ABS

  • SCI Capital Relief Trades Awards 2019

    Investor of the Year: European Investment Fund

    The European Investment Fund (EIF) provides an unparalleled level of support to the capital relief trades market in Europe, bringing numerous synthetic securitisations across the line. The EIF is not only a key driver of innovation, participating in numerous benchmark transactions across jurisdiction and asset class, but it has also helped open up the risk transfer market to a broader .......

    News 31 October 2019

  • Untapped potential?

    New style reinsurance vehicles yet to take off

    Almost a year since launch risk-remote reinsurance capacity vehicle Vermeer Re is yet to have any direct imitators. However, other similar structures across a wide variety of insurance risks could potentially still follow suit.

    Vermeer was created by Renaissance Re and sole investor PGGM (SCI 19 December) to provide up to US$1bn of US property catastrophe capacity. .......

    News 31 October 2019

  • Anti-NSDA provisions welcomed

    Sector developments and company hires

    Anti-NSDA provisions welcomed
    The inclusion of anti-net short debt activism (NSDA) provisions in offering documentation has become more common in recent months, with Sirius Computer Solutions, Nexstar Broadcasting and Allied Universal Holdco deals incorporating such language. The purpose is to prevent net-short participants - whose interests are not aligned with those of other investors - from using their debtholder rights .......

    Market Moves 30 October 2019

  • SCI Capital Relief Trades Awards 2019

    Innovation of the Year: FCT Jupiter 2019

    Societe Generale’s US$3.4bn FCT Jupiter 2019 transaction has won SCI’s Innovation of the Year Award for introducing a number of ground-breaking structural innovations in connection with the redeployment of released RWA. The deal not only frees up a dedicated capital envelope, whereby capital can be reallocated in favour of positive impact finance assets, but also debuts a pricing reduction feature .......

    News 30 October 2019

  • SCI Capital Relief Trades Awards 2019

    Impact Deal of the Year: Room2Run

    As the first-ever synthetic impact securitisation with a multilateral development bank (MDB), Room2Run helped to free up vital capital for the African Development Bank (AfDB) to fund infrastructure projects across multiple African countries. As well as setting the benchmark for how risk transfer technology can be deployed innovatively and to positive effect, the transaction overcame a number of structural and .......

    News 29 October 2019

  • SCI Capital Relief Trades Awards 2019

    Transaction of the Year: Syon Securities 2019

    Lloyds Banking Group’s synthetic UK RMBS Syon Securities 2019 was motivated by prudent risk management as part of the bank’s broader plan to support the UK economy, rather than potential regulatory capital benefits. However, Syon’s innovative use of a capital relief structure to achieve those risk transfer aims, combined with the deal’s scalability for the issuer and repeatability for .......

    News 28 October 2019

  • CMBS refi inked

    Sector developments and company hires

    CLO firm names IR head

    Pemberton has hired Cary Gibson to the role of director and head of investor relations. Gibson was previously head of business development at Sand Grove Capital Management.

    CMBS refi inked

    Sabal Capital Partners has closed a US$70m refinancing of 17 low-LTV multifamily assets located in the Bronx borough of New York, 15 of which were originally .......

    Market Moves 25 October 2019

  • SCI's latest podcast is now live!

    The editorial team discuss the hottest topics in securitisation today...

    In this month's exciting edition of the SCI podcast, the team talks about standardised banks and the barriers they face when looking to enter the risk transfer market, Santander's latest securitisation of Finnish auto loans, Kimi 8, as well as a company that is looking to help companies in emerging markets tap synthetic securitisation to optimise their balance sheets.

    Don't .......

    News 25 October 2019

  • One-stop shop

    New firm offers range of innovative securitised products

    Gessler Capital was recently launched with a view to meet increasing demands from issuers that want off-balance sheet securitisation solutions in a more flexible format than traditional methods. As such, the Swiss firm aims to offer a range of tailored products, including CLNs and actively managed certificates, which it also hopes will appeal to investors hungry for high-yielding alternative investments.

    Vincent Gessler, .......

    News Analysis 25 October 2019

  • SCI Capital Relief Trades Awards 2019

    Arranger of the Year: Credit Suisse

    Credit Suisse is SCI’s Arranger of the Year in recognition of the variety of structures it has placed and the breadth of its investor base. Since September 2018, the bank has arranged five capital relief trades providing protection on approximately €15bn of reference assets with an aggregate tranche size of approximately €850m.

    The transactions included both equity and .......

    News 25 October 2019

  • CRR amendments for NPEs recommended

    Sector developments and company hires

    CRR amendment opinion published

    The EBA has published an opinion on the regulatory treatment of securitisations of non-performing exposures (NPEs), recommending various amendments to the Capital Requirements Regulation (CRR) as well as to the Securitisation Regulation to remove the identified constraints. The opinion is addressed at the European Commission and contributes to the objectives of the Council of the EU’s .......

    Market Moves 24 October 2019

  • SCI Capital Relief Trades Awards 2019

    Issuer of the Year: Santander

    Santander was one of the banks that actively participated in efforts to extend the STS designation to synthetic securitisations, which culminated in the EBA consultation paper on STS synthetics that was published in September. However, it is the Spanish lender’s prolific issuance and innovative structural achievements that render it SCI’s Issuer of the Year.  

    According to Steve Gandy, md and .......

    News 24 October 2019

  • GACS structured

    Mortgage NPL ABS prepped

    UniCredit is in the market with a non-performing loan securitisation that references €6bn - in gross book value terms - of secured and unsecured residential mortgages. Dubbed Prisma SPV, the transaction is an unusual NPL ABS, given the underlying assets and is the first transaction to be completed following the most recent renewal of GACS.

    Rated by Moody’s and Scope, .......

    News 23 October 2019

  • Fully equipped

    US equipment ABS booming in primary and secondary

    With two deals pricing last week (Ascentium Equipment Receivables 2019-2 and CNH Equipment Trust 2019-C) and another - the US$675m SCF Equipment Leasing 2019-2 - already in the visible pipeline, the 2019 boom in US equipment ABS is rolling on. Primary issuance in the sector has already seen over US$17bn this year and secondary market activity continues to grow .......

    News 22 October 2019

  • Firm files Chapter 11

    Company hires and sector developments

    Chapter 11 filing

    Highland Capital Management LP (HCMLP) has commenced voluntary Chapter 11 proceedings, citing a judgment that is being sought against it in connection with the defunct Crusader fund. Although Highland Capital Management disputes the underlying claims and believes it acted in the interest of investors, entry of the judgment in its maximum potential amount could result .......

    Market Moves 22 October 2019

  • Positive outlook

    Italian non-performing lease ABS on the cards

    Italian non-performing lease securitisation volumes could reach €2bn next year, as investors seek new opportunities, following a slowdown in non-performing loan ABS issuance. However, a number of challenges remain (SCI 24 May).

    Several factors have improved the outlook for non-performing lease securitisations. First, there is a large stock of available assets.

    According to Scope Ratings, while .......

    News Analysis 21 October 2019

  • RTS draft published

    Sector developments and company hires

    The European Commission has published the Delegated Regulation on Regulatory Technical Standards (RTS) regarding the disclosure requirements in the Securitisation Regulation, detailing what information has to be disclosed by the sellers of European securitisations. Rabobank’s structured finance analysts comment that, although this new regulation does not contain much new information, the arrival of the act marks an important step .......

    Market Moves 18 October 2019

  • Risk transfer round-up - 18 October

    CRT sector developments and deal news

    Nordea is rumoured to be prepping a corporate capital relief trade for this year. The Nordic lender’s last risk transfer transaction - dubbed Archean I - closed in August 2016 (see SCI’s capital relief trades database).

    ......

    News 18 October 2019

    Premium Content

  • ESG scores launched

    New scoring system has "limited" credit rating impact

    Fitch has introduced new ESG Relevance scores for structured finance and covered bonds, which communicate how material an ESG factor is to a credit decision. The agency has assigned elevated scores to approximately 18% of structured finance and covered bond transactions and programmes, although these will have limited impact as a key driver but “widespread resonance” as a credit .......

    News Analysis 18 October 2019

  • Best in class

    SCI Capital Relief Trades Awards winners revealed

    The winners of SCI’s inaugural Capital Relief Trades Awards were revealed at a ceremony last night. The selections reflect the vibrancy and innovation evident across the risk transfer market over the last 12 months and emphasise the utility of synthetic securitisation - not only as a risk management tool, but also as a way of mobilising private capital .......

    News 18 October 2019

  • Inaugural French ABS prepped

    ABS is first SME deal from promotional bank

    Bpifrance is marketing a debut €2bn SME ABS. The transaction, dubbed Bpifrance 2019-1, is a three-year revolving cash securitisation of medium to long term secured and unsecured loans to SMEs and mid-cap companies located in France and originated by Bpifrance Financement.

    Bpifrance financement is the French national promotional bank responsible for the financing of companies within the Bpifrance group, with its .......

    News 18 October 2019
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