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Issue 802 - 15th July

  • News Analysis

    • Capital Relief Trades
      • Climate impact revealed

        ECB releases climate stress tests

        The European Central Bank has released its long-anticipated climate stress tests. The exercise shows €70bn in climate related losses but the tests understate the actual risks and although some light has been shed on data and modelling gaps a...

    • ABS
      • Expiration concerns

        Questions raised over the end of HAPS

        The Greek HAPS programme is set to expire in October, having helped to considerably reduce the non-performing exposures of the country’s systemic banks. However, there is concern that its expiration may be premature, given the possibility o...

    • Structured Finance
      • Making hay

        New equilibrium for Australian securitisation market

        In contrast to Europe and the UK, the Australian securitisation market is continuing to see healthy issuance activity, despite the country dealing with the same inflation and rates pressures as the rest of the world. This Premium Content article inve...

    • ABS
      • Prepayments on the cards

        FFELP loan cancellation widely anticipated

        President Biden is widely expected to introduce a large-scale student loan forgiveness programme ahead of the US mid-term elections in November. One of two administrative mechanisms is likely to be adopted to implement the programme, each of which wo...

    • CLOs
      • Administrative burden

        CLOs caught in disclosure crosshairs

        US CLO managers are facing potential disruption from new disclosure requirements proposed by the US SEC in February. The proposed new rules under the Investment Act of 1940 would require registered investment advisors to private funds - including CLO...

  • News

    • Structured Finance
      • SCI Start the Week - 11 July

        A review of SCI's latest content

        Call for SCI CRT Awards 2022 submissions The submissions period has opened for the 2022 SCI CRT Awards – covering the global capital relief trades market and the US credit risk transfer market. Nominations should be received by 25 August....

      • Looking for labels

        Second-party opinions gaining traction

        A total of 17 securitisations with second-party opinion (SPO) labels have been issued in Europe since 2016. With ESG factors playing an increasingly important role in investment decisions, tiering could emerge between transactions based on whether th...

    • Capital Relief Trades
      • Consumer SRT prints

        Klarna debuts capital relief trade

        Nordic consumer lender Klarna has finalized a synthetic securitisation backed by a portfolio of German buy now pay later exposures (BNPL). The transaction is the first capital relief trade to be backed by such exposures. The significant risk transf...

      • Landesbank pick up continues

        Helaba debuts capital relief trade

        Helaba, PGGM and Alecta have executed an STS synthetic securitisation that is backed by a Є2.1bn portfolio of German corporate loans. The capital relief trade is the second confirmed significant risk transfer trade from a German Landesbank...

      • Landmark APAC SRT launched

        Standard Chartered prints capital relief trade

        Standard Chartered, PGGM and Alecta have finalized a synthetic securitisation that references a US$1.5bn portfolio of Asian, Middle Eastern, African, North American, and Western European corporate loans. Dubbed Sumeru four, the capital relief trade r...

  • Talking Point

    • Structured Finance
      • Uncertainty prevails

        Macroeconomic backdrop in focus

        Thus far, 2022 has experienced some turbulent and choppy market conditions. Although poor performance has not yet affected the securitisation sector, the consensus – at least, in evidence during AFME and IMN’s Global ABS conferenc...

  • Market Moves

    • Structured Finance
      • Aviva Investors appoints HSBC and Mount Street Group

        Sector developments and company hires

        HSBC and Mount Street have entered into a ten-year strategic agreement to service Aviva Investors’ £50bn Real Assets business. The firms’ appointment will see them assuming responsibility for all fund administration and...

      • Call for proportionality in ABS framework

        Sector developments and company hires

        AFME ceo Adam Farkas has written to the European Commission, calling for better proportionality in the securitisation framework. The letter points out that despite its importance for the Capital Markets Union project, the European ABS market remains...

      • GSE NPL sales tallied

        Sector developments and company hires

        Fannie Mae and Freddie Mac sold 154,972 non-performing loans with a total unpaid principal balance (UPB) of US$28.7bn during the period from programme inception in 2014 through 31 December 2021, according to the FHFA. The loans had an average UPB of...

      • SME guarantee inked

        Sector developments and company hires

        The EIB Group has provided RLB Steiermark with a guarantee for a €60m mezzanine tranche of a synthetic securitisation. The transaction is backed by the Investment Plan for Europe and is expected to provide capital relief under the CRR. The...

      • ABS CDO manager replaced

        Sector developments and company hires

        Dock Street Capital Management has replaced Dynamic Credit Partners (as successor to Petra Capital Management, the original manager of the deal) as collateral manager for the Brookville CDO I transaction. Moody’s has confirmed that the move...

    • Capital Relief Trades
      • Greek SRT launched

        Alpha bank executes capital relief trade

        Alpha Bank has executed a synthetic securitisation that references a €650m portfolio of Greek corporate and SME loans. Dubbed project Tokyo, the first loss financial guarantee was executed with the European Investment Bank group and it&r...

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