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Issue 851 - 30th June

  • News Analysis

    • Capital Relief Trades

      • O Canada

        Perfect storm of factors pushes Canadian banks to SRT

        The June 20 decision by the Office of the Superintendent of Financial Institutions (OFSI) to raise the Domestic Stability Buffer (DSB) by another 50bp to 3.50% - only six months after it had been increased to 3% - is another reason for Canadian banks...

  • News

    • Capital Relief Trades

      • Risk transfer round up-26 June

        CRT sector developments and deal news

        Unicredit is believed to be readying a synthetic securitisation of residential mortgages that is expected to close in 2H23. The bank’s last capital relief trade closed in November last year and it was a full stack transaction (see SCI&r...

      • SCI In Conversation: Terry Lanson, Seer Capital

        We discuss the hottest topics in securitisation today

        In this latest episode of our SCI In Conversation podcast, Terry Lanson, a managing director at Seer Capital and an established luminary in the regulatory capital relief trade market, discusses the prospects for further growth and development of the...

      • Risk transfer round up-28 June

        CRT sector developments and deal news

        JP Morgan is believed to be readying another synthetic securitisation in addition to one backed by corporate loans for 2H23. The alleged transaction is said to reference leveraged loans. Meanwhile, Santander is said to be prepping another synthetic s...

      • Regulatory boost

        Trilogue endorses halving of p factor

        The Council of the European Union has yesterday announced the finalization of the Basel 3 reforms. Indeed, SCI understands that the negotiators from the Trilogue which consists of the Council, the European Parliament and the Commission have...

      • Park Mountain returns

        BNP Paribas executes synthetic securitisation

        BNP Paribas Fortis has finalized a funded €100m mezzanine tranche that references a €2.2bn blind pool of predominantly Belgian SME and corporate loans backed by over 3500 borrowers. Dubbed Park Mountain 2023-1, the...

      • Resonance prints

        BNP Paribas opts for direct CLN in new SRT

        BNP Paribas has executed a new synthetic securitisation from the Resonance programme. Dubbed Resonance ten, the €250m mezzanine tranche references a €4.5bn static global corporate portfolio. The transaction differs from previous tra...

      • CEE expansion continues

        Raiffeisen finalizes SRT

        Raiffeisen has executed a synthetic securitisation of Czech corporate loans. Dubbed Roof RBCZ 2023, the €67m funded mezzanine tranche references a €960m portfolio. The transaction reflects both Raiffeisen’s expanding CEE S...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: US Modular Capital lures Transwestern veteran

        People moves and key promotions in securitisation

        Job swaps weekly: US Modular Capital lures Transwestern veteran This week’s securitisation job swaps have seen an industry veteran leave her role as head of structured finance at Transwestern to take up a new C-suite position at...

    • Capital Relief Trades

      • Fannie Mae prices fifth CAS deal of 2023

        Market updates and sector developments

        Fannie Mae has priced a $738m four tranche CAS transaction, its fifth of the year and designated CAS 2023-R05. This trade follows its sixth and seven CIRT credit risk reinsurance deals, announced at the end of last week (SCI 26 June). The...


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