Complete news archive
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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 .......
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Strategic partnerships 'positive' for CLO managers
Sector developments and company hires
Strategic partnerships ‘positive’ for CLO managers
Market Moves 8 June 2023
The number of US broadly syndicated loan CLOs for which managers retained their majority equity stake continues to exceed the number of CLOs where equity was sold to third parties, according to data published in Fitch’s latest CLO Asset Manager Handbook. The percentage of US managers that retained a majority in their CLOs’ equity .......
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Capital panic
Use of SRT by US banks more pertinent as reg cap rises
US regulators are poised to increase capital requirements for bigger banks by as much as 20%, which will make the case for an expansion of the SRT market even stronger, say sources.
The recent spate of bank collapses has persuaded regulators that financial institutions must hold more equity capital.
“Instead of doubling down on a complex system of rules for banks that provide .......
News 6 June 2023
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Santander selling
Spanish bank in US market with new auto loan CLN – price indications
Santander Bank NA is currently in the market with its first auto loan CLN of the year, dubbed SBCLN 2023-A. It concluded three such transactions last year, all of which were executed in December.
The trade consists of seven tranches, six of which are unrated and one unrated, according to sources in New York. The overall face value of the trade .......
News 6 June 2023
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Call for 'proper discussion' about risk
Sector developments and company hires
Call for ‘proper discussion' about risk
Securitisation issuance in the EU equaled 0.3% of the bloc’s GDP last year, while UK issuance equaled 0.9% of the country’s GDP, according to AFME data. In contrast, Australian, Chinese and US issuance respectively equaled 2.8%, 1.8% and 1.4% of GDP in 2022.In newly published research, AFME highlights that Europe languishes far behind .......
Market Moves 6 June 2023
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SCI Start the Week - 5 June
A review of SCI's latest content
Last week's news and analysis
Counterparty risk hedged
Further details on JPM CRT revealed
Infrastructure CLO debuts
AIIB anchors emerging market pilot
Latest SRTx fixings released
Improved tone implied in June index values
Perfect storm?
SFR squeeze as costs rise and rents fall
Stage two boost
ECB highlights consumer and CRE risks
News 5 June 2023
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Latest SRTx fixings released
Improved tone implied in June index values
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The index values imply a generally improved tone across all four sub-indexes since May’s fixings (SCI 3 May).
Indeed, this month’s survey responses suggest that spread estimates have tightened considerably for US large corporate and EU SME SRT transactions - by 48bp (representing .......
News 2 June 2023
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Stonepeak eyes structured solutions
Sector developments and company hires
Stonepeak eyes structured solutions
Market Moves 2 June 2023
Michael Leitner has joined Stonepeak as a senior md. Based in the firm’s New York office, he will help lead the continued buildout of Stonepeak’s credit investing capabilities. The firm believes there is a clear opportunity to leverage its broader platform and institutional knowledge to support the growth of the infrastructure marketplace through investments in credit .......
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Perfect storm?
SFR squeeze as costs rise and rents fall
The US single-family rental (SFR) securitisation market is facing the most challenging conditions since the launch of the first transaction in the sector 10 years ago. The space is experiencing a perfect storm of declining rental rates, house price volatility and high inflation.
“We've been seeing increasing headwinds towards the sector,” says Akshay Maheshwari, a senior director on .......
News Analysis 31 May 2023
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Sun King supported via solar ABS
Sector developments and company hires
Sun King supported via solar ABS
Market Moves 31 May 2023
British International Investment (BII), the UK’s development finance institution (DFI), and Stanbic Bank Kenya have unveiled commitments to off-grid solar energy company Sun King via a US$130m-equivalent securitisation and a joint US$20m working capital facility. These commitments will enable the purchase of more inventory - such as solar home systems and solar lanterns - and .......
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Infrastructure CLO debuts
AIIB anchors emerging market pilot
Hong Kong Mortgage Corporation (HKMC) has completed the first CLO issuance under its pilot scheme on infrastructure financing securitisation. Dubbed Bauhinia ILBS 1, the transaction is backed by a US$404.8m portfolio of 35 bank-syndicated senior secured project finance and corporate infrastructure loans secured by 25 individual projects across nine sectors and 12 countries in Asia-Pacific, the Middle East and .......
News 31 May 2023
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ESG impact disclosure RTS inked
Sector developments and company hires
ESG impact disclosure RTS inked
Market Moves 26 May 2023
The three European Supervisory Authorities (ESAs) have jointly submitted to the European Commission draft RTS on ESG impact disclosures for STS securitisations under the Securitisation Regulation (SECR). The amended SECR introduced new optional disclosure provisions related to the principal adverse impacts (PAIs) on sustainability factors of the assets financed by the underlying exposures for both .......