Weekly Issue Archive »

Issue 855 - 28th July

  • News Analysis

    • Capital Relief Trades
      • Legacy issue

        ECJ ruling a boon for Polish CRTs

        The European Court of Justice (ECJ) ruled last month that Polish banks must not charge remuneration from customers when legacy Swiss franc mortgage contracts are annulled (SCI 21 November 2016). As a result, banks could face moderately higher losses...

    • CMBS
      • Litigation looms

        Investor disputes to rise as CMBS valuations decline

        Plummeting commercial real estate valuations in the US may trigger a rise in litigation as investors battle over control rights in CMBS. However, an additional risk is emerging that contracts may not be interpreted as expected. “I see a g...

    • ABS
      • After the gold rush

        Digital revenues resuscitate music royalty ABS

        With the European summer festival season in full swing and rocket man Elton John announcing his retirement from live music, securitisation is certainly not a word on many music fans’ lips. Yet music royalty ABS is making a comeback, two and...

  • News

    • Structured Finance
      • SCI Start the Week - 24 July

        A review of SCI's latest content

        Last week's news and analysis Capital loss Fed's scheduled CET1 increase to shred US bank excess capital Consumer goals EIF, historic champion of SMEs, embraces consumer ABS CMBS opportunities Despite sector malaise pockets of gold are to...

    • Capital Relief Trades
      • Less punitive

        Halving of p-factor sparks SRT optimism

        The European Council’s finalisation of the Basel 3 reforms last month has sparked renewed optimism across the European capital relief trades market, with news of an agreement to halve the punitive p-factor (SCI 28 June). The impending need...

      • Risk transfer round-up - 27 July

        The week's CRT developments and deal news

        Pipeline updateThe capital relief trades market is currently seeing a lull in activity ahead of the traditional fourth-quarter spike in issuance, as banks seek to close transactions before year-end. Indeed, a significant pick-up in CRT trades is anti...

      • Mortgage penalty

        Higher risk weighting for high LTV loans boosts SRT

        As had been strongly rumoured, new capital rules unveiled by the Federal Reserve today (July 27) ascribe heavier risk weightings to higher LTV mortgages. Currently first lien mortgages are subject to a 50% risk weighting, but the proposed regulatio...

      • Get in, Granville

        BNS brings much heralded SRT deal, latest Canadian to set sail

        Bank of Nova Scotia (BNS) has sold its first SRT trade, a securitization of investment grade loans, in a transaction dubbed Granville USD. The trade, which was arranged by BNP Paribas, has been rumoured for several weeks, and is the latest in a ser...

  • Market Moves

    • Structured Finance
      • 'Transformational' merger agreed

        Market updates and sector developments

        Rithm Capital is set to acquire Sculptor Capital Management in a transaction valued at approximately US$639m, which includes US$11.15 per Class A share of Sculptor. This transaction will leverage Sculptor’s US$34bn of AUM with Rithm&rsq...

      • Job swaps weekly: Angelo Gordon beefs up in structured credit

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Angelo Gordon poach a new head for its commercial real estate debt division from Tilden Park Capital Management, alongside a raft of senior promotions in its structured credit team. Elsew...

      • PRA launches SecReg consultation

        Market updates and sector developments

        The UK PRA has launched a public consultation on proposed changes to the retained EU Securitisation Regulation and the accompanying technical standards on risk retention and disclosure. Rather than a complete overhaul, the authority is seeking to int...

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