Weekly Issue Archive »

Issue 832 - 17th February

  • News Analysis

    • CLOs
      • Incorporating climate risk

        Carbon accounting for CLOs examined

        Janus Henderson Investors has developed a bespoke methodology to estimate Scope 1 and 2 carbon emissions represented in secured loans and corporate credit exposures, which can then be applied to CLO portfolios. The benefits of understanding climate-r...

    • ABS
      • Cloudy skies for aircraft ABS

        Despite a deal in December, aircraft ABS has problems to solve

          Investment bankers are keen for the aircraft ABS market to take to the skies, but it remains grounded due to inherent structural defects, say sources. “Bankers are pushing very hard to have the capital markets open again but...

  • News

    • Structured Finance
      • SCI Start the Week - 13 February

        Last week's news and analysis Canadian wave begins TD unlocks Canadian CRT market Extension risk eyed Brookfield control would be 'positive' for ELoC 39 Going green? ESG priorities shifting to meet macroeconomic pressures Hedging altern...

      • Backing blockchain

        Credit risk considered as DeFi eyed to fund real world assets

        Further efforts are underway to demystify the credit risk associated with DeFi securitisations as interest in its capability to finance real world assets (RWAs) grows (SCI 2 February). A new S&P report analysing the key credit and legal risk...

    • Capital Relief Trades
      • Shifting gear

        Barclays discontinues SPV structures

        Barclays has discontinued SPV structures for its Colonnade programme and replaced them with an alternative collateralized CLN format, as the bank’s 2022 CRT issuance remains broadly in line with its 2021 activity.   Acco...

      • Regulatory resentment

        Delegates at SCI's New York seminar implore transparency

        A near-unanimous call for greater clarity from US regulators was made by investors and practitioners at SCI’s annual risk transfer and synthetics seminar last week in New York. Some delegates went further, with one noting that US regulato...

      • Risk transfer round up-16 February

        CRT sector developments and deal news

        Caixabank is believed to be readying a synthetic securitisation of corporate loans with Societe Generale as the arranger. The bank’s last capital relief trade was finalized in July last year (see SCI’s capital relief trades databa...

      • German SRT debuts

        BNP Paribas launches new Autonoria SRT

        BNP Paribas is marketing a full stack significant risk transfer trade from its Autonoria programme. The transaction is the first from the programme to reference German consumer loans. More saliently, it partially addresses limited excess spread level...

    • CLOs
      • SCI In Conversation podcast: Jerry Ouderkirk, Pretium Partners

        We discuss the hottest topics in securitisation today...

        In this episode of the SCI In Conversation podcast, we chat to Pretium Partners senior md and structured credit head Jerry Ouderkirk about relative value opportunities in the CLO market. The interview was recorded in early January. We also highligh...

  • The Structured Credit Interview

    • CLOs
      • Highs, lows and CLOs

        John Kim, Panagram ceo and portfolio manager of CLOZ, answers SCI's questions

        Q: What can you tell us about the launch of Panagram’s new actively managed CLO ETF (CLOZ) (SCI 25 January)? A: We’re very excited about our ETF (CLOZ) because it brings CLO opportunity to the retail market. Ultimately, we are tr...

  • Market Moves

    • Structured Finance
      • Homogeneity RTS released for STS synthetics

        Sector developments and company hires

        Homogeneity RTS released for STS syntheticsThe EBA has published its final draft regulatory technical standards (RTS) setting out the conditions for the assessment of the homogeneity of underlying exposures in STS on-balance sheet securitisation pool...

      • CLO portfolio management tie-up inked

        Sector developments and company hires

        CLO portfolio management tie-up inkedS&P has partnered with LevPro to offer enhanced transparency and efficiency for CLO credit portfolio management in the US and Canada. Under the agreement, S&P Global Market Intelligence will combin...

      • Social housing RMBS debuts

        Sector developments and company hires

        Social housing RMBS debutsCaisse des Dépôts et Consignations (CDC) has completed a rare securitisation collateralised by social housing loans originated by its savings fund division. Dubbed FCT FE Durable 2023, the €1bn...

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