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Issue 847 - 2nd June

  • News Analysis

    • Structured Finance

      • Perfect storm?

        SFR squeeze as costs rise and rents fall

        The US single-family rental (SFR) securitisation market is facing the most challenging conditions since the launch of the first transaction in the sector 10 years ago. The space is experiencing a perfect storm of declining rental rates, house price v...

  • News

    • Capital Relief Trades

      • Risk transfer round up-31 May

        CRT sector developments and deal news

        Santander is believed to be the latest bank readying a synthetic securitisation of capital call facilities following transactions from JPMorgan and Standard Chartered (SCI 12 May). The transaction is expected to close in 2H23. Stelios Papadopoulos ...

      • Risk transfer round up-1 June

        CRT sector developments and deal news

        Eurobank is believed to be readying a synthetic securitisation that is expected to close in 2H23. The Greek lender’s last capital relief trade was finalized in December last year and referenced shipping exposures (see SCI’s capita...

      • Counterparty risk hedged

        Further details on JPM CRT revealed

        SCI can reveal further details of JPMorgan’s recently executed synthetic securitisation of capital call facilities with Blackstone (SCI 12 May). The transaction was allegedly initially executed between Western Alliance and Blackstone before...

      • Latest SRTx fixings released

        Improved tone implied in June index values

        The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The index values imply a generally improved tone across all four sub-indexes since May’s fixings (SCI 3 May). Indeed, this month’s survey resp...

      • UK SME boost

        British Business Bank boosts small business financing

        The British Business Bank has agreed an initial £75m guarantee transaction with Cynergy Bank through its ENABLE programme. The guarantee will cover a portfolio of SME term loans secured by commercial real estate (CRE) in sectors su...

      • Stage two boost

        ECB highlights consumer and CRE risks

        The European Central Bank (ECB) has released its latest financial stability review. The report notes a slight divergence in the stage two ratio for non-financial corporations and household loans in the second half of 2022 following a simultaneous ris...

      • Risk transfer round up-30 May

        CRT sector developments and deal news

        JPMorgan is believed to be readying a synthetic securitisation of corporate loans that is expected to close in 2H23. This would follow the US lender’s recently executed capital call CRT (SCI 12 May). The latter is the first synthetic risk t...

    • CLOs

      • Infrastructure CLO debuts

        AIIB anchors emerging market pilot

        Hong Kong Mortgage Corporation (HKMC) has completed the first CLO issuance under its pilot scheme on infrastructure financing securitisation. Dubbed Bauhinia ILBS 1, the transaction is backed by a US$404.8m portfolio of 35 bank-syndicated senior secu...

  • Market Moves

    • Structured Finance

      • Sun King supported via solar ABS

        Sector developments and company hires

        Sun King supported via solar ABSBritish International Investment (BII), the UK’s development finance institution (DFI), and Stanbic Bank Kenya have unveiled commitments to off-grid solar energy company Sun King via a US$130m-equivalent s...

      • Stonepeak eyes structured solutions

        Sector developments and company hires

        Stonepeak eyes structured solutionsMichael Leitner has joined Stonepeak as a senior md. Based in the firm’s New York office, he will help lead the continued buildout of Stonepeak’s credit investing capabilities. The firm believes...


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