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Issue 812 - 23rd September

  • News Analysis

    • Capital Relief Trades

      • Legitimate questions

        STS synthetics adoption discussed

        The adoption of STS synthetic securitisation has helped legitimise the capital relief trades market. However, this Premium Content article outlines how the EBA’s most recent consultations could prove challenging. STS synthetic securitisat...

  • News

    • Capital Relief Trades

      • STACR six priced

        Sixth low-LTV STACR of 2022 priced

        Freddie Mac priced STACR 2002-DNA6, its sixth low LTV STACR of the year, on Friday (September 16) afternoon. The GSE was reported to be in the market last week. The bookrunners were Bank of America and Morgan Stanley, while the co-managers were Amh...

      • Investment slowdown

        EIF expected to reduce SRT investments this year

        UniCredit and the EIB Group have finalized three synthetic securitisations that will enable UniCredit to provide €5bn in new loans to small and medium-sized enterprises (SMEs) in Italy, Germany, and Bulgaria. The guarantees are three of the...

      • Singular CRT

        One-off entry into CRT from PacWest

        Pacific Western Bank (PWB), a $41bn Beverly Hills, California-based lender wholly owned by PacWest Bancorp, has become the third US regional bank to venture into the CRT market. It is reported to be in the market with a four-tranche CLN designated...

      • Risk transfer round up-21 September

        CRT sector developments and deal news

        Royal Bank of Canada is believed to be readying a synthetic securitisation backed by leveraged loan exposures. The transaction would be the lender’s first capital relief trade. Meanwhile, a US bank is allegedly readying a synthetic securiti...

      • CRT wave continues

        Goldman Sachs prices leveraged loan CRT

        Goldman Sachs has become the first large US bank to execute a synthetic securitisation after US regulators effectively put the market on hold this year (SCI 9 August). Indeed, given the regulatory complications, the transaction is more likely akin to...

  • Market Moves

    • Structured Finance

      • Performance triggers finalised

        Sector developments and company hires

        Performance triggers finalised The EBA has published its final draft regulatory technical standards (RTS) specifying the minimum performance-related triggers for STS synthetic securitisations that feature non-sequential amortisation. With the purpo...


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