Weekly Issue Archive »

Issue 848 - 9th June

  • News

    • Structured Finance
      • SCI Start the Week - 5 June

        A review of SCI's latest content

        Last week's news and analysis Counterparty risk hedged Further details on JPM CRT revealed Infrastructure CLO debuts AIIB anchors emerging market pilot Latest SRTx fixings released Improved tone implied in June index values Pe...

    • Capital Relief Trades
      • Risk transfer round up-6 June

        CRT sector developments and deal news

        Santander is believed to be readying a synthetic securitisation of SME loans from the Magdalena programme. The transaction would be the seventh synthetic ABS deal from the programme and it’s expected to be finalized in 2H23 although sources...

      • Santander selling

        Spanish bank in US market with new auto loan CLN – price indications

        Santander Bank NA is currently in the market with its first auto loan CLN of the year, dubbed SBCLN 2023-A. It concluded three such transactions last year, all of which were executed in December. The trade consists of seven tranches, six of which a...

      • Capital panic

        Use of SRT by US banks more pertinent as reg cap rises

        US regulators are poised to increase capital requirements for bigger banks by as much as 20%, which will make the case for an expansion of the SRT market even stronger, say sources. The recent spate of bank collapses has persuaded regulators that f...

      • CRAFT priced

        Deutsche Bank executes new synthetic ABS

        Deutsche Bank has finalized the latest synthetic securitisation from the CRAFT programme. Dubbed CRAFT 2023-1, the transaction has priced tighter compared to the last trade from the programme.  The transaction has priced at SO...

      • Unfunded shift

        Montepio launches synthetic RMBS

        Montepio has finalized a synthetic securitisation of Portuguese residential mortgages. Dubbed Towers two, the unfunded mezzanine tranche marks a shift from the funded format of the first Towers transaction (SCI 5 January). The deal features an appr...

    • CLOs
      • Manager tiering

        Japanese demand driving dispersion?

        The US CLO market continues to be characterised by dispersion (SCI 24 May). In this context, secondary double-B paper appears to be competing well against new issue equity. “The biggest headwind CLO managers face is dispersion right now,...

  • The Structured Credit Interview

    • Capital Relief Trades
      • Entrepreneurial spirit

        Colin Reddy, md, head of financial institutions and advisory at Howden CAP, answers SCI's questions

        Q: You joined Howden CAP in April from Mizuho, where you executed a number of strategic capital and balance sheet transactions for the firm’s clients (SCI 12 April). What attracted you to move to the insurance side of the risk transfer mark...

  • Market Moves

    • Structured Finance
      • Call for 'proper discussion' about risk

        Sector developments and company hires

        Call for ‘proper discussion' about riskSecuritisation issuance in the EU equaled 0.3% of the bloc’s GDP last year, while UK issuance equaled 0.9% of the country’s GDP, according to AFME data. In contrast, Australian, Chi...

      • Strategic partnerships 'positive' for CLO managers

        Sector developments and company hires

        Strategic partnerships ‘positive’ for CLO managersThe number of US broadly syndicated loan CLOs for which managers retained their majority equity stake continues to exceed the number of CLOs where equity was sold to third parties,...

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