Issue 821 - 25th November
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News Analysis
- ABS
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Grounds for optimism
US equipment ABS stays strong
US equipment ABS has had a good year, notwithstanding macro-driven spread widening. As this premium content article shows, there is also hope for 2023. While most sectors throughout the global capital markets have struggled in 2022, the US equipmen...
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- ABS
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News
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SCI MM CLO Awards: Investor of the Year
Winner: CalPERS
The largest public pension plan in the US – the US$495bn California Public Employee’s Retirement System (CalPERS) – has long been a CLO investor and has been involved with middle market CLOs since 2018. However, what cau...
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- ABS
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Encouraging activity
European ABS/MBS market update
The UK and European ABS/MBS primary market saw some signs of recovery this week, with eight deals pricing. Further, following weeks of volatile market conditions and a lengthy trend of exclusively fully privately/pre-placed deals, the UK market final...
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- Structured Finance
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SCI Start the Week - 21 November
A review of SCI's latest content
New podcast episode available In the latest episode of the ‘SCI In Conversation’ podcast, we chat to MidOcean Partners about the firm’s Women’s Awareness Initiative and its outlook for the CLO market. To acces...
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- Capital Relief Trades
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Cliff edge
New report raises alarm over output floor
The output floor is expected to render synthetic securitisations and specifically those backed by corporate and SME exposures unviable according to a Risk Control report that AFME published today (SCI 22 November). The report confirms the challenges...
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Hedging boost
Unicredit opts for uncapped swap structure
Unicredit has finalized a full stack significant risk transfer trade that is backed by an €845.7m Italian consumer portfolio. Dubbed ARTS Consumer 2022-1, the transaction is the first confirmed case of the use of an uncapped structure for th...
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Risk transfer round up-24 November
CRT sector developments and deal news
CIBC is rumoured to be the issuer behind the ‘’Waterloo’’ CRT which is being arranged by BNP Paribas (SCI 10 November) amid a surge in the Canadian CRT market (SCI 22 November). Meanwhile, Deutsche Bank is beli...
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Sell-side specialisms
SRT bank relationships, technical knowledge transferred
SRT arranger/structurer departures from Citi have been notable over the last year, with Olivier Renault (SCI 1 December 2021), Mark Kruzel (SCI 11 May) and Alexis De Vrieze (SCI 8 September) all moving to the buy-side, for example. Capital relief tra...
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Lift off
Canadian CRT market picks up
Toronto Dominion Bank is believed to be the latest Canadian lender to be readying a capital relief trade amid a surge in the country’s risk transfer market (SCI 14 November). Indeed, five transactions are currently in the pipeline as Canadi...
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- CLOs
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SCI MM CLO Awards: Law Firm of the Year
Winner: Allen & Overy
Allen & Overy wins Law Firm of the Year in this year’s SCI Middle Market CLO Awards, as the practice is recognised for its accomplishments as a leading legal advisor in the MM CLO sector. Allen & Overy boasts a renowned team...
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SCI MM CLO Awards: Service Provider of the Year
Winner: U.S. Bank
U.S. Bank doesn’t merely have a narrow lead over its chief competitors in the provision of custody and trust services to middle market CLO managers: it has opened up a yawning gulf. For the 12 months ending September 30 2022 U.S. Bank claim...
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SCI MM CLO Awards: Arranger of the Year
Winner: Natixis
With 18 middle market CLOs arranged during the awards year, 1 October 2021 to 30 September 2022, Natixis is our Arranger of the Year. The firm’s achievement of leading nearly double the number of deals as their nearest rival is borne out of...
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SCI MM CLO Awards: Manager of the Year
Winner: Golub Capital
Manager of the Year was perhaps the toughest category at this year’s middle market CLO awards to judge, with a number of likely candidates. However, with a combination of consistent investment performance in a challenging market and strong...
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Talking Point
- Capital Relief Trades
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Global Risk Transfer Report: Chapter four
In the fourth of six chapters surveying the synthetic securitisation market, SCI tracks the evolutio...
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...
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- Capital Relief Trades
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The Structured Credit Interview
- ABS
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Less dilutive
Dan Trolio, executive svp and cfo of Horizon Technology Finance Corporation, answers SCI's questions
Q: Horizon recently completed a US$158m ABS - Horizon Funding Trust 2022-1 - backed by non-investment grade performing loans advanced to venture capital-backed companies in the technology, life science, healthcare information and sustainability indus...
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- ABS
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Provider Profile
- Structured Finance
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Unlimited mandate
Robert Bradbury, head of structured credit execution and advisory at Alvarez & Marsal (A&M),...
Q: A&M’s structured credit offering is a core component of the firm’s portfolio advisory group, which acts for both the buy-side and the sell-side in respect of portfolio and credit opportunities across asset classes, incl...
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- Structured Finance
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Market Moves
- Structured Finance
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Call for urgent review of SA output floor
Sector developments and company hires
Call for urgent review of SA output floorAFME has published a study, commissioned from Risk Control, examining the impact on the European securitisation market of the introduction in 2025 of the Standardised Approach output floor. The study finds tha...
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Unrepresentative 'synthetic' Libor mooted
Sector developments and company hires
Unrepresentative ‘synthetic’ Libor mooted The UK FCA has published a consultation on a proposal to require - using its powers under the UK Benchmarks Regulation - ICE Benchmark Administration (IBA), the administrato...
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- Structured Finance
 
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