Weekly Issue Archive »

Issue 834 - 3rd March

  • News Analysis

    • ABS
      • Window of opportunity

        German auto ABS dominates primary issuance

        After the first European ABS deal of the year – Dutch Property Finance 2023-1 - printed on 25 January, a flurry of paper has hit the primary market as issuers sought to capitalise on strong market conditions. Auto ABS has dominated activity...

  • News

    • ABS
      • Lightning rod?

        Dealer incentives eyed in CAC complaint

        The CFPB and the New York State Office of the Attorney General (NYOAG) recently brought a lawsuit against subprime auto ABS issuer Credit Acceptance Corp (CAC) for “misrepresenting the cost of credit” and “hiding&rdq...

    • Structured Finance
      • SCI Start the Week - 27 February

        A review of SCI's latest content

        SRTx benchmark launched SCI is launching SRTx (Significant Risk Transfer Index), a new benchmark that measures the estimated prevailing new-issue price spread for generic private market risk transfer transactions. Calculated and rebalanced on a mon...

      • SCI In Conversation podcast: Keerthi Raghavan, Waterfall Asset Management

        We discuss the hottest topics in securitisation today...

        In this episode of the SCI In Conversation podcast, Waterfall Asset Management partner Keerthi Raghavan discusses the headwinds and tailwinds currently facing the US ABS market. In a bonus feature marking International Women’s Day on 8 Marc...

    • Capital Relief Trades
      • SRTx inaugural fixings released

        Index values project worsening conditions for CRTs

        The inaugural fixings for the SRTx (Significant Risk Transfer Index) have been released. The index values suggest that pricing volatility is rising and credit risk is worsening for US capital relief trades at a higher level than for European CRTs. ...

      • Banks seek CRT clarity

        "Reservation of authority" at heart of regulator distaste for CRT, say sources

        A top tier US bank has requested a non-objection letter from the Federal Reserve Bank of New York to clarify its attitude to regulatory capital relief trades and the 60-day period allowed for a reply is due to expire in the next few weeks, say well-p...

      • Balance sheet optimization continues

        Piraeus Bank discloses synthetic securitisation

        SCI can reveal details of a synthetic securitisation that Piraeus Bank finalized in December last year. Dubbed Hermes, the corporate and SME transaction references a €1.3bn portfolio as the Greek lender continues the shift towards balance sh...

      • Risk transfer round up-28 February

        CRT sector developments and deal news

        Alpha bank is believed to be readying a synthetic securitisation of shipping loans. The transaction would be the Greek market’s third capital relief trade to reference shipping exposures. The last shipping CRT was executed by Eurob...

      • Back to STACR

        Freddie targets 70/30 bonds versus reinsurance split as supply drops

        Freddie Mac expects to issue between $4.5bn and $6.5bn in the CRT space in 2023, and it targets a 70/30 split between the capital markets and the reinsurance market, says a spokesman for the GSE at the SFA conference in Las Vegas today (February 28)....

    • RMBS
      • Affordability anxiety

        Non-QM originators augment affordability products, raising loss prediction

        Mortgage originators are increasing production of affordability non-QM loans partly for purely business reasons but also in response to political pressure to extend home ownership, analysts said today (February 27). Loss predictions for a range of...

  • Provider Profile

    • ABS
      • Independent considerations

        Daniel Drummer, cfo of German digital lender auxmoney, answers SCI's questions

        Q: auxmoney re-opened the European securitisation market with its third social bond issuance, Fortuna Consumer Loan ABS 2023-1. How does this latest deal compare to auxmoney’s first two ABS transactions?A: This is our third and largest secu...

    • CLOs
      • Confidence and convenience

        Brian Bejile, founder and ceo of Octaura Holdings, answers SCI's questions

        Q: After launching the platform last year, Octaura reported the completion of its first fully electronic syndicated loan trade last month (SCI 2 February). What has Octaura been working on since then?A: Since we launched last June, we have covered a...

  • Market Moves

    • Structured Finance
      • Direct lending platform unveiled

        Sector developments and company hires

        Direct lending platform unveiledOaktree Capital Management has launched private credit-focused Oaktree Lending Partners (OLP) and its related vehicles. OLP is targeting US$10bn in equity commitments from institutional investors and will seek to origi...

      • Supreme Court grants CFPB petition

        Sector developments and company hires

        Supreme Court grants CFPB petitionThe US Supreme Court has granted the CFPB’s Petition for a Writ of Certiorari in the case of ‘CFPB v. Community Financial Services Association of America’ and denied the cross-petition f...

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