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Issue 1010 - 3rd July

  • News Analysis

    • Capital Relief Trades

      • SCI In Focus: B3E comments address eligible guarantor lacuna

        Ball bounced into agencies' court

        A common plea in the letters from trade associations, lobby groups and individual firms, which piled up thick and fast at the end of the Basel Three Endgame (B3E) comment period on June 18, is for a recalibration of the vexed eligible guarantor rules...

    • Capital Relief Trades

      • Capital rules redraw the SRT map

        Regulation, repeat issuance and new markets defined June

        June marked an important turning point for the SRT market. Regulatory reform continued to reshape the capital landscape, while repeat issuance, expanding investor participation and geographic diversification showed that the market is maturing well be...

      • SCI In Focus: Cash SRT finds its niche in revolving consumer credit

        The debate is shifting from cash versus synthetic SRT to which structure best suits each asset class

        For years, synthetic structures have dominated the significant risk transfer market, becoming the default tool for mortgage, SME loan and corporate loan portfolios. But as banks seek to optimise a broader range of assets, the debate is shifting from...

    • RMBS

      • Keystone says resilient investor demand bodes well for UK BTL RMBS

        Broad demand from banks and asset managers tightens pricing across the capital structure, while ware...

        Strong investor demand for Keystone Property Finance's latest buy-to-let RMBS demonstrates continued confidence in the UK specialist mortgage securitisation market, with banks and asset managers driving demand across the capital structure, according...

    • CLOs

      • European CLO triple-B spreads tighten to pre-war levels as demand squeezes value

        Investors say heavy buying has made new-issue triple-B paper increasingly expensive, with seasoned s...

        European CLO investors are facing an increasingly difficult challenge finding value in triple-B tranches, with spread compression near all-time tights in some cases, according to market sources. Amid broader tightening across the capital stack, tri...

      • Muzinich launches fifth aviation lending platform

        London-based firm utilising a warehouse facility for the first time

        Muzinich is preparing to launch its fifth aviation lending platform, MAF Investments V. The platform will invest in diversified loan portfolios secured by commercial aircraft, backed for the first time by a warehouse facility. Brian Lau, w...

    • Capital Relief Trades

      • Asian SRT market held back by pricing mismatch, not just regulation

        A pricing gap between banks and investors may be holding back Asian SRT growth more than fragmented ...

        The SRT market in South and Southeast Asia (SSEA) is often viewed through a regulatory lens. But according to S&P Global Ratings, the bigger obstacle may be pricing, with a disconnect between what banks are willing to pay and what investors d...

  • SRT Market Update

    • Capital Relief Trades

      • Singapore's largest bank launches first SRT

        SRT market update

        DBS has completed its inaugural SRT transaction, executing a US$1bn synthetic securitisation referencing a diversified portfolio of corporate loans, as it expands its capital management capabilities and positions itself for further regional growth. ...

      • Defence marks a new chapter for true sale SRTs

        SRT market update

        Banco Sabadell's recent defence-linked securitisation demonstrates that true sale structures can become an increasingly important tool for delivering the European Investment Bank Group's policy objectives, with similar transactions likely to be repli...

      • Italian auto finance lender completes its public STS SRT auto ABS

        SRT market update

        Stellantis Financial Services Italia has priced a €1.2bn public auto ABS transaction structured to achieve SRT, adding to the growing number of public STS capital relief securitisations brought to the European market. The transaction secur...

  • News

    • ABS

      • European securitisation seniors tighten

        SCIx benchmarks show narrowing at the top of the stack in most sectors

        Today’s monthly figures from SCI’s family of indices covering the European ABS, CLO and RMBS markets – the SCI Composites Index (SCIx) – show an overall tightening trend from end-May to end-June. However, there...

    • Asset-Backed Finance

      • Magellan eyes US$250m for new evergreen ABF fund

        Dubai-based firm looking to cut US$50m in deals by the end of September

        Magellan Capital has launched a new evergreen ABF fund and is aiming to close US$50m in deals by Q3, SCI has learned. Magellan Asset Backed Opportunities Fund is the first institutional open-ended asset-backed fund incorporated in the Dubai Interna...

      • BciCapital cuts US$65m NAV facility for real assets manager

        Lender sees growing appetite for NAV as valuations in traditional private credit come under pressure

        BciCapital has closed a US$65m NAV facility for a global real assets-focused investment manager that is partially owned by one of the world’s largest REIT platforms, SCI learned. The facility enables the refinancing of existing debt and f...

    • CLOs

      • NAIC vote pulls private credit CLOs into new risk-based capital regime

        NAIC IRE working group votes to adopt the new ratings-based RBC proposal

        The National Association of Insurance Commissioners’ (NAIC) has voted to adopt new risk-based capital (RBC) factors governing the capital treatment of insurance companies’ CLO holdings. In the latest meeting of the Risk-Based Ca...

  • Market Moves


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