Complete news archive
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Here comes the sun
Enpal passes €5bn ahead of Europe's debut public solar ABS deal
Enpal has passed another milestone, as it surpassed €5bn in renewable energy financing commitments. The announcement comes ahead of the issuing of the much anticipated €240m Enpal-originated solar ABS transaction, ABS Golden Ray 1 (SCI 23 October) – a watershed moment as it represents the first ever publicly rated European solar ABS deal.
The German greentech firm, .......
News 23 October 2024
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Milestone deal
IDB Invest lays off risk to private investors
IDB Invest – the Inter-American Development Bank (IDB) Group's private sector institution – has completed a US$1bn securitization for private sector investors to buy multilateral development bank (MDB) assets from Latin America and the Caribbean.
The transaction follows IDB Invest’s new originate to share business model, connecting development assets with global investors to scale impact in Latin America and .......
News 23 October 2024
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SCI CRT Awards: European Issuer of the Year
Winner: BNP Paribas
BNP Paribas issued an eye-watering 12 SRT transactions referencing €26.3bn of exposures across six asset classes during the awards period, including via the launch of three new European programmes. For continuing to push the boundaries and expand its SRT franchise, the bank is SCI’s pick for European Issuer of the Year.
Between 1 July 2023 and 30 .......
News 23 October 2024
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SCI CRT Awards: (Re)insurer of the Year
Winner: RenaissanceRe
Over the company’s 30-year history, RenaissanceRe has evolved from a property catastrophe reinsurer to a multiline, global reinsurer with access to the best casualty, specialty, credit and property risks. Last year, the company acquired Validus Re from AIG, bringing together two highly skilled underwriting teams and enhancing RenaissanceRe’s scale and offerings.
RenaissanceRe’s credit business is an important contributor .......
News 23 October 2024
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SCI CRT Awards: Investor of the Year
Winner: Magnetar
The 2023/2024 awards year marks a period of transformative growth in the significant risk transfer (SRT) market. Amid a dynamic landscape characterised by new issuers, growth in the US SRT market and an influx of new investors, Magnetar distinguished itself with historically high investment volumes across varied deal structures and underlying asset classes and a commitment to thought leadership.
News 22 October 2024
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Summer in the city
European ABS and CLO markets defy summer lull with €34bn Q3 issuance
The European securitisation market saw significant activity through the third quarter of 2024, defying the typical summer slowdown, according to a market update issued by TwentyFour Asset Management.
Aza Teeuwen, partner and portfolio manager at TwentyFour, attributes this to increased funding needs, tighter pricing and a rush to secure funding ahead of the upcoming US elections.
"Volumes .......
News Analysis 22 October 2024
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SCI CRT Awards: Innovation of the Year
Winner: Granular Portfolio Insurance Product
The Granular Portfolio Insurance Product (GPIP) has won Innovation of the Year in this year’s SCI Capital Relief Trades Awards. This product is the first insurance structure of its kind and was developed by BNP Paribas (the bank), Liberty (the insurer) and Howden (the broker).
This innovation is in response to various operational limitations when using credit .......
News 22 October 2024
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SCI CRT Awards: ESG Transaction of the Year
Winner: Lion 4
The EIB Group and LBBW closed Lion 4 in September 2023, with the latter committing to channel €350m of freed-up capital into new financing for clean power projects. In recognition of its exceptional contribution to decarbonising the German economy and to boosting Europe’s energy independence, the transaction is SCI’s pick for ESG Transaction of the Year.
The synthetic .......
News 21 October 2024
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SCI CRT Awards: Emerging Markets Transaction of the Year
Winner: Project Patagonia
Project Patagonia has won Emerging Markets Transaction of the Year in this year’s SCI Capital Relief Trades Awards. This forward-looking transaction involves a pioneering approach in which a bank, a private investor and a multilateral development bank (MDB) partner together to: achieve capital relief for the bank, deploy resources from a leading private international investor into a new emerging .......
News 21 October 2024
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Job swaps weekly: MidOcean boosts capital formation capabilities
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees MidOcean Partners strengthen its ranks with the appointment of Jon Fox as global head of capital formation. He brings several decades of leadership and alternative asset management experience that will help to expand the firm’s investor relationships globally.
Fox was formerly president of Värde, having joined that firm nearly 11 .......
Market Moves 18 October 2024
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SCI CRT Awards: North American Transaction of the Year
Winner: Granville USD
Upsized from US$5bn to US$9bn, Scotiabank’s Granville USD represented the largest-ever debut Canadian SRT - in terms of both portfolio size and notes sold – when it closed in July 2023. In recognition of this, and for optimising Basel 4 output floor constraints via several innovative risk mitigation techniques, the transaction is SCI’s North American Transaction of the Year.
News 18 October 2024
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SCI CRT Awards: European Transaction of the Year
Winner: Fanes SRT 2023
Sparkasse’s debut SRT trade, Fanes SRT 2023, is SCI’s pick for the European Transaction of the Year category in this year’s CRT Awards. Not only is the deal the first-ever Italian STS synthetic securitisation involving only private investors, it also features a one-off amortisation mechanism for the mezzanine tranche, which can be activated should the issuer be authorised .......
News 18 October 2024
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Local network
Jonas Hybinette, co-founder and co-head of business developm...
Q: RoundShield, a private investment firm specialising in asset-backed credit across Western European markets, recently closed its fifth European special opportunities fund (Fund V) with over US$1bn in commitments - surpassing its fundraising target by nearly US$150m. Why does the firm focus on Western Europe and how do you identify opportunities in these jurisdictions?
The Structured Credit Interview 17 October 2024
A: Driss Benkirane, our managing partner, and I .......
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Latest SRTx fixings released
SRT market projections include spreads firming up and incrementally worsening credit risk outlook.
While we enter the final quarter of the year, September was characterised by central banks and the significant easing priced in by markets. Such vision and prediction for a more aggressive rate-cutting cycle by major central banks has led to a bull steepening of yield curves. After the 50 bps rate cut by the Fed in the US, markets have .......
News 16 October 2024
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SRT issuer profile: NatWest
Rob Lloyd, head of balance sheet management at NatWest Comme...
Q: How long have you been involved in SRT and what were the drivers behind your first trade?
A: SRT is not a new concept, the bank has been users of the product for some time. This year we are embarking on the tenth issuance of our Nightingale programme.
Q: Do you view SRT as a strategic .......
The Structured Credit Interview 14 October 2024
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Transactions and tightening
SRT market update
New issuers of corporate and project finance SRT in Germany, SME trades from Spain and Greece and an auto trade out of Scandinavia are among the deals coming to market in Q4.
SCI understands in particular three of the big four Greek banks (Alpha Bank, Piraeus Bank and Eurobank) are in the market. This would be Piraeus’s first .......
SRT Market Update 11 October 2024
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Job swaps weekly: KBRA rings the changes
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees KBRA making multiple senior structured finance appointments including a new global head of ABS and RMBS. Elsewhere, a c-suite executive at PACE Funding Group has left the firm and transitioned away from structured credit with a move to Greenday Finance, while specialty finance company Encina Lender Finance has made two senior .......
Market Moves 11 October 2024