Weekly Issue Archive »

Issue 835 - 10th March

  • News Analysis

    • Capital Relief Trades
      • Climate call

        Calls for ESG synthetics framework grow

        Capital relief trade investors and arrangers are beginning to cohere on the need for a framework for ESG synthetic securitisations given the lack of deal flow and adequate incentives. PGGM published a proposal last month that outlined the key featu...

  • News

    • Structured Finance
      • SCI Start the Week - 6 March

        A review of SCI's latest content

        Inaugural SRTx fixings releasedThe 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 l...

    • Capital Relief Trades
      • 'Conflict of interest' undermines CRT

        Lawyers ring alarm bells about possible impact of SEC ruling on CRT market

        The US regulatory capital relief trade market appears in grave danger from the controversial “conflict of interest” re-proposal and release made by the Securities and Exchange Commission (SEC) at the end of January, say lawyers. ...

      • No good news

        Powell's testimony suggests higher cap requirements not ruled out

        There was little good news for financial markets during the first of Chairman Powell’s two day testimony before the Senate Finance Committee (March 6 and 7), but US banks will have been particularly perturbed to learn that additional capita...

      • Corporate SRT launched

        Nordea said to have finalized corporate SRT

        SCI understands that Nordea, PGGM and Alecta have executed a repeat transaction called Sisu two. The trade is a follow up to a deal that the lender executed last year with the same investors (SCI 22 July 2022). The previous transaction featured a 5...

  • Talking Point

    • Structured Finance
      • SEC-SA and the death of public securitisation

        Adam Croskery, head of debt financing and structuring at Arrow Global, calls for arrangers to create...

        In the early 2010s, I was a mortgage structurer at the forefront of the birth of NC2.0 (the non-conforming 2.0 sector). Even before then, I rated RMBS transactions at a major rating agency. If anyone should be a cheerleader for public securitisations...

  • Market Moves

    • Structured Finance
      • BREP default an 'inflection point'?

        Sector developments and company hires

        BREP default an ‘inflection point’?A senior loan EOD has occurred in connection with Finnish single-loan CMBS FROSN-2018, after Blackstone Real Estate Partners failed to repay the loan on 1 March (SCI ABS Markets Daily - 2 March)....

      • Hybrid stop-loss deal closed

        Sector developments and company hires

        Hybrid stop-loss deal closedSwiss Re has closed its second hybrid bank financing and ILS transaction (SCI 22 April 2022). Building on the firm’s first innovative hybrid transaction from April last year, the latest multi-year stop-loss trans...

      • ICE merger challenged on 'competitive harm'

        Sector developments and company hires

        ICE merger challenged on ‘competitive harm’The US FTC is seeking to block the proposed merger between Intercontinental Exchange (ICE) and its top competitor, Black Knight (SCI 5 May 2022). The regulator claims that the merger woul...

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