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Issue 841 - 21st April

  • News Analysis

    • Capital Relief Trades
      • Extraterritorial reach

        SEC rule raises concerns for European SRTs

        The SEC’s new rule 192 has now raised concerns beyond US shores given that the broad definition of a ‘’conflicted transaction’’ means that UK and European banks doing synthetic securitisation...

  • News

    • Structured Finance
      • SCI Start the Week - 17 April

        A review of SCI's latest content

        Last week's news and analysis Benchmarking commitments Importance of private securitisation to real economy underlined Canadian wave continues CIBC debuts synthetic securitisation CLO pros take volatility in their stride IMN Euro...

      • ESG Seminar line-up finalised

        Securitisation awards to debut

        SCI’s 2nd Annual ESG Securitisation Seminar is taking place in-person on 25 April at the offices of Clifford Chance in London. Chaired by Pemberton Capital Advisors’ Naomi Prasad, the event will cover the latest regulatory develop...

    • Capital Relief Trades
      • Test case

        JP Morgan said to be targeting SPV structure

        SCI understands that JP Morgan is eyeing an SPV structure for an alleged synthetic securitisation that is expected to close in the second half of the year. The choice of an SPV structure coheres with what seems to be a regulatory preference towards t...

      • Risk transfer round up-20 April

        CRT sector developments and deal news

        Klarna is believed to be readying its second ever synthetic securitisation following the consumer lender’s debut capital relief trade last year (SCI 11 July 2022). Meanwhile, Unicredit is allegedly prepping a synthetic ABS referencing corpo...

      • Canadian boost

        BNP Paribas said to be arranging another Canadian CRT

        BNP Paribas is believed to be readying a synthetic securitisation for an undisclosed Canadian bank that is expected to close in 2H23. The transaction is the fourth Canadian capital relief trade this year as risk transfer issuance in the coun...

    • CLOs
      • DDEs surveyed

        'More favourable' outcomes for participating CLOs

        Fitch has examined the holding outcomes of two leveraged loan issuers - MLN US HoldCo (Mitel) and Envision Healthcare - that underwent out-of-court restructurings last year. The analysis finds that recovery outcomes vary widely across CLOs, with more...

  • Talking Point

    • CLOs
      • Cautious optimism

        Moody's Analytics Chief Economist Mark Zandi shares his views

        SCI talked with Moody’s Analytics Chief Economist Mark Zandi ahead of his economic outlook keynote at Information Management Network’s 12th Annual Investors Conference on CLOs & Leveraged Loans in New York on April 17-18,...

  • Market Moves

    • Structured Finance
      • 'Meaningful' layoff exposure for TAMI CMBS leases

        Sector developments and company hires

        ‘Meaningful’ layoff exposure for TAMI CMBS leasesKBRA has identified 266 US CMBS lease exposures to 45 large companies that have recently announced combined layoffs of 216,905 white-collar employees. The rating agency focused on c...

      • Surge in refi SLABS predicted

        Sector developments and company hires

        Surge in refi SLABS predictedThe US Supreme Court is expected to render its decision regarding the legality of President Biden’s student loan forgiveness programme (SCI 31 August 2022) by the end of June. A resolution will provide borrowers...

    • Capital Relief Trades
      • RFC issued on synthetic STS criteria

        Sector developments and company hires

        RFC issued on synthetic STS criteriaThe EBA has launched a public consultation on its draft guidelines on the criteria related to simplicity, standardisation and transparency and additional specific criteria for on-balance sheet securitisations. The...

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