Weekly Issue Archive »

Issue 869 - 3rd November

  • News Analysis

    • Capital Relief Trades
      • Growing the core

        Overcoming hurdles in unfunded CRT execution

        (Re)insurer interest in CRTs is rising, but execution of unfunded transactions remains limited. This Premium Content article outlines the hurdles that still need to be overcome. (Re)insurer participation in the capital relief trades sector is seein...

    • ABS
      • Bank retreat

        Basel endgame to slash bank securitization lending

        Next year in the securitization industry will be dominated by the fallout from the Basel III endgame and the consequent inevitable contraction of bank lending, says Jodi Schwimmer, global co-lead of Reed Smith’s Financial Industry Group. ...

  • News

    • Structured Finance
      • SCI Start the Week - 30 October

        A review of SCI's latest content

        Last week's news and analysis 'Endgame' comment period extended Updates on Fed’s extension, Algonquin rating and Alpha/Unicredit partnership EU leads the pack Delegates at SCI CRT event stress jurisdictional divergence J...

    • Capital Relief Trades
      • Depletion analysis

        CRT loan mods stress-tested

        Excessive loan modifications could result in credit support depletion for US agency credit risk transfer transactions, according to S&P. A scenario analysis undertaken by the rating agency on typical CRT structures suggests that the presence...

      • Latest SRTx fixings released

        Volatility spikes in November index values

        The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. Notably, the volatility indexes have widened considerably across the board, in response to the conflict in the Middle East.   Values for the SRTx Volat...

      • GSEs glisten

        CAS and STACR look good versus comps as supply dwindles

        Agency CRT bonds continued to outperform rates and both high yield and investment grade product in October, making it the seventh month in a row that the sector has recorded positive returns, according to data compiled by industry leader Mark Fontani...

      • SRT Market Update

        Project finance transactions in focus

        SRT market conditions currently remain stable, with banks and investors looking to close trades before the end of the year, notably in the project finance sector. But pricing is poised to rise and spreads to widen heading into 2024. Corporate and S...

    • CLOs
      • Top-tech

        Private credit managers increasingly leveraging fintech

        Top-tier CLO and private credit managers are increasingly leveraging fintech support to facilitate proactive management through recent issuance spikes. Siepe, for one, cites technology as the key to optimising portfolios and enabling trading into bet...

  • Talking Point

    • Capital Relief Trades
      • Global Risk Transfer Report: Chapter one

        In the first of six chapters surveying the synthetic securitisation market, SCI explores how SRT has...

        IACPM’s latest risk-sharing survey notes that 2022 highlighted not only a substantial growth in SRT product utilisation by banks, with €200bn in new issuance, but also some structural changes in the risk-sharing activity of banks....

  • Market Moves

    • ABS
      • EIB Group backs BNP's €627m energy efficiency drive

        Market updates and sector developments

        The EIB Group has signed its first true sale securitisation in France in more than 15 years, in support of BNP Paribas’s commitment to provide €627m of financing for home energy efficiency equipment. The deal sees the European In...

    • Structured Finance
      • PRA consults on CRR rules

        Market updates and sector developments

        The UK PRA has launched a consultation on draft rules to replace firm-facing requirements regarding securitisation under the CRR in 2H24. As such, it has published a discussion paper (DP) that raises certain key issues for feedback, in order...

      • CLO ESG scores compared

        Market updates and sector developments

        Sustainable Fitch reports that European CLOs – with an average ESG Score of 50.4 - have noticeably higher ESG scores, environmental scores and social scores than North American CLOs, which demonstrate an average ESG Score of 47.9. Governanc...

      • Job swaps weekly: Balance sheet distribution head steps up

        People moves and key promotions in securitisation

        This week’s round-up of securitisation job swaps sees ING promoting its global head of balance sheet distribution. Elsewhere, Orrick strengthens its structured finance group in New York. ING has appointed Gertjan van Toorn as global head...

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