Capital Relief Trades
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MK&C acquisition prompts CS carveout
Sector developments and company hires
MK&C acquisition prompts CS carveout
Market Moves 10 February 2023
Credit Suisse has progressed the carveout of CS First Boston as a distinct capital markets and advisory-led business (SCI 28 October 2022) through the acquisition of The Klein Group (MK&C), for a purchase price of US$175m. The seller will receive equity in CS First Boston in the form of a convertible note, while Michael .......
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Hedging alternatives eyed
JPM said to be exploring alternative risk transfer structures
News 9 February 2023
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The affordability conundrum
Impact of alternative credit scores explored
The GSEs are under considerable political pressure to extend credit to the underserved. But what does this mean for CRT investors, issuers and rating agencies? This Premium Content article investigates.
In October of last year, Sandra Thompson, director of the FHFA, unveiled potentially far-reaching policy changes with the aim of making US homes more affordable. All involve ......
News Analysis 1 February 2023Premium Content
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Fee fears
FHFA opens another front in the war on affordability to industry concern
The mortgage and securitization market has reacted with anxiety to the changes to the Loan Level Price Adjustments (LLPAs) announced by the Federal Home Finance Agency (FHFA) at the end of last week.
Essentially, these changes make it less costly for borrowers with lower credit scores to secure a mortgage while and more costly those borrowers with higher credit scores.
Not only, of .......
News Analysis 26 January 2023
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ECON votes on output floor
Sector developments and company hires
ECON votes on output floor
Market Moves 24 January 2023
The European Parliament's Committee on Economic and Monetary Affairs (ECON) has voted to apply the capital requirements output floor at the consolidated EU level under CRR3, in order to engender comparable risk weights and avoid variations in capital levels. Additionally, the Committee has agreed transitional adjustments for low-risk exposures secured by residential mortgages to mitigate .......
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First CAS since September
B1 levels contract
Fannie Mae has priced its CAS 2023-R01, its first appearance in the CAS market for four months.
The bookrunners were BoA Securities and Barclays.
The $429.9m BBB+ M1 tranche was priced at SOFR plus 240bp, the $247.2m BBB- M2 tranche was priced at 375bp over SOFR and the $53.7m BB+ B1 tranche came in at SOFR plus 510bp.
The last CAS, designated CAS 2022-R09, .......
News 12 January 2023
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Looking east
CEE SRT issuance prospects gauged
Polish SRT issuance boosted synthetic securitisation volumes last year. This Premium Content article assesses the prospects for increased activity across the CEE region.
Significant risk transfer issuance in Central and Eastern Europe received a boost in 2022, with the opening up of the Polish market. However, activity across the rest of the region will likely continue to ......
News Analysis 6 January 2023Premium Content
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Raiffeisen inks Romanian trade
Sector developments and company hires
Raiffeisen inks Romanian trade
Raiffeisen Bank has partnered with the EIB Group to strengthen its financing capacity in Romania through a synthetic securitisation. The transaction enables Raiffeisen to provide up to RON523m of new financing to eligible SMEs and MidCaps over the next two years, with a reduced interest rate compared to other similar financing.The securitisation references a .......
Market Moves 3 January 2023