Complete news archive
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UK STS notification portal launched
Sector developments and company hires
UK STS notification portal launched
Market Moves 24 November 2020
The UK FCA has launched its new STS notification platform, with the aim of allowing UK securitisation originators and sponsors to ‘pre-populate’ the STS list in anticipation of the end of the Brexit transition period on 31 December. The FCA states that during the transition period, UK firms should continue to notify ESMA where a .......
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Restructuring boost
Project Galaxy portfolio acquired
Alpha Bank has selected US investment fund Davidson Kempner as its preferred bidder over PIMCO for its Project Galaxy portfolio. The €10.8bn pool includes the disposal of the bank’s servicing unit Cepal and is expected to clear the way for further non-performing loan restructurings (SCI 3 June).
The Greek lender launched the bidding process this year, drawing interest from .......
News 24 November 2020
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EBA SRT report released
Sector developments and company hires
EBA SRT report released
Market Moves 23 November 2020
The EBA has published its long-awaited report on significant risk transfer in securitisations, which includes a set of detailed recommendations to the European Commission on the harmonisation of practices and processes applicable to the SRT assessment. The EBA proposals aim to enhance the efficiency, consistency and predictability of the supervisory SRT assessment within the current securitisation .......
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Generation change?
Investor, issuer ESG engagement surveyed
The vast majority (81%) of ABS issuers polled in a recent Structured Finance Association survey currently incorporate ESG in their overall business operations, with 73% doing so in their asset origination and underwriting practices. The survey assesses the extent ESG principles are incorporated at both the enterprise level and at the structured finance business unit level.
Michael Bright, .......
News 23 November 2020
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SCI Start the Week - 23 November
A review of securitisation activity over the past seven days
SRT seminar TODAY
News 23 November 2020
Join SCI today and tomorrow, 23 and 24 November, for its virtual 6th Annual Capital Relief Trades Seminar, which will explore a number of recent regulatory developments that underline European policymaker support for balance sheet synthetic securitisation. The event also examines the latest trends and activity across the significant risk transfer sector.
Highlights of this year's seminar include .......
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Highland trio launch new firm
Sector developments and company hires
Highland trio launch new firm
Market Moves 20 November 2020
Ex-Highland Capital Management executives Mark Okada, Jack Yang and Trey Parker have launched Sycamore Tree Capital Partners, an asset management firm specialising in private and alternative credit. Okada will serve as ceo, Yang will serve as president and head of business development, and Parker will serve as cio. John Muse and Ken Hersh are strategic .......
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Greek synthetics eyed
Alantra targets CRTs, new jurisdictions
Alantra has evolved to become one of the premier players in the non-performing loan markets by utilising a combination of services, including credit portfolio advisory and asset management. However, following the recent hiring of Francesco Dissera (SCI 3 November), the arranger is now eyeing capital relief trades, including in the currently untapped Greek market.
Alantra’s services .......
News Analysis 20 November 2020
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Positive outlook
DoValue signs NPL MoU
DoValue has signed a memorandum of understanding with Bain Capital Credit for the exclusive management of a portfolio of non-performing loans originated in Cyprus for a total claim of approximately €650m. Following this agreement, the total volume of servicing mandates won by doValue in Southern Europe so far this year has reached €9.3bn. The latter is in line with .......
News 20 November 2020
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Capital headache
The finalized GSE capital rules give with one hand whilst the other takes
The finalized capital rule for the GSEs, released yesterday afternoon (November 19) by the Federal Housing Finance Agency (FHFA), increases the amount of dollar relief afforded by CRT mechanisms from that envisaged by the rules released in May, but the effect is offset by higher overall risk weightings the amended rules impose, observe sources.
“CRT is more effective because the .......
News 19 November 2020
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Automated alternative
CLO tax solution getting traction
An automated alternative to the traditional season-and-sell process that enables tax efficiency for CLOs is starting to gain traction. Smaller firms are expected to be the earliest adopters, though the programme’s efficiencies could benefit all collateral managers.
Season and sell is utilised by US CLOs that are typically Cayman corporations designed not to be engaged in a US trade or .......
News Analysis 19 November 2020
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Synthetic RMBS priced
Lloyds finalises Syon transaction
Lloyds has priced the third transaction from its Syon programme. The seven-year significant risk transfer trade is motivated by prudent risk management within the context of providing support to first-time buyers, in line with the bank’s Helping Britain Prosper Plan. After withdrawing high LTV mortgage products in March 2020, the UK lender is now seeking to re-enter that market .......
News 19 November 2020
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Democrats and CRT
Banks, GSEs eye Washington for policy clues
It is, probably, a reasonable assumption that US President-elect Joe Biden has never given a second thought to credit risk transfer mechanisms. But for this market and particularly the GSEs, the new administration represents a sea-change in philosophy and policy.
The potential extent of any legislative innovation depends, firstly, on whether the Senate will approve or block action .......
News Analysis 19 November 2020
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APAC capital advisory formed
Sector developments and company hires
APAC capital advisory formed
Aon has launched an Asia Pacific Capital Advisory unit to deliver a holistic approach to capital optimisation for re/insurers. The initiative follows Aon’s launch of similar units in the UK and US.At the same time, actuary Seewon Oh has joined the unit from Smartkarma Innovations, where she was an analyst researching the insurance sector across Asia Pacific. .......
Market Moves 18 November 2020
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Maturity wall eyed
Mall loans face financing difficulties
US CMBS mall delinquencies have reached approximately US$9.65bn across 93 non-defeased loans secured by regional malls and large anchored retail assets, according to a new DBRS Morningstar analysis. The overall delinquency rate for this cohort of loans is 18.7%, with circa 69.8% of the balance within the 2011-2014 vintage, including the largest delinquent loan – the Mall of America .......
News 18 November 2020
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CRT seminar line-up finalised
Fireside chats, awards presentation on the agenda
The line-up for SCI’s 6th Annual Capital Relief Trades Seminar has been finalised. Hosted virtually on 23 and 24 November, highlights of the event include fireside chats with PGGM’s Mascha Canio and EBA policy expert Pablo Sinausía.
A market overview panel will outline how the Covid-19 fallout has affected performance, activity and issuance levels across the CRT market, while another .......
News 18 November 2020
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CRE data initiative launched
Sector developments and company hires
CRE data initiative launched
Market Moves 17 November 2020
Moody's Analytics has formed a new partnership with The Business School (formerly Cass) at City, University of London, to build a database of loan-level commercial real estate information covering the UK and Europe. The initiative will extend The Business School's UK CRE lending survey under the Moody’s Analytics Data Alliance framework. By participating in this initiative, lenders .......
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Record print
VW's latest Chinese ABS oversubscribed
Volkswagen Financial Services has completed its largest-ever Chinese auto ABS, despite challenging market conditions. Dubbed Driver China Eleven Trust, the RMB8bn (circa €1bn) is backed by a diversified pool of receivables from over 134,000 financing contracts.
Bernd Bode, head of group treasury and investor relations at Volkswagen Financial Services, says: “We have now placed 11 Driver transactions in the Chinese .......
News 16 November 2020
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SCI Start the Week - 16 November
A review of securitisation activity over the past seven days
SRT seminar NEXT WEEK
News 16 November 2020
Join SCI on 23 and 24 November for its virtual 6th Annual Capital Relief Trades Seminar, which will explore a number of recent regulatory developments that underline European policymaker support for balance sheet synthetic securitisation. The event also examines the latest trends and activity across the significant risk transfer sector.
Highlights of this year's seminar include fireside chats .......
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