ABS

  • Radical reform?

    ESMA disclosure consultation could pave the way for material improvements

    ESMA’s launch of its long-awaited consultation on potential revisions to the European Commission’s securitisation disclosure templates in late December (SCI 21 December 2023) may have negatively impacted interest in submitting responses. Nevertheless, the move could potentially open the door to radical reforms.

    ESMA is seeking feedback on four very different possible options (A through D) for .......

    News 16 January 2024

  • IACPM 'stands ready' to work with US regulators on SRT

    Market updates and sector developments

    The IACPM says it stands ready to share data and experience on synthetic securitisation with US federal regulators, in order for US banks to share risk in an effective, safe and transparent manner with specialised long-term partners. The move follows recent positions taken in the press or in letters sent to the US agencies, notably by Sheila Bair and .......

    Market Moves 16 January 2024

  • SCI In Conversation podcast: Andrew South and Alastair Bigley, S&P Global Ratings

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, SCI's deputy editor Kenny Wastell speaks to S&P Global Ratings’ md and head of EMEA structured finance research Andrew South and Alastair Bigley, md and sector lead for European RMBS, about the year ahead. The ratings agency recently published its European Structured Finance Outlook for 2024, forecasting that issuance in Europe could .......

    News Analysis 16 January 2024

  • Risk transfer round-up - 12 January

    The week's SRT developments and deal news

    Deal news
    Europejski Fundusz Leasingowy (EFL), owned by Crédit Agricole, has completed a synthetic securitisation with the EIB Group. The transaction is backed by a PLN2bn portfolio of Polish leasing receivables.

    The EIF guarantee on the PLN250m mezzanine tranche covers a reference portfolio of PLN2bn, while a counter-guarantee from the EIB mirrors the EIF’s obligation, whereby the EIB covers the .......

    News 12 January 2024

  • Project finance SRT finalised

    BBVA closes bilateral trade

    BBVA has closed a synthetic securitisation with PGGM referencing a project finance portfolio valued at €750m. The bilateral transaction allows BBVA to release up to 88% of the portfolio's capital. 

    Of the projects in the securitised portfolio, 60% are classified as sustainable, with renewable energy, digital infrastructure and transportation infrastructure the leading sectors. In terms of geography, the portfolio is .......

    News 11 January 2024

  • First-mover advantage

    SCI recently asked Georgi Stoev, head of Northern Europe &am...

    The EIF invested over €3bn in the securitisation market last year, of which €2.8bn was executed in a synthetic format. In terms of jurisdictions, the fund continues to strengthen its engagement across Central and Eastern Europe (CEE), with Romania (accounting for over €700m of investments), Bulgaria (close to €500m) and Poland (€450m) topping the investment list.

    Q: Is .......

    The Structured Credit Interview 10 January 2024

  • BNPL boom

    Middle East consumer ABS set for expansion

    The Middle East’s securitisation landscape is poised for expansion as the second local buy now, pay later (BNPL) transaction is unveiled. Coupled with a wave of new legislation and ever-growing interest from foreign investors, the future of Islamic structured finance appears bright.

    UAE-based BNPL service provider, Tabby, hit the market last month with a US$700m ABS - echoing .......

    News 10 January 2024

  • Latest SRTx fixings released

    Index values indicate gradual tightening in spreads and impr...

    The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. Spread indexes have moved higher compared with December’s fixings (SCI 4 December), particularly in the large corporate space, owing to typical year-end volatility.

    After two months of tightening in SRTx Spread Indexes, this month’s survey responses show a widening of both the large .......

    News 8 January 2024

  • Competitive spirit

    'Structural evolution' drives Oceanic auto ABS volumes

    Australian securitisation volumes are this year expected to surpass 2023’s record-breaking highs of A$52.3bn across 77 transactions, primarily due to the country’s budding ABS sector, as well as improved macro conditions for prime non-bank lenders and the likelihood of ADI issuers returning to the market in order to maintain relevance. However, competition with covered bond programmes, changing operating conditions .......

    News Analysis 8 January 2024

  • Performance shift?

    Indian cross-border ABS debuts

    Shriram Finance last month closed the first Indian cross-border ABS. The US dollar-denominated India Vehicle Finance deal also represents the country’s first two-tier securitisation, featuring an onshore trust named Sansar Vehicle Finance Trust Dec 2022.

    Rated triple-B minus by Fitch, the transaction is backed by a pool of commercial vehicle loans and benefits from an experienced servicer (Shriram .......

    News 5 January 2024

  • Riverstone co-founders launch Breakwall Capital

    Market updates and sector developments

    Riverstone Holdings co-founders have launched a new independent energy focused asset-manager, Breakwall Capital, dedicated to supporting energy companies through the complexities of the energy transition. The new firm will be led by Riverstone co-founders and colleagues of close to 20 years, Christopher Abbate, Jamie Brodsky and Daniel Flannery.

    Breakwall will support conventional, renewable and ‘next generation’ energy companies .......

    Market Moves 5 January 2024

  • Job swaps weekly: Greenberg Traurig appoints three new partners from Seward & Kissel

    People moves and key promotions in securitisation

    The first weekly roundup of securitisation job swaps of 2024 sees Greenberg Traurig appointing a trio of structured finance specialists as partners. Elsewhere, Obra Capital has hired two senior investment executives from AllianceBernstein and RiverRock Funds, while Stout’s md and co-lead of structured credit leaves the firm for a new project.

    Kalyan Das has joined Greenberg Traurig, along .......

    Market Moves 5 January 2024

  • Accretive process

    Wasif Kazi, structurer at UniCredit, forecasts continued gro...

    Q: Given that 2022 was widely viewed as a breakthrough year in terms of CEE capital relief trade issuance, is the Polish market still a trend to monitor, or is it becoming an established jurisdiction for SRT transactions?
    A: I would say it's somewhere in between the two. We see more transactions each year coming out of Poland. We see .......

    The Structured Credit Interview 5 January 2024

  • CIFC launches multi-strategy credit fund

    Market updates and sector developments

    CIFC has launched a UCITS multi-strategy credit fund, combining sub-investment grade fixed income with structured finance, senior secured loans and liquid credit investments identified by its distressed team. The firm is looking to capitalise on growing sentiment that rates have peaked and on investors' resulting appetite for fixed-rate credit in order to "lock in the current high rates".

    The .......

    Market Moves 4 January 2024

  • ESMA launches RTS and ITS consultation

    Market updates and sector developments

    The European Securities and Markets Authority (ESMA) has launched a consultation on revisions to the securitisation disclosure framework. The process is due to run until 15 March and aims to collect stakeholders’ views on proposed changes to the disclosure regulatory technical standards (RTS) and implementing technical standards (ITS).

    In particular the consultation will focus on the four proposed options. These include “putting .......

    Market Moves 21 December 2023

  • Risk transfer round-up - 21 December

    The week's CRT developments and deal news

    Deal news
    The EIB Group has provided a €163m unfunded guarantee to Santander’s latest synthetic securitisation, supporting energy efficiency and climate action projects in the Spanish residential property market. The transaction will facilitate new green and sustainable mortgages, enabling individuals to invest in building renovations or new construction with high energy-efficiency standards, in compliance with the eligibility conditions defined by .......

    News 21 December 2023

  • Basel banks

    Banks forced away from loans and into low RWA assets in 2024

    An unintended consequence of the implementation of Basel III endgame rules in the US is that banks will be forced into more capital efficient agency MBS at the expense of loans, according to Mohib Karzai, head of agency MBS trading at JP Morgan.

    Talking Point 20 December 2023

  • Redefining moneyball

    European football clubs turn to securitisation for financing

    Multi-club and petrostate-backed projects are becoming increasingly headline-grabbing themes in global football, but securitisation is also emerging as somewhat of a trend in the financing landscape. Olympique Lyonnais became the latest big name to make use of the practice in November, closing a €385m refinancing arranged by Goldman Sachs, in a deal that represents the first securitisation for a French .......

    News Analysis 19 December 2023

  • Job swaps weekly: Reed Smith poaches Linklaters' Drury

    People moves and key promotions in securitisation

    This final weekly roundup of securitisation job swaps of 2023 sees Reed Smith snapping up a Linklaters partner and structured finance specialist. Elsewhere, ARIA Commodities has lured a Deutsche Bank veteran as head of structured trade finance, while CBRE has made two senior promotions in its European team.

    Linklaters veteran Mark Drury has joined Reed Smith as a .......

    Market Moves 18 December 2023

  • PRA publishes first Basel policy statement

    Market updates and sector developments

    The PRA has published the first of two near-final policy statements covering the implementation of the Basel 3.1 standards for market risk, credit valuation adjustment risk, counterparty credit risk and operational risk. The near-final policy statement takes into account feedback received to the PRA’s consultation paper (CP) on the Basel 3.1 standards published in November 2022.

    The PRA .......

    Market Moves 15 December 2023

  • New wings for aircraft ABS

    Ashland Place issues first deal for many months

    Ashland Place Finance, aided by arranger and bookrunner ATLAS SP Partners, has woken the aircraft ABS market from a deep slumber with the first deal in the sector since June 2022.

    The transaction, designated APL Finance 2023-01, is the borrower’s .......

    News 15 December 2023
×