Complete news archive
-
SCI Start the Week - 4 March 2024
A review of SCI's latest content
Last week's news and analysis
News 4 March 2024
Bank bonanza
GSIBs, super regionals and regionals to line up for SRT
Barclays inks 'strategic' credit card sale
Updates on UK bank’s US move, a low-LTV CRT and a Pretium investment
Budding partnerships
Hope for newcomers to tap opportunities in US private-label RMBS
CEE momentum
EIB .......
-
Greater visibility?
SRT Market Update
As the last month of Q1 begins, a number of banks are expected to close SRT trades imminently. Consequently, more clarity is likely to emerge around where spreads are heading.
“Generally, there is not a lot of new information coming out of the SRT market. However, we are definitely getting to the point where trades are starting to price, .......
SRT Market Update 1 March 2024
-
Job swaps weekly: Starwood to draft in Blackstone exec as president
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Starwood Capital Group appoint a new president, as Jeffrey Dishner prepares to transition to a new role. Elsewhere, Siepe has added two structured finance professionals to its leadership team, while Accunia Credit Management has rehired a former senior portfolio manager as head of investments.
Jonathan Pollack is set to join .......
Market Moves 1 March 2024
-
It's a CIRT
First CIRT of 2024 for Fannie
Fannie Mae has completed its first CIRT deal of 2024, the GSE announced today (March 1).
The deal, designated CIRT 2024-L1, transferred US$355.6m of single-family mortgage risk to 24 reinsurance firms.
Market Moves 1 March 2024
-
Toorak debut
New asset class gets first time rating
Toorak Capital Partners has closed the inaugural rated securitization of residential transition loans, it announced yesterday (February 29).
Designated Toorak 2024-RRTL1, the US$240m trade consists of five tranches, rated low A to low B.
There is also an unrated P tranche.
It was underwritten by Morgan Stanley, which was also an initial purchaser alongside Deutsche, JP Morgan, Performance Capital Trust Partners and KKR Capital .......
News 1 March 2024
-
CEE momentum
EIB inks pair of green transition deals
The EIB Group this week executed two synthetic securitisations that support the green transition, one in Austria and the other in Bulgaria. The move comes amid a ramping-up of SRT activity in the Central and Eastern Europe region by the EIF (SCI 10 January).
Cyril du Boispean, investment officer at the EIF, confirms that the fund’s investments .......
News 1 March 2024
-
US SRT: Unblocking uncertainty – video
Clifford Chance's Gareth Old speaks to SCI about recent developments in the US SRT market
Gareth Old, derivatives- and structured-finance-focused partner at Clifford Chance, speaks to SCI's Simon Boughey about recent developments in the US SRT market. Old discusses the use of the synthetic securitisation framework in bank-issued credit-linked notes, the time frames required for deal submissions and approvals, whether future developments could remove further hurdles to issuance, and more.
....... News Analysis 29 February 2024
-
Barclays inks 'strategic' credit card sale
Market updates and sector developments
Barclays Bank Delaware (BBDE) has entered into an agreement with insurance accounts managed by Blackstone’s asset-based finance group to sell approximately US$1.1bn of currently outstanding credit card receivables in relation to a defined set of Barclays-branded credit card accounts in the US. This is the first in a series of activities Barclays plans to conduct to reduce its RWAs .......
Market Moves 28 February 2024
-
Budding partnerships
Hope for newcomers to tap opportunities in US private-label RMBS
Fitch and subsidiary dv01 launched a new RMBS presale platform in February with the intention of boosting access to data and luring more investors to US RMBS, including the private-label securities (PLS) market. The tool, named Interactive RMBS Presale Report, is the first in a pipeline of projects born out of Fitch’s acquisition of the structured-finance-focused loan-level data and .......
News Analysis 28 February 2024
-
Bank bonanza
GSIBs, super regionals and regionals to line up for SRT
Between 10 and 30 US banks will be regular issuers in the SRT market, and there also is likely to be a few smaller deals from banks outside this main group, according to a speaker at the SFA conference in Las Vegas today.
News 28 February 2024
-
Endgame alarm
Speakers at SFA mull the chances of re-proposal of Basel Endgame
There is only a 30% chance that the highly controversial US bank capital rules known as the Basel III endgame will be re-proposed, said a speaker today at the Structured Finance Association (SFA) conference in Las Vegas.
This gives a .......
News 27 February 2024
-
NRA loans on the rise
Market updates and sector developments
Non-recoverable advance (NRA) determinations impacted US$2.7bn of US CMBS loans last year, representing an eye-watering 130% increase from year-end 2022, according to KBRA. NRA determinations can help limit potential losses if advances and interest on servicing advances are at risk of not being recovered upon asset resolution - a risk that rises in environments with declining or uncertain commercial .......
Market Moves 26 February 2024
-
SCI Start the Week - 26 February 2024
A review of SCI's latest content
Last week's news and analysis
News 26 February 2024
Challenger firm
Dentons looking to put SRT at the forefront
CLO 'stress indicator' launched
Plus updates on homogeneity rules and ETF conversions
Getting ahead
SRT Market Update
Historic opportunity?
MPL ABS set to benefit from credit card refinancing needs
Into the blue
Alpha Bank's latest SRT .......
-
Into the blue
Alpha Bank's latest SRT unveiled
Further details have emerged regarding Alpha Bank’s synthetic securitisation that it executed in Q4 last year. The significant risk transfer trade – called Project Blue – references a €1.6bn portfolio of Greek corporate and SME loans.
The financial guarantee on the mezzanine tranche was executed with a diversified pool of investors, going against the norm of bilateral transactions usually experienced in .......
SRT Market Update 23 February 2024
-
Getting ahead
SRT Market Update
Investors continue to highlight the notable pipeline of European corporate mandates in the SRT market as a clear trend. Meanwhile, across the pond, what to expect from the US market in terms of volume and growth for this year remains unclear.
Asked if, as reported last week, the significant number of European corporate SRT trades currently in .......
SRT Market Update 23 February 2024
-
Landmark DFC facility inked
Market updates and sector developments
Fintech provider StoneCo has obtained a landmark commitment of US$467.5m from the US International Development Finance Corporation (DFC) in the form of a revolving securitisation facility. The facility - which has a final maturity of seven years and a six-month availability period - finances the acquisition of up to US$14bn accounts receivables due by over 20 Brazilian financial institutions .......
Market Moves 23 February 2024
-
Job swaps weekly: Allen & Overy lures five from Milbank
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Allen & Overy hiring five structured finance professionals from Milbank, including a new partner, ahead of its merger with Shearman & Sterling. Elsewhere, Howden CAP has appointed a new head of execution to its tax and contingent risks team, while Winston & Strawn has added a transactions partner to its New .......
Market Moves 23 February 2024
-
SCI In Conversation Podcast: Ian Wolkoff, Pretium Partners
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Ian Wolkoff, structured credit and CLO liabilities md at Pretium Partners, about the CLO market’s outlook for 2024. Wolkoff discusses the types of loans that are likely to see default rates tick upwards; refinancing challenges; the high levels of issuance seen .......
News Analysis 23 February 2024
-
Historic opportunity?
MPL ABS set to benefit from credit card refinancing needs
Marketplace loan ABS issuance in the US posted volumes of US$7.6bn last year, lower than the US$9.5bn of supply seen in 2022, as post-pandemic headwinds combined with macroeconomic pressures to drive underperformance across the sector. However, the market is poised to benefit from an influx of private credit money and the need to address historic levels of credit card .......
News Analysis 22 February 2024
-
Rates and regionals
Greater AOCI pressures will bring US regional banks to SRT market
The pipeline in the burgeoning US SRT market is in the hands of the Federal Reserve, according to a leading asset manager.
If rates remain relatively elevated, the value of fixed income asset portfolios diminishes and banks suffer AOCI losses. At the same time, they are paying out more on cash balances. This squeeze makes preservation of capital particularly important.
The 10-year Treasury .......
News 22 February 2024
-
Unlocking new frontiers
TRS market to grow as investor demands and market needs collide
The trade receivables securitisation (TRS) market is set for growth, as strong investor appetite and the ongoing squeeze in SME financing boost the asset class’s potential. TRS programmes – particularly those in emerging markets – could evolve into a new frontier in SME funding, as banks retrench in response to concerns over weak economic growth and potential recessions.
News Analysis 22 February 2024