Complete news archive

  • Risk transfer round-up - 28 November

    Risk transfer round-up - 28 November

    HSBC is rumoured to be readying a UK and European corporate loan SRT. This is one of two rumoured corporate SRTs that the bank is believed to be prepping. The second transaction is thought to reference UK corporate loans.

    The deals would follow a four year gap from the issuer’s last transaction, dubbed Metrix Portfolio Distribution (see SCI’s capital relief trades .......

    News 2 December 2019

  • Dutch consumer ABS prepped

    Transaction features several departures from previous deals

    Credit Agricole is marketing a securitisation of Dutch consumer loans originated via subsidiaries of Credit Agricole Consumer Finance Nederland (CACF NL). Dubbed Magoi, the transaction references a €418m eight-month revolving pool of 23,282 unsecured, fixed-rate personal loans and displays several differences compared to previous transactions from the firm.

    This ABS is also structured to meet the STS criteria, .......

    News 29 November 2019

  • Euro lending support announced

    Sector developments and company hires

    Euro lending support announced

    The EIF has committed €100m to online lending marketplace October. The investment renews its support to European SMEs, under the “Private Credit Tailored for SMEs” programme, alongside other institutional investors including CNP Assurances, Bpifrance and Zencap - all of whom were already part of the latest institutional fund launched in 2018.

    This new €100m commitment will .......

    Market Moves 28 November 2019

  • RMBS 'milestone' prepped

    Inaugural non-bank transaction marks post-crisis first

    Provident Funding Associates, a non-bank mortgage lender, has prepped its inaugural securitisation of residential mortgages, marking the first post-crisis, private label securities (PLS) transaction backed entirely by agency conforming consumer-purpose residential mortgage loans. Dubbed Provident Funding Mortgage Trust 2019-1, the US$338m transaction is the first in which Provident Funding is the sole originator and servicer and is backed by 947 .......

    News 27 November 2019

  • Italian market developments 'positive' for ABS

    Sector developments and company hires

    Italian market developments ‘positive’ for ABS

    Recent market developments in in the Cessione del Quinto (CDQ) and Delegazione di Pagamento (DP) loan market are credit positive for ABS, according to structured finance analysts from Moody’s. The analysts add that increasing regulatory scrutiny limits the risk of poor underwriting, while lower capital requirements support further loan growth. Both developments .......

    Market Moves 27 November 2019

  • Italian SRT inked

    UBI Banca seals the triple

    UBI Banca has completed its third capital relief trade (CRT) following its inaugural transaction two years ago. Dubbed UBI 2019 RegCap3, this trade differs from the previous two, given the use of pro-rata amortisation and a replenishment period for prepaid loans.

    “We received strong interest from investors thanks to the solid performance of the previous transactions. The new .......

    News 26 November 2019

  • Indian innovation

    Diverse Indian ABS market sees growing, global investor base

    The Indian securitisation market continues to grow and develop, with an increasingly global investor base eager to tap into an ever-innovating product range, including CLOs, green bonds and microfinance-backed transactions. On top of this, new legislation proposes a government-backed partial guarantee structure for select transactions, which has the potential to enable almost US$15bn worth of placements with public sector .......

    News Analysis 26 November 2019

  • Mortgage partnership announced

    Sector hires and company developments

    Euro credit team bulks up

    CIFC has hired Anders Samuelsen from Muzinich as it continues to build its European team.  Samuelsen, who began his career as a credit portfolio manager at Saxo Privatbank in Denmark, will be based in London, and joins as vp, focusing on northern Europe. CIFC has also announced the hire of Aidan Reynolds, from .......

    Market Moves 25 November 2019

  • Inaugural cat bonds inked

    Transaction marks number of firsts

    The World Bank has issued the first cat bond transaction to provide natural disaster cover to the Philippines and the first cat bond listed on the Singapore Exchange. The transaction features two tranches of cat bonds to provide the Philippines with financial protection of up to US$75m for losses from earthquakes and US$150m against losses from tropical cyclones for three .......

    News 25 November 2019

  • SCI Start the week - 25 November

    A review of securitisation activity over the past seven days

    Transaction of the week

    Hercules tapped

    Alpha Bank is set to securitise a €12bn mixed portfolio of retail secured and unsecured loans, mortgage and wholesale non-performing loans in 1H20. Dubbed Project Galaxy, the transaction protects shareholders from dilution and is one of the first to utilise the Greek government's Hercules asset protection scheme (HAPS) (SCI 11 October).

    Alpha .......

    News 25 November 2019

  • FRTB consultation launched

    Sector developments and company hires

    APAC poll highlights key risks

    More than 80% of market participants polled by Moody’s at its recent Asia Pacific Structured Finance Conference in Singapore identified slowing global economic growth as posing a key risk for the Asia Pacific finance sector in 2020. In particular, 54% of respondents said that trade tensions were the biggest threat to Asia Pacific economies next year – .......

    Market Moves 22 November 2019

  • New ground

    O&G securitisations open up new asset class to ABS investors

    For the first time, working interests in oil and gas wellbores have been securitised, marking a new partnership between the oil and gas and ABS industry. These deals have been warmly received by investors and potential issuers, with more transactions expected to follow.

    Diversified Gas and Oil (DGO) recently announced an inaugural US$200m securitisation and the first deal backed by .......

    News Analysis 22 November 2019

  • Template concerns

    Paper proposes mitigants for unintended consequences

    Major risk-sharing transaction investor PGGM has published a position paper on the ESMA securitisation disclosure templates (SCI 1 November). The paper proposes changes to mitigate the unintended consequences of applying true sale ABS reporting standards to balance sheet synthetic trades.

    Mascha Canio, head of credit & insurance linked investments at PGGM, explains: “We wanted to highlight these .......

    News Analysis 22 November 2019

  • Ceo retires

    Sector developments and company hires

    Capital markets head appointed

    23 Capital has hired Sreesha Vaman as md, head of capital markets. 23 Capital is a capital and solutions provider focused on the sports, music and entertainment sectors. Vaman has more than 15 years of experience across the finance, investment banking, sports and entertainment landscape and is joining the team’s New York office with .......

    Market Moves 21 November 2019

  • Ramping up

    Standard Chartered boosts corporate issuance

    Standard Chartered has completed a US$135m CLN that references a US$1.5bn portfolio of US and European corporate revolvers. Dubbed Chakra 4, the deal was carried out for both credit risk management and capital relief purposes.

    The disclosed pool totals approximately 150 loans - mainly undrawn commitments - with a replenishment period equal to three years and weighted average life equal .......

    News 21 November 2019

  • Legal firm beefs up

    Sector developments and company hires

    GSE capital rule eyed

    The FHFA plans to re-propose the entire regulation on capital requirements for Fannie Mae and Freddie Mac sometime next year, stating that the 2018 capital rule was proposed before it began the process of retaining capital at the GSEs as a first step towards ending their conservatorships. The agency says that the new rule will be .......

    Market Moves 20 November 2019

  • Hercules tapped

    Alpha Bank preps NPL securitisation

    Alpha Bank is set to securitise a €12bn mixed portfolio of retail secured and unsecured loans, mortgage and wholesale non-performing loans in 1H20. Dubbed Project Galaxy, the transaction protects shareholders from dilution and is one of the first to utilise the Greek government’s Hercules asset protection scheme (HAPS) (SCI 11 October).

    Alpha Bank’s main priority is to .......

    News 20 November 2019

  • Italian AM expands to US

    Sector developments and company hires

    Azimut expands

    Italian asset manager Azimut has established a US-based operation named Azimut Alternative Capital Partners (AACP), with the purpose of investing in GP stakes of alternative managers specialised in the private markets space. Concurrently, it signed an investment and shareholder agreement with AACP’s new ceo Jeffry Brown to execute a 10-year business plan, which aims to build .......

    Market Moves 19 November 2019

  • Growth surge?

    Russian structured bonds expected to grow

    The Russian structured finance market has traditionally been dominated by a small number of asset classes and securitised issuance volumes have remained low compared to the US and Europe. This may soon change, however, after regulation introduced last year paved the way for the development of structured bonds which, after a slow start, may see an uptick in issuance as .......

    News 19 November 2019

  • US CRT pick-up?

    Volumes to remain restricted to large banks

    The US capital relief trades market is witnessing a long-awaited uptick, with three deals reportedly being readied. JPMorgan’s recent landmark synthetic RMBS appears to have boosted issuance (SCI 10 October), although volume is expected to remain restricted to large banks that will have to tackle a number of regulatory challenges.         

    US banks have been seeking to .......

    News Analysis 18 November 2019

  • Structured credit head announced

    Sector developments and company hires

    Acquisition finalised

    Artex has completed the acquisition of Horseshoe Insurance Services Holdings. This acquisition significantly strengthens its ILS operations and furthers the company’s goal to become the best service provider to the world’s risk capital. Horseshoe will become the global brand of ILS services for Artex, which will operate as one global team across multiple jurisdictions. Andre Perez and his .......

    Market Moves 18 November 2019
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