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Issue 877 - 17th November

  • News Analysis

    • Structured Finance
      • Waiting game?

        Islamic securitisation gaining traction

        Saudi Real Estate Refinance Company (SRC) is widely anticipated to become the first to issue a Shari’ah-compliant RMBS transaction in the Kingdom. However, the drivers for a broader lift-off in Islamic limited recourse securitisation are ye...

    • RMBS
      • Reissue, renew, reprint

        Big banks focus on retention in German RMBS

        The reissuing, renewing and reprinting of retained structures seems to be the name of the game in German RMBS, as covered bonds remain the preferred secured wholesale funding tool of German banks as TLTROs disappear. However, with higher all-in coupo...

  • News

    • Structured Finance
      • SCI Start the Week - 13 November

        A review of SCI's latest content

        Last week's news and analysis A global market Man GPM answers SCI's questions Canadians coming Scotia back in the CRT market Esoteric explosion Data centre securitisation seeing strong fundamentals Glass half full? PRA publishes discu...

    • Capital Relief Trades
      • Risk transfer round-up - 16 November

        The week's CRT developments and deal news

        Market newsFreddie Mac last week priced the high-LTV STACR 2023-HQA3 deal, its first CRT transaction since the end of June, introducing a new deal structure. The trade included an A1 class structured as a three-year bullet-like bond, which is pro-rat...

      • Stand by, CRT

        CRT boom but adverse regulations loom, say SCI conference speakers

        Echoing what is now a familiar refrain, speakers at SCI’s inaugural esoterics conference in New York Last week said that the US CRT market is set to get very big. “Every bank is now looking at assets that don’t justify...

  • Talking Point

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

        In the third of six chapters surveying the synthetic securitisation market, SCI explores recent stru...

        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....

      • Inflection point?

        Dennis Heuer, partner at White & Case, discusses the drivers that could facilitate a more commod...

        Q: Having historically been secretive and opaque, is the SRT market likely to transition from highly private to increasingly more syndicated deals? Are we witnessing an inflection point? A: I wouldn’t describe it as a clear shift b...

  • The Structured Credit Interview

    • Structured Finance
      • Value covered

        LibreMax Capital cio Greg Lippmann and ABS head Kevin Tyler outline the asset-based private credit o...

        Q: How has the evolution of the banking system and regulatory environment over time shaped private credit markets?GL: Before the global financial crisis (GFC), there were certain aggressive financial products which enabled consumers to become overlev...

    • Alternative assets
      • Ares flies high

        Top alt credit investor predicts CRT boom

        Ares Management, founded in 1997, is a leading investor in alternative credit products. It has US$395bn under management, of which some US$32bn, or a little under 10%, is invested in alternative credit. It recently closed Pathfinder II, one of its al...

  • Market Moves

    • ABS
      • Angel Oak ABS-focused ETF reaches US$100m in AuM

        Market updates and sector developments

        Angel Oak Capital Advisors, based in Atlanta, has announced its Ultra Short Income ETF, chiefly invested in ABS, has grown to over US$100m in assets under management in the year since launch. Most ultra short ETFs with assets of a year or less in dur...

    • Structured Finance
      • Job swaps weekly: BNP bulks up in Americas

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees BNP Paribas building out its Americas-focused advisory and solutions teams, with two senior securitisation-focused appointments among a number of hires. Elsewhere, American Century Invest...

      • Manulife acquires CQS

        Market updates and sector developments

        Manulife Investment Management is to acquire London-based alternative credit manager CQS. The transaction will see CQS’s investment team continue to operate autonomously, though Manulife will take ownership of the firm’s brand and...

    • Capital Relief Trades
      • CAS and out

        Fannie Mae prints 8th and final CAS of 2023

        Fannie Mae has printed its US$609m CAS 2023-08, the eighth and final CAS offering of 2023. Morgan Stanley was the lead structuring manager, and joint bookrunner. Wells Fargo is the co-lead and also joint bookrunner. There are three tranches to th...

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