Complete news archive
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SCI Start the Week - 23 January
A review of SCI's latest content
Last week's news and analysis
Different speeds
Legislative advances driving C-PACE momentumGenerating impact
Banco BPM executes project finance SRTGovernance impact highlighted
Asset isolation, payment continuity eyedItalian boost
Intesa ramps up CRT issuanceRabobank returns
Rabobank launches synthetic securitisationSeeking stability
Jersey Finance discusses international finance centresNews 23 January 2023
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The perils of interest rate risk
A structured finance investor talks the big 2023 themes
Karlis Ulmanis is a portfolio manager at DuPont Capital in Delaware, which has total AUM of $20.1bn. The core fixed income portfolio is worth $1.3bn, and Karlis manages the $550m securitized debt section comprised of CMBS and RMBS. He manages these assets against structured products sub-index of the Bloomberg USA Bond Index.
This week SCI asked him where he sees value at .......
The Structured Credit Interview 20 January 2023
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Different speeds
Legislative advances driving C-PACE momentum
Momentum across the US property assessed clean energy securitisation market is set to diverge this year, as additional states enact or expand C-PACE-enabling legislation to address climate and resiliency initiatives, while R-PACE origination volume remains constrained by onerous consumer protection measures. Nevertheless, the passage of the Inflation Reduction Act of 2022 could boost the sector, as property owners explore .......
News Analysis 20 January 2023
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Seeking stability
Philip Pirecki, head of business development at Jersey Finan...
There are few things more disruptive to the investment management industry than instability. Financial institutions are experts in managing risk in their investments. One of the reasons they can achieve this is due to developed processes for anticipating and predicting events – they can rely on their models. Managers expect the same for their operations.
Structured finance .......
Talking Point 19 January 2023
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Where's the money?
Top agency MBS buyer talks value at the start of 2023
Brendan Doucette is a portfolio manager with GW&K Investment Management, based in Boston, which manages around $5bn in taxable fixed income assets. Of this, some $1.4bn is invested in the agency MBS market.
SCI caught up with him last week to see how he views the market and likely developments at the start of 2023.
Q: Hi Brendan, nice to talk to you .......
The Structured Credit Interview 17 January 2023
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Chenavari bolsters continental footprint
Sector developments and company hires
Chenavari bolsters continental footprint
The Chenavari Group has established a French subsidiary – Chenavari Asset Management .......
Market Moves 17 January 2023
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Governance impact highlighted
Asset isolation, payment continuity eyed
Fitch reports that governance remains the leading cause of elevated ESG Relevance Scores (ESG.RS) across structured finance, reflecting the importance of asset isolation and payment continuity for securitisations. The rating agency notes that governance is a highly relevant ESG factor for 484 transactions it rates (where 412 have an ESG.RS of 4 and 72 have an ESG.RS of 5), .......
News 16 January 2023
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SCI Start the Week - 16 January
A review of SCI's latest content
SCI ESG Securitisation Awards 2023
The submissions period has opened for the 2023 SCI ESG Securitisation Awards, covering the European cash securitisation market over the 12 months to 31 December 2022. Nominations for the awards should be received by 15 February and winners will be announced at the London SCI ESG Securitisation Seminar on 25 April. For further information about the SCI .......
News 16 January 2023
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Call for additional index granularity
Sector developments and company hires
Call for additional index granularity
Market Moves 13 January 2023
SFA has submitted a letter to Fannie Mae and Freddie Mac in response to their Social Index (SCI 19 October 2022) that strongly advocates for additional transparency and granularity in how existing social metrics are reported to investors beyond the index. While the association commends the GSEs for their efforts to improve ESG data .......
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Unemployment eyed
Labour market key to Euro ABS outlook
Some deterioration – both in collateral and ratings performance – across the European securitisation market is expected this year, given current global economic pressures. However, S&P suggests in its outlook for the sector that the ultimate impact of economic distress is largely dependent on how the labour market fares.
At present, eurozone unemployment rates stand at 7% and .......
News Analysis 13 January 2023
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Balancing the equation
Positive start for CLO assets and liabilities
The first two weeks of 2023 have seen both a tightening in CLO liabilities and a rise in asset prices. At the same time, the triple-A bid appears to be reemerging.
“The end of 2022 left a question mark for the CLO market, but 2023 has started to answer that question to some degree,” observes Erik Miller, partner and .......
News Analysis 13 January 2023
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First CAS since September
B1 levels contract
Fannie Mae has priced its CAS 2023-R01, its first appearance in the CAS market for four months.
The bookrunners were BoA Securities and Barclays.
The $429.9m BBB+ M1 tranche was priced at SOFR plus 240bp, the $247.2m BBB- M2 tranche was priced at 375bp over SOFR and the $53.7m BB+ B1 tranche came in at SOFR plus 510bp.
The last CAS, designated CAS 2022-R09, .......
News 12 January 2023
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Cyber cat bond debuts
Sector developments and company hires
Cyber cat bond debuts
Specialist insurer Beazley has launched what is believed to be the first cyber catastrophe bond. The US$45m private Section 4(2) bond is tradeable under Rule 144A resale and .......
Market Moves 11 January 2023
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CAS trade launched
Sector developments and company hires
Fannie Mae is in the market with its first CAS trade of 2023, designated CAS 2023-R01, consisting of M-1, M-2 and B-1 notes. The A minus-rated $429.9m M1 has a tranche thickness of 2% and .......
Market Moves 10 January 2023
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SCI Start the Week - 9 January
A review of SCI's latest content
Last week's news and analysis
Looking east
CEE SRT issuance prospects gauged
Risk transfer expansion
Polish SRT deal flow grows
Scores on the doors
Affordable housing gets top of the bill in new FHFA scorecard
Synthetic RMBS launched
Montepio debuts private synthetic ABS
For all of last week’s stories including ‘Market moves’ and ‘Risk .......
News 9 January 2023