Complete news archive
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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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Preventative intervention
UTP management gaining traction
The Italian non-performing loan ABS market remains subdued, with publicly-placed issuance drying up after the expiration of the GACS scheme in June 2022 and performance so far this year generally below expectations. While securitisation has played a central role in de-risking Italian banks’ exposure to NPLs, they now appear to be refocusing on avoiding the classification of borrowers as .......
News Analysis 14 June 2023
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Rental retreat
Rising BTL remortgaging risks eyed
Challenges lie ahead for the UK’s BTL RMBS market as buy-to-let lending continues to decline and remortgage risks climb. Lower LTVs can be a key mitigating factor, although it is likely that many BTL landlords will opt to exit the market entirely.
BTL lending reached a peak at £37.4bn in 2015, but now only accounts for an average .......
News 13 June 2023
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SCI Start the Week - 12 June
A review of SCI's latest content
Last week's news and analysis
Capital panic
Use of SRT by US banks more pertinent as reg cap rises
CRAFT priced
Deutsche Bank executes new synthetic ABS
Entrepreneurial spirit
Howden CAP answers SCI's questions
Manager tiering
Japanese demand driving dispersion?
Santander selling
Spanish bank in US market with new auto loan CLN – price indications
News 12 June 2023
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Manager tiering
Japanese demand driving dispersion?
The US CLO market continues to be characterised by dispersion (SCI 24 May). In this context, secondary double-B paper appears to be competing well against new issue equity.
“The biggest headwind CLO managers face is dispersion right now, particularly in the triple-As, because that makes up such a large part of the capital stack. We are seeing .......
News 9 June 2023
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Entrepreneurial spirit
Colin Reddy, md, head of financial institutions and advisory at Howden CAP, answers SCI's questions
Q: You joined Howden CAP in April from Mizuho, where you executed a number of strategic capital and balance sheet transactions for the firm’s clients (SCI 12 April). What attracted you to move to the insurance side of the risk transfer market?
The Structured Credit Interview 9 June 2023
A: I began my career in insurance, but I have spent the last 20 years in banking .......