Weekly Issue Archive »

Issue 856 - 4th August

  • News Analysis

    • Structured Finance
      • New tricks

        Banks' backing boosts AI utilisation in ABS

        Artificial Intelligence (AI) is increasingly being embraced by banks seeking to improve workflows and support securitisation processes. But other benefits of the technology are also becoming apparent in the current challenging economic environment. ...

    • Capital Relief Trades
      • Closing the gap

        SRT 'unlevel playing field' called out

        A reduction of the p-factor is inarguably positive for IRB banks and the significant risk transfer space in general, as these banks account for the bulk of synthetic securitisation issuance volume (SCI 25 July). However, the absence of changes positi...

    • CLOs
      • Defensive profiles

        Tactical secondary CLO opportunities highlighted

        The second half of 2023 is expected to remain a story of strong technicals with weaker fundamentals for the CLO market. Such a scenario should lead to further decompression within the CLO capital structure, with investment grade tranches outperformin...

  • News

    • Structured Finance
      • SCI Start the Week - 31 July

        A review of SCI's latest content

        Last week's news and analysis After the gold rush Digital revenues resuscitate music royalty ABS Get in, Granville BNS brings much heralded SRT deal, latest Canadian to set sail Job swaps weekly: Angelo Gordon beefs up in structured credit...

      • SCI In Conversation podcast: Naomi Prasad, Pemberton Capital Advisors

        We discuss the hottest topics in securitisation today...

        In this episode of the SCI In Conversation podcast, Pemberton Capital Advisors director Naomi Prasad discusses whether we should we be talking about “ESG” or “sustainability” in the context of the securitisatio...

    • Capital Relief Trades
      • Risk transfer round-up - 3 August

        The week's CRT developments and deal news

        Market newsRisk Control has received funding from the MDB Challenge Fund for two projects with the objective of helping Multilateral Development Banks (MDBs) build on the recommendations of the G20’s Independent Review of MDB Capital Adequa...

      • Happy birthday STACR

        The GSE CRT market hits 10th birthday

        Last week marked the tenth anniversary of the GSE CRT market, as, on July 23, 2013, Freddie Mac priced its inaugural US$500m STACR trade. This debut transaction, STACR 2013-DN1, matured at end of last month. Fannie Mae got in on the act a couple...

      • Latest SRTx fixings released

        Stabilising trend continues in August index values

        The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The stabilising trend seen across the sub-indexes over the last few months generally appears to have continued, albeit views are slightly mixed on certain segments....

    • Insurance-linked securities
      • Rare ILN spotted

        Essent Guaranty has priced the first insurance-linked note (ILN) - a US$253.2m deal dubbed Radnor Re 2023-1 - that the market has seen in almost a year. The last deals in the ILN market were a US$201m trade from Arch and a US$238m deal from Essent,...

    • RMBS
      • Triple test

        UK RMBS can withstand stresses 'never seen in history'

        A new TwentyFour Asset Management analysis shows that a benchmark triple-B rated UK RMBS bond with 2.3% of credit enhancement could withstand almost three times the recent Bank of England stress test. Considering a triple-B rated RMBS bond currently...

  • Market Moves

    • Structured Finance
      • Groundbreaking cannabis CMBS closed

        Market updates and sector developments

        Groundbreaking cannabis CMBS closedPelorus Capital Group has closed PCG 2023-1, the first-ever securitisation backed by cannabis-linked real estate assets. The firm retained a third of the US$70m offering, selling US$45m of bonds, which it says attra...

      • Innovative financing inked for Deutsche Bahn

        Market updates and sector developments

        The EIB and HypoVereinsbank are providing credit lines totalling up to more than €2bn to Deutsche Bahn for the procurement of 90 new trains for the Munich S-Bahn. Deutsche Bahn will receive financing for the new vehicles from Bayerische Eise...

      • Job swaps weekly: Sixth Street signs Salisbury

        People moves and key promotions in securitisation

        This week’s round-up of securitisation job swaps includes the announcement that Julian Salisbury will join ex-Goldman Sachs colleagues and Sixth Street co-founding partners Alan Waxman and Joshua Easterly next year. Elsewhere, Marsh has mad...

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