Complete news archive
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Fire sale
FDIC moving at faster pace than expected to sell off failed bank assets
The Federal Deposit Insurance Corporation (FDIC) yesterday (May 17) sold another $12.5bn of assets from failed Silicon Valley Bank and Signature Bank, which now means it has completed 27% of the $114bn it needs to get off its books.
It was a larger slab than the market had anticipated, but prices have held in with good demand seen from money managers, according .......
News 17 May 2023
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Unfinished business
ESMA review offers opportunity to increase ABS transparency
NPL Markets, the loan trading and analytics platform, has called for increased data transparency in the European private securitisation market, despite resistance from some market participants. The development comes as ESMA conducts its review of mandatory investor disclosure templates in response to a request from the European Commission last year (SCI 15 November 2022).
“Transparency is paramount,” .......
News Analysis 17 May 2023
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The social struggle
More data needed to tackle 'socialwashing'
Concerns around ‘socialwashing’ remain, despite recent advances in defining social securitisations. This Premium Content article investigates why the ‘social’ side of ESG securitisation is more complex than its ‘green’ cousin.
The European social securitisation sector is lagging behind the green securitisation sector, in terms of both standardisation and the availability of qualitative data. Despite advancements in defining ......
News Analysis 17 May 2023Premium Content
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Capital squeeze
Greater capital requirements for regionals highlights case for CRT
More stringent regulatory oversight of US banks is likely to make careful capital management even more relevant, consequently highlighting the virtues of the CRT market, suggest sources.
The recent bank crisis, which has seen the collapse of Silicon Valley Bank, Signature Bank and First Republic, has thrown the spotlight on the relatively light touch regulation and easier capital requirements that smaller regionals .......
News 16 May 2023
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AG acquisition creates credit powerhouse
Sector developments and company hires
AG acquisition creates credit powerhouse
Market Moves 16 May 2023
TPG is set to acquire Angelo Gordon in a cash and equity transaction valued at approximately US$2.7bn, based on TPG’s share price as of 12 May, including an estimated US$970m in cash and up to 62.5 million common units of the TPG Operating Group and restricted stock units of TPG. The transaction also includes an .......
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International affair
Opportunity for foreign investors in Chinese ABS?
Misunderstanding could mean missed opportunity for investors as China’s unique securitisation market continues to grow and mature. Despite divergence from global norms, there may be room for more foreign investors to capitalise on the robust credit performance seen across the sector.
"The large and diverse Chinese securitisation market has become a mature funding channel for various types of .......
News Analysis 15 May 2023
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SCI Start the Week - 15 May
A review of SCI's latest content
Call for submissions: SCI CRT Awards 2023
News 15 May 2023
The submissions period is now open for the 2023 SCI CRT Awards, covering the global capital relief trades market and the US credit risk transfer market. Nominations should be received by 5 July and the winners will be announced at the London SCI Capital Relief Trades Seminar on 19 October. Pitches are invited for deals .......
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Meeting of worlds
Opportunities for ABS originators as private and syndicated debt markets converge
Private credit transactions are playing an increasingly prominent role in the structured finance landscape, owing to the continued global growth of the direct lending space. The trend is being reinforced by high-profile entrants into private debt, as banks and asset managers look to diversify into new asset classes.
“Structured credit has not really played a significant role in .......
News Analysis 12 May 2023
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TD cancels CRT, say sources
Collapse of First Horizon merger cancels planned reg cap trade
The collapse of the merger between First Horizon and Toronto Dominion Bank (TD) has meant a planned CRT trade by the Canadian bank has been shelved, say sources.
TD had intended to execute a synthetic securitization of large corporate loans in June to free up capital as it took the Memphis, Tennessee-based First Horizon under its wing in a $13bn deal, but .......
News 11 May 2023
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A European ecosystem
Continental solar ABS primed for growth
Continental solar ABS is primed for growth as governments and consumers seek energy independence. This Premium Content article investigates.
Europe could soon see its first public solar securitisation, after renewable energy firm Enpal announced a €356m warehousing facility to finance more than 12,500 photovoltaic (PV) systems in Germany (SCI 30 March). The continent’s solar ABS market has .......
News Analysis 11 May 2023
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Rapid rise in defaults for Gedesco TRS
Sector developments and company hires
Rapid rise in defaults for Gedesco TRS
Market Moves 9 May 2023
The ratings on €191.8m of notes issued by Gedesco Trade Receivables 2020-1 have been downgraded in light of the significant and rapid increase in defaults observed in March, following the start of the securitisation’s amortisation phase in January. Specifically, Moody's states that most obligors have reportedly stopped paying and recoveries are likely to .......
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Best interests
Eric Brown, head of Performance Trust's Institutional Group, answers SCI's questions
Q: Performance Trust announced its entry into the CLO market with the creation of its new CLO trading desk last month (SCI 11 April). What makes now the right time?
The Structured Credit Interview 9 May 2023
A: CLOs are something that we’ve been looking into for quite some time now and figuring out the right time for us to get involved isn’t necessarily market-based, but .......
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Go Go SRT
More supply, and US banks to join the party, say conference speakers
While 2022 was a record year in the global SRT market, with $20bn of issuance and some $140bn of assets referenced, 2023 will be even bigger, said speakers at the IMN Credit Risk Transfer conference in New York this week.
Though the jury is still out on whether the US will join the issuance bonanza, there is increasing optimism .......
News 5 May 2023
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Prytania hires business development md for US and Canada
Sector developments and company hires
Prytania hires business development md for US and Canada
London-headquartered Prytania Asset Management has appointed former Schultze Asset Management executive Angela Lui as managing director to head up business development activity across the US and Canada. The appointment comes seven months after private equity group Nile Capital Group Holdings acquired a minority stake in Prytania ( Market Moves 4 May 2023
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Latest SRTx fixings released
Index values indicate widening spreads but volatility and liquidity outlooks trend towards neutral
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The most significant changes in the index values since April’s fixings (SCI 5 April) are that – against a backdrop of global bank volatility – spreads have continued to widen across all segments, though volatility and liquidity indexes have trended towards more neutral levels.
News 3 May 2023