ABS

  • US CLN market could reach US$220bn

    Market updates and sector developments

    JPMorgan securitised products research analysts estimate that the potential size of the US CLN market could amount to US$220bn, as banks become more comfortable with issuing the notes for capital relief purposes, following the Federal Reserve’s clarification of what defines a synthetic securitisation (SCI 29 September). Indeed, they suggest that the move may mark the beginning of a .......

    Market Moves 16 October 2023

  • Junon 4 prices

    SG's latest corporate SRT unveiled

    Societe Generale has executed the fourth synthetic securitisation from its Junon programme. The significant risk transfer transaction – called Junon 4 – references a €5bn portfolio of global corporate loans. 

    Structured as a CLN and issued via a French SPV, the deal further received the STS designation. Regarding the transaction’s syndicated nature, Pascale Olivie, director, asset-backed products at .......

    News 16 October 2023

  • Job swaps weekly: Fearon steps up at Arch

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Arch Capital Group appoint a new ceo in its global mortgage group. Elsewhere, Gallagher Re has hired a new head of global credit and political risk, while Cushman & Wakefield has snapped up a Patterson Real Estate Advisory exec as md.

    Arch Capital Group has promoted Seamus Fearon to ceo, international mortgage for the .......

    Market Moves 13 October 2023

  • Risk transfer round-up - 12 October

    The week's CRT developments and deal news

    Market news
    Fannie Mae has commenced fixed-price cash tender offers for the purchase of any and all of 11 Connecticut Avenue Securities (CAS) notes, with an unpaid principal balance of US$1.398bn and vintages ranging from 2016 to 2018. The offers will expire on 16 October and settlement is expected on 18 October.

    Fannie Mae has engaged BofA Securities as .......

    News 12 October 2023

  • Freddie B-piece investments closed

    Market updates and sector developments

    Sabal Investment Holdings has closed a series of five B-piece investments, representing approximately US$2bn in collateral balance, across three Freddie Mac multifamily CMBS programmes. The programmes comprise SB-Deals, K-Deals and Q-Deals.

    Three SB-Deals closed by Sabal are backed by Freddie Mac multifamily small balance loans (SBLs), totalling US$90m in bond balance across US$933m in collateral balance and 338 .......

    Market Moves 12 October 2023

  • Quitting coal

    Using utility ABS to fund a 'just' energy transition

    An uptick in utility ABS is expected as US utilities seek financial solutions for retiring the country’s aging fossil fuel fleet. This SCI Premium Content article explores how the proceeds from these transactions can be used to facilitate an equitable energy transition.

    Utility ABS may be set for revival in the US as a means of funding ......

    News Analysis 10 October 2023

    Premium Content

  • Snowball effect

    EIF expands CEE engagement

    The EIF is prepping a third synthetic securitisation with a Bulgarian banking group, following its deals with Bulbank last October (SCI 19 October 2022) and ProCredit Bank in June (SCI 22 June). Meanwhile, a further transaction in Romania is anticipated towards the end of the year, as the fund continues its engagement across Central and Eastern Europe.

    News 10 October 2023

  • Cat bond rebound

    'Significant repricing' spurring renewed interest in ILS

    The floods in New York at the end of September were the latest in a series of extreme climate-related events to dominate the global news agenda this year. Yet, while the assumption may be that this onslaught of disasters would lead to a strain on the catastrophe bond market, issuance in the asset class has soared this year.

    News Analysis 6 October 2023

  • Job swaps weekly: HSBC snaps up former Deutsche Bank CLO head

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees a former head of CLOs at Deutsche Bank taking up a director role at HSBC. Elsewhere, CBRE has promoted a London-based executive md to president and coo in its Tokyo office, while SLC Management has appointed two new co-heads for its private fixed income team.

    Deutsche Bank’s former head of CLOs, .......

    Market Moves 6 October 2023

  • Risk transfer round-up - 5 October

    The week's CRT developments and deal news

    Market news
    A new paper published by the European Systemic Risk Board (ESRB) suggests that the synthetic securitisation sector has reached sufficient critical mass to make SRT a permanent feature in the capital management toolkit of European banks. However, it notes that as more banks and investors enter the market, the current assessment process will “need to become .......

    News 5 October 2023

  • Latest SRTx fixings released

    Index values indicate incremental widening in spreads, while...

    The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. Participants’ estimates indicate a tightening in European spreads compared with September’s fixings (SCI 7 September), while market sentiment relating to credit risk remains elevated across the board in both Europe and the US.

    This month’s survey responses suggest that European spread estimates have .......

    News 4 October 2023

  • 'Sluggish' September?

    Quarterly SCI CRT data review

    CRT issuance so far this year appears to have consistently tracked below that of last year’s volumes. In terms of deal count, SCI data shows that 39 transactions have closed in the year to end-September 2023, versus 52 for the corresponding period in 2022.

    .......

    News 4 October 2023

  • Front and centre

    More bank origination expected as TLTROs expire

    An uptick in securitisation originations among European banks is anticipated as central bank funding programmes, including the ECB’s targeted longer-term refinancing operations (TLTROs), reach maturity. Central bank liquidity supressed bank-originated securitisation issuance over the last decade, as banks stepped away from the market due to the abundance of cheap funding.

    “Just 10 years ago, most European securitisation issuance .......

    News 4 October 2023

  • RRAM acquires second slate of CLOs

    Market updates and sector developments

    Redding Ridge Asset Management has acquired CLO management contracts totalling US$2.8bn in AUM from Gulf Stream Asset Management. With the close of the transaction, Redding Ridge will have more than US$26bn of AUM and expects a seamless integration of the contracts and to actively manage the new portfolios consistent with its disciplined CLO strategy.

    Redding Ridge is an .......

    Market Moves 3 October 2023

  • Fundamental review

    FSB response calls for level playing field

    Paris Europlace has filed its response to the Financial Stability Board's (FSB) request for feedback on the effects of the G20 regulatory reforms on securitisation implemented since the GFC. Regarding the CRT market, the organisation underlines several issues, while noting that although volumes have recently improved, a detailed assessment of the kind of measures that should define significant .......

    News 2 October 2023

  • Fed clarifies CLN definition

    Market updates and sector developments

    The US Fed has updated its FAQs on Regulation Q to provide guidance in connection with the recognition of CLNs under the capital rule, a step that the US CRT market has been awaiting for over a year. Under the capital rule, a Fed-regulated institution can recognise the credit risk mitigation of the collateral on a reference portfolio under the .......

    Market Moves 29 September 2023

  • Next level

    ESG back-reporting gaining traction

    ESG back-reporting may be the next step for sustainable disclosures as the battle to beat greenwashing continues. The GSEs are leading the back-reporting charge, with the introduction of Fannie Mae’s Social Index calculations and Freddie Mac’s historical data file release for all active and inactive MBS pools since 2010 (SCI 18 August 2022).

    “They are really driving .......

    News Analysis 29 September 2023

  • LBBW, mBank out of the blocks

    SRT Market Update

    Further details have emerged on one of the Polish SRT trades that had been in the pipeline (SCI 28 September). Meanwhile, LBBW has closed an innovative synthetic securitisation with the EIB Group.

    Polish lender mBank has completed its third SRT transaction, representing the largest-ever synthetic securitisation in the CEE region. Dubbed Makalu, the deal references an approximately .......

    News 29 September 2023

  • Job swaps weekly: Khan heads to Natixis CIB

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Natixis CIB hiring a new head of structured credit capital markets. Elsewhere, Arrow Global has recruited two senior execs to its real estate and credit divisions, while Intesa Sanpaolo has appointed a new head of structured finance and loans legal advisory. 

    MUFG’s Asif Khan has joined Natixis CIB as md .......

    Market Moves 29 September 2023

  • Risk transfer round-up - 28 September

    The week's CRT developments and deal news

    People moves
    ArrowMark Partners has recruited Moritz Ruhdorfer as a senior member of its securitised credit investment team. Based in ArrowMark’s London office, Ruhdorfer will assist the team with origination, structuring and execution for banks of SRT investments. With over 12 years of industry experience, his relationships in the asset class will expand the diversity of the firm’s sourcing networks .......

    News 28 September 2023

  • Wilmington bank adds CLO expertise

    Market updates and sector developments

    WSFS Financial Corporation’s global capital markets team is expanding into the CLO market, as it seeks to grow its wealth business and generate fee income on a national scale. To support this expansion, the company has recruited two new associates with expertise in CLOs.

    WSFS Global Capital Markets provides global services to the leveraged loan and capital markets, .......

    Market Moves 28 September 2023
×