Complete news archive

  • SCI CRT Awards: Transaction of the Year

    Winner: Project Seed

    Project Seed represents the first balance sheet synthetic securitisation referencing corporate exposures executed on an unfunded basis in Portugal. But novobanco’s ability to successfully execute such a transaction – amid challenging market conditions – is also a testament to the progress the bank has made during its restructuring journey.

    Created in 2014 from the resolution of Banco Espírito Santo, .......

    News 20 October 2023

  • New normal?

    German house prices see surprise decline

    Growth is not yet on the cards for German RMBS, as surprise house price declines hold little room for market expansion. Additionally, German banks continue to prefer covered bonds as a source of secured wholesale funding.

    Against the backdrop of a resilient labour market throughout the mild recessionary environment in the primarily-exporting nation, the decline in house prices .......

    News 18 October 2023

  • Algonquin prices

    Latest BMO deal closes

    The latest Algonquin synthetic securitization from CRT veteran Bank of Montreal priced at the end of last week and attracted over ten different investors, according to market sources.

    This transaction was reported to be in the market last month, and, as was expected, was upsized from an original US$2.5bn to US$5bn.

    A first loss position of 0% to 6.25% was sold for .......

    News 18 October 2023

  • JP Morgan inundation

    Buyers band together in face of vast deals

    CRT investors are forming syndicates to cope with the enormous weight of synthetic securitized paper JP Morgan hopes to sell in the coming weeks, say sources.

    The leading US bank is in the market with a CRT trade which has a reference pool as large as US$20bn-US$25bn, as was reported last month. Buyers are being asked to take slugs of US$250m-US$500m, .......

    News 18 October 2023

  • US CLN market could reach US$220bn

    Market updates and sector developments

    JPMorgan securitised products research analysts estimate that the potential size of the US CLN market could amount to US$220bn, as banks become more comfortable with issuing the notes for capital relief purposes, following the Federal Reserve’s clarification of what defines a synthetic securitisation (SCI 29 September). Indeed, they suggest that the move may mark the beginning of a .......

    Market Moves 16 October 2023

  • Starting strong

    Leland Hart, portfolio manager and cio of performing credit...

    Q: Warwick Capital Partners closed its inaugural BSL CLO transaction – the US$400m Warwick Capital CLO 1 – last month. As a new entrant, how does Warwick’s strategy compare to that of existing managers in the market?
    A: It’s a pretty seminal time in the CLO market – when risk retention reared its head in the US and Europe and .......

    The Structured Credit Interview 16 October 2023

  • Junon 4 prices

    SG's latest corporate SRT unveiled

    Societe Generale has executed the fourth synthetic securitisation from its Junon programme. The significant risk transfer transaction – called Junon 4 – references a €5bn portfolio of global corporate loans. 

    Structured as a CLN and issued via a French SPV, the deal further received the STS designation. Regarding the transaction’s syndicated nature, Pascale Olivie, director, asset-backed products at .......

    News 16 October 2023

  • SCI Start the Week - 16 October

    A review of SCI's latest content

    Three events this week
    SCI is hosting three major CRT events this week: Women in Risk Sharing, the 9th Annual Capital Relief Trades Seminar and CRT Training for New Market Entrants.

    Last week's news and analysis
    Freddie B-piece investments closed
    Updates on a US$2bn investment, a CDO manager swap and NPL template adoption
    News 16 October 2023

  • SCI's CRT celebration

    Women in risk sharing networking event to debut

    Next week is shaping up to be a bumper CRT programme from SCI. Not only are we hosting our 9th Annual Capital Relief Trades Seminar and the third edition of our sell-out CRT Training for New Market Entrants, but also an inaugural Women in Risk Sharing networking event.

    Hosted by Reed Smith during the evening .......

    News 13 October 2023

  • Job swaps weekly: Fearon steps up at Arch

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Arch Capital Group appoint a new ceo in its global mortgage group. Elsewhere, Gallagher Re has hired a new head of global credit and political risk, while Cushman & Wakefield has snapped up a Patterson Real Estate Advisory exec as md.

    Arch Capital Group has promoted Seamus Fearon to ceo, international mortgage for the .......

    Market Moves 13 October 2023

  • Risk transfer round-up - 12 October

    The week's CRT developments and deal news

    Market news
    Fannie Mae has commenced fixed-price cash tender offers for the purchase of any and all of 11 Connecticut Avenue Securities (CAS) notes, with an unpaid principal balance of US$1.398bn and vintages ranging from 2016 to 2018. The offers will expire on 16 October and settlement is expected on 18 October.

    Fannie Mae has engaged BofA Securities as .......

    News 12 October 2023

  • Freddie B-piece investments closed

    Market updates and sector developments

    Sabal Investment Holdings has closed a series of five B-piece investments, representing approximately US$2bn in collateral balance, across three Freddie Mac multifamily CMBS programmes. The programmes comprise SB-Deals, K-Deals and Q-Deals.

    Three SB-Deals closed by Sabal are backed by Freddie Mac multifamily small balance loans (SBLs), totalling US$90m in bond balance across US$933m in collateral balance and 338 .......

    Market Moves 12 October 2023

  • Wake-up call

    Collaboration needed for consistent CLO ESG practices

    Consistency across ESG reporting is the next crucial step for sustainability disclosures in the CLO market, as transitional climate risks exert pressure across the entire value chain. ELFA’s recent CLO Carbon and Sustainability Reporting Paper underscores the necessity for collaboration to determine common practices.

    Investor interest in ESG disclosures is surging throughout the structured finance industry (SCI .......

    News 11 October 2023

  • Quitting coal

    Using utility ABS to fund a 'just' energy transition

    An uptick in utility ABS is expected as US utilities seek financial solutions for retiring the country’s aging fossil fuel fleet. This SCI Premium Content article explores how the proceeds from these transactions can be used to facilitate an equitable energy transition.

    Utility ABS may be set for revival in the US as a means of funding ......

    News Analysis 10 October 2023

    Premium Content

  • Snowball effect

    EIF expands CEE engagement

    The EIF is prepping a third synthetic securitisation with a Bulgarian banking group, following its deals with Bulbank last October (SCI 19 October 2022) and ProCredit Bank in June (SCI 22 June). Meanwhile, a further transaction in Romania is anticipated towards the end of the year, as the fund continues its engagement across Central and Eastern Europe.

    News 10 October 2023

  • Poland first

    EBRD and Santander Group close their first synthetic securitisation in Poland

    As previously reported in the pipeline, the European Bank for Reconstruction and Development (EBRD) and Santander Bank Polska - the Polish leasing subsidiary of Santander Group - have closed a synthetic securitisation. This is the EBRD’s first CRT trade in Poland.

    The EBRD is providing €55m protection on the mezzanine tranche of a synthetic securitisation in the form of an unfunded .......

    News 9 October 2023

  • Saying hi to HEI

    Cara Newman, head of structured finance at Hometap, answers SCI's questions

    Q: Hometap, the home equity investment (HEI) fintech, is expanding into the structured finance market (SCI 7 July). What are Hometap’s motivations behind entering the securitisation market, and why now?
    A: For Hometap, it's always about supporting homeowners and fulfilling our mission on their behalf. We view a strong structured finance capability as an important avenue to the capital .......

    The Structured Credit Interview 9 October 2023

  • SCI Start the Week - 9 October

    A review of SCI's latest content

    SCI In Conversation podcast
    In this special episode, released today, Matthew Bisanz, a partner in Mayer Brown’s bank regulatory practice, outlines how the Federal Reserve’s update on 28 September of the FAQs on Regulation Q is likely to impact the US capital relief trades market.

    Last week's news and analysis
    Cat bond rebound
    'Significant repricing' spurring .......

    News 9 October 2023

  • SCI In Conversation podcast: Matthew Bisanz, Mayer Brown

    We discuss what the Fed's new CLN guidance means for US CRT

    In this special episode of the SCI In Conversation podcast, Matthew Bisanz, a partner in Mayer Brown’s bank regulatory practice, outlines how the Federal Reserve’s update on 28 September of the FAQs on Regulation Q is likely to impact the US capital relief trades market. The long-awaited guidance clarifies the definition of a synthetic securitisation and, crucially, states .......

    News 9 October 2023

  • Cat bond rebound

    'Significant repricing' spurring renewed interest in ILS

    The floods in New York at the end of September were the latest in a series of extreme climate-related events to dominate the global news agenda this year. Yet, while the assumption may be that this onslaught of disasters would lead to a strain on the catastrophe bond market, issuance in the asset class has soared this year.

    News Analysis 6 October 2023

  • Rithm strengthens MSR capabilities

    Market updates and sector developments

    Rithm Capital has entered into a definitive agreement with Computershare to acquire Computershare Mortgage Services and certain affiliated companies, including Specialized Loan Servicing (SLS), for a purchase price of approximately US$720m. The acquisition includes approximately US$136bn in unpaid principal balance of mortgage servicing rights, of which US$85bn is third-party servicing, along with SLS’s origination services business. Following the close .......

    Market Moves 6 October 2023
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