Weekly Issue Archive »

Issue 838 - 31st March

  • News Analysis

    • CMBS
      • Refinancing plans

        European CMBS noteholder scrutiny to increase

        Concerns over European CMBS refinancing risk continue to climb, amplified by recent bank liquidity issues (SCI 31 January). Against this backdrop, noteholders are expected to increase their scrutiny of servicer standards, the right to modify without...

    • Capital Relief Trades
      • Fair winds

        CRT issuance hits all-time record

        CRT issuance volumes broke all-time records last year and the pipeline continues to build. The only potential blots on the horizon are the regulatory pause in the US and the fallout from the collapse of Credit Suisse and Silicon Valley Bank, as this...

  • News

    • ABS
      • IBRD prints largest-ever cat bond

        Unique transaction provides earthquake coverage for Chile

        The IBRD has priced a joint catastrophe bond and swap transaction to provide earthquake insurance coverage to the Chilean government, marking the bank’s largest catastrophe risk transfer transaction for a single country and the first time c...

    • Structured Finance
      • SCI In Conversation podcast: John Pellew, Arrow Global

        We discuss the hottest topics in securitisation today...

        In this episode of the SCI In Conversation podcast, Arrow Global principal John Pellew discusses the evolution of blockchain technology in the securitisation market. We highlight the milestone achievements in the space, as well as the challenges that...

      • SCI Start the Week - 27 March

        A review of SCI's latest content

        Last week's news and analysis Capital call CRT prepped Standard Chartered readies synthetic ABS Regionals roughed up US tier one banks set for new dawn in SRT market while regionals suffer Ringfencing the problem Fed's SVB response calms...

      • On the wing

        Gryphon to expand into new areas of structured finance post-acquisition

        Australian asset manager Gryphon Capital Investments will look to expand its remit beyond RMBS, following its recent acquisition by Barings (SCI 17 March). The transaction will also enable Barings to accelerate the buildout of its structured finance...

    • Capital Relief Trades
      • Risk transfer round up-28 March

        CRT sector developments and deal news

        Bank Millenium is believed to be readying a synthetic securitisation of leasing assets. The bank’s last capital relief trade was executed last year. Dubbed Jazon, it was the Polish lender’s first synthetic risk transfer trade and...

      • Credit protection continues

        UBS takeover leaves Elvetia notes unaffected

        SCI can confirm that the announcement of the merger between UBS and Credit Suisse has left the Elvetia notes unaffected given that the contracts don’t stipulate any link between change of ownership and termination events. Indeed,...

      • Maturity extensions

        Credit Agricole lengthens maturity in new SRT

        Credit Agricole has finalized a synthetic securitisation of corporate loans. Dubbed CEDAR 2023-1, the transaction features a longer legal final maturity compared to previous trades from the programme. The trade features a €180m first loss...

      • Merchants joins the party

        Brand new US SRT deal from Merchants Bank of Indiana

        Merchants Bank of Indiana, a subsidiary of Merchants Bancorpt, headquartered in Carmel, Indiana, has become the latest US regional to issue a SRT trade, it has been discovered. The bank, which had $9.7bn in assets of March 2022, h...

  • Market Moves

    • Structured Finance
      • Swedish auto lease ABS debuts

        Sector developments and company hires

        Swedish auto lease ABS debutsVolkswagen Financial Services has closed its inaugural Swedish auto lease ABS. Dubbed VCL Master Sweden Compartment 1, the Skr9.1bn transaction is backed by a diversified pool of receivables representing over 40,000 leasi...

      • HPC buys into L Catterton to support credit strategy

        Sector developments and company hires

        HPC buys into L Catterton to support credit strategyHunter Point Capital (HPC) has acquired a minority stake in L Catterton to support the launch of the consumer-focused private equity firm’s new credit strategies. In recent months, L Catte...

      • Enpal backed for Germany's first solar ABS

        Sector developments and company hires

        Enpal backed for Germany’s first solar ABS Renewable energy company Enpal has secured €356m from Citi and M&G to fund a warehouse facility for Germany’s first residential solar securitisation. Th...

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