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Issue 795 - 27th May

  • News Analysis

    • Capital Relief Trades
      • Diversification eyed

        Investors target derivative backed SRTs

        Investors are targeting synthetic securitisations backed by derivatives exposures for diversification purposes as competing capital for other asset classes heats up. However, these transactions are and will remain a fraction of the market with the bu...

    • Structured Finance
      • Portfolio progress

        Business model rethink continues apace

        The trend of banks rationalising their business models continues apace across Europe. This Premium Content article explores the role of securitisation in their portfolio optimisation efforts. The need for banks to fundamentally rethink their busine...

    • CMBS
      • Retail woes

        Euro CMBS divergence continues

        A new Scope Ratings report shows that European commercial real estate valuations have generally increased across the board. However, challenges remain in the retail and hospitality sectors, with valuers continuing to take a bearish outlook on the sec...

    • Capital Relief Trades
      • Climate impact disclosed

        Bank of England releases climate stress tests

        The Bank of England has released its highly anticipated climate stress tests which show that UK bank balance sheets can absorb shocks from climate risks but the central bank and experts have underlined the fact that data and modelli...

    • ABS
      • Slow and steady

        Dutch auto ABS to remain stable as car ownership declines

        Adoption of Mobility as a Service (MaaS) in the Netherlands could lead to the end of individual car ownership for the country’s residents. At present, Dutch auto ABS only represents 1% of the total European auto ABS market, so the impact of...

  • News

    • ABS
      • El Clásico?

        Groundbreaking AV bond closes

        CVC Capital Partners has closed an innovative hybrid transaction backed primarily by revenues from audio-visual (AV) rights commercialised by La Liga, the organisation that runs the top two divisions of professional football in Spain. Dubbed Loarre I...

    • Structured Finance
      • SCI Start the Week - 23 May

        A review of SCI's latest content

        Last week's news and analysis Accelerating change NPL ABS evolution gathers pace Accountability required Further transparency needed for ESG CLOs Capital boost European banks ready for cycle turn Climate countdown Green SRT ch...

    • Capital Relief Trades
      • Risk transfer round up-24 May

        CRT sector developments and deal news

        HSBC is believed to be readying a synthetic securitisation backed by derivatives exposures. The bank’s last significant risk transfer trade was finalized last year and referenced US corporate loans (see SCI’s capital relief trades...

    • CDS
      • Restructuring event?

        Yandex restructuring event rejected

        The credit derivatives determinations committee has declined to consider the question of whether a restructuring credit event has occurred with respect to Russian company Yandex. The background to the decision is unclear but it’s perhaps an...

  • Talking Point

    • Structured Finance
      • Office sector concerns

        The return to work has brought arguably more uncertainty than the initial transition to working from home, explains Steve Jellinek, head of CMBS research at DBRS Morningstar. Uncertainty remains a key theme as corporate occupiers look to assess the...

  • Market Moves

    • Structured Finance
      • Wilmington Trust adds new hires

        Sector developments and company hires

        Wilmington Trust has announced a further expansion to its CLO and loan administration division with three new senior hires. Michael Mooneyham, Ryan Murray, and Madhura Swadi all join the firm in an effort to boost the development of client relationsh...

      • Arnold & Porter hires new partner

        Sector developments and company hires

        Arnold & Porter welcomes a new partner to its corporate and finance practice in New York in a move to bolster its offering to lenders and borrowers. Scott Berson joins the firm from Norton Rose Fulbright, with more than 25 years of experience...

      • Call for more 'hard' credit enhancement

        Sector developments and company hires

        The rise in Euribor swap rates will lead to materially lower excess spread for euro-denominated consumer ABS that close in the near term, Fitch suggests. The rating agency warns that higher hedging costs at closing mean that more ‘hard&...

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