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Issue 852 - 7th July

  • News Analysis

    • ABS

      • Keeping traction in transition

        Faster-than-forecast EV take-up could present auto ABS challenges

        Electric vehicle (EV) auto sales are expected to soar in the coming years, driven by consumer demand and the introduction of emissions regulations. Yet the securitisation industry could be underestimating the residual value risk of internal combustio...

    • RMBS

      • Changing agenda

        UK RMBS evolving alongside borrowers' needs

        The return of 100% mortgages and the rise of later-life lenders herald an evolving UK RMBS landscape. This Premium Content article investigates how mortgage borrowers’ changing needs are being addressed. The UK RMBS landscape is set to ev...

    • CMBS

      • Out of office

        European, US CMBS headwinds diverging?

        The office CMBS market is grappling with headwinds brought about by declining occupancy rates and rising costs of borrowing. However, as this Premium Content article finds, the European CRE market may not be as badly affected as its US counterpart. ...

  • News

    • Structured Finance

      • SCI Start the Week - 3 July

        A review of SCI's latest content

        Last week's news and analysis CEE expansion continues Raiffeisen finalizes SRT O Canada Perfect storm of factors pushes Canadian banks to SRT Park Mountain returns BNP Paribas executes synthetic securitisation Regulatory boost Trilogu...

    • Capital Relief Trades

      • Risk transfer expansion

        Banco BPM continues tapping private market

        Banco BPM has finalized a synthetic securitisation of corporate loans. Dubbed Grace, the funded financial guarantee references a static and disclosed €2.5bn Italian corporate portfolio that is backed by around 230 obligors. The transaction i...

      • Risk transfer round up-4 July

        CRT sector developments and deal news

        Deutsche Bank is believed to be readying another synthetic securitisation of leveraged loans from the LOFT programme that is expected to close in 2H23. The last transaction from the programme was finalized last year (SCI 30 August 2022).  ...

      • Shipping wave continues

        Alpha bank boosts shipping SRT issuance

        SCI understands that Alpha bank has executed a synthetic securitisation of shipping loans. The transaction is riding a pickup in significant risk transfer trades backed by such exposures. The details of the capital relief trade haven’t be...

    • CLOs

      • Popularity contest

        Life insurers clash over CLO capital charges

        US life insurer investment in CLOs has grown by about 20% each year over the last decade, with CLOs now accounting for between 3% and 4% of general account investments in the sector and more than 10% for a handful of the top-30 US life insurers. Inde...

    • SRTx

      • Latest SRTx fixings released

        Improved tone continues in July index values

        The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The improved tone seen across the sub-indexes in June’s fixings (SCI 2 June) generally appears to have continued, as market conditions stabilise following...

  • Market Moves

    • Structured Finance

      • EIB, ICO support Spanish SMEs

        Market updates and sector developments

        The EIB Group and Instituto de Crédito Oficial (ICO) have invested in senior and mezzanine tranches of ABS issued by BBVA to support Spanish SMEs and mid-caps by addressing their working capital and liquidity requirements. Proceed...

      • Job swaps weekly: Succession at Oaktree

        People moves and key promotions in securitisation

        This week’s securitisation job swaps have seen Oaktree Capital Management announce the retirement of ceo Jay Wintrob and a succession plan that sees three senior executives stepping onto its executive committee. Elsewhere, Deutsche Bank has...

    • CLOs

      • CVC Credit closes US$800m third CLO equity fund

        Market updates and sector developments

        CVC Credit closes US$800m third CLO equity fund CVC Credit has held an US$800m final close for its third CLO equity fund, bringing the total amount of capital raised for the strategy to US$1.66bn. The new vehicle is intended to support more than US...


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