Complete news archive
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Latest SRTx fixings released
Improved tone continues in July index values
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The improved tone seen across the sub-indexes in June’s fixings (SCI 2 June) generally appears to have continued, as market conditions stabilise following March’s banking volatility.
Indeed, the overall improved values for the SRTx Liquidity Indexes and SRTx Volatility Indexes suggest that issues across .......
News 7 July 2023
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Job swaps weekly: Succession at Oaktree
People moves and key promotions in securitisation
This week’s securitisation job swaps have seen Oaktree Capital Management announce the retirement of ceo Jay Wintrob and a succession plan that sees three senior executives stepping onto its executive committee. Elsewhere, Deutsche Bank has appointed a new CLO implementation head, while Moody’s welcomes back a structured finance professional after a two-and-a-half-year stint with BFF Banking.
Oaktree ceo Wintrob will retire in .......
Market Moves 7 July 2023
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CVC Credit closes US$800m third CLO equity fund
Market updates and sector developments
CVC Credit closes US$800m third CLO equity fund
CVC Credit has held an US$800m final close for its third CLO equity fund, bringing the total amount of capital raised for the strategy to US$1.66bn. The new vehicle is intended to support more than US$10bn of global issuance for the firm’s performing credit platform throughout the course of its deployment period.
The .......
Market Moves 6 July 2023
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Out of office
European, US CMBS headwinds diverging?
The office CMBS market is grappling with headwinds brought about by declining occupancy rates and rising costs of borrowing. However, as this Premium Content article finds, the European CRE market may not be as badly affected as its US counterpart.
Rising delinquency rates and falling office occupancies are a cause for concern among CMBS market participants. However, there ......
News Analysis 6 July 2023
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EIB, ICO support Spanish SMEs
Market updates and sector developments
The EIB Group and Instituto de Crédito Oficial (ICO) have invested in senior and mezzanine tranches of ABS issued by BBVA to support Spanish SMEs and mid-caps by addressing their working capital and liquidity requirements. Proceeds worth €60m will also be channelled into energy efficiency projects.
Under the transaction, the EIB makes an investment commitment of €430m, while €30m .......
Market Moves 5 July 2023
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Changing agenda
UK RMBS evolving alongside borrowers' needs
The return of 100% mortgages and the rise of later-life lenders herald an evolving UK RMBS landscape. This Premium Content article investigates how mortgage borrowers’ changing needs are being addressed.
The UK RMBS landscape is set to evolve in the coming years as new mortgage products emerge. Indeed, the return of 100% LTV mortgages and the rise ......
News Analysis 5 July 2023
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Keeping traction in transition
Faster-than-forecast EV take-up could present auto ABS challenges
Electric vehicle (EV) auto sales are expected to soar in the coming years, driven by consumer demand and the introduction of emissions regulations. Yet the securitisation industry could be underestimating the residual value risk of internal combustion engine (ICE) cars in the face of this accelerating change.
“As we approach the 2030s, due to the automotive energy transition, .......
News Analysis 4 July 2023
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Popularity contest
Life insurers clash over CLO capital charges
US life insurer investment in CLOs has grown by about 20% each year over the last decade, with CLOs now accounting for between 3% and 4% of general account investments in the sector and more than 10% for a handful of the top-30 US life insurers. Indeed, the US Fed estimates that life insurers own 20% of the US .......
News 3 July 2023
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SCI Start the Week - 3 July
A review of SCI's latest content
Last week's news and analysis
CEE expansion continues
Raiffeisen finalizes SRT
O Canada
Perfect storm of factors pushes Canadian banks to SRT
Park Mountain returns
BNP Paribas executes synthetic securitisation
Regulatory boost
Trilogue endorses halving of p factor
Resonance prints
BNP Paribas opts for direct CLN in new SRT
News 3 July 2023
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O Canada
Perfect storm of factors pushes Canadian banks to SRT
The June 20 decision by the Office of the Superintendent of Financial Institutions (OFSI) to raise the Domestic Stability Buffer (DSB) by another 50bp to 3.50% - only six months after it had been increased to 3% - is another reason for Canadian banks to look long and hard at the SRT market.
Bank of Montreal is the doyen of the Canadian .......
News Analysis 30 June 2023
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Fannie Mae prices fifth CAS deal of 2023
Market updates and sector developments
Fannie Mae has priced a $738m four tranche CAS transaction, its fifth of the year and designated CAS 2023-R05. This trade follows its sixth and seven CIRT credit risk reinsurance deals, announced at the end of last week (SCI 26 June).
The $288.2m M1 tranche, rated A-/A- has been priced at 30-day average SOFR plus 190bp, while .......
Market Moves 30 June 2023
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Job swaps weekly: US Modular Capital lures Transwestern veteran
People moves and key promotions in securitisation
Job swaps weekly: US Modular Capital lures Transwestern veteran
This week’s securitisation job swaps have seen an industry veteran leave her role as head of structured finance at Transwestern to take up a new C-suite position at US Modular Capital. Elsewhere, US Bank has named a successor to Stephen Philipson as head of commercial products, while Barclays, Winston & Strawn and .......
Market Moves 30 June 2023
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Mezz opportunities
Pretium structured credit and CLO liabilities MD Ian Wolkoff...
US CLO mezzanine debt offers high expected return rates, with yields maintained under a default scenario more extreme than the GFC credit cycle and with upside potential in a market recovery scenario.
CLO debt offers strong long-run expected returns with bounded downside
Talking Point 28 June 2023
In the current market context, macro uncertainty and the potential for a growth downturn loom large while .......
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Securitising impact in Africa
Market updates and sector developments
Africa50 and Blue Like an Orange Sustainable Capital have launched a structured finance- and mezzanine-focused partnership to fund sustainable infrastructure in Africa. The announcement was timed to coincide with the recent New Global Financing Pact summit held in Paris, which focused on climate, development, debt and “innovative financing” for infrastructure to support economic growth.
Africa50, a pan-African infrastructure investment platform, and Latin .......
Market Moves 28 June 2023