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Issue 833 - 24th February

  • News Analysis

    • ABS
      • Nice and niche

        Investors eye life ILS strategies as uncertainties loom

        The life ILS sector has been caught up in the capital availability dynamics of the wider catastrophe bond market retrenchment caused by several recent big loss events. However, the resultant wider spreads could represent an opportunity this year for...

  • News

    • Structured Finance
      • SCI Start the Week - 20 February

        A review of SCI's latest content

        Latest SCI In Conversation podcast available In this episode, Pretium Partners senior md and structured credit head Jerry Ouderkirk discusses relative value opportunities in the CLO market. The podcast can be accessed wherever you usually get your...

    • Capital Relief Trades
      • German SRT priced

        BNP Paribas prices capital relief trade

        BNP Paribas has priced the first full stack significant risk transfer from the Autonoria programme that references German consumer loans. Dubbed, Autonoria DE 2023, the transaction partially addresses limited excess spread levels via the replenishmen...

      • Risk transfer round up-23 February

        CRT sector developments and deal news

        Credit Agricole is believed to be readying a synthetic securitisation of corporate loans that is expected to close next month. The French lender’s last corporate capital relief trade was executed last year (SCI 7 December 2022). Stelios P...

      • Lift off

        Toronto Dominion opens Canadian CRT market

        Toronto Dominion has priced a synthetic securitisation of corporate loans. The transaction renders the lender the first Canadian bank to execute a capital relief trade after Bank of Montreal. Indeed, other Canadian lenders are expected to follow as C...

      • SRTx benchmark debuts

        Index to provide pricing guide for corporate, SME CRTs

        SCI is set to launch SRTx (Significant Risk Transfer Index), a fixed income benchmark rate index that measures the estimated prevailing new-issue price spread for generic private market risk transfer transactions. The index aims to provide a benchmar...

      • Growing momentum

        EU Commission endorses halving of p factor

        SCI can confirm that the European Commission has followed the European Parliament and is now endorsing the transitional halving of the p factor as momentum continues to build in the securitisation industry’s favour. According to a classif...

  • Market Moves

    • Structured Finance
      • CS duo snapped up

        Sector developments and company hires

        CS duo snapped upFinancial services firm Baird has expanded its fixed income offering with the addition of two ex-Credit Suisse professionals focusing on CLOs and securitised products. James Gray and Daniel Bates join the firm’s London offi...

      • FEAC promotes four in direct lending

        Sector developments and company hires

        FEAC promotes four in direct lendingFirst Eagle Alternative Credit (FEAC) has promoted four members of its tradable credit and direct lending investment teams. Within the tradable credit team, Robert Hickey has been named deputy cio, reporting to FEA...

      • Cairo NPL disposal completed

        Sector developments and company hires

        Cairo NPL disposal completeddoValue has completed Project Souq, the sale to Intrum of two non-performing loan portfolios of approximately €630m in aggregate GBV related to the Cairo 1 and Cairo 2 HAPS securitisation vehicles (SCI 8 June 2020...

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