Complete news archive

  • MPL rewards

    Generous MPL returns stand out in parsimonious ABS market

    ABS investors in the US searching for value in an environment otherwise starved of this should look at the marketplace loans (MPL) sector, suggest analysts.

    One year AAA-rated unsecured consumer MPL ABS currently trade at around 40bp against the EDSF curve while three year A-rated MPLs are about 90bp to swaps.

    “Nothing else is close to that. If you’re looking for value, unsecured .......

    News Analysis 14 July 2021

  • Loss mitigation mechanics

    Euro CLO primary practice around LML documentation discussed

    SCI publishes regular case studies and reports on the CLO market in addition to our usual news stories on the sector and the latest can be found here.

    This time, we examine the uptake of loss mitigation loan language in European deals since the concept emerged a year ago. Read this free report to find out the background, challenges .......

    News Analysis 14 July 2021

  • ILS efforts beefed up

    Sector developments and company hires

    ILS efforts beefed up
    AXIS Capital Holdings has appointed Chris Caponigro as global head of AXIS ILS, as its third-party capital unit has been rebranded. Caponigro will oversee the company’s activities related to third-party capital under management, supporting ILS efforts across its reinsurance and insurance segments. He will report to AXIS Re ceo Steve Arora and be based out of .......

    Market Moves 14 July 2021

  • Bridging the gap

    Sustainable SRTs to spur ESG securitisation growth?

    A steady stream of renewables significant risk transfer deals is expected to come on to the market in the coming months. This CRT Premium Content article investigates whether synthetics can spur growth across the broader ESG securitisation sector.

    Synthetic transactions referencing sustainable portfolios are being touted as a straightforward way to overcome the current paucity of suitable ESG assets ......

    News Analysis 14 July 2021

    Premium Content

  • Endless cash

    European ABS/MBS market update

    As the pre-summer flow comes to a close, optimism still prevails across the European ABS/MBS primary market. Despite strong execution from the four widely marketed deals last week and three still in the pipeline (see SCI’s Euro ABS/MBS Deal Tracker for more), further tight pricing levels are expected.

    “The ABS-RMBS space has been exceptionally strong during these .......

    News 14 July 2021

  • Aviation finance practice inaugurated

    Sector developments and company hires

    Aviation finance practice inaugurated
    Global aviation services provider ACC Aviation has added an in-house aviation finance specialist. Viktor Berta joins the group as vp of its newly created aviation finance practice. The appointment broadens the scope of ACC Aviation’s suite of consultancy services, led by Rob Watts, who also takes on an enhanced role as director of aviation services.

    Market Moves 13 July 2021

  • Positive story?

    Mortgage performance eyed as support ends

    European RMBS performance has remained robust in the face of unprecedented stresses brought about by Covid-19, supported by a number of government schemes. However, questions remain over how the withdrawal of these measures will affect the market.

    “The structures have done what they have been designed to do and they have been robust – that is a positive .......

    News Analysis 13 July 2021

  • Lift off

    BMO programme details revealed

    Further details have emerged of a synthetic securitisation programme launched by BMO in late December 2020. Dubbed Sauble, the programme will exclusively focus on leveraged loan issuance and is one of only two programmes dedicated to this segment. BMO has already printed two transactions from the Sauble programme - executed in December 2020 and June this year (SCI .......

    News 12 July 2021

  • Risk transfer round-up - 12 July

    CRT sector developments and deal news

    News 12 July 2021

  • SCI Start the Week - 12 July

    A review of SCI's latest content

    Last week's news and analysis
    Forbearances south of 2m
    Forbearances below 2m for 1st time in 15 months - big weekly drop
    Fourth gear
    JP Morgan takes to the road again for fourth auto CLN in 11 months
    Going hybrid
    New working models 'render offices as a service'
    International SLABS debuts
    Global legal, regulatory complexity addressed
    Issuance boost
    BNP Paribas leads the pack
    Softly softly
    US banks .......

    News 12 July 2021

  • Forbearances south of 2m

    Forbearances below 2m for 1st time in 15 months - big weekly drop

    The number of active mortgage forbearance plans in the US dropped by 189,000 in the last week to below two million for the first time since April 2020, mortgage data provider Black Knight reported this morning (July 9).

    This represents the highest weekly exit week in over six months.

    Forbearances in mortgages held by banks and in private label deals led the way .......

    News 9 July 2021

  • Going hybrid

    New working models 'render offices as a service'

    The Covid-19 pandemic has ushered in hybrid working models that are redefining real estate valuations of offices as a service, rather than passive assets. At the same time, a shift in the balance of power from landlords to tenants appears to be underway.

    “The shift appears to be irreversible,” says Euan Gatfield, md of EMEA CMBS at Fitch. .......

    News Analysis 9 July 2021

  • Stable outlook

    NPL ABS potential underlined

    Greece is now leading the way in Europe’s bad loan clean-up, participants in a recent DBRS non-performing loan webinar agreed. The outlook for the European NPL market overall is stable, despite decreased collections and extended timeframes for most securitisations.

    Greece’s leading banks have embraced securitisation as a way to improve asset quality, replicating what Italy has done with .......

    News 9 July 2021

  • EU monetary policy to reflect carbon transition

    Sector developments and company hires

    EU monetary policy to reflect carbon transition
    The ECB has published its new monetary policy strategy, which includes what it describes as “an ambitious climate-related action plan”. The central bank states that climate change has profound implications for price stability through its impact on the structure and cyclical dynamics of the economy and the financial system.

    As such, it .......

    Market Moves 9 July 2021

  • Issuance boost

    BNP Paribas leads the pack

    BNP Paribas has completed a full-stack significant risk transfer transaction backed by French unsecured consumer loans. Dubbed Noria 2021, the securitisation is the first capital relief trade from the programme to be backed by personal, debt consolidation and sales finance loans. The transaction renders the bank the most active SRT originator this year to date.  

    According to .......

    News 9 July 2021

  • Softly softly

    US banks reluctant to swallow issuance costs of corporate CRTs

    The imminent issue of another CRT trade from JP Morgan Chase, its fourth in a year, appears to support the often widely disseminated view that the US market is at lift-off point.

    This view also gained ballast with the inaugural US regional bank deal from Texas Capital Bank in March.

    However, the US CRT sector remains a thing of bits and pieces .......

    News Analysis 8 July 2021

  • Fourth gear

    JP Morgan takes to the road again for fourth auto CLN in 11 months

    JP Morgan Chase is to issue its second auto loan credit linked note (CLN) of the year and its fourth in less than a year as it continues to expand its use of CRT technology.

    The eight-tranche offering, designated Chase Auto Credit Linked Notes Series 2021-2, references 189,931 loans for a notional amount of $4.25bn. This is 28,000 more loans than were .......

    News 8 July 2021

  • Risk transfer round-up - 8 July

    CRT sector developments and deal news

    News 8 July 2021

  • Taper talk

    Fed tapering could lead to 50bp MBS repricing

    If - as many expect - the Federal Reserve commences a taper operation in 2H21 then agency mortgage bonds could reprice wider by 40bp-50bp, suggest MBS analysts.

    The Fannie Mae interpolated five year/10 year curve currently yields around 69bp to Treasuries, but if the Fed does execute a taper then the market could see yields back up to plus 110bp-120bp.

    Mortgage-backed .......

    News 7 July 2021

  • International SLABS debuts

    Global legal, regulatory complexity addressed

    Prodigy Finance is in the market with the first rated securitisation backed by international private student loans. One differentiating factor of the US$303.5m Prodigy Finance CM2021-1 transaction is the originator’s business model, which allows it to lend to borrowers around the world (currently 186 countries and territories).

    Headquartered in London, Prodigy is a student loan lender that began .......

    News 7 July 2021

  • Sustainable finance strategy unveiled

    Sector developments and company hires

    Sustainable finance strategy unveiled
    The European Commission has adopted a number of measures in connection with sustainable finance. First, a new Sustainable Finance Strategy sets out several initiatives to tackle climate change, as well as increase investment in the EU's transition towards a sustainable economy.

    The strategy includes six sets of actions: extend the sustainable finance toolbox to facilitate .......

    Market Moves 7 July 2021
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