Weekly Issue Archive »

Issue 788 - 8th April

  • News Analysis

    • RMBS

      • Positive performance

        INV RMBS gaining traction

        Investment property (INV) loan origination has risen substantially in the US post-pandemic, driving increased issuance of INV-only RMBS. Based on data from its prime jumbo and non-QM benchmarks, dv01 has published an analysis of performance across th...

      • Mind the gap

        Alternative data, RMBS to help address wealth inequality

        Securitisation could prove a useful tool in addressing the growing wealth inequality gap. Indeed, the technology is already channelling capital towards underserved communities, aided by CDFI-backed RMBS and alternative data being used to calculate cr...

    • Structured Finance

      • Dual shocks

        Securitisation well positioned to withstand headwinds

        The Covid-19 shock has been replaced by two others - war and worse-than-expected inflation (SCI 7 April). However, the securitisation market appears to be well positioned to withstand these headwinds. “We came into the year coming out of...

  • News

    • ABS

      • Stag night

        US ABS in good place to absorb impact of raging inflation

        Even if the US economy were to plummet into stagflation, the ABS market will suffer only minor negative ratings consequences, according to analysis conducted by Fitch. There would be virtually no effect on ratings in 67 out of the 78 sub-sectors re...

    • Structured Finance

      • SCI Start the Week - 4 April

        A review of SCI's latest content

        Last week's news and analysis Call option pending? APAC SRT could be called this year Cautious optimism European ABS/MBS market update Guarantee on tap WBS liquidity facility replaced How can I manage a thriving CLO platform? ...

    • Capital Relief Trades

      • ESG SRT launched

        Santander and IFC finalize landmark SRT

        Santander and the International Finance Corporation (IFC) have finalized a US$120m mezzanine guarantee that references a US$730m portfolio of Polish consumer loans. Dubbed Frida, the trade is the first significant risk transfer transaction in emergin...

      • Risk transfer round up-8 April

        CRT sector developments and deal news

        Credit Suisse is believed to be readying a significant risk transfer transaction from the Elvetia programme that is backed by Swiss corporate and SME loans. The last Elvetia deal was finalized in May 2021 and referenced Swiss residential mor...

      • New CAS, spreads wider

        Q2 GSE CRT issuance gets going after bumper Q1

        Fannie Mae this week printed a $1.1bn CAS REMIC deal, its fourth CAS offering of 2022. Issuance by the GSEs, briefly halted by the Russo/Ukrainian war, now appears back on track but yields remain elevated. The trade, designated CAS 2022 R04, cons...

    • CMBS

      • Maturing prospects

        Self-storage loans show highest refi rate

        The 10-year Treasury rate closed the month at 2.33%, following the rate hike in mid-March. With the US Fed indicating that six more rate hikes are likely this year, KBRA analysed the refinancing prospects of US CMBS conduit loans that mature through...

    • RMBS

      • Going Dutch

        Unprecedented RMBS issuance from the Netherlands

        A new Dutch prime RMBS issuer has hit the market, following a slow-down in issuance across the segment in recent years (SCI 26 January 2021). The Athora Group is debuting Prinsen Mortgage Finance 1, as the Dutch RMBS market experiences unprecedented...

  • Talking Point

    • Structured Finance

      • Covid-19: The effects on the securitisation sector

        TJ Durkin, head of structured credit at Angelo Gordon explores the immediate and longer-term effects of the pandemic on securitisation markets Since the Global Financial Crisis (GFC), structured credit markets have often been described as &ldqu...

  • Market Moves

    • Structured Finance

      • WhiteStar acquires Carlson Capital's CLO business

        Sector developments and company hires

        WhiteStar Asset Management has announced its acquisition of five reinvesting CLOs of more than US$2bn managed by Carlson CLO Advisers. WhiteStar will take on all collateral management duties of the Cathedral Lake branded CLOs, effective from 31 March...

      • Nuveen closes CLO issuance fund

        Sector developments and company hires

        Nuveen has announced the close of its inaugural CLO equity fund with over US$375m in committed capital. The Nuveen CLO Issuance Fund was supported by global public and private pension plans, family offices, as well as insurance companies, and will pr...

      • Lakemore Partners appoints independent board member

        Sector developments and company hires

        Lakemore has appointed Howard Tiffen as an independent member on its board of directors. With more than four decades of experience in credit, product, and portfolio management, Tiffen brings extraordinary knowledge in high yield capital markets to th...


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