfer trades backed solely by undrawn revolving credit facilities in December last year (SCI 4 January). The Spanish lender became the first bank to execute such a transaction in Europe with t...

  • News

    • Structured Finance

      • SCI Start the Week - 14 February

        A review of SCI's latest content

        Last week's news and analysis CLN uplift CLN deal volumes grow Compounded calculations First RMBS tied to Sonia index issued Emulating efforts Capital Four US answers SCI's questions First loss guarantee tapped EGF SRT...

      • Fannie in the money

        Income and net worth climb to new highs

        Fannie Mae’s net worth ballooned during 2021 by $22bn to $47.36bn, the GSE reported this week in its annual and Q4 earnings. Net income increased by almost 100% to $22.18bn from $11.81bn in 2020. Net interest income rose by $4.72...

    • Capital Relief Trades

      • Modest uplift

        Default outlook remains mild

        The pandemic-fuelled default cycle proved to be short-lived and much less severe than prior cycles, as the strong economic recovery and abundant liquidity kept defaults low in 2021. However, default rates are expected to pick up this year, but foreca...

      • Risk transfer round up-16 February

        CRT sector developments and deal news

        HSBC is believed to be readying another synthetic securitisation following the recent execution of a capital relief trade backed by US corporate loans. The US transaction was a US$312m CLN that referenced a US$2.5bn portfolio (SCI 12 January). &n...

  • Market Moves

    • Structured Finance

      • Continued growth

        Sector developments and company hires

        Briarcliffe has made two more new appointments as it continues the expansion of its private credit business. Kyle Abel joins the firm as new head of GP advisory from First Avenue, where he served as md and US head of project management. Additionally,...

      • Greater progression

        Sector developments and company hires

        Maples Group has announced the hire of two new structured finance professionals, expanding its offering in its London and Jersey offices. Emma Tighe will join the firm in its London office as vp, having spent more than 14 years working in structured...


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