Complete news archive
-
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
-
CAS prices
Expected Fannie Mae CAS, the return to CRT, hits the tape
Fannie Mae, as expected, priced its $1.2bn CAS Series 2021-R01 REMIC this afternoon (October 19) via joint bookrunners Bank of America and Nomura.
This represents its first CAS trade since Q1 2020, and it now intends to bring another CAS trade next month - this time referencing high LTV mortgages.
“We are pleased with the execution of CAS 2021-R01, which was met with .......
News 19 October 2021
-
CAS calling
Fannie Mae in the market with its first CAS deal since Q1 2020
Fannie Mae is in the market with its 40th CAS transaction, designated Connecticut Avenue Securities (CAS) Series 2021-R01 Notes, and the deal is expected to price imminently.
The arranger, trustee and custodian is Wells Fargo.
This is the first CAS trade Fannie has issued since Q1 2020, after which it took a leave of absence from the market originally because of the Covid .......
News 19 October 2021
-
Project Frontier securitisation inked
Sector developments and company hires
Project Frontier securitisation inked
Market Moves 19 October 2021
National Bank of Greece (NBG) has entered into a definitive agreement with a consortium consisting of affiliates of Bain Capital Credit, Fortress Investment Group and doValue Greece, for the sale of 95% of the mezzanine and junior notes issued via a securitisation backed by a portfolio of non-performing exposures (NPEs) with a total gross book value of .......
-
SCI Awards: Credit Insurer of the Year
Winner: Fidelis Insurance Holdings
Fidelis Insurance Holdings Ltd is a Bermuda-based global provider of specialty and bespoke insurance and reinsurance products, with underwriting entities in the UK, Ireland and Bermuda. For leading the insurance industry in participating in significant risk transfer transactions, the firm is SCI’s Credit Insurer of the Year.
“We strive to lead by example as a trusted execution .......
News 19 October 2021
-
SCI Awards: Investor of the Year
Winner: Christofferson, Robb & Company
Ever-present in risk sharing transactions (RST) since its formation in 2002, the CRT awards year 2020-2021 was not an unusual one for Christofferson, Robb & Company (CRC) in many respects. However, the firm did break with usual practice in one way – it allowed more issuers than usual to make its role in their deals public and as .......
News 19 October 2021
-
SOFR-linked green ABCP issued
Sector developments and company hires
SOFR-linked green ABCP issued
Crédit Agricole CIB has issued the first green ABCP indexed to SOFR to finance electric vehicles and hybrids in auto portfolios, as well as solar loan transactions. Issued by Atlantic Asset Securitization, one of Crédit Agricole CIB's ABCP programmes, the notes were placed with two ESG money market funds.The ABCP met green asset ABCP eligibility .......
Market Moves 18 October 2021
-
SCI CRT Awards: Innovation of the Year
Winner: Colisée 2020
Societe Generale’s Colisée 2020, a private club capital relief trade that provides protection on a portfolio of equipment lease exposures, is awarded SCI’s Innovation of the Year. The deal - which closed during 4Q20, in the midst of a pressured economic backdrop - references a €1bn portfolio of equipment lease receivables distributed by Societe Generale’s French retail network to over .......
News 18 October 2021
-
-
SRT prints
KIMI X prices tight
Santander has finalised a full-stack capital relief trade backed by a €450m portfolio of Finnish auto loans. Dubbed KIMI X, the transaction priced at pre-Covid levels (see SCI’s capital relief trades database).
Rated by S&P and Fitch, the transaction consists of €411.8m AAA/AAA rated class A notes (which priced at one-month Euribor plus 13bp), €17.6m A/AA+ rated class B .......
News 18 October 2021
-
SCI Start the Week - 18 October
A review of SCI's latest content
Last week's news and analysis
News 18 October 2021
Beyond Covid-19:
What effect has the pandemic had on the European RMBS and mortgage markets?
Big bang?
Tokenisation touted as a replacement for securitisation
Challenging valuations
Covid-19 aftermath dogs NPL exposures
SCI CRT Awards: North American Transaction of the Year
Winner: TCB CRT 2021-1
SCI CRT Awards: Transaction of the Year
Winner: Siena 2021 - RegCap-1
Transition trauma
A bumpy road ahead .......
-
SCI CRT Awards: Impact Deal of the Year
Winner: Marco Polo Three
Crédit Agricole and the IFC’s Marco Polo Three transaction has won the Impact Deal of the Year category in SCI’s Capital Relief Trades Awards. The significant risk transfer trade stands out for its sustainable finance aspects and size, as well as its impact on securitisation as a tool to help banks in developing countries cope with the effects .......
News 18 October 2021
-
Renovation tax credit ABS closed
Sector developments and company hires
Renovation tax credit ABS closed
Market Moves 15 October 2021
Banca Finint has completed an innovative securitisation backed by tax credits originating from energy efficient renovations of building stock under the Italian Ecobonus and Bonus Casa programmes, in collaboration with Easy Transfer, the platform that deals with transfers of credit deriving from tax deductions. The operation involves as transferors over 1,300 window and door companies .......
-
SCI CRT Awards: North American Transaction of the Year
Winner: TCB CRT 2021-1
The arrival of the first US regional bank in the capital relief trades sector had been anticipated and talked of for many months, so when Texas Capital Bank - a Dallas-based US$40bn lender founded in 1998 - arrived in the market in March 2021 the interest it elicited can hardly be overstated.
Now, finally, with this deal the .......
News 15 October 2021
-
SCI CRT Awards: Transaction of the Year
Winner: Siena 2021 - RegCap-1
Banca Monte dei Paschi di Siena’s Siena 2021 - RegCap-1 has won the Transaction of the Year category in SCI’s Capital Relief Trades Awards. The synthetic securitisation is noteworthy for referencing a riskier asset class - a portfolio of mainly Italian Stage 2 loans - and for representing the bank’s efforts to address Covid-19 related impacts within its .......
News 15 October 2021
-
-
Antares succession revealed
Sector developments and company hires
Antares succession revealed
Timothy Lyne, founding partner and current coo of Antares Capital, is set to succeed David Brackett as ceo. Brackett will be retiring from his role as ceo on 31 December 2021 and will remain with Antares in an advisory capacity.Lyne brings to the role more than three decades of leadership experience in the financial services, .......
Market Moves 14 October 2021
-
Big bang?
Tokenisation touted as a replacement for securitisation
Tokenisation is being touted as a potential replacement for securitisation, given its many applications and benefits. However, a number of challenges remain before the technology can be fully adopted by the market.
News Analysis 14 October 2021
“Tokenisation could replace securitisation – but it won’t be a big bang. However, when you see the speed of digitisation in some areas, you see it has the .......
-
Beyond Covid-19: What effect has the pandemic had on the European RMBS and mortgage markets?
Andrew South, md, structured finance and Alastair Bigley, se...
The Covid-19 pandemic has provided a novel test of European RMBS credit performance, which the sector looks set to pass with flying colors. As virus-related social restrictions led to an economic shutdown and mortgage lenders introduced unprecedented borrower forbearance schemes, RMBS investors seemed to be at risk of taking a hit.
Mortgage payment holidays posed a potential liquidity .......
Talking Point 14 October 2021
-
Transitional financing
Adam Zausmer, chief credit officer at Ready Capital, answers SCI's questions
Q: Why do you feel the US CRE CLO sector is booming?
The Structured Credit Interview 14 October 2021
A: The bridge lending market is certainly red hot at the moment. We tend to focus on less volatile assets, like multifamily, and clear trends we see across the US are tired properties in need of capital expenditure as well as a shortage of quality affordable housing. Non-bank .......
-
Challenging valuations
Covid-19 aftermath dogs NPL exposures
The aftermath of the coronavirus crisis is hindering the valuation of properties that back European non-performing loan transactions. Nevertheless, collections have picked up and more NPL ABS issuance is expected.
According to Moody’s, the deterioration in the quality of the valuation of properties underlying securitised exposures in new trades can be ‘’explained by the increased difficulty in carrying .......
News 14 October 2021