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Issue 790 - 22nd April

  • News Analysis

    • Capital Relief Trades

      • Legacy issues

        STS amendments prove challenging

        The amendment of legacy synthetic securitisations into STS compliant trades has proven to be a much more challenging proposition than initially thought. In fact, most STS synthetics are brand new transactions according to STS verification agents, giv...

    • ABS

      • Fasten your safety belts

        Aircraft ABS set for further turbulence

        The fallout from the Ukraine crisis is likely to affect the entire aircraft ABS market, rather than simply those deals with exposure to Russian assets. This Premium Content article outlines why the sector is bracing for a bumpy ride. The Russia-Ukr...

    • Capital Relief Trades

      • Basel challenges highlighted

        SRT market calls for transitional relief

        The European Commission incorporated the December 2017 Basel three rules into EU law last year including the famous output floors (SCI 29 October 2021). Banks have long accepted the reality of the floors but the implementation and transition to the n...

  • News

    • ABS

      • New name

        Dutch auto lease ABS debuts

        Hiltermann Lease is in the market with a rare Dutch auto ABS. The lender’s inaugural transaction, dubbed Hill FL 2022-1, is backed by a €500m pool comprising 33,744 financial lease contracts to 30,896 lessees (see SCI's Eur...

      • Full steam ahead

        European ABS/MBS market update

        With seven deals marketing, the European and UK primary ABS/MBS markets are set for bustling days ahead. While the market remained relatively unmoved either side of the Easter break, this strong surge in deals all scheduled for next week will certain...

    • Capital Relief Trades

      • Risk transfer return

        BMO finalizes Canadian CRE SRT

        Bank of Montreal has finalized a five-year financial guarantee backed by a revolving C$2.1bn portfolio of Canadian commercial real estate loans (SCI 28 February). The transaction is the second synthetic ABS from the Boreal programme. Both transaction...

      • Dead CIRT

        Fannie Mae places 4th CIRT of 2022

        Fannie Mae has placed its fourth CIRT deal of 2022, a little over a week after its fourth CAS transaction of the year, the GSE announced today (April 19). The transaction, designated CIRT 2022-4, transferred $844.8m of mortgage credit risk to 22 in...

      • Risk transfer line-up finalised

        North American CRT in focus

        SCI’s 6th Annual Risk Transfer & Synthetics Seminar is taking place in-person on 27 April at the New York offices of Clifford Chance. The event focuses on the growing North American synthetic securitisation market, which is undergoi...

      • SRT expansion

        Chorus to broaden focus with new hire

        Chorus Capital has hired former ArrowMark portfolio manager Juan Grana. Grana will be joining the firm as Managing Director and Senior Portfolio Manager as well as a member of the executive committee. Although Chorus will continue to focus on large c...

    • CLOs

      • Transatlantic hurdles

        CLO managers aim to overcome infrastructure issues

        CLO managers are increasingly tapping transatlantic opportunities. However, risk retention financing and transparency requirements can be challenging.  “It tends to be firms that have experience in one market or the other, becaus...

  • Market Moves

    • Structured Finance

      • 17Capital closes largest debut private credit fund

        Sector developments and company hires

        17Capital has closed its inaugural NAV lending fund with €2.6bn in capital raised, exceeding its €1.5bn target. The 17Capital Credit Fund marks one of the largest debut private credit funds to be raised, and comes as demand for NAV...

      • ESG cat bond fund launched

        Sector developments and company hires

        Paschal Brooks and Justin Hull have co-founded Sustain ILS Management. Headquartered in New Jersey, the firm is an independent investment manager with a focus on sustainability and ESG within the catastrophe bond and reinsurance sectors. Brooks was p...

      • Ex-employees resurrect Highland

        Sector developments and company hires

        Ex-employees resurrect Highland A trio of former senior Highland Capital Management portfolio managers have resurrected the firm under a new moniker, Highland ERA Management. Patrick Daugherty – who was partner, senior CLO portfolio manage...


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