Weekly Issue Archive »

Issue 816 - 21st October

  • News Analysis

    • CLOs
      • Natural evolution

        CLO docs, structures adapting to macroeconomic conditions

        Challenging market conditions have dampened European CLO issuance this year, but they have not stalled it completely. Indeed, transaction structures and documentation are expected to continue evolving to meet equity and debt investors' expect...

    • Capital Relief Trades
      • Backward trigger dropped

        EBA amends initial STS SRT consultation

        The European Banking Authority’s final regulatory technical standards (RTS) on the performance triggers for STS synthetic securitisations with non-sequential amortization (SCI 21 September) have been welcomed by market participants. Indeed,...

  • News

    • Structured Finance
      • SCI Start the Week - 17 October

        A review of SCI's latest content

        Last few days to register! SCI’s 8th Annual Capital Relief Trades Seminar is taking place this Thursday, 20 October in London. For more information on the event or to register, click here. New free report SCI has published a Global Risk...

    • Capital Relief Trades
      • Ramping up

        Bank of Montreal prices synthetic ABS

        Bank of Montreal has priced a synthetic securitisation of US and Canadian senior secured and senior unsecured corporate loans from the Muskoka programme. The latest transaction brings the total number of deals from BMO this year to a sizable seven, a...

      • Risk transfer round up-17 October

        CRT sector developments and deal news

        HSBC France is believed to be readying a synthetic securitisation of corporate loans for 4Q22. The transaction would be the first from the lender’s French subsidiary as the bank is readying another capital relief trade backed by UK corporat...

      • Swell spreads

        Risk pricing means bonds stay costly for GSEs, say speakers at Miami

        The GSEs will be obliged to offer “pricing concessions to increased risk” in 2023, meaning, among other things, that the shift to reinsurance will continue, says a speaker at the ABS East conference in Miami today. Spreads in ST...

      • Through a glass darkly

        Regulatory transparency would kickstart US CRT, say Miami speakers

        Greater “clarity from regulators” is the key catalyst required to increase US bank usage of the CRT market, according to a speaker today at the ABS East conference in Miami. Currently, there is an “opaque environment&a...

      • SRT debut

        First Bulgarian synthetic ABS finalized

        Unicredit Bulbank and the European Investment Bank (EIB) group have finalized a synthetic securitisation that references a €1bn portfolio of Bulgarian SME and Midcap loans. The transaction is the first synthetic securitisation in Bulgaria. ...

      • SCI CRT Awards: Transaction of the Year

        Winner: Project Triton

        Piraeus Bank’s Project Triton has won the Transaction of the Year category in SCI’s Capital Relief Trades Awards for being for the first synthetic STS securitisation of performing shipping loans in Europe. The US$700m deal &nd...

      • SCI CRT Awards: North American Transaction of the Year

        Winner: Algonquin 2022-1

        Bank of Montreal’s (BMO) footprint in the CRT market is both extensive and well-established. But of the four programmes it operates, it would not be unfair to call Algonquin the jewel in the crown. First unveiled in 2020, the platform rec...

  • Talking Point

    • Structured Finance
      • CRE CLOs: time to zig when others zag

        When it comes to structured commercial real estate (CRE) credit, the European market is at a pivotal juncture, explains Iain Balkwill, partner at Reed Smith. Last year proved to be a ground-breaking year for the asset class; we saw a record volu...

  • The Structured Credit Interview

    • CMBS
      • Conservative approach

        Aeon Investments ceo Oumar Diallo and coo Ben Churchill answer SCI's questions

        Q: Aeon recently announced the closing of its first commercial real estate CLO warehouse (SCI 12 October) with Credit Suisse. Could you provide some background to the decision to become a CRE CLO issuer? OD: We’re active across the real es...

  • Market Moves

    • Structured Finance
      • Aviation ABS industry eyes AerCap suit

        Sector developments and company hires

        Aviation ABS industry eyes AerCap suit The outcome of AerCap’s filing with the High Court in London could serve as a blueprint for other aircraft lessors with lease exposure in Russia. KBRA notes that in its discussions with the 14 lessor...

      • GSE social disclosures readied

        Sector developments and company hires

        GSE social disclosures readied Fannie Mae and Freddie Mac are set to begin publishing pool-level Social Index disclosures for their single-family MBS. The move follows the release of Fannie’s proposed methodology for single-family social...

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