Complete news archive
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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
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SCI In Conversation podcast: Iain Balkwill, Reed Smith
We discuss the hottest topics in securitisation today...
In the latest episode of the SCI In Conversation podcast, SCI Deputy Editor Angela Sharda chats to Reed Smith partner Iain Balkwill about prospects for a CRE CLO market in Europe. We also discuss a new SCI Premium Content article, which highlights a conceptual clash between the activist US Consumer Financial Protection Bureau and the ‘originalist’ Supreme .......
News 13 December 2022
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'Big Bang 2.0' to repeal Sec Reg
Sector developments and company hires
‘Big Bang 2.0’ to repeal Sec Reg
Market Moves 12 December 2022
The UK government has introduced a Financial Services and Markets (FSM) Bill to Parliament, which will repeal retained EU law (REUL) and replace it with a comprehensive Financial Services and Markets Act (FSMA) model. Commonly known as ‘Big Bang 2.0’, the bill contains detailed proposals – outlined in a draft statutory instrument (SI) .......
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Mind the gap
'Regulatory impediments' stalling ESG securitisation
Securitisable green lending in respect of residential mortgages on energy-efficient properties, loans for green home renovations and electric vehicle financing could exceed €300bn annually by 2030, according to a new AFME analysis. The findings are part of a study that provides a comprehensive overview of the current European regulatory landscape for green securitisation, challenges preventing the instrument from fully .......
News 12 December 2022
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SCI Start the Week - 12 December
A review of SCI's latest content
Last week's news and analysis
Ambitious objective
LEV financing investigation underway
Eco warriors
New emissions standards backed by fines set to affect CMBS
Global Risk Transfer Report: Chapter six
The final chapter of SCI's survey of the synthetic securitisation market
Issuance boost
BMO finalises CRE CRTs
Risk transfer return
Chakra seven ....... News 12 December 2022
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Survey suggests improved sentiment
Sector developments and company hires
Survey suggests improved sentiment
KBRA has published the results of its December survey of European structured finance investors, which was conducted to gauge their views and expectations regarding the market. The report reveals a more positive picture than the rating agency’s previous investor survey from June.“While many challenges remain for the European securitisation sector, sentiment for the market .......
Market Moves 9 December 2022
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Eco warriors
New emissions standards backed by fines set to affect CMBS
Increasingly rigorous emission regulations imposed by municipalities on commercial real estate (CRE) properties throughout the USA will likely lead to cash flow difficulties for CMBS deals, say analysts.
Some 30 cities are bringing in much higher standards for CRE emissions, five of which will impose fines if the standards are not met.
San Francisco’s Environment Code 30, for example, requires all large commercial .......
News Analysis 9 December 2022
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Selective positioning
Loan refi, liquidity needs to provide private credit opportunities
The European CLO market faces a number of challenges next year, including constrained loan supply, potential loan defaults and downgrades, and a squeeze on equity arbitrage. Against this backdrop, loan refinancing and borrower liquidity needs are set to provide opportunities for private credit investors.
European CLO new issue activity is expected to remain robust heading into 1Q23, which will .......
News Analysis 8 December 2022
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UK mortgage refinanceability eyed
Sector developments and company hires
UK mortgage refinanceability eyed
Market Moves 8 December 2022
DBRS Morningstar has analysed the loan-level information of almost 400,000 loans within 36 portfolios of securitised UK mortgages to assess how rising interest rates affects affordability ratios, which borrowers are the most vulnerable and how many mortgages are expected to revise their rates in the short term. The findings suggest that within the owner-occupied segment, about .......
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Global Risk Transfer Report: Chapter six
In the final chapter of SCI's survey of the synthetic securi...
Synthetic securitisation, once tarnished by association with the global financial crisis, has long since come in from the cold. The regulatory framework has developed significantly in Europe since the introduction of the new European Securitisation Regulation in January 2019, culminating in the inclusion of significant risk transfer transactions in the STS regime in April 2021. This label has provided .......
Talking Point 8 December 2022
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BWIC template released
Sector developments and company hires
BWIC template released
Real estate standards organisation MISMO has released a BWIC standard template aimed at facilitating the bidding process for MBS between mortgage originators and dealers. The standard has achieved ‘candidate recommendation’ status, .......
Market Moves 6 December 2022
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Ambitious objective
LEV financing investigation underway
The European DataWarehouse (EDW) and Leibniz Institute for Financial Research SAFE’s Green Auto Securitisation (GAS) project has an ambitious objective of developing a green finance framework for low-emission vehicles (LEVs) (SCI 4 October). The initiative is expected to help shape the future of green car policies, while having a profound impact on European financial institutions.
“We’ve really .......
News Analysis 5 December 2022
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SCI Start the Week - 5 December
A review of SCI's latest content
Last week's news and analysis
Agency activism
Divided Congress means greater agency intervention
Baltic boost
Second ever Baltic SRT finalized
CRT duo launched
Santander finalizes two auto CRTs
Don't panic!
dv01 argues that US consumer markets remain strong
Global Risk Transfer Report: Chapter five
The fifth of six chapters surveying the ....... News 5 December 2022
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Santander surging
NA mortgage and auto loan CRT deals looming
Santander is in the market with two regulatory capital relief deals referencing NA assets: a synthetic securitization of US mortgages and of US auto loans.
The securitization of US mortgages, dubbed 2022-MTG1, consists of a six tranche deal with a .......
News 2 December 2022
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Marble Point acquisition agreed
Sector developments and company hires
Marble Point acquisition agreed
Market Moves 2 December 2022