Complete news archive
-
Libor laggards
Most US CLOs yet to transition from Libor with less than 90 days to go
Only 19% of US CLOs rated by S&P have transitioned to SOFR, leaving less than three months for the remainder to do so before the deadline of June 30, according to a report by the rating agency this week.
While it’s not impossible for the bulk of deals to make this transition in under 12 weeks, it is clearly leaving until the .......
News 7 April 2023
-
AssuredIM, Sound Point create CLO powerhouse
Sector developments and company hires
AssuredIM, Sound Point create CLO powerhouse
Market Moves 6 April 2023
Assured Guaranty has announced an agreement with Sound Point Capital Management, pursuant to which Assured Guaranty will contribute its entire equity interest in Assured Investment Management and - with certain exceptions - its related asset management entities to Sound Point. In addition, US insurers Assured Guaranty Municipal Corp and Assured Guaranty Corp will engage .......
-
-
Securitising shared ownership
RMBS plugging gap left by end of Help to Buy scheme
Growth in the UK shared ownership housing sector is fuelling a spike in interest in new RMBS products, as the government-backed Help to Buy equity loan scheme draws to a close. The final deadline for the government scheme – intended to facilitate home ownership among borrowers with steady incomes but limited ability to raise substantial deposits – passed at .......
News Analysis 6 April 2023
-
Latest SRTx fixings released
Index values reflect recent banking volatility
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The most significant change in the index values since March’s fixings (SCI 3 March) is that – perhaps unsurprisingly, given recent volatility in the bank sector - spreads have widened across all segments, except European SMEs.
This month’s survey responses suggest that spread .......
News 5 April 2023
-
Strategic partnership to boost CLO platform
Sector developments and company hires
Strategic partnership to boost CLO platform
TCW has entered into a strategic partnership with Lakemore Partners, with the aim of supporting the growth of TCW’s CLO platform. Lakemore primarily invests in super-majority control CLO equity.Under the agreement, Lakemore will make a material equity investment in the TCW CLO platform, providing equity for the issuance of multiple CLOs over .......
Market Moves 5 April 2023
-
-
UCI's sustainable finance strategy supported
Sector developments and company hires
UCI’s sustainable finance strategy supported
Market Moves 4 April 2023
The EIB Group and Instituto de Crédito Oficial (ICO) have disclosed their participation in UCI’s recent RMBS Green Prado XI, which was partially preplaced last month (see SCI’s ABS Markets Daily – 23 March). Under the transaction, the two organisations aim to promote the renovation and construction of homes using sustainable criteria in Spain .......
-
-
SCI Start the Week - 3 April
A review of SCI's latest content
Last week's news and analysis
News 3 April 2023
Credit protection continues
UBS takeover leaves Elvetia notes unaffected
Fair winds
CRT issuance hits all-time record
IBRD prints largest-ever cat bond
Unique transaction provides earthquake coverage for Chile
Maturity extensions
Credit Agricole lengthens maturity in new SRT
Merchants joins the party
Brand new US SRT .......
-
Magnetar mooted
Illinois-based investor denies buying Merchants Bank SRT
Magnetar Capital, an Illinois-based asset manager, has denied strong rumours that it was the buyer of the SRT from Merchants Bank of Indiana, reported last Friday.
Well-placed market sources had suggested that it had been the investor, but Magnetar says otherwise.
The firm was founded in 2005 and had $12.6bn AUM on 31/12/2022. It has over 200 employees in Evanston, Illinois, Houston, Texas, .......
News 3 April 2023
-
Merchants joins the party
Brand new US SRT deal from Merchants Bank of Indiana
Merchants Bank of Indiana, a subsidiary of Merchants Bancorpt, headquartered in Carmel, Indiana, has become the latest US regional to issue a SRT trade, it has been discovered.
The bank, which had $9.7bn in assets of March 2022, has sold a $158m face value credit linked note (CLN) due May 26 2028.
This deal represents a securitization of a $1.3bn reference pool of healthcare commercial .......
News 31 March 2023
-
-
Enpal backed for Germany's first solar ABS
Sector developments and company hires
Enpal backed for Germany’s first solar ABS
Renewable energy company Enpal has secured €356m from Citi and M&G to fund a warehouse facility for Germany’s first residential solar securitisation. The deal will provide Enpal customers access to financing for around 12,500 photovoltaic systems spanning energy storage and electric vehicle charging.Citi has made a senior debt commitment of €300m to .......
Market Moves 30 March 2023
-
Fair winds
CRT issuance hits all-time record
CRT issuance volumes broke all-time records last year and the pipeline continues to build. The only potential blots on the horizon are the regulatory pause in the US and the fallout from the collapse of Credit Suisse and Silicon Valley Bank, as this Premium Content article suggests.
Capital relief trade issuance broke all-time records last year with ......
News Analysis 30 March 2023Premium Content
-
Refinancing plans
European CMBS noteholder scrutiny to increase
Concerns over European CMBS refinancing risk continue to climb, amplified by recent bank liquidity issues (SCI 31 January). Against this backdrop, noteholders are expected to increase their scrutiny of servicer standards, the right to modify without noteholder consent and borrower-friendly structures.
“The last few years were golden years for real estate investors on the equity and the .......
News Analysis 30 March 2023
-
IBRD prints largest-ever cat bond
Unique transaction provides earthquake coverage for Chile
The IBRD has priced a joint catastrophe bond and swap transaction to provide earthquake insurance coverage to the Chilean government, marking the bank’s largest catastrophe risk transfer transaction for a single country and the first time catastrophe bonds have been listed on the Hong Kong Exchange. Dubbed CAR 131, the deal is structured as US$350m of parametric cat bonds .......
News 29 March 2023
-
-
HPC buys into L Catterton to support credit strategy
Sector developments and company hires
HPC buys into L Catterton to support credit strategy
Hunter Point Capital (HPC) has acquired a minority stake in L Catterton to support the launch of the consumer-focused private equity firm’s new credit strategies. In recent months, L Catterton has launched platforms dedicated to impact investing and private credit, as well as a renminbi-denominated growth capital fund.HPC co-founder .......
Market Moves 29 March 2023
-
-
On the wing
Gryphon to expand into new areas of structured finance post-acquisition
Australian asset manager Gryphon Capital Investments will look to expand its remit beyond RMBS, following its recent acquisition by Barings (SCI 17 March). The transaction will also enable Barings to accelerate the buildout of its structured finance presence in the Asia Pacific region.
“One of the key segments that’s emerging, where there is a lot of movement .......
News 28 March 2023