Complete news archive

  • 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

  • CLO 'stress indicator' launched

    Market updates and sector developments

    KopenTech has launched a multifactor measure designed to enhance the monitoring of secondary CLO market conditions. Called the K-Indicator, the tool combines five key factors: the did-not-trade (DNT) rate; colour rate; same-day BWIC rate; triple-A average traded price level; and triple-A average price talk deviation from colour (PTDC). Derived from analysing CLO BWIC volumes and granular CUSIP-level pricing data, .......

    Market Moves 21 February 2024

  • US SRT: First waves - video

    Seer Capital's Terry Lanson speaks to SCI about the outlook for SRT in 2024

    Terry Lanson, md and portfolio manager at Seer Capital, speaks to SCI's Simon Boughey about the outlook for SRT in 2024. Lanson discusses how SRT can help banks compete amid the ongoing expansion of private credit, whether the US market is finally ready for lift-off, and what Seer looks for in an SRT partnership.

    .......

    News Analysis 21 February 2024

  • Challenger firm

    Having recently joined law firm Dentons, partner Toby Gray a...

    Q: Tell us about your recent move to Dentons and your targets within this new practice?
    TG: I joined Dentons in October 2023 (SCI 6 October 2023). After nearly 28 years at Linklaters, I was ready for a new challenge. Dentons was an attractive option for me, as it is what I like to refer to as a ‘challenger’ .......

    Provider Profile 20 February 2024

  • SCI Start the Week - 19 February 2024

    A review of SCI's latest content

    Last week's news and analysis
    Corporate flow
    SRT Market Update
    Job swaps weekly: Hogan Lovells adds dozens from Orrick
    People moves and key promotions in securitisation
    Judgement day
    Appeals court to rule on SEC's private funds proposals
    On the cards?
    BBUK acquisition could spell end of DELAM .......

    News 19 February 2024

  • Record breakers

    SRT benefiting from 'greater public awareness'

    SRT issuance volumes reached another record last year, as new funded investors entered the market and bank interest in synthetic securitisation increased. At the same time, the sector continues to benefit from support by regulatory bodies, which bodes well for the future.

    Robert Bradbury, head of structured credit execution and advisory at Alvarez & Marsal, identifies four key themes .......

    News Analysis 19 February 2024

  • Survival of the biggest

    CLO platforms retain allure as M&As in alternative credit continue apace

    The volume of mergers and acquisitions in the alternative credit manager space grew last year, as large institutions and established managers responded to investor appetite. But, while deals for standalone CLO platforms remain popular, direct lending and multi-strategy continue to be the key drivers behind the trend.

    There were a record number of M&A deals in the alternative .......

    News Analysis 16 February 2024

  • Corporate flow

    SRT Market Update

    As the halfway mark in Q1 approaches, a backlog of European corporate mandates appears to be building in the SRT market.

    “From the main banks active in the SRT market, I’m mostly seeing a corporate flow right now,” confirms one SRT investor.

    He continues: “It seems that a lot of the European banks that were not in the .......

    News 16 February 2024

  • Job swaps weekly: Hogan Lovells adds dozens from Orrick

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Hogan Lovells snapping up a hoard of Italy-based finance and M&A lawyers from Orrick, including a number of securitisation partners. Elsewhere, First Eagle Alternative Credit (FEAC) has revealed its leadership transition plan, as its president prepares to leave the firm early next year, while Newmark has appointed a UK- and Europe-focused .......

    Market Moves 16 February 2024

  • Judgement day

    Appeals court to rule on SEC's private funds proposals

    The Court of Appeals for the Fifth Circuit is set to soon issue a ruling on the SEC’s Private Funds Adviser Rule, which will have a significant bearing on all corners of the US investment market if implementation goes ahead as planned.

    News Analysis 14 February 2024

  • On the cards?

    BBUK acquisition could spell end of DELAM issuance

    Barclays Bank UK (BBUK) last week entered into an agreement to purchase Tesco’s retail banking business for an estimated total consideration of £600m. Tesco Bank’s Delamare Cards MTN Issuer master trust (DELAM) is expected to transfer to BBUK upon completion of the acquisition, but the move could halt further new issuance from the programme, as the diversity of funding channels available .......

    News 13 February 2024

  • Tectonic shift

    Evolution of European NPL market could change geography of ABS opportunities

    The European NPL market is poised for change this year, as Italy sees volumes decline and government-backed schemes coming to an end. Yet, while the evolution is likely to be gradual, NPL stocks are rising in less fancied geographies, offering some promise for prospective ABS issuance – as demonstrated by iQera’s recent closure on a private NPL ABS deal.

    News Analysis 13 February 2024

  • SCI Start the Week - 12 February 2024

    A review of SCI's latest content

    Last week's news and analysis
    Break in the clouds
    2024 investment opportunities eyed across Europe
    Capital velocity
    SRT market update
    Economic risk underestimated?
    RWA density study shows downward convergence
    FCA review spells uncertainty for UK auto ABS
    Updates on commission structure investigation & Dexia outsourcing
    News 12 February 2024

    Premium Content

  • Romanian SME boost

    EIB Group and Deutsche Leasing Romania close synthetic securitisation

    The EIB Group and Deutsche Leasing Romania (DLRO), part of the Deutsche Leasing Group, have executed a €335m synthetic securitisation.

    In terms of structure, the transaction follows the pattern previously set by the EIB Group. Specifically, the EIF is providing protection on a mezzanine tranche of €54m (which is in turn counter-guaranteed by the EIB), and protection on a .......

    News 9 February 2024

  • Job swaps weekly: Interpath poaches four from EY

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Interpath Advisory hiring four senior professionals from EY, including a securitisation-focused md. Elsewhere, Sumitomo Mitsui Banking Corporation (SMBC) has hired a new md and deputy head of Asia Pacific to oversee structured lending and private wealth, while Natixis has appointed a Paris-based global head of securitised product trading and expanded its real .......

    Market Moves 9 February 2024

  • Capital velocity

    SRT market update

    With February now well underway, SRT investors repeatedly report a busy start to the year. Describing a context in which increasing volumes are mostly driven by growth and repeat issuance, participants already expect 2024 to be another record year for the SRT market.

    “I think that everyone at the moment is driven by capital velocity,” notes one SRT investor. .......

    News 9 February 2024

  • Non-traditional use

    CMBS temporary housing challenges highlighted

    Some landlords grappling with elevated office and lodging property vacancies in New York City are turning to alternative sources of revenue. The special servicer on the US$77m 315 West 36th Street loan (securitised in the BMARK 2018-B3 and COMM 2018-COR3 CMBS transactions), for instance, last month reported that the borrower is in discussion with city officials to lease the .......

    News 8 February 2024

  • Break in the clouds

    2024 investment opportunities eyed across Europe

    With brighter skies forecast for 2024 as some normalcy returns to the European economy, several interesting pockets of investment opportunities are opening up in the structured finance market. Indeed, the outlook for European ABS in the year ahead is markedly more hopeful than 12 months ago – with interesting opportunities for investors in the French, Italian and UK structured .......

    News Analysis 8 February 2024

  • Transition boost

    Climate-focused guarantor eyes emerging markets

    The Green Guarantee Company (GGC), the first-ever climate-focused financial guarantor, is set to boost climate finance in developing countries by providing guarantees for institutional investors buying green loans issued in the private credit market and green bonds listed on the London Stock Exchange (LSE). Instruments that are eligible for a GGC guarantee include securitisation bonds that are certified under .......

    News 7 February 2024

  • Economic risk underestimated?

    RWA density study shows downward convergence

    A new Deutsche Bundesbank discussion paper points to a downward convergence of banks’ RWA densities over time after switching to the IRB approach for calculating capital requirements for credit risk. The paper demonstrates that such a convergence cannot be entirely explained by differences in bank size, loss levels, country risk or time of IRB implementation and therefore could underestimate .......

    News 6 February 2024

  • FCA review spells uncertainty for UK auto ABS

    Market updates and sector developments

    The UK FCA last month announced a review of the historical commission structures across several auto lenders in the UK, with a warning that should widespread misconduct be found, appropriate redress measures will be taken to compensate customers. While the overall credit risk profile of UK auto ABS transactions is unlikely to be negatively affected, the investigation exposes the .......

    Market Moves 6 February 2024
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