Complete news archive
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Call for additional index granularity
Sector developments and company hires
Call for additional index granularity
Market Moves 13 January 2023
SFA has submitted a letter to Fannie Mae and Freddie Mac in response to their Social Index (SCI 19 October 2022) that strongly advocates for additional transparency and granularity in how existing social metrics are reported to investors beyond the index. While the association commends the GSEs for their efforts to improve ESG data .......
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Unemployment eyed
Labour market key to Euro ABS outlook
Some deterioration – both in collateral and ratings performance – across the European securitisation market is expected this year, given current global economic pressures. However, S&P suggests in its outlook for the sector that the ultimate impact of economic distress is largely dependent on how the labour market fares.
At present, eurozone unemployment rates stand at 7% and .......
News Analysis 13 January 2023
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Balancing the equation
Positive start for CLO assets and liabilities
The first two weeks of 2023 have seen both a tightening in CLO liabilities and a rise in asset prices. At the same time, the triple-A bid appears to be reemerging.
“The end of 2022 left a question mark for the CLO market, but 2023 has started to answer that question to some degree,” observes Erik Miller, partner and .......
News Analysis 13 January 2023
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First CAS since September
B1 levels contract
Fannie Mae has priced its CAS 2023-R01, its first appearance in the CAS market for four months.
The bookrunners were BoA Securities and Barclays.
The $429.9m BBB+ M1 tranche was priced at SOFR plus 240bp, the $247.2m BBB- M2 tranche was priced at 375bp over SOFR and the $53.7m BB+ B1 tranche came in at SOFR plus 510bp.
The last CAS, designated CAS 2022-R09, .......
News 12 January 2023
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Cyber cat bond debuts
Sector developments and company hires
Cyber cat bond debuts
Specialist insurer Beazley has launched what is believed to be the first cyber catastrophe bond. The US$45m private Section 4(2) bond is tradeable under Rule 144A resale and .......
Market Moves 11 January 2023
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CAS trade launched
Sector developments and company hires
Fannie Mae is in the market with its first CAS trade of 2023, designated CAS 2023-R01, consisting of M-1, M-2 and B-1 notes. The A minus-rated $429.9m M1 has a tranche thickness of 2% and .......
Market Moves 10 January 2023
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SCI Start the Week - 9 January
A review of SCI's latest content
Last week's news and analysis
Looking east
CEE SRT issuance prospects gauged
Risk transfer expansion
Polish SRT deal flow grows
Scores on the doors
Affordable housing gets top of the bill in new FHFA scorecard
Synthetic RMBS launched
Montepio debuts private synthetic ABS
For all of last week’s stories including ‘Market moves’ and ‘Risk .......
News 9 January 2023
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CMBS ARAs at 'inflection point'
Sector developments and company hires
CMBS ARAs at ‘inflection point’
Market Moves 6 January 2023
US conduit CMBS appraisal reduction amounts (ARAs) have reached an inflection point, according to KBRA. A recent analysis undertaken by the rating agency shows that ARAs outstanding totalled US$3.6bn across 322 loans, as of November 2022, .......
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Looking east
CEE SRT issuance prospects gauged
Polish SRT issuance boosted synthetic securitisation volumes last year. This Premium Content article assesses the prospects for increased activity across the CEE region.
Significant risk transfer issuance in Central and Eastern Europe received a boost in 2022, with the opening up of the Polish market. However, activity across the rest of the region will likely continue to ......
News Analysis 6 January 2023Premium Content
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Scores on the doors
Affordable housing gets top of the bill in new FHFA scorecard
The new Federal Housing Finance Agency (FHFA) GSE scorecard, released this week, gave top billing to the mission to increase “equitable access to affordable and sustainable housing”.
The GSEs are enjoined to “take significant actions” to make sure all borrowers and renters have access to housing, including “efforts that further energy efficiency, resiliency and cost savings.”
The dangers of climate risk also crop up .......
News 6 January 2023
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SASB CMBS IRC agreements eyed
Sector developments and company hires
SASB CMBS IRC agreements eyed
Nearly 75% of US floating rate single-asset/single-borrower (SASB) CMBS loans in KBRA-rated transactions have current interest rate cap (IRC) agreements with strike rates below their .......
Market Moves 4 January 2023
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Raiffeisen inks Romanian trade
Sector developments and company hires
Raiffeisen inks Romanian trade
Raiffeisen Bank has partnered with the EIB Group to strengthen its financing capacity in Romania through a synthetic securitisation. The transaction enables Raiffeisen to provide up to RON523m of new financing to eligible SMEs and MidCaps over the next two years, with a reduced interest rate compared to other similar financing.The securitisation references a .......
Market Moves 3 January 2023
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NPL forward flow sale agreed
Sector developments and company hires
NPL forward flow sale agreed
Market Moves 23 December 2022
NPL Markets has acted as advisor to UniCredit on the sale of a portfolio of Italian non-performing unsecured loans with a claim value of approximately €90m to a vehicle managed by Kruk and to Credit Factor. Concurrently, the forward flows of Italian consumer loans that will be classified as bad loans in 2023 and 2024, .......
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Optimal efficiency
CRE back leverage gaining traction
Private debt funds are gaining CRE market share via back leverage structures. This Premium Content article explores how these facilities can optimise risk, tax and regulatory treatment.
Private debt funds are gaining market share in the commercial real estate sector by originating loans that are financed by banks via bespoke back leverage structures, including private securitisations. These facilities .......
News Analysis 22 December 2022
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Capital ideas
Taxonomy-aligned RWAs, sustainability-linked pricing touted
SMARTER Finance for Families has submitted a number of policy recommendations to the Climate Bonds Initiative, as part of the organisation’s recent public consultation entitled ‘101 Sustainable Finance Policies for 1.5°C’. The SMARTER recommendations include top-down and bottom-up policy frameworks that harness the securitisation market.
“Engaging the capital markets is crucial in order to achieve net-zero – an .......
News 21 December 2022