Weekly Issue Archive »

Issue 783 - 4th March

  • News Analysis

    • CLOs
      • Feedback loop

        CRE CLO confluence to continue?

        US CRE CLO issuance volumes exceeded conduit CMBS issuance volumes for the first time ever last year. Such record growth, illustrated through 51 deals across 28 issuers - amounting to around US$45bn – underlines a shift in commercial real e...

    • Structured Finance
      • Transitioning to green

        Call for EU GBS to be extended to securitisation

        In a new report examining how to foster transparency and credibility across the EU sustainable securitisation market, the EBA suggests that it would be “premature” to establish a dedicated framework for ‘green’...

    • CLOs
      • Talking control

        CLO control equity examined

        CLO equity is back in vogue and is attracting attention for all the right reasons. As this Premium Content article suggests, for suitably prepared investors, taking a majority position can increase the benefits still further. After years of uninfor...

    • Capital Relief Trades
      • Capital trouble

        The final ECRF rule fails to remove impediments, say market experts

        The FHFA’s failure to incorporate more far-reaching changes to the final Enterprise Regulatory Capital Framework (ERCF) rule, published on February 28, has excited considerable disappointment among some in the credit risk transfer market. ...

  • News

    • Structured Finance
      • SCI Start the Week - 28 February

        A review of SCI's latest content

        Last week's news and analysis Agency avoidance Originators set to turn to private market as fees rise Borrower beware Cost of living crisis to have 'unequal impact' on UK RMBS Compare and contrast US auto CLN issua...

    • Capital Relief Trades
      • Risk transfer round up-28 February

        CRT sector developments and deal news

        Bank of Montreal is rumoured to be readying a synthetic securitisation that is backed by Canadian commercial real estate loans. The bank’s first such transaction was finalized in June last year (SCI capital relief trades database). Stelio...

      • War time blues

        International turmoil adds to CRT distress

        If January was bad for the GSE CRT market, February was a lot worse. To add to the seemingly deep-seated problems of the US economy, a full-blown war between Russia and the Ukraine broke out in the waning days of the month. The CRTx Aggregate, fl...

      • Ramp up continues

        BMO completes leveraged loan SRT

        Bank of Montreal (BMO) has finalized the third synthetic securitisation from the Sauble programme. The significant risk transfer trade references a portfolio of US leveraged loans. The programme was launched last year and further expands the lender&a...

  • Talking Point

    • CLOs
      • Which probability is the probability of default?

        Jack Xu, founder of Modtris Financial Modelling, outlines two ways of conceptualising probability of...

        Probability has been used to define, measure and price risks in the financial market for a long time. For CLO managers and investors in particular, default risk is firmly equated to the probability of default. The meaning of probability may be self-e...

  • The Structured Credit Interview

    • Structured Finance
      • Team building

        Brian Roelke, president and cio of Kuvare Insurance Services, answers SCI's questions

        Q: What were the motivations behind the launch of Kuvare Insurance Services’ new third-party asset management business (SCI 8 February)? A: Unlike a lot of entrants into this space, Kuvare Insurance Services (KIS) started as an insuranc...

  • Market Moves

    • Structured Finance
      • ERCF final rule published

        Sector developments and company hires

        The FHFA has published a final rule that amends the Enterprise Regulatory Capital Framework (ERCF) by refining the prescribed leverage buffer amount and risk-based capital treatment of retained credit risk transfer (CRT) exposures for Fannie Mae and...

      • Pemberton hires head of new CLO platform

        Sector developments and company hires

        Pemberton, the alternative credit specialist, has announced the appointment of Rob Reynolds as head of its new CLO platform. The new CLO platform, which is subject to FCA UK regulatory approval, compliments existing lines of strategic focus....

      • SLC continues expansion

        Sector developments and company hires

        SLC Management has promoted Bryan Rowe, Daniel Lucey, Jacqueline Gallant and Jeffery Meyer as the firm continues to expand its business and investment capabilities. Effective from 26 March, the four will work as senior mds at the firm. Firstly, Rowe...

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