Weekly Issue Archive »

Issue 793 - 13th May

  • News Analysis

    • Capital Relief Trades
      • Reinsurance resurgence

        The CRT reinsurance market takes larger share of risk

        Mortgage reinsurance through the ACIS and CIRT programmes is becoming an increasingly important part of the GSE CRT landscape as the capital markets programmes have suffered volatile market conditions in 2022, note onlookers. When the GSEs unveiled...

  • News

    • Structured Finance
      • SCI Start the Week - 9 May

        A review of SCI's latest content

        Last week's news and analysis Consolidation considerations CLO manager acquisition activity set to continue More multifamily Workforce housing in focus amid affordability crisis New CAS, tighter spreads Fannie prints fifth CAS of...

    • Capital Relief Trades
      • Risk transfer round up-9 May

        CRT sector developments and deal news

        Unicredit is believed to be readying a synthetic securitisation backed by corporate loans. The Italian lender’s last capital relief trade was finalized in January (see SCI’s capital relief trades database). Stelios Papadopoulos&...

      • Stagflation risks disclosed

        Airlines at risk from inflation

        Fitch Ratings has carried out a sensitivity analysis of 25 global corporate sectors to an adverse macroeconomic scenario marked by stagflation. The rating agency found that only the airline industry would experience a medium to high impact leading to...

      • PIMCO push

        Kruzel hire suggests new SRT focus

        Mark Kruzel has joined PIMCO as a senior vice president in the new capital markets group (PCM), according to an internal announcement seen by SCI. He will report to Sean Meeker, who leads the credit effort in PCM. Meeker reports to Rick LeBrun, hea...

      • Risk transfer expansion

        MUFG finalizes synthetic securitisation

        SCI can reveal details of a transaction that MUFG Bank finalized at the end of March. Dubbed Monolith two, the US$210m five-year first loss guarantee references a revolving US$3bn global corporate portfolio. The risk transfer transaction is the Japan...

    • CMBS
      • Better bid

        REO online auctions gaining traction

        The three most active US CMBS special servicers sold 125 commercial real estate assets via online auctions in 2020 and 2021, with sale proceeds on average achieving 103% of the most recent appraised value and 122% of the minimum reserve price, accord...

    • RMBS
      • Servicer strategies

        BNPL affordability dynamic eyed

        The rapid growth of the buy now, pay later (BNPL) sector (SCI 25 March), coupled with heightened costs of living, is altering the affordability dynamic within existing RMBS portfolios. Against this backdrop, investors are being encouraged to...

  • Market Moves

    • Structured Finance
      • ITRN 'club deal' debuts

        Sector developments and company hires

        NN Investment Partners (NN IP) has launched the first vintage of a customised solution to invest in trade finance through its Insured Trade Receivables Notes (ITRN) strategy. Structured as a club deal and delivered via a mutual debt vehicle (a fonds...

      • 'Investor-friendly' features introduced

        Sector developments and company hires

        Rising interest rates and widening spreads have spurred changes in US non-prime RMBS structures that introduce investor-friendly features for senior noteholders, Fitch reports. The move comes amid growing concern over coupon cap shortfalls and lower...

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