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Issue 879 - 1st December

  • News Analysis

    • Capital Relief Trades
      • Basel 4 series: Preparing - video

        Market participants share their insights about how to prepare for Basel 4

        In the third instalment of SCI’s Basel 4 video series, ex-issuer Frank Benhamou provides a brief outline of what’s new in Basel 4 and SCI’s Kenny Wastell asks market participants about what they can do to prepare for the...

  • News

    • ABS
      • Rules of conflict

        Final SEC "conflict of interest" ruling offers crumbs of comfort

        The SEC’s final “conflict of interest” ruling, designated Rule 192 and released at the beginning of this week (SCI 29 November), waters down some of the most onerous restrictions but still represents a serious imposition...

    • Structured Finance
      • SCI Start the Week - 27 November

        SCI event tomorrow Join us for our European CRE Finance Seminar in London tomorrow, 28 November Last week's news and analysis Basel 4 series: Industry impacts - video Exploring the effects of Basel 4 on market participants and their clients...

    • Capital Relief Trades
      • Arch agony

        Cancellation of 8 ILNs leaves investors stewing

        The decision last week by Arch Capital to cancel eight Bellemeade insurance-linked notes (ILN) issued between 2018 and 2021 has not gone down well with all investors, say market sources. Arch was able to redeem the note at par, but some we...

      • Risk transfer round-up - 1 December

        The week's CRT developments and deal news

        Market newsA pair of auto loan CLNs hit the market this week, including US Bank’s inaugural capital relief trade. Dubbed US Bank Auto Credit-Linked Notes Series 2023-1 (USCLN 2023-1), the synthetic securitisation has a couple of unusual fea...

  • Talking Point

    • ABS
      • Treasury overhang

        Unprecedented Treasury supply dominates agency MBS story for 2024

        The enormous Treasury issuance expected next year forms a long shadow falling over the agency MBS market, say investors. Estimated 10-year Treasury issuance is now projected to be US$1.34trn in 2024, some US$90bn more than earlier estimate...

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

        In the fifth of six chapters surveying the synthetic securitisation market, SCI examines trends in t...

        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

    • Structured Finance
      • Positioned for quality and liquidity

        Kate Galustian, lead portfolio manager for BlackRock Senior Securitised Fund and head of European AB...

        Q: When you announced BlackRock Senior Securitised Fund (SCI 20 November), BlackRock stated that this new vehicle will predominantly invest across continental Europe and the UK. To what extent was that driven by current opportunities specific to that...

  • Market Moves

    • Structured Finance
      • SIFMA calls for STC framework

        Market updates and sector developments

        A new SIFMA blog highlights three actions that will mitigate what the association calls the “perverse incentives” created by the lack of appropriate risk-sensitivity of the SEC-SA framework, under the US Basel 3 Endgame (...

      • Job swaps weekly: Sirius execs join forces to launch Karis

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees the launch of a new real estate debt advisory firm, Karis Capital UK, led by a number of outgoing Sirius Group executives. Elsewhere, Invesco has lured a Munich-based Patrizia director to...

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