Weekly Issue Archive »

Issue 807 - 19th August

  • News Analysis

    • Structured Finance
      • Unexpected update

        Recognition of EU STS securitisations to be extended

        Securitisation regulation in the UK has received a surprise amendment, following the publication last month of the new Financial Services and Markets Bill. The Bill is set to provide investors in the UK with access to a larger pool of STS securitisat...

    • Capital Relief Trades
      • Proportional representation

        Scaling factor suggested for capital charges

        A new Risk Control paper puts forward a scaling factor as a more risk-sensitive method of calibrating capital formulae under SEC-SA. The objective is to encourage European authorities to rectify the incoherence in securitisation prudential rules that...

      • US CRT return?

        US impasse raises corporate and leveraged loan CRT prospects

        US synthetic securitisation issuance has stalled after supervisors effectively put the market on hold (SCI 9 August). US supervisors are apparently concerned about direct CLN structures, but they are also likely unwilling to consider even structures...

      • CDS volumes soar

        CDS notional volumes break half year record

        CDS notional volumes for 1H22 have surpassed the previous high peak which occurred in 1H20 at the height of the coronavirus crisis. The bulk of the activity was concentrated in CDS indices as they offer a liquid way to manage corporate credit risk in...

  • News

    • Structured Finance
      • SCI Start the Week - 15 August

        A review of SCI's latest content

        Last week's news and analysis Exposure value disclosed EBA releases long awaited excess spread consultation Hedging eyed Goldman Sachs expected to hedge leveraged loans MILN revival? Narrowing spreads and diminished volatility to...

    • Capital Relief Trades
      • BMO busy

        Canadian lender in SRT market with third Algonquin of 2022

        Bank of Montreal (BMO) is in the market with Algonquin 2022-03, its third securitization from this platform this year. The deal is expected to close early next week. The SPV is called Manitoulin USD Ltd, and the Algonquin platform is used to secu...

      • L-Street open?

        Prior buyers hopeful L-Street will go live again, others sceptical

        Fannie Mae is unlikely to re-open the L-Street Securities lender risk-sharing scheme, believe experienced CRT market players. West coast lender Pennymac was this week reported to be “optimistic” about resuming the programme, whi...

  • Talking Point

    • ABS
      • Tangible benefits

        Ali Ben Lmadani, founder and ceo of ABL Aviation, argues that aircraft are the inflation-beating ass...

        Central banks across the globe are tightening monetary policy to curb the highest inflation rate in more than four decades. It’s been a rough ride for consumers – food and living costs have soared, as well as the price of energy....

  • Market Moves

    • Structured Finance
      • Latvian auto ABS debuts

        Sector developments and company hires

        Signet Bank has launched the first securitisation in Latvia, in cooperation with car leasing company Primero. The bank supported its subsidiary in the issuance of a €9.46m ABS. The seven-year transaction consists of a senior tranche and a...

      • MBS social index proposed

        Sector developments and company hires

        Fannie Mae has published a proposed methodology for single-family social disclosure, which aims to provide MBS investors with insights into socially-oriented lending while preserving the confidentiality of borrowers. At the core of the methodology ar...

      • ADB co-financing agreement inked

        Sector developments and company hires

        ADB co-financing agreement inked The Asian Development Bank (ADB) has signed an agreement with five global insurers that will mobilise up to US$1bn of co-financing capacity to support lending to financial institutions in Asia and the Pacific. The Ma...

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