Capital Relief Trades
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Optimisation optimism
SRT activity set to soar as banks adjust to Basel 4
Panellists at SCI’s 10th Annual Capital Relief Trades Seminar in London last week widely agreed that banks are set to ramp up their use of SRT transactions to optimise balance sheets and improve capital efficiency ahead of sweeping regulatory changes under Basel 4.
"I expect further growth in SRTs as banks adjust to Basel 4, using these transactions .......
Talking Point 24 October 2024
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Milestone deal
IDB Invest lays off risk to private investors
IDB Invest – the Inter-American Development Bank (IDB) Group's private sector institution – has completed a US$1bn securitization for private sector investors to buy multilateral development bank (MDB) assets from Latin America and the Caribbean.
The transaction follows IDB Invest’s new originate to share business model, connecting development assets with global investors to scale impact in Latin America and .......
News 23 October 2024
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Latest SRTx fixings released
SRT market projections include spreads firming up and incrementally worsening credit risk outlook.
While we enter the final quarter of the year, September was characterised by central banks and the significant easing priced in by markets. Such vision and prediction for a more aggressive rate-cutting cycle by major central banks has led to a bull steepening of yield curves. After the 50 bps rate cut by the Fed in the US, markets have .......
News 16 October 2024
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SRT issuer profile: NatWest
Rob Lloyd, head of balance sheet management at NatWest Comme...
Q: How long have you been involved in SRT and what were the drivers behind your first trade?
A: SRT is not a new concept, the bank has been users of the product for some time. This year we are embarking on the tenth issuance of our Nightingale programme.
Q: Do you view SRT as a strategic .......
The Structured Credit Interview 14 October 2024
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Transactions and tightening
SRT market update
New issuers of corporate and project finance SRT in Germany, SME trades from Spain and Greece and an auto trade out of Scandinavia are among the deals coming to market in Q4.
SCI understands in particular three of the big four Greek banks (Alpha Bank, Piraeus Bank and Eurobank) are in the market. This would be Piraeus’s first .......
SRT Market Update 11 October 2024
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Job swaps weekly: KBRA rings the changes
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees KBRA making multiple senior structured finance appointments including a new global head of ABS and RMBS. Elsewhere, a c-suite executive at PACE Funding Group has left the firm and transitioned away from structured credit with a move to Greenday Finance, while specialty finance company Encina Lender Finance has made two senior .......
Market Moves 11 October 2024
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Doubling down
Deutsche Bank finalises two SRT trades
Deutsche Bank completed two SRT trades in September. The first transaction concerns the well-documented LOFT 2024-1 deal (marking the third issuance from the LOFT platform), which references a US$3bn portfolio of US and European leveraged loans. The synthetic securitisation was upsized from an initial portfolio US$2bn, following notable investor demand and a fairly widely syndicated process.
Oliver .......
News 11 October 2024
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How does it end?
Lawyers discuss how the US' Basel Endgame will be implemente...
Despite the recent and potentially exponential growth of the US CRT market, regulatory clarity is still out of reach. So how will the Basel Endgame regulation be implemented and when can investors expect to see it?
Recent re-proposals from the Federal Reserve (Fed) looking to reshape the regulation have already been rejected (SCI, 24 September) in a .......
News Analysis 9 October 2024
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Winds of change
Key talking points from SCI's inaugural regional banks conference in Chicago.
SCI’s maiden regional bank CRT seminar took place in the Windy City last week. Top of mind was market potential, Basel Endgame, and how to convince hesitant regulators.
- Great potential
It’s no secret that, since US banks have stepped up their use of CRTs, in the longer term, the US market will evolve to resemble its European .......
News 2 October 2024
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Recalibrating the agenda
The LMA is experiencing fresh SRT member growth
The loan market association (LMA) – the authoritative voice of the loan market in EMEA – is ramping up its SRT focus. We catch up with them and investigate the LMA’s role, views and prospects regarding the asset class.
While membership of the LMA has historically included banks – ranging from the large international investment banks to regional and .......
News Analysis 26 September 2024
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Endgame resistance
B3E implementation hits another bump in the road
The Basel 3 Endgame has hit another bump in the road. A re-proposal from the Fed (SCI 10 September) has been met with resistance from at least three of five FDIC directors opposing the suggested measures.
It seems something of a ‘kumbaya’ moment in US politics, with Democrat Rohit Chopra joining the two Republican board members in .......
News 24 September 2024
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Job swaps weekly: EIF exclusive
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees SCI exclusively reveal that the European Investment Fund’s chief investment officer is retiring from his role after almost three decades with the fund. Elsewhere, Performance Trust Capital Partners has poached three executives from Pagaya, while ELFA announces its ceo is to step down from her role.
Alessandro Tappi is to .......
Market Moves 20 September 2024