Complete news archive

  • Volatility hedge

    Bart Bakx, head of ABS and mortgages at NN Investment Partne...

    Q: Do you believe private credit will take on a more significant role in investor portfolios in 2021? If so, which factors are driving this forward?
    A: We see that many investors are undertaking searches and these are increasing towards private credit. Looking for opportunities to allocate, investors seek alternatives in the private market space in view of continued volatility .......

    The Structured Credit Interview 25 June 2021

  • CLO opportunities seminar line-up finalised

    Electronification, alternative structures on the agenda

    SCI’s 1st Annual CLO Special Opportunities Seminar is taking place virtually on 29 June. The event examines the key areas in which investors and managers can enhance returns, from deal structures and pricing to unusual asset classes.

    The seminar begins with a panel on ESG and CLOs, focusing on whether investors can achieve enhanced yield through ESG-compliant CLOs. .......

    News 25 June 2021

  • Riding a wave

    BNP Paribas executes capital call SRT

    BNP Paribas has finalised a significant risk transfer transaction backed by capital call facilities. Dubbed Wagner 2021-1, the deal is the French lender’s first such transaction and is riding a wave of capital call SRTs.  

    Banks that have successfully executed such deals over the last 18 months include Credit Agricole, Standard Chartered, Citi and Societe Generale (SCI .......

    News 25 June 2021

  • RFC issued on NPL treatment

    Sector developments and company hires

    RFC issued on NPL treatment
    The EBA has launched a public consultation on amendments to its regulatory technical standards on credit risk adjustments in the context of the calculation of the risk weight (RW) of defaulted exposures under the standardised approach (SA). The proposed amendments come in the wake of the European Commission’s Action Plan to tackle non-performing loans in .......

    Market Moves 24 June 2021

  • Ever tighter?

    European ABS/MBS market update

    European ABS/MBS primary spreads continue to edge in on heavy investor demand. That looks unlikely to change, especially in core Europe, as supply begins to ease into the summer.

    “The most notable development of the past four months for me has been that spreads keep going tighter and tighter,” says one core Europe ABS trader. “Current pricing levels .......

    News 24 June 2021

  • US is coming

    Stand by for more US regional bank deals, say panellists at IMN conference

    Citigroup is currently having discussions with more US regional banks about issuing CRT transactions, following the lead established by the groundbreaking deal from Texas Capital Bank three months ago, it was revealed at the IMN risk transfer conference at the end of last week.

    Seeing Texas Capital achieve regulatory appproval constituted a green light to other banks that have been hovering .......

    News 23 June 2021

  • Calabria exits

    FHFA director removed, GSE stocks nosedive; Fannie comeback?

    The Biden administration fired Federal Housing Finance Authority (FHFA) director Mark Calabria this afternoon (June 23) after the much-awaited Supreme Court ruling concerning the FHFA was delivered today.

    Little time was wasted in getting rid of Calabria, a Trump appointee, after the Court decided that the FHFA was indeed structured unconstitutionally in that the director is insufficiently accountable to the executive, echoing .......

    News 23 June 2021

  • Apollo, illimity form NPE JV

    Sector developments and company hires

    Apollo, illimity form NPE JV
    illimity Bank has entered into a binding heads of terms to form a 50:50 joint venture with certain funds managed by Apollo Global Management aimed at investing up to €500m in single-name distressed credit exposure secured by real estate assets in Italy. The JV - which will have an initial investment period of two years, .......

    Market Moves 23 June 2021

  • Digital investment ABS prepped

    Sector developments and company hires

    Digital investment ABS prepped
    DigitalBridge Group is in the market with its debut securitisation, the US$500m DigitalBridge Issuer Series 2021-1. The unusual transaction is secured by the firm’s digital investment management fees and carried interest, including from future investment vehicles.

    The triple-B rated notes will be issued in two classes: a US$300m class A2 secured fund fee revenue tranche, .......

    Market Moves 22 June 2021

  • SRT debut

    LBBW prints first capital relief trade

    The EIB Group and LBBW have executed a €95m mezzanine guarantee that references a €1.8bn portfolio of SME and midcap loans. The transaction is the German lender’s first capital relief trade and will enable it to provide up to €570m of SME and midcap financing.

    According to Rainer Bohn, head of structured finance at LBBW: ‘’The transaction is .......

    News 22 June 2021

  • Risk transfer round-up - 22 June

    CRT sector developments and deal news

    News 22 June 2021

  • 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

  • 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

  • SCI Start the Week - 21 June

    A review of securitisation activity over the past seven days

    Last week's stories
    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 .......

    News 21 June 2021

  • 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

  • SRT upgraded on CE build-up

    Sector developments and company hires

    SRT upgraded on CE build-up
    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 .......

    Market Moves 18 June 2021

  • 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

  • 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

  • Risk transfer round-up - 17 June

    CRT sector developments and deal news

    News 17 June 2021

  • Piraeus preps third NPL ABS

    Sector developments and company hires

    Piraeus preps third NPL ABS
    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 .......

    Market Moves 16 June 2021

  • 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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