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Issue 782 - 25th February

  • News Analysis

    • Capital Relief Trades

      • Compare and contrast

        US auto CLN issuance examined

        Santander’s recent auto CRT echoed those previously issued by JPMorgan Chase. This Premium Content article examines the similarities and differences between the transactions. Last December, Santander returned to the US capital relief trad...

    • RMBS

      • Agency avoidance

        Originators set to turn to private market as fees rise

        The GSE footprint in the US MBS market is set to shrink, and even a minor diminution would have a dramatic impact upon volume seen in the private label RMBS market, say analysts. The potential reduction in MBS issued by Freddie Mac and Fan...

    • ABS

      • Going digital

        Stablecoin securitisation tipped for growth

        Appropriate regulation of digital payment could pave the way for the issuance of securitisations in stablecoins. However, this Premium Content article argues that further standardisation across the blockchain ecosystem is needed for the technology to...

  • News

      • Drifting wider

        European ABS/MBS market update

        The European ABS/MBS primary market continued to be impacted by macro volatility last week. However, while spreads drifted wider, the few deals that were done still generally managed to attract healthy investor demand. “The market has bee...

    • ABS

      • Trigger timing

        Pro-rata rating volatility warning

        Trigger timings and the portfolio realised credit performance of pro-rata securitisations may expose rated notes to higher rating volatility, compared with sequential transactions, according to DBRS Morningstar. In a new commentary, the rating agency...

    • Structured Finance

      • SCI Start the Week - 21 February

        A review of SCI's latest content

        Last week's news and analysis Aligning interests Greek NPL market tipped for further growth Bond exodus Credit options tapped as floater shift begins Comfort break Motorway service area CMBS yet another blow to WBS Fannie in th...

    • Capital Relief Trades

      • Risk transfer round up-21 February

        CRT sector developments and deal news

        Piraeus Bank and Alpha bank are each believed to be readying synthetic securitisations for this year. The deals would be riding a wave of Greek significant risk transfer trades and follow deals that both banks executed last year (see SCI’s...

      • Risk transfer round up-22 February

        CRT sector developments and deal news

        Societe Generale is believed to be readying an upsize for a significant risk transfer transaction backed by capital call facilities that the lender executed in the summer of last year (see SCI’s capital relief trades database). Dubbed Opale...

    • RMBS

      • Borrower beware

        Cost of living crisis to have 'unequal impact' on UK RMBS

        The fallout from the UK’s ‘cost of living crisis’ will hit lower-income mortgage borrowers hardest, according to a recent DBRS Morningstar analysis. However, while inflation may cause challenges for all consumers, RMBS p...

  • Market Moves

    • Structured Finance

      • TEAK wins CIFC philanthropic support

        Sector developments and company hires

        CIFC Asset Management has unveiled the second annual donation made on behalf of the CLO Initiative for Change, its philanthropic programme in connection with CLOs issued by CIFC. In support of educating and empowering students to reach their full pot...


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