Capital Relief Trades
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US CRT: Brave new world - video
Cadwalader Wickersham & Taft partner Jed Miller speaks to SCI
....... News Analysis 26 February 2025
SCI in Focus: Broader and deeper
SRT supply and demand dynamics set to stabilise
A recurring theme within the SRT market last year was its characterisation as ‘bank-friendly’, with a deluge of new capital altering supply and demand dynamics. While issuance volumes continue to grow, the sector is also gaining depth due to increasing standardisation.
“The last year has been characterised by new or newer entrants ramping up. Some, particularly US .......
News Analysis 25 February 2025
Job swaps weekly: Reckoner launches with backing from RedBird
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees the launch of Reckoner Capital Management, an alternative credit asset manager led by a former Panagram Structured Asset Management ceo and cio. Elsewhere, a former Goldman Sachs partner and securitisation specialist has joined One William Street Capital Management as deputy cio and partner, while Chorus Capital has snapped up a former senior exec .......
Market Moves 21 February 2025
Latest SRTx fixings released
A breather
While January traditionally sees benchmark deals from established issuers price – reportedly 100+bps tighter year-on-year – this month’s SRTx fixings and projections suggest that spreads are taking a “breather” (Large corporate: EU +8.1% US +10.3%; SME: EU +7.1%, US +0.7%) off tightened levels following worldwide flattening of the credit curve and tightening across all asset classes (even into higher .......
News 20 February 2025
SRT fast-track testing underway
Market updates and sector developments
The ECB is set to begin testing a new fast-track process for the supervisory assessment of SRT, which it has developed in close dialogue with the European Banking Federation. The SRT assessment of an individual securitisation transaction currently takes about three months, but the fast-track process aims to substantially reduce this time for sufficiently simple securitisations meeting certain requirements.
Market Moves 19 February 2025
Job swaps weekly: ARC promotes two and appoints APAC chair
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees ARC Ratings making a number of senior structured-credit-focused appointments spanning Europe and Asia. Elsewhere, Cadwalader has added three fund finance partners in London, while CIFC Asset Management has named a new md overseeing CLO tranche investing in its New York office.
ARC Ratings has promoted two Lisbon-based structured finance executives .......
Market Moves 14 February 2025
Ever closer
Norwegian SRT market gets further boost
Last week, the Norwegian government has submitted its proposal for SecReg implementation to the Parliament for formal approval.[1]
Coincidentally or not, such announcement matches quite closely the Centre Party's exit from the ruling coalition, leaving the Labour Party to rule alone eight months before parliamentary elections. To bring added context to such shift, Norway’s Centre .......
News 14 February 2025
Regional views from New York
Conference roundup
SCI’s ninth annual risk transfer and synthetics seminar took place last week in New York, and the agenda covered a broad array of topics currently impacting the US CRT/SRT market. These ranged from regulatory reforms, the latest developments in the GSE market (including whether a release from conservatorship is on the table), new assets in the region, relative value, .......
News 13 February 2025
Fools rush in...
GSE exit from conservatorship needs careful handling, says SFA
News 12 February 2025
Potential new player identified for SRT issuance
SRT market update
Financial sector research firm Autonomous Research (Autonomous) has identified a major European bank as a prime candidate for future SRT issuance.
A well-known fact in the SRT market is that transactions referencing portfolios of large corporate loans comprise the majority bulk of issuance. For the leading investment banks, SRT has now become an integral part of their “originate .......
SRT Market Update 10 February 2025
Job swaps weekly: Haynes Boone poaches asset securitisation team
Securitisation people moves and key promotions
This week’s round-up of securitisation job swaps sees Haynes Boone strengthen its fund finance and asset securitisation practices with the hiring of seven attorneys from Seward & Kissel in New York. Elsewhere, several other law firms have added partners in Australia and Japan, while ARC Ratings has recruited a new Hong Kong-based ceo to spearhead its expansion in the .......
Market Moves 7 February 2025
Job swaps weekly: Oaktree puts the boosters on ABF team build-out
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Oaktree making a number of key appointments as it ramps up its asset-backed finance strategy. Elsewhere, Morgan Lewis has snapped up a structured finance partner from Akin Gump, while Blackstone has hired a former Atlas SP director as principal in its credit and insurance platform.
Oaktree Capital Management has hired .......
Market Moves 31 January 2025
Leverage anxiety
Reg cap marketeers rebuff regulator concern over leverage
News Analysis 30 January 2025