Complete news archive
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SCI CRT Awards: Investor of the Year
Winner: Magnetar
The 2023/2024 awards year marks a period of transformative growth in the significant risk transfer (SRT) market. Amid a dynamic landscape characterised by new issuers, growth in the US SRT market and an influx of new investors, Magnetar distinguished itself with historically high investment volumes across varied deal structures and underlying asset classes and a commitment to thought leadership.
News 22 October 2024
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Summer in the city
European ABS and CLO markets defy summer lull with €34bn Q3 issuance
The European securitisation market saw significant activity through the third quarter of 2024, defying the typical summer slowdown, according to a market update issued by TwentyFour Asset Management.
Aza Teeuwen, partner and portfolio manager at TwentyFour, attributes this to increased funding needs, tighter pricing and a rush to secure funding ahead of the upcoming US elections.
"Volumes .......
News Analysis 22 October 2024
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SCI CRT Awards: Innovation of the Year
Winner: Granular Portfolio Insurance Product
The Granular Portfolio Insurance Product (GPIP) has won Innovation of the Year in this year’s SCI Capital Relief Trades Awards. This product is the first insurance structure of its kind and was developed by BNP Paribas (the bank), Liberty (the insurer) and Howden (the broker).
This innovation is in response to various operational limitations when using credit .......
News 22 October 2024
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SCI CRT Awards: ESG Transaction of the Year
Winner: Lion 4
The EIB Group and LBBW closed Lion 4 in September 2023, with the latter committing to channel €350m of freed-up capital into new financing for clean power projects. In recognition of its exceptional contribution to decarbonising the German economy and to boosting Europe’s energy independence, the transaction is SCI’s pick for ESG Transaction of the Year.
The synthetic .......
News 21 October 2024
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SCI CRT Awards: Emerging Markets Transaction of the Year
Winner: Project Patagonia
Project Patagonia has won Emerging Markets Transaction of the Year in this year’s SCI Capital Relief Trades Awards. This forward-looking transaction involves a pioneering approach in which a bank, a private investor and a multilateral development bank (MDB) partner together to: achieve capital relief for the bank, deploy resources from a leading private international investor into a new emerging .......
News 21 October 2024
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Job swaps weekly: MidOcean boosts capital formation capabilities
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees MidOcean Partners strengthen its ranks with the appointment of Jon Fox as global head of capital formation. He brings several decades of leadership and alternative asset management experience that will help to expand the firm’s investor relationships globally.
Fox was formerly president of Värde, having joined that firm nearly 11 .......
Market Moves 18 October 2024
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SCI CRT Awards: North American Transaction of the Year
Winner: Granville USD
Upsized from US$5bn to US$9bn, Scotiabank’s Granville USD represented the largest-ever debut Canadian SRT - in terms of both portfolio size and notes sold – when it closed in July 2023. In recognition of this, and for optimising Basel 4 output floor constraints via several innovative risk mitigation techniques, the transaction is SCI’s North American Transaction of the Year.
News 18 October 2024
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SCI CRT Awards: European Transaction of the Year
Winner: Fanes SRT 2023
Sparkasse’s debut SRT trade, Fanes SRT 2023, is SCI’s pick for the European Transaction of the Year category in this year’s CRT Awards. Not only is the deal the first-ever Italian STS synthetic securitisation involving only private investors, it also features a one-off amortisation mechanism for the mezzanine tranche, which can be activated should the issuer be authorised .......
News 18 October 2024
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Local network
Jonas Hybinette, co-founder and co-head of business developm...
Q: RoundShield, a private investment firm specialising in asset-backed credit across Western European markets, recently closed its fifth European special opportunities fund (Fund V) with over US$1bn in commitments - surpassing its fundraising target by nearly US$150m. Why does the firm focus on Western Europe and how do you identify opportunities in these jurisdictions?
The Structured Credit Interview 17 October 2024
A: Driss Benkirane, our managing partner, and I .......
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Latest SRTx fixings released
SRT market projections include spreads firming up and incrementally worsening credit risk outlook.
While we enter the final quarter of the year, September was characterised by central banks and the significant easing priced in by markets. Such vision and prediction for a more aggressive rate-cutting cycle by major central banks has led to a bull steepening of yield curves. After the 50 bps rate cut by the Fed in the US, markets have .......
News 16 October 2024
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SRT issuer profile: NatWest
Rob Lloyd, head of balance sheet management at NatWest Comme...
Q: How long have you been involved in SRT and what were the drivers behind your first trade?
A: SRT is not a new concept, the bank has been users of the product for some time. This year we are embarking on the tenth issuance of our Nightingale programme.
Q: Do you view SRT as a strategic .......
The Structured Credit Interview 14 October 2024
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Transactions and tightening
SRT market update
New issuers of corporate and project finance SRT in Germany, SME trades from Spain and Greece and an auto trade out of Scandinavia are among the deals coming to market in Q4.
SCI understands in particular three of the big four Greek banks (Alpha Bank, Piraeus Bank and Eurobank) are in the market. This would be Piraeus’s first .......
SRT Market Update 11 October 2024
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Job swaps weekly: KBRA rings the changes
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees KBRA making multiple senior structured finance appointments including a new global head of ABS and RMBS. Elsewhere, a c-suite executive at PACE Funding Group has left the firm and transitioned away from structured credit with a move to Greenday Finance, while specialty finance company Encina Lender Finance has made two senior .......
Market Moves 11 October 2024
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SCI In Conversation Podcast: Volker Gulde, Moody's Ratings
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI head of content Kenny Wastell speaks to Volker Gulde, senior vice president at Moody’s Ratings, about the European market for private credit CLOs. Gulde discusses why the asset class is yet to take off in the continent, when we might expect that situation to change, and more.
Gulde says that, while there .......
News Analysis 11 October 2024
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Doubling down
Deutsche Bank finalises two SRT trades
Deutsche Bank completed two SRT trades in September. The first transaction concerns the well-documented LOFT 2024-1 deal (marking the third issuance from the LOFT platform), which references a US$3bn portfolio of US and European leveraged loans. The synthetic securitisation was upsized from an initial portfolio US$2bn, following notable investor demand and a fairly widely syndicated process.
Oliver .......
News 11 October 2024
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Heating up
Potential for heat-pump-backed ABS in Europe's energy transition
The wait for Europe’s first public heat pump-backed ABS transaction may soon be over, as the demand for sustainable heating solutions grows amid Europe’s energy transition. Securitisation is proving to be an increasingly integral tool in the fight against climate change, with solar ABS and utility ABS in the US supporting the transition away from fossil fuels – heat .......
News Analysis 10 October 2024
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Capital call debut
SFF securitisation could mark 'the beginning of a new market'
Goldman Sachs is in the market with what is believed to be the first publicly-rated cash capital call securitisation - the US$475m Capital Street Master Trust Series 2024-1. Synthetic capital call securitisations have been more widely issued to date (see SCI’s CRT Deal Database), but the growing use of ratings in the fund finance market and increasing investor .......
News Analysis 10 October 2024
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How does it end?
Lawyers discuss how the US' Basel Endgame will be implemente...
Despite the recent and potentially exponential growth of the US CRT market, regulatory clarity is still out of reach. So how will the Basel Endgame regulation be implemented and when can investors expect to see it?
Recent re-proposals from the Federal Reserve (Fed) looking to reshape the regulation have already been rejected (SCI, 24 September) in a .......
News Analysis 9 October 2024