Weekly Issue Archive »

Issue 881 - 15th December

  • News Analysis

    • Insurance-linked securities
      • Arch enemy

        Wider ILN new issue spreads foreseen post-Bellemeade calls

        The negative repercussions of Arch’s cancellation of eight Bellemeade insurance-linked notes (ILNs) will be felt in the market for the foreseeable future, say well-placed sources. The decision to call these bonds on November 21 has soured...

    • Capital Relief Trades
      • LTEL issue

        SES highlights competitiveness concerns

        The EBA’s final RTS on synthetic excess spread (SES) generally sparked optimism across the CRT market (SCI 6 May). Nevertheless, divergences around increased calibration and SES on certain portfolios highlight a broader issue of governance...

    • ABS
      • Producing results

        PDP securitisations gaining traction

        The number of transactions executed in the nascent proved developed producing (PDP) wellbore oil and gas ABS sector is expected to reach double-digits this year, as familiarity with the product grows. Raisa Energy closed the debut PDP securitisation...

    • Capital Relief Trades
      • Basel 4 series: A swinging pendulum - video

        Market participants share their insights into whether Basel 4 is in line with industry expectations

        In the final 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 the extent to which Basel 4 is in l...

    • CLOs
      • Definition debate

        Call to differentiate private credit CLOs

        The private credit market is booming, encompassing US$1bn-plus mega-deals, as well as traditional direct lending in the middle market space. Against this backdrop, defining what a private credit CLO is would be helpful for investors. “Wha...

  • News

    • ABS
      • New wings for aircraft ABS

        Ashland Place issues first deal for many months

        Ashland Place Finance, aided by arranger and bookrunner ATLAS SP Partners, has woken the aircraft ABS market from a deep slumber with the first deal in the sector since June 2022. The transaction, designated APL Finance 2023-01, is the borrower&...

    • Structured Finance
      • SCI Start the Week - 11 December 2023

        A review of SCI's latest content

        Last week's news and analysis Basel 4 series: Levelling the playing field - video Why further amendments to the Basel framework are required CRT Market Update Looking ahead Digital download Up, up and away for digital infrastructure marke...

    • Capital Relief Trades
      • Unusual structure debuts

        Santander out with auto CLN

        Santander Bank Auto Credit-Linked Notes Series 2023-B (SBCLN 2023-B) has hit the market, representing Santander’s second CLN transaction this year to reference a pool of US auto loans. The deal is unusual in that the source of principal pay...

      • Polish SRT finalised

        Bank Millennium closes largest synthetic to date

        Bank Millennium has completed a synthetic securitisation referencing a portfolio of Polish unsecured non-mortgage loans with a total value of PLN7.2bn. This latest trade represents Bank Millennium’s largest-ever SRT deal. The Polish bank...

      • CRT Market Update

        Closing days

        As the final week before the Christmas break rolls around, the remainder of the Q4 SRT pipeline is making its way across the line. While earlier in the week it had been reported that Bank Millennium and Santander (in the US) had finalised...

  • The Structured Credit Interview

    • CMBS
      • Generating traction in a stalled market

        Matteo Cidonio, managing partner at GWM Group, answers SCI's questions about European commercial rea...

        Q: The past couple of years have been a very difficult period for the CRE market globally. You recently said there are opportunities for investors who target the right real estate categories and more specifically segments, even in the current market....

  • Market Moves

    • Structured Finance
      • Basel 3 'roadmap', reporting ITS published

        Market updates and sector developments

        The EBA has published its roadmap on the so-called Banking Package, which implements the final Basel 3 reforms in the EU. The roadmap aims to strengthen the prudential framework, as well as ensure an international level playing field. It also seeks t...

      • PRA publishes first Basel policy statement

        Market updates and sector developments

        The PRA has published the first of two near-final policy statements covering the implementation of the Basel 3.1 standards for market risk, credit valuation adjustment risk, counterparty credit risk and operational risk. The near-final policy stateme...

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