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Issue 850 - 23rd June

  • News Analysis

    • Capital Relief Trades
      • Inflexion point

        SRT market takes off despite regulatory turbulence

        The SRT market is experiencing strong growth with both issuers and investors increasing their focus on the space, according to panellists at the 27th Annual Global ABS conference in Barcelona. However, despite strong European activity there remains a...

  • News

    • Structured Finance
      • SCI Start the Week - 19 June

        A review of SCI's latest content

        Last week's news and analysis Compliance issues 'Compelling case' for reform of Article 5 Full stack comeback BBVA finalises full stack SRT Preventative intervention UTP management gaining traction Rental retreat Rising BTL remortgagi...

    • Capital Relief Trades
      • Capital boost

        Canadian regulator ratchets up capital requirements

        The Canadian financial supervisor, the Office of the Superintendent of Financial Institutions (OSFI) has today raised the so called ‘’Domestic Stability Buffer’’ (DSB) by 50 basis points to 3.5% of tot...

      • Risk transfer round up-21 June

        CRT sector developments and deal news

        mBank is believed to be readying a synthetic securitisation of consumer loans that is expected to close in 3Q23. This would be the Polish lender’s third ever significant risk transfer trade following its debut SRTs last year (see SCI&rs...

      • Risk transfer round up-22 June

        CRT sector developments and deal news

        Lloyds is believed to be readying a synthetic securitisation of UK SME loans from the Salisbury programme. The last Salisbury transaction closed in 2021 (see SCI’s capital relief trades database). Stelios Papadopoulos ...

      • Full cap stack SRT launched

        EIF finalizes Bulgarian synthetic ABS

        ProCredit Bank Bulgaria (PCBB) and the EIB group have finalized a synthetic securitisation of Bulgarian and Greek SME loans. Under the financial guarantee, PCBB pledges to supply €416m to SMEs and mid-caps over a three-year period. Approxi...

  • Talking Point

    • CLOs
      • Mezz opportunities

        Pretium structured credit and CLO liabilities MD Ian Wolkoff and Director Marty Young argue that mez...

        US CLO mezzanine debt offers high expected return rates, with yields maintained under a default scenario more extreme than the GFC credit cycle and with upside potential in a market recovery scenario. CLO debt offers strong long-run expected return...

  • Market Moves

    • Structured Finance
      • Securitising impact in Africa

        Market updates and sector developments

        Africa50 and Blue Like an Orange Sustainable Capital have launched a structured finance- and mezzanine-focused partnership to fund sustainable infrastructure in Africa. The announcement was timed to coincide with the recent New Global Financing Pact...

    • Insurance-linked securities
      • Seventh heaven

        Market updates and sector developments

        Seventh heaven Fannie Mae has executed its sixth and seventh reinsurance deals of the year, designated CIRT 2023-6 and CIRT 2023-7, for a total of US$786bn of mortgage risk. Both trades were brokered by Aon, and the risk was shared by 21 insurance...

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