Complete news archive
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Risk transfer round-up - 28 October
CRT sector developments and deal news
BCP is believed to be readying a capital relief trade in Poland. The trade would be the second alleged CRT from the jurisdiction, following rumours of a transaction being prepped by mBank (SCI 18 October).
....... News 28 October 2021
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Future-proofing credit portfolio management
John Pellew, principal, distribution and securitisation, Arr...
It has become a bit of a cliché to say that technology, data, analytics – and importantly – the appropriate application of such tools has become fundamental to running a successful business. And yet, despite the regularity with which the topic is discussed, how precisely this applies to the distressed loans market has not been fully appreciated.
For .......
Talking Point 26 October 2021
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SCI CRT Awards: Rising Star
Winner: Meindert de Jong, director at PGGM
In a mere seven years Meindert de Jong has gone from graduate recruit to a director and invaluable member of PGGM’s credit & insurance linked investments team, which manages PFZW’s dedicated Credit Risk Sharing (CRS) investments mandate. During that time, his deep involvement and knowledge of CRS transactions has grown his excellent reputation beyond the team and throughout .......
News 25 October 2021
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Comprehensive metric?
Total alpha touted as CLO performance measure
The CLO market is seeing such growth that there are calls for a more complete performance measure to be introduced. Total alpha is being touted as one way to differentiate between CLO managers.
Now standing at over US$1trn in issuance, the CLO asset class is becoming more mainstream. “The market has grown so much – even the pension .......
News 25 October 2021
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SCI Awards: Personal Contribution to the Industry
Winner: Christian Moor, team leader at the EBA
Asked about his proudest achievement, Christian Moor, team leader at the EBA, points to - perhaps unsurprisingly - the STS framework for synthetic securitisations.
‘’It was something that I thought about when I was on a holiday in April 2014 and it was clear to me that a more regulated and supervised product would improve funding to .......
News 25 October 2021
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SCI Start the Week - 25 October
A review of SCI's latest content
New free report to download - US CRT Report 2021: Stepping Up
News 25 October 2021
The US CRT market – as with every other area of society – was tested by the Covid-19 fallout. But the sector arguably finds itself in a stronger position now.
This SCI Special Report tracks the major developments in the US CRT market during the two years .......
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Stepping up
US CRT prospects discussed
The US CRT market – as with every other area of society – was tested by the Covid-19 fallout. But the sector arguably finds itself in a stronger position now, according to a new SCI Special Report.
The levels of quality, innovation and negotiation involved in the private capital relief trade and mortgage insurance-linked note markets stepped .......
News Analysis 25 October 2021
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Highland Capital lawsuit filed
Sector developments and company hires
Highland Capital lawsuit filed
Market Moves 25 October 2021
The latest lawsuit brought by Highland Capital Management (HCMLP) against former employees has been filed in the bankruptcy court of the northern district of Texas. The action seeks to “recover hundreds of millions of dollars in damages that HCMLP suffered at the hands of its founder, James Dondero, acting in concert with other entities that he owned .......
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Trustmark settles for $5m
Three agencies join forces in breach of Fair Housing Act case
Trustmark National Bank, of Jackson Mississippi, has today (October 22) settled allegations brought by the OCC, the DOJ and the CFPB that it violated the Fair Housing Act of 1968 for $5m.
According to the investigation staged by the three agencies, Trustmark denied residents of high minority and majority minority neighbourhoods in Memphis, Tennessee, equal access to mortgages between 2014 and 2016.
The .......
News 22 October 2021
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Gallatin CLO platform acquired
Sector developments and company hires
Gallatin CLO platform acquired
Aquarian Holdings has launched Aquarian Credit Partners (ACP), a syndicated high-yield credit investment management platform. Aquarian has partnered with Justin Driscoll, Bo Williams and the rest of the Gallatin Loan Management team to form ACP, which has assumed management of Gallatin’s existing CLOs, with more than US$800m of assets under management.Gallatin has a track .......
Market Moves 22 October 2021
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SCI Awards: North American Law Firm of the Year
Winner: Clifford Chance
Clifford Chance has developed a strong reputation in the market, ranking as North America’s top law firm of the year for the second year running. The firm has helped to navigate clients with deals of a complex nature.
The last 12 months has seen the continued growth of transactions in the US, where the firm has continued .......
News 22 October 2021
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RTS pending
SRT regulatory uncertainty persists
The regulatory technical standards (RTS) pertaining to the EBA’s final report on significant risk transfer that were expected to be published in June have been postponed indefinitely. The RTS focus on the paper’s onerous excess spread provisions, although market participants have been equally concerned about the proposed SRT tests that could be incorporated into the CRR. Indeed, both the .......
News Analysis 22 October 2021
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SCI CRT Awards: Law Firm of the Year
Winner: Clifford Chance
In a year that was heavily affected by the global Covid-19 pandemic, and the extension of the STS regime to synthetic securitisation, Clifford Chance has stood out as the leading law firm on all aspects of credit risk transfer transactions.
“We’ve always felt we have the largest and most experienced practice in this market and it is .......
News 22 October 2021
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SCI CRT Awards: North American Arranger of the Year
Winner: Citi
As long as there has been a capital relief trades market in the US, Citi has been there. But its presence in the market has more than a historic significance. In the tombstones for a high percentage of the deals for US issuers in 2020/2021 - from the ground-breaking Texas Capital Bank trade to bilateral transactions which never hit .......
News 21 October 2021
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SCI CRT Awards: Arranger of the Year
Winner: Santander
Santander has won SCI’s Arranger of the Year category after having showcased capabilities and achievements over the last 12 months that broke new ground in the capital relief trades market on several fronts. Indeed, the lender has closed transactions backed by new asset classes, with innovative features and while further developing the sector’s investor base.
Santander’s crowning .......
News 21 October 2021
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Pockets of resilience
European ABS/MBS market update
European ABS/MBS spreads leaked slightly wider and investor demand cooled somewhat last week as the market finally caught up with broader macro volatility. However, some sectors continue to outperform and this week is off to a strong start with a broad range of deals in the primary pipeline to follow.
“Indisputably, on a macro level, the same concerns .......
News 20 October 2021
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Rare agricultural MBS prints
Sector developments and company hires
Rare agricultural MBS prints
Market Moves 20 October 2021
The Federal Agricultural Mortgage Corporation (Farmer Mac) – a federally chartered corporation that provides a secondary market for a variety of loans made to borrowers in rural America, with the aim of increasing the availability and affordability of credit - has completed a US$302.7m securitisation of agricultural mortgage loans. The FARM Series 2021-1 agricultural MBS is backed by .......
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SCI CRT Awards: North American Issuer of the Year
Winner: BMO Capital Markets
BMO has for some time been one of the leading SRT issuers in the world and by far the most established in North America. This year the bank added further innovation to its offering with the establishment of two new platforms providing investors with access to additional asset classes, making it the clear winner of SCI’s 2021 North American .......
News 20 October 2021
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SCI CRT Awards: Issuer of the Year
Winner: BNP Paribas
BNP Paribas has won the Issuer of the Year category in SCI’s 2021 Capital Relief Trades Awards, thanks to the volume of transactions it issued during the awards period, as well as for furthering deal innovation and expanding the market’s investor base.
BNP Paribas has led the pack this year, with five transactions including completed and pending .......
News 20 October 2021
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Innovative SRT finalised
Bank of Ireland executes synthetic RMBS
Bank of Ireland has finalised a €265m synthetic securitisation that references a €1.4bn portfolio of restructured Irish mortgages (SCI 8 September). Dubbed Glen Securities Finance, the transaction is the first capital relief trade to be backed by restructured residential mortgages.
Rated by KBRA and S&P, Glen Securities Finance consists of €66.4m A-/A- rated class A notes, €83.8m .......
News 20 October 2021