Weekly Issue Archive »

Issue 815 - 14th October

  • News Analysis

    • CLOs

      • Opening access

        Demand for CLO ETFs set to rise

        The popularity of CLO ETFs is set to increase, given the current rising interest rate environment. This Premium Content article investigates how the product has opened up the CLO asset class to a broader set of investors. The advent of CLO ETFs ope...

  • News

    • Structured Finance

      • SCI Start the Week - 10 October

        A review of SCI's latest content

        Last week's news and analysis CLOs in an age of economic uncertainty A ‘Talking Point’ from Pemberton Consumer SRT launched Santander prices significant risk transfer trade Full stack SRT launched BNP Paribas e...

      • Non-calls to continue?

        Extension risk on the rise, particularly for non-bank issuers

        Following the announcement that buy-to-let RMBS Towd Point Mortgage Funding 2019 - Auburn 13 will not be called at its first call date this month, “given current market conditions”, extension risk in the European ABS/MBS market is...

    • Capital Relief Trades

      • Risk transfer round up-11 October

        CRT sector developments and deal news

        US regional lender Customers bank has finalized a capital relief trade rendering it the latest US regional bank to execute a capital relief trade after the recent CRT from PacWest (SCI 20 September). The transaction hedges capital for a port...

      • Regional bank CRT pipeline builds

        New SCI Global Risk Transfer Report published

        A couple more US regional bank capital relief trades are in the pipeline for late 2022 or early 2023, according to SCI’s new Global Risk Transfer Report. In terms of reference pools, a current area of focus is relatively high-quality assets...

      • Corporate SRT priced

        Natixis executes capital relief trade

        Natixis has executed a synthetic securitisation backed by a global portfolio of senior unsecured corporate loans. Dubbed Lhotse, the transaction is riding a wave of SRTs from French banks this year. French and other banks are feeling the pinch from...

      • Custom-built capital relief

        Customers Bank perhaps side-steps regulators with true sale deal

        The unusual regulatory capital relief trade closed by Customers Bank on September 30 is likely to have achieved de-recognition of the assets, meaning that it did not require approval from the New York Federal Reserve Bank, surmise well-placed sources...

      • Climate boost

        Sabadell completes project finance SRT

        Sabadell, Glennmont partners and Newmarket have executed a synthetic securitisation that references a €1bn portfolio of European project finance exposures as more banks tap synthetics to hedge these exposures (SCI 11 October). The signific...

      • CRT Seminar line-up finalised

        Women in risk sharing breakfast to debut

        SCI’s 8th Annual Capital Relief Trades Seminar is taking place in-person on 20 October at the offices of Allen & Overy in London. Chaired by Pemberton Capital Advisors’ Olivier Renault, the event will cover the latest regu...

  • Talking Point

    • CLOs

      • Stormy weather

        Increased default and downgrade risk for CLOs

        The US CLO market has thus far sailed through the storms of 2021 and 2022 in eminently seaworthy condition. However, with recession now looming, the sector faces increased downgrade and default risks. “Loan defaults have started to pick u...

  • The Structured Credit Interview

    • CMBS

      • Keeping it competitive

        Greystone's Jenna Unell, senior md in special servicing, and Rob Russell, president of special servi...

        Q: Greystone recently purchased its first primary B-piece in a US$1.09bn conduit CMBS. What makes now the right time to enter this market? RR: We purchased what was C-III Asset Management at the end of 2019, just before the pandemic, and we are wo...

  • Market Moves

    • Structured Finance

      • 'Too early to tell' for Sec Reg

        Sector developments and company hires

        ‘Too early to tell’ for Sec Reg The European Commission has released its report on the functioning of the Securitisation Regulation, as mandated under Article 46 of the Securitisation Regulation. The headline takeaway is that si...

      • UK CRE CLO programme prepped

        Sector developments and company hires

        Aeon Investments has closed its first commercial real estate CLO warehouse in the UK, backed by three strategic loan agreements totalling £900m, as it continues to grow its private credit business. Loans will be funded through Aeon'...


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