Complete news archive
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Multi-dealer CLO platform unveiled
Sector developments and company hires
Multi-dealer CLO platform unveiled
Citi and Bank of America have announced they are working together on building a new data and execution platform, initially focused on CLOs and syndicated loans. The proposed multi-dealer platform, which is currently in a testing phase, is expected to launch later this year.BofA and Citi say they initiated the project to address challenges seen throughout .......
Market Moves 12 April 2021
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SCI Start the Week - 12 April
A review of securitisation activity over the past seven days
Last week's stories
News 12 April 2021
Collection boost?
NPL sales increase pending amid uncertain timing
Inclusive approach
ABCP to facilitate sustainable asset transition
Positive prospects
Margin loan CRTs on the agenda
Pockets of value
Patient investors can find bargains in depressed CMBS sector
No area of the US securitisation market has been as severely punished by the events of the last year as the CMBS market, and prices .......
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Servicing hitch
Italian NPL ABS collections drop
Median gross collections for Italian non-performing loan securitisations in 2020 were 21% lower, compared to 2019, according to the latest estimates. The situation is further complicated due to a ban on evictions that will slow cashflows for some months. However, note sales could partially compensate for delays in judicial recoveries (SCI passim).
Starting over a year ago, European .......
News 12 April 2021
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Innovative UTP fund launched
Sector developments and company hires
Innovative UTP fund launched
illimity Group asset management company illimity SGR has completed the first closing of its illimity Credit & Corporate Turnaround (iCCT) fund, dedicated to investments in unlikely-to-pay (UTP) loans to SMEs with revival and relaunch prospects. The initial portfolio consists of loans for a total of over €200m made to 33 companies operating in diversified sectors.Market Moves 9 April 2021
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Inclusive approach
ABCP to facilitate sustainable asset transition
An inclusive approach to transitioning assets is considered crucial to developing a functioning ESG securitisation market. In this context, ABCP is expected to play an active role in financing the move towards a low-carbon economy.
A recent AFME discussion paper - entitled ‘ESG Disclosure and Diligence Practices for the European Securitisation Market’ – notes that two elements are important for .......
News Analysis 9 April 2021
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Non-resident Aussie RMBS debuts
Sector developments and company hires
Non-resident Aussie RMBS debuts
Market Moves 8 April 2021
Brighten Home Loan is readying its inaugural RMBS - the A$250m Solaris Trust 2021-1 – which is backed by loans predominantly to non-Australian resident borrowers. S&P notes that the portfolio is not only exposed to macroeconomic events and policies that affect Australia, but also to events and policies that affect the borrowers’ countries of residence. Consequently, .......
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Collection boost?
NPL sales increase pending amid uncertain timing
European non-performing loan sales are expected to receive a boost this year, due to higher unemployment and the impact of reduced government support measures on corporates. However, the timing remains uncertain and large-scale sales could be delayed to 2022 in a downside scenario.
According to Fitch, following the initial impact of the pandemic in 2Q20 and to some .......
News 8 April 2021
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Positive prospects
Margin loan CRTs on the agenda
Credit Suisse is expected to close a capital relief trade referencing Asian margin loans this quarter (SCI 15 March), with further such transactions anticipated amid rising current and future IPO issuance. Although senior management and regulators remain to be convinced, synthetic securitisations appear firmly on the agenda as a tool for managing the capital impact of an increase .......
News Analysis 8 April 2021
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GACS NPL ABS performance eyed
Sector developments and company hires
GACS NPL ABS performance eyed
Market Moves 7 April 2021
A sum of eight new GACS non-performing loan securitisations priced in late 2020, with a cumulative balance of €3.4bn (securitising a cumulative original GBV of €13.4bn of NPLs), according to JPMorgan’s latest Italian NPL Performance Tracker report. Including these transactions, Italian NPL ABS issuance has risen to €22.1bn across 38 deals (including three non-GACS transactions), .......
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Recovery package fast-tracked
Sector developments and company hires
Recovery package fast-tracked
Market Moves 6 April 2021
The Securitisation Capital Markets Recovery Package measures have been published in the EU Official Journal, meaning that the STS synthetics framework and improved non-performing loan ABS rules will come into force on Friday. The amendments are being fast-tracked at an unprecedented pace, coming into force only a fortnight after the European Parliament voted on them (SCI .......
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Pockets of value
Patient investors can find bargains in depressed CMBS sector
No area of the US securitization market has been as severely punished by the events of the last year as the CMBS market, and prices for large quantities of bonds incorporating hotel, office space and retail assets have fallen off a cliff. Yet, amid the general maelstrom, there are rich rewards for the discerning investor.
“Within the CMBS fallout, there are pockets .......
News Analysis 5 April 2021
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Running on fumes
New auto ABS emissions scoring gives concrete ESG evidence
KBRA’s pioneering effort to produce vehicle greenhouse gas (GHG) scores for 184 auto-loan securitizations from 22 different issuers reflects the growing demand from investors for more granular ESG data, says the rating agency.
It spent four weeks mapping the Environmental Protection Agency’s (EPA) GHG rating for each vehicle against every auto loan securitization for which sufficient loan level data exists and then .......
News 1 April 2021
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Houston CMBS has a problem
Sector developments and company hires
Houston CMBS has a problem
The Houston hotel sector is facing its greatest disruption ever, according to a new report from DBRS Morningstar. The hotel market in the fourth largest city in the US has gone from a fast expansion to crash as it is faced with a dual disaster.“The combined effects of the energy sector recession in .......
Market Moves 1 April 2021
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Provisioning boost
Moratoria decline amid stage two rise
Loans under EBA-eligible moratoria nearly halved in 4Q20. Nevertheless, banks have markedly increased their stage two classifications, particularly for stage two loans under moratoria. The latter might indicate that loans that are still under moratoria maybe those with higher risks going forward, but it is too early to draw conclusions.
According to the latest EBA data, loans .......
News 1 April 2021
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ESG endeavours
Social bonds gaining traction
Yorkshire Building Society’s recent Brass 10 RMBS marked the second social bond to hit the UK securitisation market, following Kensington’s social RMBS from February (SCI 3 February). While a ‘greenium’ has emerged for deals categorised as green, the trajectory for social bonds appears to be more nuanced, however.
“The mortgages backing the YBS deal will form part .......
News Analysis 1 April 2021
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Follow-up funding for Raiffeisen-Leasing
Sector developments and company hires
Follow-up funding for Raiffeisen-Leasing
The EIB Group has provided €200m funding to Raiffeisen-Leasing Austria via a true sale securitisation dubbed ROOF AT. The transaction’s €462.8m triple-A rated class A notes were preplaced with EIB (which subscribed to €150m) and EIF (€50m), as well as other market funding partners. Raiffeisen-Leasing Group subscribed to the €75m class B notes.The €538m .......
Market Moves 31 March 2021
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A turning point for investors
KopenTech looks at US CLO trading trends in 2020 and their likely future impact
In a period defined by a pandemic, social turmoil and an election, CLO investors increased their use of electronic trading to engage in a more efficient exchange of securities.
With this increase in volume came an increase in data. We highlight some of the US CLO market trends, including how increases in trading volumes have been handled by investors, and expectations for .......
Talking Point 31 March 2021