Complete news archive
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SCI Start the Week - 22 January 2024
A review of SCI's latest content
Last week's news and analysis
Back in the game
Citi sells SRT, more in the works, say sources
Fed checks banks' homework
CLN submission path is clearer, but Fed approval far from automatic
Gathering momentum
SRT market update
Hanging in the balance
UK green securitisation market falling behind
News 22 January 2024
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Back in the game
Citi sells SRT, more in the works, say sources
Citi is said to have sold a SRT transaction referencing corporate loans before the end of last year, and ArrowMark is rumoured to have been the buyer.
ArrowMark has declined to comment.
The deal is believed to have referenced a US$4bn pool of corporate loans. A 0% - 13% first loss tranche is said to have been sold for a spread of just .......
News 19 January 2024
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Job swaps weekly: Permira Credit promotes pair to lead expansion
People moves and key promotions in securitisation
This week’s round-up of securitisation job swaps sees Permira Credit appoint two new co-heads to lead the firm’s expansion. Elsewhere, Hildene Capital Management has snapped up a Jefferies executive as head of capital markets, while Axonic Capital has promoted its head of credit to the newly created role of co-cio.
David Hirschmann and Ariadna Stefanescu have been appointed .......
Market Moves 19 January 2024
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Gathering momentum
SRT market update
Following a measured start to the year, SRT investors are expecting a pick-up in issuance to materialise soon. Meanwhile, activity in the US market is clearly gathering momentum.
While at the end of last year it had been reported that a few transactions had been pushed into Q1 of this year, one SRT investor cites the increased .......
News 19 January 2024
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Sound the retreat
No end in sight for bank lending deficit
There are multiple and interlocking reasons why US banks have retreated from the loan market, and it is unlikely that these will be resolved at any date in the foreseeable future, according to Anna Kooi, financial services practice leader at Wipfli, the top 20 accounting firm.
News 19 January 2024
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IFC, SG team up on sustainable finance
Market updates and sector developments
Societe Generale and IFC have signed a Collaboration Framework Agreement to accelerate efforts on sustainable finance in developing countries, as part of both institutions' shared ambition to contribute to the UN Sustainable Development Goals (SDGs) and a strong commitment to the environmental transition and sustainability.
As part of this agreement, the two institutions aim to further develop wide-ranging .......
Market Moves 19 January 2024
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Fed checks banks' homework
CLN submission path is clearer, but Fed approval far from automatic
While it is seen as a positive development for the US SRT market that Federal Reserve has approved four CLNs from Morgan Stanley, US Bancorp, Santander USA and Huntingdon Banchares for capital relief in recent months, the process of seeking this approval is time-consuming and demanding, cautions Matt Bisanz, a .......
News Analysis 17 January 2024
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Hanging in the balance
UK green securitisation market falling behind
The outlook for the UK’s green securitisation market appears bleak this year, following government backtracking on green policies. In contrast, green originations are anticipated to play a crucial role in driving continental European issuance volumes in 2024.
Last year alone, the UK government took a U-turn on new EPC rules for landlords - despite support for the rules .......
News 17 January 2024
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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
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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
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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
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SCI Start the Week - 15 January 2024
A review of SCI's latest content
Last week's news and analysis
News 15 January 2024
Big buyers
Five names said to take large bites of JPM SRT whopper
BNPL boom
Middle East consumer ABS set for expansion
Competitive spirit
'Structural evolution' drives Oceanic auto ABS volumes
Fed smiles on SRT
Huntingdon and Santander USA get the green light
First-mover advantage
Views on .......
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Big buyers
Five names said to take large bites of JPM SRT whopper
Five investors are said to absorbed large slugs of the estimated US$20bn synthetic securitisation of multinational corporate revolvers from JP Morgan currently in the market, according to sources.
The buyers are said to be Blackstone, DE Shaw, Ares, PGGM .......
News 12 January 2024
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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
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Job swaps weekly: All change at Voya as new ceo announced
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Voya Investment Management announce a successor to retiring ceo Christine Hurtsellers. Elsewhere, Greystone has snapped up an industry veteran as senior md for structured finance, while Slate Asset Management has promoted two executives to md in Chicago and Frankfurt.
Matt Toms is to take over as ceo at Voya Investment .......
Market Moves 12 January 2024
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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
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Fed smiles on SRT
Huntingdon and Santander USA get the green light
The Federal Reserve last month approved CLNs for regulatory capital relief purposes for both Huntingdon Bancshares and Santander USA.
In a letter dated December 9, the deputy associate secretary of the board said that Huntingon may calculate its risk-weighted asset .......
News 10 January 2024
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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
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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
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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
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Reaching for the Starz
Future of European CRE CLO market contemplated
Despite no new issuance since Starz Realty Capital’s debut in 2021 (SCI 9 December 2021), the underlying message from those closest to the European CRE CLO market is simple: it’s better than the headlines are making it seem. With just one public deal closed in Europe thus far, CRE CLOs still stand up as a strong funding tool .......
Talking Point 8 January 2024