Weekly Issue Archive »

Issue 806 - 12th August

  • News Analysis

    • Capital Relief Trades

      • MILN revival?

        Narrowing spreads and diminished volatility to give CPR to MILNs

        The mortgage insurance-linked note (MILN) market, which has languished in the doldrums for the best part of 2022, is set to enjoy a pick-up before year-end, say analysts and issuers. There have been only two MILNs sold this year, for a tot...

      • Exposure value disclosed

        EBA releases long awaited excess spread consultation

        The European Banking Authority has published its long-awaited consultation regarding regulatory technical standards pertaining to the exposure value of synthetic excess spread in significant risk transfer transactions (SCI 9 August). The main proposa...

    • Asset-Backed Finance

      • Symbiotic relationship

        'Recharacterisation' underway for European ABS

        The paucity of European publicly placed securitisations in recent months, against a backdrop of challenging conditions, is seen as a symptom of a market that is overregulated and has too few participants. Against this backdrop, a seemingly symbiotic...

  • News

    • Structured Finance

      • SCI Start the Week - 8 August

        A review of SCI's latest content

        Last week's news and analysis Asset rich WAB loves CRT Fast-growing Western Alliance Bank at forefront of US CRT Downward trend iTraxx passes peak and heads downwards Freddie charts fresh waters Inaugural June ACIS trade, dubbed A...

    • Capital Relief Trades

      • Regulatory block

        US CRT sector is becalmed and regulators are to blame, say sources

        US regulators have blocked regulatory capital relief trades at a time when the mechanism would be of particular value to US banks, say well-placed market sources. So far in 2022, only Western Alliance Bank (WAB) has issued in the CRT market. Issuer...

      • Risk transfer round up-10 August

        CRT sector developments and deal news

        Eurobank is believed to be readying a capital relief trade of Greek shipping loans for 2H22. The alleged transaction follows the execution of a Piraeus bank shipping CRT  last month (see SCI’s capital relief trades databas...

      • Hedging eyed

        Goldman Sachs expected to hedge leveraged loans

        Last week SCI revealed an alleged synthetic ABS from Goldman Sachs (SCI 5 August), but further information has now been disclosed on the transaction. Indeed, the capital relief trade is believed to be backed by leveraged loan exposures, with the lend...

  • Market Moves

    • Structured Finance

      • RFC issued on SES proposals

        Sector developments and company hires

        The EBA has launched a public consultation on its draft regulatory technical standards (RTS) on the determination by originator institutions of the exposure value of synthetic excess spread (SES) in securitisations. The aim of the proposals is to con...

      • Angel Oak censured for fix-and-flip RMBS

        Sector developments and company hires

        The US SEC has charged Angel Oak Capital Advisors and its portfolio manager Ashish Negandhi for misleading investors about the firm’s fix-and-flip loan securitisation’s delinquency rates. Angel Oak and Negandhi have agreed to pay...

      • DLT powers bank subordinated debt deal

        Sector developments and company hires

        DLT powers bank subordinated debt deal Blockchain-powered fixed income platform Brightvine and Angel Oak Capital Advisors have launched what is believed to be the first-ever bank subordinated debt issuance leveraging blockchain technology. A US$147....


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