Weekly Issue Archive

News Analysis

RMBS


  • Budding partnerships

    Hope for newcomers to tap opportunities in US private-label RMBS

    Fitch and subsidiary dv01 launched a new RMBS presale platform in February with the intention of boosting access to data and luring more investors to US RMBS, including the private-label securities (PLS) market. The tool, named Interactive RMBS Presa...

  • US SRT: Unblocking uncertainty – video

    Clifford Chance's Gareth Old speaks to SCI about recent developments in the US SRT market

    Gareth Old, derivatives- and structured-finance-focused partner at Clifford Chance, speaks to SCI's Simon Boughey about recent developments in the US SRT market. Old discusses the use of the synthetic securitisation framework in bank-issued credit-li...

SRT Market Update

Capital Relief Trades


  • Greater visibility?

    SRT Market Update

    As the last month of Q1 begins, a number of banks are expected to close SRT trades imminently. Consequently, more clarity is likely to emerge around where spreads are heading. “Generally, there is not a lot of new information coming out o...

News

ABS


  • Endgame alarm

    Speakers at SFA mull the chances of re-proposal of Basel Endgame

    There is only a 30% chance that the highly controversial US bank capital rules known as the Basel III endgame will be re-proposed, said a speaker today at the Structured Finance Association (SFA) conference in Las Vegas. This gives a 60% chance of...

  • SCI Start the Week - 26 February 2024

    A review of SCI's latest content

    Last week's news and analysis Challenger firm Dentons looking to put SRT at the forefront CLO 'stress indicator' launched Plus updates on homogeneity rules and ETF conversions Getting ahead SRT Market Update Historic opportunity? MPL...

  • Toorak debut

    New asset class gets first time rating

    Toorak Capital Partners has closed the inaugural rated securitization of residential transition loans, it announced yesterday (February 29). Designated Toorak 2024-RRTL1, the US$240m trade consists of five tranches, rated low A to low B. There is...

  • Bank bonanza

    GSIBs, super regionals and regionals to line up for SRT

    Between 10 and 30 US banks will be regular issuers in the SRT market, and there also is likely to be a few smaller deals from banks outside this main group, according to a speaker at the SFA conference in Las Vegas today. Issuers will comprise the...

  • CEE momentum

    EIB inks pair of green transition deals

    The EIB Group this week executed two synthetic securitisations that support the green transition, one in Austria and the other in Bulgaria. The move comes amid a ramping-up of SRT activity in the Central and Eastern Europe region by the EIF (SCI 10 J...

Market Moves

Structured Finance


  • Barclays inks 'strategic' credit card sale

    Market updates and sector developments

    Barclays Bank Delaware (BBDE) has entered into an agreement with insurance accounts managed by Blackstone’s asset-based finance group to sell approximately US$1.1bn of currently outstanding credit card receivables in relation to a defined s...

  • Job swaps weekly: Starwood to draft in Blackstone exec as president

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Starwood Capital Group appoint a new president, as Jeffrey Dishner prepares to transition to a new role. Elsewhere, Siepe has added two structured finance professionals to its leadership...

  • It's a CIRT

    First CIRT of 2024 for Fannie

    Fannie Mae has completed its first CIRT deal of 2024, the GSE announced today (March 1). The deal, designated CIRT 2024-L1, transferred US$355.6m of single-family mortgage risk to 24 reinsurance firms. There are about 28,000 LTV loans in the refe...

  • NRA loans on the rise

    Market updates and sector developments

    Non-recoverable advance (NRA) determinations impacted US$2.7bn of US CMBS loans last year, representing an eye-watering 130% increase from year-end 2022, according to KBRA. NRA determinations can help limit potential losses if advances and interest o...


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