Complete news archive
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SCI ESG Securitisation Awards: ESG Arranger of the Year
Winner: Tramontana Asset Management
There are a lot of things that the ESG market needs to prosper and make a difference, but the most pressing of these is capital. For its contribution to bringing new capital to this market through technical expertise and new products, Tramontana Asset Management is SCI’s choice as ESG Arranger of the Year.
“The broader energy transition .......
News 28 April 2023
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SCI ESG Securitisation Awards: ESG Issuer of the Year
Winner: Obvion
With a well-established but ever-evolving approach, combined with a strategy that not only encompasses new deal issuance but also the advancing of sustainability of all its customers, Obvion is SCI’s ESG Securitisation Issuer of the Year. The firm’s Green STORM RMBS platform began back in 2016 and continues to this day, with the most recent 2023 iteration falling .......
News 27 April 2023
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SCI In Conversation podcast: Seth Painter, Antares Capital
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, Seth Painter, head of structured products at Antares Capital in New York, discusses the development the CLO middle market space and its importance to the funding of the direct lending business at Antares. While the traditional BSL market has been in the doldrums, the middle market space is on fire.
The episode can be .......
News 27 April 2023
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Aegon AM buys CLOs, inks partnership
Sector developments and company hires
Aegon AM buys CLOs, inks partnership
Market Moves 27 April 2023
NIBC is set to sell its European CLO management activities to Aegon Asset Management, further accelerating its strategy to streamline its business model and focus on asset-backed financing. The sale comprises NIBC's North Westerly CLO platform in its entirety - including the NIBC CLO team, collateral management of three outstanding CLOs with assets under .......
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SCI ESG Securitisation Awards: ESG Investor of the Year
Winner: M&G Investments
M&G has won the Investor of the Year category in SCI’s inaugural ESG Securitisation Awards, following a year in which its dedication to engagement, fair and accurate ESG assessment of ABS deals and carbon emission modelling was evident. Building on over 20 years of experience in the ESG space, since the founding of its in-house ABS credit .......
News 27 April 2023
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The iceman cometh?
Signs of a thaw emerging in US CRT
The recent Merchants Bank of Indiana deal could herald a thaw in the US capital relief trades market, as this Premium Content article outlines.
While the European significant risk transfer market has enjoyed two successive record-breaking years of issuance, the US market has been in a new ice age. While there has been the occasional deal from ......
News Analysis 27 April 2023Premium Content
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SCI ESG Securitisation Awards: ESG CLO Manager of the Year
Winner: Fidelity International
Environmental, social and governance (ESG) concerns are increasingly coming into focus in the CLO market, driven by growing investor demand. Fidelity International is SCI’s ESG CLO Manager of the Year in light of its dedication to the topic, its robust ESG positive approach and its unique sustainability framework.
One of the main differentiators of Fidelity International and .......
News 27 April 2023
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SES RTS a 'sensible result'
Sector developments and company hires
SES RTS a ‘sensible result’
The EBA has published its final draft RTS specifying the determination by originator institutions of the exposure value of synthetic excess spread (SES). These draft RTS clarify the calculation of the components that should be included in this exposure value, taking into account the relevant losses expected to be covered by SES.The components .......
Market Moves 26 April 2023
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SCI ESG Securitisation Awards: ESG Innovation of the Year
Winner: Intesa Sanpaolo
Intesa Sanpaolo has won the Innovation of the Year category in SCI’s ESG Securitisation Awards. The Italian lender stood out for its proprietary ESG scoring, which is embedded in important decision-making processes of the bank, including significant risk transfer transactions.
Intesa Sanpaolo’s proprietary ESG scoring methodology is a quantitative and fact-based approach, combining multiple input sources, and .......
News 26 April 2023
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SCI ESG Securitisation Awards: ESG Securitisation of the Year
Winner: Fortuna Consumer Loan ABS 2022-1
The second social bond offering from German lender auxmoney has won SCI’s ESG Securitisation of the Year Award. Dubbed Fortuna Consumer Loan ABS 2022-1, the €225m true sale securitisation of a static pool of unsecured consumer loans sold by auxmoney was arranged by Citi, which also served as joint lead manager alongside BNP Paribas.
Founded in 2007, .......
News 26 April 2023
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Waiting game?
Short-term pain could spell long-term gain for Indian ABS
Indian securitisation volumes are climbing back up towards pre-pandemic levels, as the burgeoning middle class fuels growth in consumer loans. Despite short-term concerns surrounding the impact on issuance levels of the upcoming HDFC and HDFC Bank merger – representing the largest-ever amalgamation in Indian corporate history - it may prove to be a further driver in the development of .......
News Analysis 24 April 2023
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Looking for opportunities
IMN US CLOs and leveraged loans conference recap
Opportunities in a deteriorating macro environment were a strong focus of Information Management Network’s 12th Annual Investors Conference on CLOs & Leveraged Loans in New York, on 17 and 18 April.
This is a credit pickers’ market, several speakers noted. New issuance is not expected to drop, despite the many headwinds. A few panellists predicted a total amount .......
News 24 April 2023
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ACC ratings on watch downgrade
Sector developments and company hires
ACC ratings on watch downgrade
Market Moves 24 April 2023
KBRA has revised five ACC watch developing placements to watch downgrade, following notification by Wilmington Trust - the trustee for three American Car Center (ACC) Trust securitisations - that collections for payment to the ABS noteholders were not received on the 20 April payment date from the servicer, Westlake Portfolio Management (WPM). However, on 21 .......
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SCI Start the Week - 24 April
A review of SCI's latest content
ESG seminar tomorrow
SCI’s 2nd Annual ESG Securitisation Seminar is taking place tomorrow, 25 April, at the offices of Clifford Chance in London.Last week's news and analysis
Canadian boost
BNP Paribas said to be arranging another Canadian CRT
Cautious optimism
Moody's Analytics Chief Economist Mark Zandi shares his views
DDEs surveyed
'More favourable' outcomes for participating CLOs
News 24 April 2023
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RFC issued on synthetic STS criteria
Sector developments and company hires
RFC issued on synthetic STS criteria
The EBA has launched a public consultation on its draft guidelines on the criteria related to simplicity, standardisation and transparency and additional specific criteria for on-balance sheet securitisations. The aim is to ensure a harmonised interpretation of STS criteria, in alignment with the EBA guidelines for traditional securitisations.With the introduction of STS .......
Market Moves 21 April 2023
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ESG Seminar line-up finalised
Securitisation awards to debut
SCI’s 2nd Annual ESG Securitisation Seminar is taking place in-person on 25 April at the offices of Clifford Chance in London. Chaired by Pemberton Capital Advisors’ Naomi Prasad, the event will cover the latest regulatory developments, key trends and emerging opportunities within the sustainable securitisation market.
The seminar begins with a pair of panels exploring ESG regulatory .......
News 21 April 2023
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Surge in refi SLABS predicted
Sector developments and company hires
Surge in refi SLABS predicted
Market Moves 20 April 2023
The US Supreme Court is expected to render its decision regarding the legality of President Biden’s student loan forgiveness programme (SCI 31 August 2022) by the end of June. A resolution will provide borrowers with more clarity about their federal student loan debt balances and obligations - which is anticipated to spark further refinance .......