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Issue 854 - 21st July

  • News Analysis

    • Capital Relief Trades
      • Capital loss

        Fed's scheduled CET1 increase to shred US bank excess capital

        The Federal Reserve’s planned 200bp increase to Common Equity Tier One (CET1) requirements will burn through the US$121bn of excess capital the biggest US banks currently enjoy, suggest analysts. As a result, banks are likely to be parsim...

    • ABS
      • Consumer goals

        EIF, historic champion of SMEs, embraces consumer ABS

        Three recent transactions by the European Investment Fund (EIF) reveal a subtle but potentially impactful change in approach to the institution’s securitisation investment strategy. The fund is displaying an increasing willingness to invest...

    • CMBS
      • CMBS opportunities

        Despite sector malaise pockets of gold are to be found

        US commercial real estate fundamentals give rise to concern about CMBS returns, but there are areas of the market which are offering opportunities not seen for a decade or more, says Sanmore ceo Boris Sanchez. Sanmore is a Houston, Texas-based comm...

  • News

    • Structured Finance
      • SCI Start the Week - 17 July

        A review of SCI's latest content

        Last week's news and analysis Capital rising Regulators announce new rules coming soon Embracing 'enablement' Sustainalytics answers SCI’s questions Polish wave continues Bank Millennium adds to CEE SRT flow Regulato...

    • Capital Relief Trades
      • Wider still and wider

        GSE CRT spreads blow out in 2023

        Freddie Mac CRT spreads have mushroomed this year despite the marked diminution of issuance, confirmed the GSE in its quarterly CRT webinar yesterday. In some cases, spreads are more than 100% wider than 12 months ago. For example, the STACR 2022 D...

  • Market Moves

    • Structured Finance
      • Barings and Lakemore partner up

        Market updates and sector developments

        Charlotte-headquartered global asset manager Barings has entered into a partnership with CLO-focused private credit investor Lakemore Partners. Lakemore, which primarily takes super-majority control equity positions in new US CLOs, says the partnersh...

      • Job swaps weekly: Oppenheimer's blockbuster appointment

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Oppenheimer & Co appoint a new head for its Latin America investment banking group. Elsewhere, Angel Oak Companies has poached a new chief legal officer from Reverence Capital Par...

      • Obra adds CLO issuance capabilities

        Market updates and sector developments

        Obra Capital has acquired the assets of asset management and investment research firm KDP and its affiliated companies. The transaction supports Obra’s expansion of its existing liquid markets capabilities in structured credit into the fund...

    • CLO Managers
      • Vertical rebrands

        Market updates and sector developments

        Vertical Capital Income Fund has appointed Carlyle Global Credit Investment Management as its investment manager and rebranded as Carlyle Credit Income Fund (CCIF). Following the agreement, CCIF will begin focusing on investing in equity and debt tra...

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