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Issue 836 - 17th March

  • News Analysis

    • Capital Relief Trades
      • Riding the storm

        Banks ready for SVB fallout

        The collapse of Silicon Valley bank has rocked markets (SCI 13 March) but analysts note that the capital position of the banks remains manageable due to accounting treatments and interest rate risk hedging among other factors.  According t...

  • News

    • ABS
      • Utility tool

        Cat bonds tipped for 'pre-financing' fiscal risks

        Catastrophe bonds could offer tangible financial benefits to jurisdictions most vulnerable to catastrophe events, as insurance penetration levels increase across low- and middle-income countries (SCI 22 February). Although significant growth in the p...

    • Structured Finance
      • SCI Start the Week - 13 March

        A review of SCI's latest content

        Last week's news and analysis Climate call Calls for ESG synthetics framework grow 'Conflict of interest' undermines CRT Lawyers ring alarm bells about possible impact of SEC ruling on CRT market Corporate SRT launched Nordea said to have...

      • SVB failure liquidity-driven

        Outsized, unhedged MBS holdings behind bank run

        Securitisation analysts have been quick to emphasise that the collapse on 10 March of Silicon Valley Bank (SVB), which marks the largest bank failure since the financial crisis, is not a credit story and that the broad US banking system remains well-...

    • Capital Relief Trades
      • Austrian SRT debuts

        BAWAG said to have launched first synthetic ABS

        SCI understands that Austrian lender BAWAG has finalized a synthetic securitisation of auto loans. The transaction is the bank’s first synthetic risk transfer trade. According to market sources, the transaction features a thick unfunded m...

      • CRE CRT prepped

        Societe Generale said to be readying CRE CRT

        Societe Generale is believed to be readying a synthetic securitisation of commercial real estate loans that is a repeat trade of a deal that the French lender executed in 2021 and called Greendom. Dubbed Greendom two, the said transaction is expected...

      • Risk transfer round up-16 March

        CRT sector developments and deal news

        German landesbank OLB is believed to be readying a synthetic securitisation. The transaction would be riding a wave of Landesbank CRTs following trades from LBBW, Helaba and Bayern LB (see SCI’s capital relief trades database).   ...

    • RMBS
      • Seeking standardisation

        Call for consistent EPC ratings as demand for green RMBS grows

        A lack of standardisation in EPC ratings across Europe could prove detrimental to the continued growth of the green RMBS market. As efforts are made across Europe to reach lofty net neutrality targets laid out in the European Green Deal for 2050, EPC...

  • Market Moves

    • Structured Finance
      • EU authorities call for improved climate data

        Sector developments and company hires

        EU authorities call for improved climate dataESMA, in collaboration with the EBA, EIOPA and the ECB, has disclosed that it is working towards enhancing disclosure standards for securitised assets by including new, proportionate and targeted climate c...

      • Regional bank CLNs on watch amid SVB fallout

        Sector developments and company hires

        Regional bank CLNs on watch amid SVB falloutKBRA has placed on watch developing 78 ratings from three CLN transactions issued by Western Alliance Bank (WAB) and one issued by Pacific Western Bank (PWB), following the rating agency’s placeme...

      • ACC servicing transferred post default

        Sector developments and company hires

        ACC servicing transferred post defaultRAC Asset Holdings – the transferor and undivided trust interest beneficiary of the collateral underlying the ACC Trust 2019-2, ACC Trust 2021-1 and ACC Trust 2022-1 auto ABS (SCI 8 March) – h...

      • Gryphon acquired in APAC expansion move

        Sector developments and company hires

        Gryphon acquired in APAC expansion moveBarings has agreed to wholly acquire Australian structured finance manager Gryphon Capital Investments, in order to accelerate its expansion into the Asia Pacific region. The deal will also enable Gryphon to gro...

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