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Issue 817 - 28th October

  • News Analysis

    • Structured Finance
      • Comeback king?

        European 'regulation tsar' mooted

        The sustainable recovery of the European securitisation market is widely believed to lie in the hands of policymakers. This Premium Content article investigates whether a ‘regulation tsar’ could serve as a unifying authority for t...

    • Capital Relief Trades
      • New opportunities

        CRT opportunities assessed as central banks pull back

        CRT investors are assessing new opportunities in the market as central banks pull back from years of accommodative monetary policy. CVA hedges continue to emerge as an attractive opportunity as markets face the prospect of higher volatility (SCI 24 M...

  • News

    • Structured Finance
      • SCI Start the Week - 24 October

        A review of SCI's latest content

        CRT awards announcedSCI’s 2022 Capital Relief Trades Awards winners and honourable mentions were announced at a ceremony last week. Many congratulations to them all for their outstanding contributions to the risk transfer industry over the...

    • Capital Relief Trades
      • SCI CRT Awards: Impact Deal of the Year

        Winner: FCT Greendom 2021

        Societe Generale’s FCT Greendom 2021 has won Impact Deal of the Year in this year’s SCI Capital Relief Trades Awards. Greendom marks the first CRE-backed transaction to be structured in compliance with the new STS synthetic securi...

      • SCI CRT Awards: Innovation of the Year

        Winner: Sumeru IV

        Alecta, PGGM and Standard Chartered have won the Innovation of the Year award in this year’s SCI Capital Relief Trades Awards for their Sumeru IV transaction. The synthetic securitisation references a global portfolio of corporate loans and...

      • SCI CRT Awards: Investor of the Year

        Winner: PGGM

        Even by its own very high standards, the 2021/2022 awards year was a busy one for the winner PGGM. The firm further enhanced its reputation as one of the most experienced and largest active end-investors in credit risk sharing (CRS) transactions worl...

      • SCI CRT Awards: Credit Insurer of the Year

        Winner: RenaissanceRe

        RenaissanceRe has won the Credit Insurer of the Year category in SCI’s CRT Awards, following another year of growth and achievements. The Bermuda-based reinsurance firm consistently impressed and continues to stand at the forefront of innov...

      • SCI CRT Awards: Issuer of the Year

        Winner: Santander

        Santander has won the Issuer of the Year category in this year’s SCI Capital Relief Trades Awards. The bank continues to be one of the largest and most innovative originators in the CRT space globally, with a total of 12 capital relief tran...

      • SCI CRT Awards: Arranger of the Year

        Winner: UniCredit Bank

        UniCredit Bank has won the Arranger of the Year category in SCI’s Capital Relief Trades Awards, in recognition of the volume and scope of the deals it executed during the awards period. The bank arranged a record 15 deals over the last 12 m...

      • Risk transfer round up- 26 October

        CRT sector developments and deal news

        Novo Banco is allegedly prepping a significant risk transfer trade backed by SME loans while Banco BPM is said to be readying a synthetic ABS that references project finance exposures. The Novo Banco deal would be the lender’s fi...

      • SCI CRT Awards: Broker of the Year

        Winner: The Texel Group

        The Texel Group has won the inaugural Broker of the Year category in this year’s SCI Capital Relief Trades Awards. Texel is a specialist credit and political risk insurance broker with offices in the UK, Europe, Asia and the US and a dedica...

      • SCI CRT Awards: Law Firm of the Year

        Winner: Simmons & Simmons

        Simmons & Simmons wins SCI’s Law Firm of the Year award, following a year which saw increased progress, volumes and international coverage for the firm in the capital relief trade sector. The international law firm impressed with it...

      • Mixed impact

        Basel impact assessed

        Scope ratings has published its latest bank capital quarterly. The report points to an average increase of 15% of current Tier one minimum from the implementation of Basel three. However, EU adjustments would imply a less punitive impact. The Europ...

      • SCI CRT Awards: Contribution to North American CRT

        Winner: Bank of Montreal

        For much of the last 12 months, Bank of Montreal (BMO) has been not only a prominent player in the North American CRT market, but it has also been the only player in the North American CRT market. Additionally, at the time of writing, it is the only...

      • SCI CRT Awards: Personal Contribution to the Industry

        Winner: Jessica Littlewood, global operations and business transformation partner at Clifford Chance

        The Personal Contribution to the Industry Award this year is dedicated to Jessica Littlewood from Clifford Chance. She has worked in the industry for 24 years and within that time has been commended for her knowledge, expertise and professionalism wi...

      • Risk transfer return

        African Development Bank stages comeback

        The African Development Bank (AfDB), the United Kingdom’s Foreign Commonwealth and Development Office (FCDO) and three insurers have executed a 15-year synthetic securitisation that references a US$2bn sovereign loan portfolio. Dubbed Room...

  • The Structured Credit Interview

    • RMBS
      • Reaching milestones

        John Beacham, ceo and founder of Toorak Capital Partners, answers SCI's questions

        Q: Toorak recently hit a US$10bn milestone in whole loan funding for housing rehab and construction since its inception in 2016. What does this mean to your company? A: We’re extremely proud of hitting this milestone and excited fo...

  • Market Moves

    • Structured Finance
      • NPL guidelines released

        Sector developments and company hires

        NPL guidelines releasedThe European Commission last week published voluntary guidelines on best execution processes for non-performing loan sales in the secondary market. The guidelines define practices across the seven stages of an NPL tran...

      • CMBS hedging agreements eyed

        Sector developments and company hires

        CMBS hedging agreements eyedDBRS Morningstar has raised concerns that the current DSCRs of three European CMBS it rates - Sage AR Funding No 1, Sage AR Funding 2021 and Taurus 2021-4UK - will be insufficient to enable the borrowers to use excess cash...

      • Irish reperforming RMBS stress tested

        Sector developments and company hires

        Irish reperforming RMBS stress testedS&P has conducted a scenario analysis of seven of the Irish reperforming RMBS it rates, to investigate the impact of the rising cost of living, since legacy mortgage loans are particularly vulnerable to ra...

      • Apollo, PIMCO set to acquire Credit Suisse SPG

        Sector developments and company hires

        Apollo, PIMCO set to acquire Credit Suisse SPGCredit Suisse has unveiled its new strategy and transformation plan, following a strategic review of the bank’s businesses (SCI 28 July). The bank says it is taking “extensive measures...

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