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Issue 870 - 10th November

  • News Analysis

    • Structured Finance
      • Esoteric explosion

        Data centre securitisation seeing strong fundamentals

        Insatiable demand for connectivity is fueling a rise in data centre securitisation issuance. This Premium Content article tracks the market’s development. Demand for data centres outstrips supply by a hefty margin and, as more an...

    • Capital Relief Trades
      • Basel 4 series: SRT game changer - video

        Market participants share their views on the extent to which Basel 4 is a game changer for the SRT s...

        In the first instalment of SCI's Basel 4 video series, Alantra md Holger Beyer provides a brief outline of what's new in Basel 4 and SCI's Kenny Wastell asks market participants whether the new regulations will be a game changer for the SRT...

      • Glass half full?

        PRA publishes discussion paper on capital requirements for securitisation transactions

        Following consultations by the PRA and FCA, which set out proposed non-prudential rules for the UK securitisation market as part of the broader post–Brexit regulatory framework, the PRA has recently published a discussion paper on certain s...

    • ABS
      • Securitisation due in H1 for international student loan provider

        Goldman, Deutsche and Värde backed MPOWER's latest debt funding round

        MPOWER Financing, a provider of loans for international university students, is due to price its first securitisation in the first half of 2024 after closing its latest debt funding round. The business has raised further commitments from Goldman Sach...

  • News

    • Capital Relief Trades
      • Canadians coming

        Scotia back in the CRT market

        Scotia Bank is back in the SRT market, only three months after it sold its inaugural deal in this sector, say well-placed sources. It is selling a synthetic securitization of a US$4bn pool of loans, some 20%-25% of which are non-investment grade, a...

      • Motor Securities 2023-1 prices

        Santander completes UK capital relief trade

        Santander has executed Motor Securities 2023-1, a synthetic securitisation of UK auto loans. Similarly to last year, the transactions consists of two placed tranches; a £26.7m class D tranche (with an expected AAA rating from ARC...

  • Talking Point

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

        In the second of six chapters surveying the synthetic securitisation market, SCI explores recent reg...

        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....

  • The Structured Credit Interview

    • Capital Relief Trades
      • A global market

        Matthew Moniot, co-head of credit risk sharing at Man GPM, answers SCI's questions

        Q: Could you tell us about your recent move to Man GPM? A: We joined Man Group in 2022, from Elanus Capital, the firm I founded back in 2010. By 2020 two things were apparent. Firstly the SRT market had grown significantly and was starting to attra...

  • Market Moves

    • Structured Finance
      • Scope sees ratings drift reverse in Q3

        Market updates and sector developments

        Ratings drift in structured finance instruments improved in the third quarter of 2023 for the first time in more than a year, Scope Ratings has revealed. The metric measures the ratio between upgrades minus downgrades and the total number of monitore...

      • Job swaps weekly: ESG debt-swap pioneer transitions to UBS

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees a Credit Suisse veteran take on a senior ESG- and structured-credit role at UBS Group following the latter’s acquisition of the former. Elsewhere, Colliers has lured two ex-Geor...

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