Complete news archive
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Generali debuts green cat bond
Sector developments and company hires
Generali debuts green cat bond
Assicurazioni Generali has priced an innovative catastrophe bond. Dubbed Lion III Re, the €200m ILS has a number of sustainable finance features.First, Generali freed up €28.1m in capital as a result of the protection provided by Lion III Re, which will be allocated to eligible projects as defined by Generali’s Green ILS Framework. .......
Market Moves 21 June 2021
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Adopting change
Class A loan note attracts attention
Together Money earlier this month priced its second public small balance CMBS, the £249m Together Asset Backed Securitisation 2021-CRE2. The transaction is notable for including a class A loan note in the capital structure – a feature previously only seen in the CLO market.
“[The deal] is very similar to a traditional securitisation; it is structured with notes .......
News Analysis 21 June 2021
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SCI Start the Week - 21 June
A review of securitisation activity over the past seven days
Last week's stories
News 21 June 2021
AutoNoria returns
BNP Paribas draws crowd
Counting Calabria
The Supreme Court decision on the FHFA is eagerly awaited
NPL ABS return
Government guarantees dominate 2020 NPE activity
Pricing flurry
European ABS/MBS market update
Smoother transition?
US CLO secondary looks to be taking this quarter-end in its stride
Super narrow Arch prices
New Bellemeade comes at spreads well inside previous CRT trade
Triple-starred first for .......
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Counting Calabria
The Supreme Court decision on the FHFA is eagerly awaited, but immediate impact may be limited
Market-watchers are still waiting with bated breath for the Supreme Court judgement on whether the executive can dismiss Mark Calabria from the Federal Housing Finance Authority (FHFA), but some say that even if the president is given the authority to appoint a new director things might not change all that much.
Firstly, there is a slew of agency appointments yet to be .......
News Analysis 18 June 2021
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SRT upgraded on CE build-up
Sector developments and company hires
SRT upgraded on CE build-up
Market Moves 18 June 2021
Scope Ratings has affirmed its single-A rating on the class C credit-linked notes issued by SSPAIN 2019-A and upgraded the class D to F notes to triple-B plus, triple-B minus and double-B plus respectively from triple-B minus, double-B and double-B minus. The transaction is a significant risk transfer deal, which closed on 28 June 2019 .......
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Pricing flurry
European ABS/MBS market update
Yesterday saw five new European ABS/MBS price in one of the busiest days the primary market has seen this year. However, volumes are still short of pre-Covid levels.
Despite the flurry of deals yesterday, paper throughout the stack saw strong demand. Indeed every offered tranche priced inside initial price talk.
“Across European ABS/MBS, sentiment has been pretty positive for .......
News 18 June 2021
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AutoNoria returns
BNP Paribas draws crowd
BNP Paribas has arranged a €1bn full-stack significant risk transfer transaction for Banco Cetelem. Dubbed AutoNoria Spain 2021, the Spanish auto SRT is the first post-Covid capital relief trade from the AutoNoria programme and attracted one of the largest order books for Spanish auto ABS following the 2008 financial crisis at over €2bn.
Rated by Fitch and Moody’s, .......
News 18 June 2021
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Piraeus preps third NPL ABS
Sector developments and company hires
Piraeus preps third NPL ABS
Market Moves 16 June 2021
Piraeus Financial Holdings has reached definitive agreements with Intrum and Serengeti Asset Management in connection with the sale of 49% and 2% respectively of the mezzanine and junior notes of the Sunrise I non-performing exposures portfolio. The portfolio consists of circa 205,000 retail and corporate loans, with a gross book value of €7.2bn, as at .......
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Triple-starred first for BMO
BMO brings innovative C$ CRT trade referencing Canadian CRE
A groundbreaking Canadian dollar denominated regulatory capital relief trade from Bank of Montreal (BMO) closed earlier today (June 15), say well-placed market sources.
Not only does the deal constitute the first Canadian dollar CRT trade, it will also be the first to reference a pool of Canadian commercial real estate (CRE) loans.
In another debut feature, the deal possesses a hybrid structure, incorporating .......
News 15 June 2021
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Innovative SME securitisation fund inked
Sector developments and company hires
Innovative SME securitisation fund inked
SGR-CESGAR, the Spanish guarantee society (SGR) association, has launched a pioneering securitisation fund that aims to provide Spanish SMEs with access to the capital markets. Dubbed Aquisgrán, the programme is structured by Intermoney and backed by the Ministry of Industry through CERSA, with initial financing from the EIF, Instituto de Crédito Oficial (ICO) and Banco Caminos.Market Moves 15 June 2021
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NPL ABS return
Government guarantees dominate 2020 NPE activity
Government guaranteed non-performing loan securitisations in Italy and Greece dominated NPL transaction issuance last year. However, overall volumes were well below their 2018 and 2019 peaks.
Most NPL transaction activity came to a halt during 2H20 as the first wave of the coronavirus pandemic spread throughout Europe. According to the latest data from Deloitte, €53.8bn gross book value .......
News 15 June 2021
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Super narrow Arch prices
New Bellemeade comes at spreads well inside previous CRT trade
Arch Capital has priced its latest Bellemeade CRT transaction at levels significantly tighter than the last such deal in March, and to a more broadly syndicated pool of investors than ever before, confirms evp, alternative markets Jim Bennison.
The deal, designated Bellemeade 2021-2, consisted of five tranches for a total value of $522.8m. In addition, $93m was placed in the reinsurance market, .......
News 14 June 2021
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Financing football
James Paul, head of sport at Blackstar Capital, discusses ho...
Q: Which sports are you seeing structured financing in?
A: In Europe, football is the most mature sport commercially and hence attracts most of the opportunities for structured debt financing. That isn’t to say that there aren’t things done in other sports, particularly on the equity side, but it’s certainly much more opportunistic.The impact of the pandemic has .......
Provider Profile 14 June 2021
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Auto turnover dampens DFP issuance
Sector developments and company hires
Auto turnover dampens DFP issuance
Market Moves 14 June 2021
Accelerated dealer auto inventory turnover has resulted in insufficient collateral available for US dealer floorplan (DFP) ABS master trusts in 2021, Fitch reports. The agency notes that this is indirectly accounted for by deal structures, for the most part, through the use of excess funding accounts (EFAs). EFAs are meant to protect trusts against inventory .......
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Smoother transition?
US CLO secondary looks to be taking this quarter-end in its stride
Current market technicals typically indicate a spike in volatility at the bottom of the US CLO debt stack, as trading hots up into quarter-end. However, Q2 looks set to be a smoother ride than Q1 and secondary market focus has shifted towards equity.
“We’re coming to quarter end and there is a large volume of primary deals in .......
News Analysis 14 June 2021
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SCI Start the Week - 14 June
A review of securitisation activity over the past seven days
Last week's stories
News 14 June 2021
Arch markets MILN
Second Bellemeade deal of 2021 in the market, pricing soon
Execution queries
Questions linger over funded insurer SRTs
Positive prospects
Rating upgrades boost default outlook
Rebound continues
Second trade finance SRT inked
Low flying aircraft
Aircraft ABS remain slowest to recover from Covid
Aircraft lease ABS remains the black spot of the US ABS market, and has been the slowest to .......
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Low flying aircraft
Aircraft ABS remain slowest to recover from Covid
Aircraft lease ABS remains the black spot of the US ABS market, and has been the slowest to recover from the pandemic sell-off, note analysts.
While spreads in every other sector have now recovered from the pandemic sell-off, and, in fact are now trending at 24-month lows, the aircraft ABS market is still mired in the doldrums.
At the end of May 2021, .......
News 11 June 2021
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Sustainable infrastructure exposure offered
Sector developments and company hires
Sustainable infrastructure exposure offered
Bayfront Infrastructure Management has priced an infrastructure ABS via Bayfront Infrastructure Capital II (BIC II), a wholly owned and newly incorporated distribution vehicle. The transaction is backed by a US$401.2m portfolio of 27 project and infrastructure loans, diversified across 13 countries and eight industry sub-sectors, with approximately 46% of the portfolio considered eligible sustainable assets.The deal .......
Market Moves 11 June 2021
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Execution queries
Questions linger over funded insurer SRTs
Originators of significant risk transfer transactions have welcomed the trio of innovative funded insurer trades from Credit Risk Transfer Solutions (SCI 27 May). Even though all three deals were successfully executed, questions have been raised about the potential cost and pricing of future transactions, however.
CRTS’s deals are generally mezzanine trades and involve an investment platform managed by the broker .......
News Analysis 11 June 2021