Complete news archive
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Securitising shared ownership
RMBS plugging gap left by end of Help to Buy scheme
Growth in the UK shared ownership housing sector is fuelling a spike in interest in new RMBS products, as the government-backed Help to Buy equity loan scheme draws to a close. The final deadline for the government scheme – intended to facilitate home ownership among borrowers with steady incomes but limited ability to raise substantial deposits – passed at .......
News Analysis 6 April 2023
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Latest SRTx fixings released
Index values reflect recent banking volatility
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The most significant change in the index values since March’s fixings (SCI 3 March) is that – perhaps unsurprisingly, given recent volatility in the bank sector - spreads have widened across all segments, except European SMEs.
This month’s survey responses suggest that spread .......
News 5 April 2023
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Strategic partnership to boost CLO platform
Sector developments and company hires
Strategic partnership to boost CLO platform
TCW has entered into a strategic partnership with Lakemore Partners, with the aim of supporting the growth of TCW’s CLO platform. Lakemore primarily invests in super-majority control CLO equity.Under the agreement, Lakemore will make a material equity investment in the TCW CLO platform, providing equity for the issuance of multiple CLOs over .......
Market Moves 5 April 2023
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UCI's sustainable finance strategy supported
Sector developments and company hires
UCI’s sustainable finance strategy supported
Market Moves 4 April 2023
The EIB Group and Instituto de Crédito Oficial (ICO) have disclosed their participation in UCI’s recent RMBS Green Prado XI, which was partially preplaced last month (see SCI’s ABS Markets Daily – 23 March). Under the transaction, the two organisations aim to promote the renovation and construction of homes using sustainable criteria in Spain .......
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SCI Start the Week - 3 April
A review of SCI's latest content
Last week's news and analysis
News 3 April 2023
Credit protection continues
UBS takeover leaves Elvetia notes unaffected
Fair winds
CRT issuance hits all-time record
IBRD prints largest-ever cat bond
Unique transaction provides earthquake coverage for Chile
Maturity extensions
Credit Agricole lengthens maturity in new SRT
Merchants joins the party
Brand new US SRT .......
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Magnetar mooted
Illinois-based investor denies buying Merchants Bank SRT
Magnetar Capital, an Illinois-based asset manager, has denied strong rumours that it was the buyer of the SRT from Merchants Bank of Indiana, reported last Friday.
Well-placed market sources had suggested that it had been the investor, but Magnetar says otherwise.
The firm was founded in 2005 and had $12.6bn AUM on 31/12/2022. It has over 200 employees in Evanston, Illinois, Houston, Texas, .......
News 3 April 2023
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Merchants joins the party
Brand new US SRT deal from Merchants Bank of Indiana
Merchants Bank of Indiana, a subsidiary of Merchants Bancorpt, headquartered in Carmel, Indiana, has become the latest US regional to issue a SRT trade, it has been discovered.
The bank, which had $9.7bn in assets of March 2022, has sold a $158m face value credit linked note (CLN) due May 26 2028.
This deal represents a securitization of a $1.3bn reference pool of healthcare commercial .......
News 31 March 2023
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Enpal backed for Germany's first solar ABS
Sector developments and company hires
Enpal backed for Germany’s first solar ABS
Renewable energy company Enpal has secured €356m from Citi and M&G to fund a warehouse facility for Germany’s first residential solar securitisation. The deal will provide Enpal customers access to financing for around 12,500 photovoltaic systems spanning energy storage and electric vehicle charging.Citi has made a senior debt commitment of €300m to .......
Market Moves 30 March 2023
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Fair winds
CRT issuance hits all-time record
CRT issuance volumes broke all-time records last year and the pipeline continues to build. The only potential blots on the horizon are the regulatory pause in the US and the fallout from the collapse of Credit Suisse and Silicon Valley Bank, as this Premium Content article suggests.
Capital relief trade issuance broke all-time records last year with ......
News Analysis 30 March 2023Premium Content
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Refinancing plans
European CMBS noteholder scrutiny to increase
Concerns over European CMBS refinancing risk continue to climb, amplified by recent bank liquidity issues (SCI 31 January). Against this backdrop, noteholders are expected to increase their scrutiny of servicer standards, the right to modify without noteholder consent and borrower-friendly structures.
“The last few years were golden years for real estate investors on the equity and the .......
News Analysis 30 March 2023
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IBRD prints largest-ever cat bond
Unique transaction provides earthquake coverage for Chile
The IBRD has priced a joint catastrophe bond and swap transaction to provide earthquake insurance coverage to the Chilean government, marking the bank’s largest catastrophe risk transfer transaction for a single country and the first time catastrophe bonds have been listed on the Hong Kong Exchange. Dubbed CAR 131, the deal is structured as US$350m of parametric cat bonds .......
News 29 March 2023
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HPC buys into L Catterton to support credit strategy
Sector developments and company hires
HPC buys into L Catterton to support credit strategy
Hunter Point Capital (HPC) has acquired a minority stake in L Catterton to support the launch of the consumer-focused private equity firm’s new credit strategies. In recent months, L Catterton has launched platforms dedicated to impact investing and private credit, as well as a renminbi-denominated growth capital fund.HPC co-founder .......
Market Moves 29 March 2023
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On the wing
Gryphon to expand into new areas of structured finance post-acquisition
Australian asset manager Gryphon Capital Investments will look to expand its remit beyond RMBS, following its recent acquisition by Barings (SCI 17 March). The transaction will also enable Barings to accelerate the buildout of its structured finance presence in the Asia Pacific region.
“One of the key segments that’s emerging, where there is a lot of movement .......
News 28 March 2023
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Swedish auto lease ABS debuts
Sector developments and company hires
Swedish auto lease ABS debuts
Volkswagen Financial Services has closed its inaugural Swedish auto lease ABS. Dubbed VCL Master Sweden Compartment 1, the Skr9.1bn transaction is backed by a diversified pool of receivables representing over 40,000 leasing contracts extended to corporates and individuals in Sweden by Volkswagen Finans Sverige (VFS).In a private placement, the Aaa/AAA/AAA rated (Moody’s/ DBRS .......
Market Moves 27 March 2023
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SCI Start the Week - 27 March
A review of SCI's latest content
Last week's news and analysis
News 27 March 2023
Capital call CRT prepped
Standard Chartered readies synthetic ABS
Regionals roughed up
US tier one banks set for new dawn in SRT market while regionals suffer
Ringfencing the problem
Fed's SVB response calms RMBS nerves
Risk transfer comeback
Lloyds executes synthetic ABS
Subjective issue
CLO ESG .......
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SCI In Conversation podcast: John Pellew, Arrow Global
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, Arrow Global principal John Pellew discusses the evolution of blockchain technology in the securitisation market. We highlight the milestone achievements in the space, as well as the challenges that still need to be overcome.
The episode can be accessed here, as well as wherever you usually get your .......
News 27 March 2023