Weekly Issue Archive »

Issue 803 - 22nd July

  • News Analysis

    • ABS
      • Changing perceptions

        Need for liquidity supporting TRS growth

        Rapid growth in trade receivables securitisation (TRS) volumes has been accompanied by an apparent change in perception of the asset class, from being overly complex to now being widely considered as an important funding instrument for the real econo...

    • Capital Relief Trades
      • Golden opportunity?

        Basel 4 raises Japanese SRT prospects

        Japanese banks have historically been well-capitalised, but implementation of the Basel output floors could change this. Against this backdrop, this Premium Content article investigates the prospects for capital relief trade issuance in the jurisdict...

  • News

    • ABS
      • Relative rebound

        European ABS/MBS market update

        The penultimate week of July has seen activity rebound in the UK and European ABS/MBS primary markets. Although no widely distributed deals have yet been seen, issuance flows have been encouraging in comparison to recent weeks. Facing continuing br...

    • Structured Finance
      • SCI Start the Week - 18 July

        A review of SCI's latest content

        Last week's news and analysis Administrative burden CLOs caught in disclosure crosshairs Climate impact revealed ECB releases climate stress tests Consumer SRT prints Klarna debuts capital relief trade Expiration concerns Ques...

    • Capital Relief Trades
      • Risk transfer round up-19 July

        CRT sector developments and deal news

        Santander has exercised an early termination for a synthetic securitisation of commercial real estate loans that the bank executed in 2018. Dubbed Red two finance CLO, the £83.5m financial guarantee referenced a nearly a £2.8bn po...

      • Portfolio selection

        Credit Benchmark publishes innovative CRT report

        Credit Benchmark has published a report that introduces a novel approach to portfolio selection and risk assessment in capital relief transactions. The report advocates the use of credit consensus data to price risk in otherwise unrated names and the...

      • SME SRT launched

        BBVA executes synthetic ABS

        BBVA and the EIB group have completed a €54m first loss financial guarantee under the European Guarantee Fund. The transaction references a portfolio of Spanish SMEs and midcaps and will mobilize €432m of SME financing. According...

      • Risk transfer round up-21 July

        CRT sector developments and deal news

        Societe Generale is believed to have closed a synthetic securitisation backed by French SME loans. The bank’s last synthetic ABS was executed in July last year and referenced capital call facilities (see SCI’s capital relief trade...

      • Nordic SRT finalized

        Nordea executes synthetic ABS

        Nordea, PGGM and Alecta have finalized an STS synthetic securitization that references a €2.5bn portfolio of Nordic corporate loans. Dubbed Sisu, the transaction is Nordea’s first post-Covid significant risk transfer trade to be so...

      • Fannie will, Freddie won't

        Fannie Mae to place less CAS than predicted, sells another two CIRT deals

        While Fannie Mae confided at this week’s SFA conference in Las Vegas that 2022 CAS issuance will be less than was expected at the beginning of the year, Freddie Mac says its forecast is unchanged. Fannie now anticipates CAS volume this ye...

      • Capital call CRT

        WAB sells subscription CRT to Blackstone, say sources

        In addition to its recent CRT deal derived from mortgage assets, Western Alliance Bank (WAB) has been in the market very recently with CRT trades referencing capital call facilities, say well-placed market sources. The Phoenix-based bank, which is...

  • Provider Profile

    • CLOs
      • Digital revolution?

        Claira co-founder, Eric Chang, and co-founder and advisor, Joe Squeri, answer SCI's questions

        Q: Claira, the document intelligence fintech, recently announced its collaboration with Citi to help boost digital transformation within securitisation and develop next-generation data analysis solutions for CLOs (SCI 29 June). Tell us more about you...

  • Market Moves

    • Structured Finance
      • ICE launches ESG Geo-Analyzer

        Sector developments and company hires

        Intercontinental Exchange (ICE) has launched its ICE ESG Geo-Analyzer tool to better help analyse portfolios of both commercial and residential properties, asset-backed securities, and corporate operations that are tied to certain locations. The Geo-...

      • 'Penalising' RBC proposal criticised

        Sector developments and company hires

        ‘Penalising’ RBC proposal criticised The LSTA has submitted a comment letter to the NAIC expressing its belief that the NAIC’s risk-based capital (RBC) proposal could penalise insurance company investments in CLOs and c...

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