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Issue 828 - 20th January

  • News Analysis

    • ABS
      • Different speeds

        Legislative advances driving C-PACE momentum

        Momentum across the US property assessed clean energy securitisation market is set to diverge this year, as additional states enact or expand C-PACE-enabling legislation to address climate and resiliency initiatives, while R-PACE origination volume r...

  • News

    • Structured Finance
      • SCI Start the Week - 16 January

        A review of SCI's latest content

        SCI ESG Securitisation Awards 2023 The submissions period has opened for the 2023 SCI ESG Securitisation Awards, covering the European cash securitisation market over the 12 months to 31 December 2022. Nominations for the awards should be received...

      • Governance impact highlighted

        Asset isolation, payment continuity eyed

        Fitch reports that governance remains the leading cause of elevated ESG Relevance Scores (ESG.RS) across structured finance, reflecting the importance of asset isolation and payment continuity for securitisations. The rating agency notes that governa...

    • Capital Relief Trades
      • Generating impact

        Banco BPM executes project finance SRT

        Banco BPM has finalized a significant risk transfer trade that references a static €1bn portfolio of Italian project finance and CRE exposures. Dubbed Sofia, the synthetic securitisation is riding a pickup in project finance SRTs. The tran...

      • Italian boost

        Intesa ramps up CRT issuance

        Intesa Sanpaolo has executed a slew of significant risk transfer transactions in 4Q22 as the Italian lender continues to ramp up its capital relief trade issuance. Indeed, in 4Q22 the bank’s Active Credit Portfolio Steering Unit finalized...

      • Rabobank returns

        Rabobank launches synthetic securitisation

        Rabobank and the European Investment Bank Group have finalized two transactions that mobilize €1bn of new lending for Dutch SMEs. The first is for impact loans and the second is a significant risk transfer trade intended as COVID relief amon...

  • Talking Point

    • CLOs
      • Seeking stability

        Philip Pirecki, head of business development at Jersey Finance, argues that picking the wrong intern...

        There are few things more disruptive to the investment management industry than instability. Financial institutions are experts in managing risk in their investments. One of the reasons they can achieve this is due to developed processes for anticipa...

  • The Structured Credit Interview

    • CMBS
      • The perils of interest rate risk

        A structured finance investor talks the big 2023 themes

        Karlis Ulmanis is a portfolio manager at DuPont Capital in Delaware, which has total AUM of $20.1bn. The core fixed income portfolio is worth $1.3bn, and Karlis manages the $550m securitized debt section comprised of CMBS and RMBS. He manages these a...

    • RMBS
      • Where's the money?

        Top agency MBS buyer talks value at the start of 2023

        Brendan Doucette is a portfolio manager with GW&K Investment Management, based in Boston, which manages around $5bn in taxable fixed income assets. Of this, some $1.4bn is invested in the agency MBS market. SCI caught up with him last week...

  • Market Moves

    • Structured Finance
      • Chenavari bolsters continental footprint

        Sector developments and company hires

        Chenavari bolsters continental footprint The Chenavari Group has established a French subsidiary – Chenavari Asset Management – approved and regulated by the Autorité des Marchés Financiers (AMF). The move...

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