Complete news archive
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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
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Long-term viability of QT questioned
Sector developments and company hires
Long-term viability of QT questioned
Market Moves 24 March 2023
US banks borrowed a record amount over the last week, demonstrating the extent to which they are under pressure and also, say analysts, raising questions about the long-term viability of QT. The US Fed released its balance sheet on 22 March and it shows that banks borrowed US$152.9bn during this period, US$11.9bn of which was .......
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Subjective issue
CLO ESG reporting gaining traction
CLO managers are increasingly investing in their own methodologies and disclosure processes to provide investors with helpful ESG information. However, as this Premium Content article shows, the subjective nature of this data remains an issue.
The SFDR RTS and TCFD reporting for large UK asset managers and asset owners both became mandatory on 1 January 2023. In the ......
News Analysis 24 March 2023Premium Content
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Arrow closes second credit opps fund
Sector developments and company hires
Arrow closes second credit opps fund
Market Moves 23 March 2023
Arrow Global Group has held a final close for its second credit opportunities fund - ACO II – at a hard cap of €2.75bn, surpassing its target of €2.5bn. The strategy focuses on the European non-performing loan market and attracted commitments from institutional investors spanning Europe, the US, the APAC region and the Middle .......
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Regionals roughed up
US tier one banks set for new dawn in SRT market while regionals suffer
As US regional banks have been battered in recent days, the SRT market for larger institutions might be looking up.
Indeed, suggest sources, JP Morgan Chase is poised to issue a smallish SRT trade to test out the waters. Sources add that US regulators are seemingly about to adapt a more beneficent attitude towards the mechanism than has been the case for .......
News Analysis 22 March 2023
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AlbaCore, FSI strategic partnership inked
Sector developments and company hires
AlbaCore, FSI strategic partnership inked
Australian asset manager First Sentier Investors (FSI) has acquired a majority stake in UK-headquartered private debt firm AlbaCore Capital Group. The move is intended to diversify FSI’s portfolio across new asset classes and geographies. Completion of the strategic partnership is targeted for 3Q23, pending regulatory approvals.The deal is the latest in a trend .......
Market Moves 21 March 2023
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Credit Suisse AT1 write-downs 'rip up rules'
Sector developments and company hires
Credit Suisse AT1 write-downs ‘rip up rules’
Market Moves 20 March 2023
UBS has agreed to acquire Credit Suisse, creating a business with more than US$5trn in total invested assets and supporting the bank’s growth ambitions in the Americas and Asia, while adding scale to its business in Europe. Under the terms of the all-share transaction, Credit Suisse shareholders will receive one UBS share for .......
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Ringfencing the problem
Fed's SVB response calms RMBS nerves
The US Fed's swift response to Silicon Valley Bank's (SVB) collapse has calmed nerves in the US securitisation market. Although some volatility remains in the RMBS sector, conditions may stabilise further once the Fed announces its rate decision later this week.
"It is important to be clear about what the Fed isn’t doing. It is not buying paper. .......
News 20 March 2023
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SCI Start the Week - 20 March
A review of SCI's latest content
Last week's news and analysis
Austrian SRT debuts
News 20 March 2023
BAWAG said to have launched first synthetic ABS
CRE CRT prepped
Societe Generale said to be readying CRE CRT
Riding the storm
Banks ready for SVB fallout
Seeking standardisation
Call for consistent EPC ratings as demand for green RMBS grows
SVB failure liquidity-driven
Outsized, .......
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Gryphon acquired in APAC expansion move
Sector developments and company hires
Gryphon acquired in APAC expansion move
Barings has agreed to wholly acquire Australian structured finance manager Gryphon Capital Investments, in order to accelerate its expansion into the Asia Pacific region. The deal will also enable Gryphon to grow its investment platform by increasing its access to capital, Barings says.Gryphon will be integrated into Barings' structured finance team, though .......
Market Moves 17 March 2023
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ACC servicing transferred post default
Sector developments and company hires
ACC servicing transferred post default
Market Moves 16 March 2023
RAC Asset Holdings – the transferor and undivided trust interest beneficiary of the collateral underlying the ACC Trust 2019-2, ACC Trust 2021-1 and ACC Trust 2022-1 auto ABS (SCI 8 March) – has filed for Chapter 7 bankruptcy in the US Bankruptcy Court for the District of Delaware. The servicer for the securitisations, RAC .......
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Utility tool
Cat bonds tipped for 'pre-financing' fiscal risks
Catastrophe bonds could offer tangible financial benefits to jurisdictions most vulnerable to catastrophe events, as insurance penetration levels increase across low- and middle-income countries (SCI 22 February). Although significant growth in the public cat bond market is needed before governments across the world can realise its potential, new research from DBRS Morningstar highlights the utility of the instrument .......
News 15 March 2023
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Regional bank CLNs on watch amid SVB fallout
Sector developments and company hires
Regional bank CLNs on watch amid SVB fallout
Market Moves 15 March 2023
KBRA has placed on watch developing 78 ratings from three CLN transactions issued by Western Alliance Bank (WAB) and one issued by Pacific Western Bank (PWB), following the rating agency’s placement of each institution’s senior unsecured rating on watch developing. The move comes amid a period of stress for WAB and PWB, .......
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EU authorities call for improved climate data
Sector developments and company hires
EU authorities call for improved climate data
Market Moves 14 March 2023
ESMA, in collaboration with the EBA, EIOPA and the ECB, has disclosed that it is working towards enhancing disclosure standards for securitised assets by including new, proportionate and targeted climate change-related information. At the same time, the ESAs and the ECB are also calling on issuers, sponsors and originators of such assets at .......
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Seeking standardisation
Call for consistent EPC ratings as demand for green RMBS grows
A lack of standardisation in EPC ratings across Europe could prove detrimental to the continued growth of the green RMBS market. As efforts are made across Europe to reach lofty net neutrality targets laid out in the European Green Deal for 2050, EPC ratings are set to play an increasingly important role in credit ratings analysis as more environmentally .......
News 13 March 2023
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