Complete news archive
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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
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CMBS ARAs at 'inflection point'
Sector developments and company hires
CMBS ARAs at ‘inflection point’
Market Moves 6 January 2023
US conduit CMBS appraisal reduction amounts (ARAs) have reached an inflection point, according to KBRA. A recent analysis undertaken by the rating agency shows that ARAs outstanding totalled US$3.6bn across 322 loans, as of November 2022, .......
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Looking east
CEE SRT issuance prospects gauged
Polish SRT issuance boosted synthetic securitisation volumes last year. This Premium Content article assesses the prospects for increased activity across the CEE region.
Significant risk transfer issuance in Central and Eastern Europe received a boost in 2022, with the opening up of the Polish market. However, activity across the rest of the region will likely continue to ......
News Analysis 6 January 2023Premium Content
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Scores on the doors
Affordable housing gets top of the bill in new FHFA scorecard
The new Federal Housing Finance Agency (FHFA) GSE scorecard, released this week, gave top billing to the mission to increase “equitable access to affordable and sustainable housing”.
The GSEs are enjoined to “take significant actions” to make sure all borrowers and renters have access to housing, including “efforts that further energy efficiency, resiliency and cost savings.”
The dangers of climate risk also crop up .......
News 6 January 2023
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SASB CMBS IRC agreements eyed
Sector developments and company hires
SASB CMBS IRC agreements eyed
Nearly 75% of US floating rate single-asset/single-borrower (SASB) CMBS loans in KBRA-rated transactions have current interest rate cap (IRC) agreements with strike rates below their .......
Market Moves 4 January 2023
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Raiffeisen inks Romanian trade
Sector developments and company hires
Raiffeisen inks Romanian trade
Raiffeisen Bank has partnered with the EIB Group to strengthen its financing capacity in Romania through a synthetic securitisation. The transaction enables Raiffeisen to provide up to RON523m of new financing to eligible SMEs and MidCaps over the next two years, with a reduced interest rate compared to other similar financing.The securitisation references a .......
Market Moves 3 January 2023
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NPL forward flow sale agreed
Sector developments and company hires
NPL forward flow sale agreed
Market Moves 23 December 2022
NPL Markets has acted as advisor to UniCredit on the sale of a portfolio of Italian non-performing unsecured loans with a claim value of approximately €90m to a vehicle managed by Kruk and to Credit Factor. Concurrently, the forward flows of Italian consumer loans that will be classified as bad loans in 2023 and 2024, .......
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Optimal efficiency
CRE back leverage gaining traction
Private debt funds are gaining CRE market share via back leverage structures. This Premium Content article explores how these facilities can optimise risk, tax and regulatory treatment.
Private debt funds are gaining market share in the commercial real estate sector by originating loans that are financed by banks via bespoke back leverage structures, including private securitisations. These facilities ......
News Analysis 22 December 2022
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Capital ideas
Taxonomy-aligned RWAs, sustainability-linked pricing touted
SMARTER Finance for Families has submitted a number of policy recommendations to the Climate Bonds Initiative, as part of the organisation’s recent public consultation entitled ‘101 Sustainable Finance Policies for 1.5°C’. The SMARTER recommendations include top-down and bottom-up policy frameworks that harness the securitisation market.
“Engaging the capital markets is crucial in order to achieve net-zero – an .......
News 21 December 2022
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Italian mid-cap deal debuts
Sector developments and company hires
Italian mid-cap deal debuts
Market Moves 21 December 2022
illimity Bank has closed what is believed to be the first securitisation backed by a portfolio of 82 unsecured loans granted to Italian mid-caps and corporates that are predominantly guaranteed by the country’s export credit agency SACE. Dubbed Colt SPV, the €570.11m transaction was originated based on the ‘Liquidity decree’, enacted in June 2020 to help .......
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NPL data templates introduced
Sector developments and company hires
NPL data templates introduced
Market Moves 19 December 2022
The EBA has launched NPL transaction data templates, aimed at introducing information standardisation to increase the efficiency of secondary markets for non-performing loans and to reduce entry barriers for smaller banks and investors. The proposed NPL transaction data templates are built on previous voluntary loan-by-loan templates and consider the experience of market participants from the sell- .......
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SCI Start the Week - 19 December
A review of SCI's latest content
Last week's news and analysis
Battle begins
EU and industry lock horns over p factorCorporate CRT launched
HSBC executes capital relief trade.Landesbank boost
LBBW executes financial guaranteeMind the gap
'Regulatory impediments' stalling ESG securitisationPlay it forward
Evolution of BNPL securitisation eyedRegulatory storm?
CRT market split over new ....... News 19 December 2022
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Transitional disclosure measures urged
Sector developments and company hires
Transitional disclosure measures urged
Market Moves 16 December 2022
In a letter to the EBA, EIOPA and ESMA, the SFA and 12 other trade associations have requested a pragmatic supervisory approach to the disclosure requirements under the EU Securitisation Regulation (SECR) while the regulators review the current requirements. The associations argue that transitional measures are needed following the European Commission’s interpretation in its recently released .......
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Regulatory storm?
CRT market split over new rules
Concern over the future viability of synthetic securitisation is rising, in light of the impending Basel output floor and the EBA’s synthetic excess spread proposals. This Premium Content article investigates whether such regulatory change is likely to be as severe as it seems.
The coming implementation of the Basel output floor and the EBA’s proposal for a ......
News Analysis 15 December 2022Premium Content
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CLN rating pressures eyed
Sector developments and company hires
CLN rating pressures eyed
US midsized banks’ utilisation of CLNs to drive share repurchases or to increase leverage could result in negative rating pressures, Fitch suggests. The rating agency notes that for midsized banks, CLNs may have a material impact on regulatory capital ratios, as the reference pools comprise a larger portion of overall lending than for large banks.Market Moves 14 December 2022
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Play it forward
Evolution of BNPL securitisation eyed
The cost-of-living crisis and growing regulatory scrutiny are set to shape the evolution of the BNPL securitisation sector. This Premium Content article explores what the next 12 months may bring for the asset class.
The cost-of-living crisis may stall the securitisation of buy now, pay later (BNPL) assets before the sector has had chance to take off, ......
News Analysis 14 December 2022Premium Content