Complete news archive
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Mezz opportunities
Pretium structured credit and CLO liabilities MD Ian Wolkoff...
US CLO mezzanine debt offers high expected return rates, with yields maintained under a default scenario more extreme than the GFC credit cycle and with upside potential in a market recovery scenario.
CLO debt offers strong long-run expected returns with bounded downside
Talking Point 28 June 2023
In the current market context, macro uncertainty and the potential for a growth downturn loom large while .......
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Securitising impact in Africa
Market updates and sector developments
Africa50 and Blue Like an Orange Sustainable Capital have launched a structured finance- and mezzanine-focused partnership to fund sustainable infrastructure in Africa. The announcement was timed to coincide with the recent New Global Financing Pact summit held in Paris, which focused on climate, development, debt and “innovative financing” for infrastructure to support economic growth.
Africa50, a pan-African infrastructure investment platform, and Latin .......
Market Moves 28 June 2023
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SCI In Conversation: Terry Lanson, Seer Capital
We discuss the hottest topics in securitisation today
In this latest episode of our SCI In Conversation podcast, Terry Lanson, a managing director at Seer Capital and an established luminary in the regulatory capital relief trade market, discusses the prospects for further growth and development of the SRT market in the US. Although this is well-trod ground, Terry believes that, in the wake of the failure of several .......
News 27 June 2023
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Seventh heaven
Market updates and sector developments
Seventh heaven
Fannie Mae has executed its sixth and seventh reinsurance deals of the year, designated CIRT 2023-6 and CIRT 2023-7, for a total of US$786bn of mortgage risk. Both trades were brokered by Aon, and the risk was shared by 21 insurance and reinsurance companies.
The two loan pools referenced through this brace of .......
Market Moves 26 June 2023
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Inflexion point
SRT market takes off despite regulatory turbulence
The SRT market is experiencing strong growth with both issuers and investors increasing their focus on the space, according to panellists at the 27th Annual Global ABS conference in Barcelona. However, despite strong European activity there remains a significant amount of uncertainty as the market grapples with regulatory changes surrounding Basel 4.
Credit Agricole CIB has noted significant .......
News Analysis 26 June 2023
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Job swaps weekly: Triumph for VPC
People moves and key promotions in securitisation
Job swaps weekly: Triumph for VPC
This week’s securitisation job swaps have seen two senior directors at Santander US subsidiary Amherst Pierpont Securities leave the firm to take up leadership roles at a newly launched structured finance firm. Elsewhere, Carlyle has named a successor to outgoing cfo Curt Buser, while Sumitomo Mitsui Banking Corporation (SMBC), Challenger Investment Management, and BMS .......
Market Moves 23 June 2023
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BNY turns to AccessFintech for digital innovation
Market updates and sector developments
BNY turns to AccessFintech for digital innovation
BNY Mellon has become the first trustee to join the data management platform, AccessFintech, as it continues in its commitments to improving loan data management, operations, and digitisation across the financial universe.
The collaboration intends to significantly improve BNY Mellon’s loan data management capabilities by addressing historical issues, .......
Market Moves 22 June 2023
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UBP launches new fixed income fund
Sector developments and company hires
Union Bancaire Privée (UBP), the Geneva-headquartered private bank, has launched a new fixed-income strategy spanning high-yield bonds, subordinated debt and securitised credit. The fund, named UBAM Strategic Income, will seek a double-B rating risk profile and target an average return of 7% per annum across its lifespan.
UBAM Strategic Income, which will invest in CLOs in addition to .......
Market Moves 20 June 2023
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SCI Start the Week - 19 June
A review of SCI's latest content
Last week's news and analysis
Compliance issues
'Compelling case' for reform of Article 5
Full stack comeback
BBVA finalises full stack SRT
Preventative intervention
UTP management gaining traction
Rental retreat
Rising BTL remortgaging risks eyedFor all of last week’s stories including ‘Market moves’ and ‘Risk transfer round-up’ click here.
Recent premium research to download
News 19 June 2023
CRT counterparty risk .......
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FCA urged to address 'regulatory redundancies'
Sector developments and company hires
FCA urged to address ‘regulatory redundancies’
Market Moves 15 June 2023
The Managed Funds Association (MFA) has submitted a letter to the UK FCA, proposing improvements to the country’s regulatory framework for securitisations that would expand capital investment in the UK and optimise risk management on behalf of UK investors. The letter encourages the FCA to “address regulatory redundancies” and enhance compatibility with the rules .......
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Walker steps up to global credit head
Sector developments and company hires
Walker steps up to global credit head
Aon has established a new global credit team structure within its Reinsurance Solutions unit, appointing Ben Walker as head of global credit. The global credit team now combines Reinsurance Solutions’ existing mortgage, trade credit, structured credit and political risk and surety businesses to form one global function.The aim is to facilitate .......
Market Moves 14 June 2023
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Compliance issues
'Compelling case' for reform of Article 5
A new AFME report finds that investors are likely to interpret ambiguous provisions under Article 5 of the Securitisation Regulation in the EU and UK conservatively - and, in doing so, will assume disproportionately high costs to the business. The report identifies key challenges relating to compliance with investor due-diligence requirements and suggests potential strategies to overcome them.
News 14 June 2023
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