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Issue 823 - 9th December

  • News Analysis

    • ABS
      • Ambitious objective

        LEV financing investigation underway

        The European DataWarehouse (EDW) and Leibniz Institute for Financial Research SAFE’s Green Auto Securitisation (GAS) project has an ambitious objective of developing a green finance framework for low-emission vehicles (LEVs) (SCI 4 October)...

    • CLOs
      • Selective positioning

        Loan refi, liquidity needs to provide private credit opportunities

        The European CLO market faces a number of challenges next year, including constrained loan supply, potential loan defaults and downgrades, and a squeeze on equity arbitrage. Against this backdrop, loan refinancing and borrower liquidity needs are set...

    • CMBS
      • Eco warriors

        New emissions standards backed by fines set to affect CMBS

        Increasingly rigorous emission regulations imposed by municipalities on commercial real estate (CRE) properties throughout the USA will likely lead to cash flow difficulties for CMBS deals, say analysts. Some 30 cities are bringing in much higher s...

  • News

    • Structured Finance
      • SCI Start the Week - 5 December

        A review of SCI's latest content

        Last week's news and analysis Agency activism Divided Congress means greater agency intervention Baltic boost Second ever Baltic SRT finalized CRT duo launched Santander finalizes two auto CRTs Don't panic! dv01 argues that US consume...

    • Capital Relief Trades
      • Issuance boost

        BMO finalizes CRE CRTs

        Bank of Montreal has finalized two synthetic securitisations from the Boreal and the newly created Taiga programme respectively. The first transaction references Canadian commercial real estate loans while the second is backed by US commercial real e...

      • Sizing up

        Credit Agricole completes corporate SRT

        Credit Agricole has finalized a €330m first loss synthetic securitisation that references a €5.5bn portfolio of global corporate loans. Dubbed CEDAR 2022-2, the transaction is the bank’s largest synthetic ABS to date in bo...

      • Risk transfer return

        Chakra seven prices wider

        Standard Chartered has executed the seventh synthetic securitisation from the Chakra programme last month. The transaction references a US$1.5bn US and European corporate loan portfolio and has priced wider compared to the last trade from the program...

  • Talking Point

    • Capital Relief Trades
      • Global Risk Transfer Report: Chapter six

        In the final chapter of SCI's survey of the synthetic securitisation market, we examine the sector's...

        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
      • BWIC template released

        Sector developments and company hires

        BWIC template released Real estate standards organisation MISMO has released a BWIC standard template aimed at facilitating the bidding process for MBS between mortgage originators and dealers. The standard has achieved ‘candidate recomme...

      • UK mortgage refinanceability eyed

        Sector developments and company hires

        UK mortgage refinanceability eyedDBRS Morningstar has analysed the loan-level information of almost 400,000 loans within 36 portfolios of securitised UK mortgages to assess how rising interest rates affects affordability ratios, which borrowers are t...

      • Survey suggests improved sentiment

        Sector developments and company hires

        Survey suggests improved sentimentKBRA has published the results of its December survey of European structured finance investors, which was conducted to gauge their views and expectations regarding the market. The report reveals a more positive pictu...

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