Complete news archive
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MPOWER graduates into securitisation
Provider of loans to international students says deal is first of many
MPOWER Financing, a provider of loans for international university students, has issued its first securitisation, in what it anticipates will develop into a regular stream of issuance. The transaction, MPOWER Education Trust 2024-A, consists of three tranches totalling US$198.1m, which received ratings by KBRA and Morningstar DBRS.
With an underlying collateral pool of US$215.2m, the deal represents the .......
News Analysis 22 May 2024
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Agile framework
PRA and FCA publish new UK securitisation rules
Last month, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published policy statements and the new securitisation rules. Together, both UK regulators have triggered the countdown to 1 November 2024 when the new UK securitisation framework will come into force.
Structurally, both policy statements thoroughly acknowledge industry feedback (following consultation processes that occurred last year) .......
News Analysis 21 May 2024
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New CAS
Market moves and sector developments
Fannie Mae is in the market with a US$707.6m deal, designated CAS 2024-R04 and its fourth CAS deal of the year.
The reference pool consists of 53,682 residential mortgages with an unpaid principal balance of US$18.6bn. All mortgages have an .......
Market Moves 20 May 2024
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SCI Start the Week - 20 May 2024
A review of SCI's latest content
*CRT Awards 2024*
News 20 May 2024
The submissions period for SCI’s 2024 Capital Relief Trades Awards closes on 31 May. Apply now to secure your chance to be recognised and celebrated by the SRT industry at a gala black-tie dinner at RIBA HQ!
Please only include information in submissions that is ‘on-the-record’, as SCI reserves the right to use such information in an eventual .......
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CFPB funding mechanism 'constitutional'
Market updates and sector developments
The US Supreme Court has issued its decision in the ‘Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd’ case, holding that the CFPB's funding mechanism - as set forth in Title X of the Dodd-Frank Act - is constitutional. In evaluating the CFPB's funding structure against the Constitution's requirements, the Court found that the agency's appropriation mechanism .......
Market Moves 17 May 2024
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Job swaps weekly: Nordic advisory boutique opens
People moves and key promotions in securitisation
This week’s round-up of securitisation job swaps sees a pair of Nordea SRT vets set up a structured credit advisory boutique. Elsewhere, PIMCO has snapped up another ex-Citi SRT alumnus, while a former Deutsche Bank structured finance md has joined an auto finance fintech platform.
Nordea SRT stalwarts Jonas Bäcklund and Viktor Kloos have left the bank and .......
Market Moves 17 May 2024
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CLOs: Improving arbitrage - video
TwentyFour Asset Management's Elena Rinaldi speaks to SCI ab...
Elena Rinaldi, portfolio manager on TwentyFour Asset Management's ABS team, speaks to SCI's Corinne Smith about the CLO market and ESG initiatives within the space. Rinaldi discusses the key drivers behind the record levels of issuance in Q1 2024, how a wave of loan repricings in both Europe and the US are affecting CLO portfolios, the potential impact of .......
News Analysis 16 May 2024
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Freddie fallout
GSE CES buying would gut private label market, says report
Corroborating industry misgivings, Freddie Mac’s proposed purchase of single-family closed end second (CES) mortgages would take a large bite out of the private securitization market, according to a report by KBRA released last week.
If both GSEs initiated CES buying, .......
News 14 May 2024
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AI credit analysis project launched
Market updates and sector developments
Stratiphy and Chenavari Financial Group have joined forces to develop custom AI tools aimed at improving the quality of and mitigating the subjectivity within credit analysis. By harnessing the wealth of existing data and employing a range of AI techniques, the project aims to enhance efficiency, pricing capability and precision in forecasting within credit analysis.
Representatives of each .......
Market Moves 13 May 2024
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Attraction stations
SRT relative value in focus
The relative value of SRT transactions is attracting a swathe of new as well as former investors to the space, despite the fact that spreads are tightening. Nevertheless, the creation of an active secondary market remains remote.
Several investors have recently returned to the SRT market after long spells away. For instance, Cheyne Capital last month announced it .......
News Analysis 13 May 2024
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SRT Market Update
Issuance overview in April
While March precipitated the first significant wave of SRT transactions of the year – notably through seasoned issuers and longstanding programmes – April was, according to investors, quieter on pricing execution.
Reflecting on last month’s pipeline, one SRT investor notes: “I don't think anything – that I’m directly aware of – has closed in April. However what was .......
SRT Market Update 13 May 2024
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SCI Start the Week - 13 May 2024
A review of SCI's latest content
*CRT Awards 2024*
News 13 May 2024
The submissions period for SCI’s 2024 Capital Relief Trades Awards closes on 31 May. Apply now to secure your chance to be recognised and celebrated by the SRT industry at a gala black-tie dinner at RIBA HQ!
*Please only include information in submissions that is ‘on-the-record’, as SCI reserves the right to use such information in an eventual awards write-up.
*For .......
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CFPB alleges student loan servicing failings
Market updates and sector developments
The CFPB has taken action against the National Collegiate Student Loan Trusts (NCSLT) and Pennsylvania Higher Education Assistance Agency (PHEAA) for multi-year servicing failures, alleging that the defendants failed to respond to borrowers seeking relief from student loan payments, including during the Covid-19 national emergency. The CFPB has filed proposed stipulated final judgments, which - if entered by the .......
Market Moves 10 May 2024
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Job swaps weekly: Western Alliance Trust elevates CLO expert to president and ceo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Western Alliance Trust Company appointing a new president and ceo with a background in CLOs, levered loans and securities custody. Elsewhere, Aon has hired an executive md of capital advisory, while Eversheds Sutherland has snapped up a Clifford Chance veteran as a capital-markets-focused partner.
Western Alliance Trust has promoted md .......
Market Moves 10 May 2024
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Golub launches insurance solutions team
Market updates and sector developments
Golub Capital has launched an insurance solutions team to be led by newly appointed md and head of insurance solutions Jennifer Potenta. The launch of the team forms part of the firm’s plan to expand its investor partners group, which is focused on supporting the “specialised investment needs of different investor segments”, according to a statement issued by Golub.
Market Moves 9 May 2024
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European SRT: Shifting prices – video
Alvarez & Marsal's Robert Bradbury speaks to SCI abo...
Robert Bradbury, md and head of structured credit execution at Alvarez & Marsal, speaks to SCI's Simon Boughey about pricing dynamics in the European SRT market. Bradbury discusses the quality of underlying assets, the growth in prevalence of standardised features, the synergy between growth of supply and demand, the impact of new entrants on the buyer front, and comparisons with pricing .......
News Analysis 8 May 2024
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Efficient frontier
Optimising returns in a post-Basel 4 landscape
With the implementation of Basel 4 (also known as Basel 3.1 or Basel 3 Endgame) looming ever closer[1], banks are yet again facing a shifting regulatory landscape. Against this backdrop, KPMG has put forward a practical solution for advanced banks to proactively manage their capital, notably through the concept of an “efficient frontier.”
The .......
News Analysis 7 May 2024