Weekly Issue Archive »

Issue 820 - 18th November

  • News Analysis

    • Capital Relief Trades

      • Staying strong

        Partnership approach hailed as basis of SRT success

        SRT pricing is, generally speaking, currently approximately 200bp wider compared to the beginning of 2022. Yet pricing has remained relatively sticky within a range, demonstrating the success of the partnership approach involved in capital relief tra...

    • Structured Finance

      • Action stations?

        Reporting template review welcomed

        The European Commission’s conclusion in its much-awaited report on the functioning of the Securitisation Regulation that more time is needed to assess the impact of the new framework (SCI 11 October) has broadly been accepted by the securit...

  • News

    • Capital Relief Trades

      • Risk transfer round up-14 November

        CRT sector developments and deal news

        The Royal Bank of Canada is believed to be readying another synthetic securitisation in addition to its pending leveraged loan CRT (SCI 21 September). The trade is said to reference a corporate loan portfolio and would further add to the record Canad...

      • Risk transfer round up-16 November

        CRT sector developments and deal news

        Piraeus Bank is believed to be readying a synthetic securitisation of corporate and SME loans that is expected to close by the end of the year. The Greek lender’s last capital relief trade was finalized in July and referenced shipping loans...

      • Test case

        Bayern LB executes first synthetic ABS

        Bayern LB, Chorus Capital, and M&G have finalized an STS significant risk transfer trade that references a €1bn corporate portfolio of primarily German exposures. Dubbed Tiesto 2022-1, the transaction is the German lender’s...

      • ECB review disclosed

        CET1 ratios decline amid weaker ROE outlook

        The European Central Bank has released its latest financial stability review. The report notes that bank capital ratios declined in 1Q22 albeit remaining at robust levels. CET1 declines coincide with a weaker profitability outlook for European banks....

    • CLOs

      • SCI MM CLO Awards: Issuer of the Year

        Winner: Owl Rock, a division of Blue Owl

        Owl Rock, a division of Blue Owl Capital, is recognised in this year’s SCI Middle Market CLO Awards for continuing to grow its platform and remaining an active issuer in challenging market conditions. For closing four MM CLOs during the awa...

      • SCI MM CLO Awards: Innovation of the Year

        Winner: Lake Shore MM CLO IV

        Priced on the very first day of our awards year, 1 October 2021, First Eagle Alternative Credit’s Lake Shore MM CLO IV, led the way in so many other respects. Our innovation of the year not only provided an innovative structure subsequently...

      • SCI MM CLO Awards: Deal of the Year

        Winner: Golub Capital Partners CLO 18(M)-R2

        A second reset of a middle market CLO upsized for a second time to now stand at over US$1.2bn would be notable enough. But GC Investment Management’s Golub Capital Partners CLO 18(M)-R2, arranged by SMBC Nikko, was also successfully priced...

  • Talking Point

    • Capital Relief Trades

      • Global Risk Transfer Report: Chapter three

        In the third of six chapters surveying the synthetic securitisation market, SCI tracks the evolution...

        Synthetic securitisation, once tarnished by association with the global financial crisis, has long since come in from the cold. The regulatory framework has developed significantly in Europe since the introduction of the new European Securitisation R...

  • Market Moves

    • Structured Finance

      • Liquidity event shows ABS 'did its job'

        Sector developments and company hires

        Liquidity event shows ABS ‘did its job’   The volume of European ABS and CLO bonds listed on BWICs between the UK government’s ‘mini-budget’ announcement on 23 September and the resignati...

      • Conflict of interest charge settled

        Sector developments and company hires

        Conflict of interest charge settled   The US SEC has charged S&P with violating conflict of interest rules designed to prevent sales and marketing considerations from influencing credit ratings, in connection with a jumbo RMBS it...

      • ESG activation consortium launched

        Sector developments and company hires

        ESG activation consortium launchedDexai-Etica Artificiale, Establecimiento Financiero de Crédito, European DataWarehouse (EDW), Hypoport, Unión de Créditos Inmobiliarios, Università Ca’ Foscari Ve...


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