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Issue 804 - 29th July

  • News Analysis

    • ABS
      • On the cards

        Credit card ABS strength likely to attenuate into 2023

        The resilience of the credit card ABS market in the face of rampant inflation has surprised analysts, but delinquency rates will increase from the beginning of next year, they say. Covid-era stimulus payments and delinquency moratoriums by banks, p...

  • News

    • Structured Finance
      • SCI Start the Week - 25 July

        A review of SCI's latest content

        Last week's news and analysis Capital call CRT WAB sells subscription CRT to Blackstone Changing perceptions Need for liquidity supporting TRS growth Digital revolution? Claira answers SCI's questions Fannie will, Fredd...

    • Capital Relief Trades
      • Risk transfer round up-26 July

        CRT sector developments and deal news

        Santander is believed to be readying a synthetic securitisation backed by a pan-European portfolio of commercial real estate loans that is expected to close in 2H22. The bank’s last synthetic CRE trade was finalized in 2018. (See SCI&rs...

      • Risk sharing facility disclosed

        Caixabank inks SRT as risk sharing scheme revealed

        Caixabank and the European Investment Bank group have finalized a €112.5m first loss financial guarantee that references a €1.5bn portfolio of Spanish SMEs. The significant risk transfer trade is one of the last ones under the Europ...

      • Shipping SRT debuts

        Piraeus Bank launches landmark shipping SRT

        Piraeus Bank has finalized a US$50m mezzanine tranche that references a US$650m Greek shipping portfolio. The transaction is one of only two synthetic securitisations to be backed exclusively by shipping loans. According to senior sources close to...

      • Portfolio boost

        BNP Paribas completes synthetic ABS

        BNP Paribas has finalized a seven year €663m mezzanine tranche that references a €13bn global corporate portfolio. Dubbed Resonance seven, the transaction features the largest portfolio size for any capital relief trade in...

      • TCB test

        Chapter 11 filing by TCB debtor puts CRT structure to the test

        Texas Capital Bank (TCB) is facing a test of the structure of the CRT it brought in March last year, following the June 30 bankruptcy filing by First Guaranty Mortgage. The Texas-based mortgage originator was one of the institutions to which TCB le...

    • RMBS
      • Last week of term?

        European ABS/MBS market update

        As July comes to an end, the European and UK primary ABS/MBS markets are looking forward to the summer hiatus after a difficut few months. Still, a few RMBS mandates managed to get over the line this week and there is even a deal in the visible pipel...

  • Market Moves

    • ABS
      • Trade finance tokens unveiled

        Sector developments and company hires

        Trade finance tokens unveiled Tradeteq has selected XinFin’s XDC Network to launch TRADA tokens, believed to be the first-ever fully regulated trade finance-backed fungible security tokens. The move is expected to deliver liquidity to th...

    • Structured Finance
      • Securitised products business under review

        Sector developments and company hires

        During its 2Q22 financial results presentation yesterday, Credit Suisse disclosed that it has been conducting a strategic review of the bank's businesses, with the goal of creating “a more focused, agile group with a significant, lo...

      • RFC issued on homogeneity RTS

        Sector developments and company hires

        The EBA has launched a public consultation on draft regulatory technical standards (RTS) specifying the criteria for the underlying exposures in securitisation to be deemed homogeneous, in line with requirements under the Securitisation Regulation an...

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