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Issue 867 - 20th October

  • News Analysis

    • ABS
      • Taking charge

        NBFCs boost Indian securitisation issuance

        The Indian securitisation market appears to have beaten the odds, with robust issuance volumes seen so far in 2023. This is despite concerns regarding the impact of the HDFC merger earlier this year (SCI 24 April). “The market has been mo...

  • News

    • Structured Finance
      • SCI Start the Week - 16 October

        A review of SCI's latest content

        Three events this week SCI is hosting three major CRT events this week: Women in Risk Sharing, the 9th Annual Capital Relief Trades Seminar and CRT Training for New Market Entrants. Last week's news and analysis Freddie B-piece investm...

    • Capital Relief Trades
      • Junon 4 prices

        SG's latest corporate SRT unveiled

        Societe Generale has executed the fourth synthetic securitisation from its Junon programme. The significant risk transfer transaction – called Junon 4 – references a €5bn portfolio of global corporate loans.  S...

      • JP Morgan inundation

        Buyers band together in face of vast deals

        CRT investors are forming syndicates to cope with the enormous weight of synthetic securitized paper JP Morgan hopes to sell in the coming weeks, say sources. The leading US bank is in the market with a CRT trade which has a reference pool as large...

      • Algonquin prices

        Latest BMO deal closes

        The latest Algonquin synthetic securitization from CRT veteran Bank of Montreal priced at the end of last week and attracted over ten different investors, according to market sources. This transaction was reported to be in the market last month, an...

      • SCI CRT Awards: Transaction of the Year

        Winner: Project Seed

        Project Seed represents the first balance sheet synthetic securitisation referencing corporate exposures executed on an unfunded basis in Portugal. But novobanco’s ability to successfully execute such a transaction – amid challeng...

      • CRT Market Update

        Diversity on display

        Capital relief trade issuance volume could creep past €200bn by year-end, according to Man GLG’s Q4 credit outlook paper. The report further states that as SRT spreads sit at their widest levels for over a decade,...

      • SCI CRT Awards: North American Transaction of the Year

        Winner: St Lawrence

        It has been a busy period in the Canadian SRT market. For years, it has been dominated by Bank of Montreal, but in the last 12 months the remaining members of the Big Five have got in on the act. One transaction, however, stood out in our awards year...

    • RMBS
      • New normal?

        German house prices see surprise decline

        Growth is not yet on the cards for German RMBS, as surprise house price declines hold little room for market expansion. Additionally, German banks continue to prefer covered bonds as a source of secured wholesale funding. Against the backdrop of a...

  • The Structured Credit Interview

    • CLOs
      • Starting strong

        Leland Hart, portfolio manager and cio of performing credit at Warwick Capital Partners, answers SCI...

        Q: Warwick Capital Partners closed its inaugural BSL CLO transaction – the US$400m Warwick Capital CLO 1 – last month. As a new entrant, how does Warwick’s strategy compare to that of existing managers in the market?A: I...

  • Market Moves

    • Structured Finance
      • US CLN market could reach US$220bn

        Market updates and sector developments

        JPMorgan securitised products research analysts estimate that the potential size of the US CLN market could amount to US$220bn, as banks become more comfortable with issuing the notes for capital relief purposes, following the Federal Reserve&rsq...

      • Job swaps weekly: Octagon elevates Lam to ceo

        People moves and key promotions in securitisation

        This week’s round-up of securitisation-related job swaps sees Octagon Credit Investors appointing senior portfolio manager Gretchen Lam as its new ceo. Elsewhere, structured finance lawyers Martin Bartlam and Elana Hahn have joined Xfinite...

    • CLOs
      • Sculptor merger hit by litigation

        Market updates and sector developments

        Rithm Capital has responded to a complaint filed in the Delaware Court of Chancery by the Former EMD Group regarding the proposed merger between Rithm and Sculptor Capital Management (SCI 26 July). The group comprises the founding partners of Sculpto...

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