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Issue 860 - 1st September

  • News Analysis

    • Capital Relief Trades
      • Capital blues

        Securitisation set to become more costly for US banks

        US regulators appear set to march in the opposite direction to their European counterparts with regard to the capital treatment of securitisation. The 1,087-page document released on 27 July as part of the Basel 3 Endgame by the Federal Reserve, the...

      • Missed opportunity

        UK consultations overlook synthetic securitisations

        As part of the broader post-Brexit programme to reform and replace existing EU law in the UK, the FCA and PRA recently published consultation papers setting out proposed rules for the UK securitisation market (SCI 15 August). While the period for bot...

  • News

    • CMBS
      • Expenses review

        Addressing rising operating costs in Euro CMBS

        A recent S&P review of European CMBS transactions has revealed a consistent increase in operating costs, both on an absolute (per square-foot) and relative basis (as a percentage of revenue). Consequently, the rating agency argues that the cu...

    • RMBS
      • Refi resolution

        Clavel 2 'selective default' an idiosyncratic event

        Non-payment of the principal amount outstanding in full at the time of early redemption of Spanish reperforming RMBS Clavel Residential 2 last month (SCI ABS Markets Daily - 4 August) “turned the concept of principal seniority and subordina...

  • Market Moves

    • Structured Finance
      • Bayview branches out into insurance AM

        Market updates and sector developments

        Bayview Asset Management has launched an Insurance Asset Management business, with the aim of appealing to an insurance industry that is increasingly seeking to diversify and expand beyond its traditional focus on corporate credit. The new division w...

      • Job swaps weekly: All change at Tikehau

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Tikehau Capital making a number of promotions, including the appointment of a new president of Tikehau IM and a new head of structured credit. Elsewhere, Way Capital has snapped up a new...

      • GLAS strengthens European footprint

        Market updates and sector developments

        GLAS SAS is set to acquire Paris-based asset management and trust business Pristine, subject to regulatory approval and customary closing conditions. This is GLAS’s first acquisition as it seeks to strengthen its European footprint and fast...

    • CMBS
      • European CRE debt faces €93bn funding gap

        Market updates and sector developments

        Updated AEW research shows an estimated European commercial real estate debt funding gap (DFG) of €93bn, representing the shortfall between the original amount of secured CRE debt originated in 2018-2021 and the amount available for refinanc...

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