Capital Relief Trades
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Sun King supported via solar ABS
Sector developments and company hires
Sun King supported via solar ABS
Market Moves 31 May 2023
British International Investment (BII), the UK’s development finance institution (DFI), and Stanbic Bank Kenya have unveiled commitments to off-grid solar energy company Sun King via a US$130m-equivalent securitisation and a joint US$20m working capital facility. These commitments will enable the purchase of more inventory - such as solar home systems and solar lanterns - and .......
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ESG impact disclosure RTS inked
Sector developments and company hires
ESG impact disclosure RTS inked
Market Moves 26 May 2023
The three European Supervisory Authorities (ESAs) have jointly submitted to the European Commission draft RTS on ESG impact disclosures for STS securitisations under the Securitisation Regulation (SECR). The amended SECR introduced new optional disclosure provisions related to the principal adverse impacts (PAIs) on sustainability factors of the assets financed by the underlying exposures for both .......
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Holding steady
CRT structures unscathed amid bank volatility
Recent banking instability is unlikely to result in contractual changes in synthetic securitisations, but structural divergences are emerging. This Premium Content article investigates further.
The aftermath of UBS’s acquisition of Credit Suisse and the turmoil in the US regional bank market is unlikely to result in any contractual changes around counterparty credit risk in synthetic securitisations. However, opinion ......
News Analysis 19 May 2023Premium Content
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CLO heavyweight to lead combined platform
Sector developments and company hires
CLO heavyweight to lead combined platform
Sound Point Capital Management has appointed Gunther Stein as head and cio of its US performing credit and CLO platform. The move follows Sound Point’s recently announced agreement to acquire Assured Investment Management, the institutional asset management business of Assured Guaranty that was formerly known as BlueMountain Capital Management (SCI 6 April).Market Moves 19 May 2023
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Unfinished business
ESMA review offers opportunity to increase ABS transparency
NPL Markets, the loan trading and analytics platform, has called for increased data transparency in the European private securitisation market, despite resistance from some market participants. The development comes as ESMA conducts its review of mandatory investor disclosure templates in response to a request from the European Commission last year (SCI 15 November 2022).
“Transparency is paramount,” .......
News Analysis 17 May 2023
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Capital squeeze
Greater capital requirements for regionals highlights case for CRT
More stringent regulatory oversight of US banks is likely to make careful capital management even more relevant, consequently highlighting the virtues of the CRT market, suggest sources.
The recent bank crisis, which has seen the collapse of Silicon Valley Bank, Signature Bank and First Republic, has thrown the spotlight on the relatively light touch regulation and easier capital requirements that smaller regionals .......
News 16 May 2023
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AG acquisition creates credit powerhouse
Sector developments and company hires
AG acquisition creates credit powerhouse
Market Moves 16 May 2023
TPG is set to acquire Angelo Gordon in a cash and equity transaction valued at approximately US$2.7bn, based on TPG’s share price as of 12 May, including an estimated US$970m in cash and up to 62.5 million common units of the TPG Operating Group and restricted stock units of TPG. The transaction also includes an .......
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TD cancels CRT, say sources
Collapse of First Horizon merger cancels planned reg cap trade
The collapse of the merger between First Horizon and Toronto Dominion Bank (TD) has meant a planned CRT trade by the Canadian bank has been shelved, say sources.
TD had intended to execute a synthetic securitization of large corporate loans in June to free up capital as it took the Memphis, Tennessee-based First Horizon under its wing in a $13bn deal, but .......
News 11 May 2023
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Go Go SRT
More supply, and US banks to join the party, say conference speakers
While 2022 was a record year in the global SRT market, with $20bn of issuance and some $140bn of assets referenced, 2023 will be even bigger, said speakers at the IMN Credit Risk Transfer conference in New York this week.
Though the jury is still out on whether the US will join the issuance bonanza, there is increasing optimism .......
News 5 May 2023
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