Complete news archive
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Marble Point acquisition agreed
Sector developments and company hires
Marble Point acquisition agreed
Market Moves 2 December 2022
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Agency activism
Divided Congress means greater agency intervention
The split US Congress, as a result of the recent mid-term elections, is likely to lead to the agencies responsible for the housing market to steer a course which will be both more independent and more interventionist, say analysts.
News Analysis 1 December 2022
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RWA overhaul mooted under Basel 3.1
Sector developments and company hires
RWA overhaul mooted under Basel 3.1
The PRA has released a consultation paper on the UK implementation of Basel 3.1 rules, Market Moves 1 December 2022
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Global Risk Transfer Report: Chapter five
In the fifth of six chapters surveying the synthetic securit...
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 1 December 2022
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Don't panic!
Vadim Verkhoglyad, vp and head of research publication at dv...
Concerns of a recessionary impact on US consumer markets, and comparisons to the global financial crisis, are rampant across the media. This fearmongering is not accurate, is harming the market and is not in our best interest.
Widespread media analysis suggests that we are in a crisis: headlines focus on the increase in subprime auto delinquencies, the downturn .......
Talking Point 29 November 2022
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Fitch launches new ESG ratings
Sector developments and company hires
Sustainable Fitch has launched new ESG Ratings for global labelled structured bonds and covered bonds. The news follows its opening of ESG Ratings, Data & Analysis for North American, UK, and European corporates and financial institutions earlier this year. The latest addition will see Sustainable Fitch offering entity ratings, framework ratings, and .......
Market Moves 29 November 2022
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RMBS becalmed
2023 may be no better while FHFA adds to pressure on GSEs
The RMBS market has been in the doldrums for the second half of this year and analysts suggest that there will be no immediate rebound. While some are cautiously optimistic that next year will witness a return to liquidity, others suggest that we will have to wait until 2024.
This is particularly true of the non-QM space, which has been suffering particularly .......
News Analysis 28 November 2022
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SCI Start the Week - 28 November
A review of SCI's latest content
Last week's news and analysis
Cliff edge
New report raises alarm over output floor
Encouraging activity
European ABS/MBS market update
Global Risk Transfer Report: Chapter four
The fourth of six chapters surveying the synthetic securitisation market
Grounds for optimism
US equipment ABS stays strong
Hedging boost
Unicredit opts for uncapped swap ....... News 28 November 2022
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Less dilutive
Dan Trolio, executive svp and cfo of Horizon Technology Finance Corporation, answers SCI's questions
Q: Horizon recently completed a US$158m ABS - Horizon Funding Trust 2022-1 - backed by non-investment grade performing loans advanced to venture capital-backed companies in the technology, life science, healthcare information and sustainability industries. DBRS Morningstar assigned a single-A rating to the US$100m class A notes, which bear interest at a fixed interest rate of 7.56% per annum and .......
The Structured Credit Interview 25 November 2022
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SCI MM CLO Awards: Service Provider of the Year
Winner: U.S. Bank
U.S. Bank doesn’t merely have a narrow lead over its chief competitors in the provision of custody and trust services to middle market CLO managers: it has opened up a yawning gulf. For the 12 months ending September 30 2022 U.S. Bank claims a 60.9% market share.
The bank has been prominent in this business since the MM .......
News 25 November 2022
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Unrepresentative 'synthetic' Libor mooted
Sector developments and company hires
Unrepresentative ‘synthetic’ Libor mooted
The UK FCA has published a consultation on a proposal to require - using its powers .......
Market Moves 25 November 2022
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Encouraging activity
European ABS/MBS market update
The UK and European ABS/MBS primary market saw some signs of recovery this week, with eight deals pricing. Further, following weeks of volatile market conditions and a lengthy trend of exclusively fully privately/pre-placed deals, the UK market finally welcomed a public transaction.
Yesterday, Nationwide priced the £750m 1A class of its RMBS securitisation Silverstone 2022-2. In an impressive .......
News 25 November 2022
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SCI MM CLO Awards: Law Firm of the Year
Winner: Allen & Overy
Allen & Overy wins Law Firm of the Year in this year’s SCI Middle Market CLO Awards, as the practice is recognised for its accomplishments as a leading legal advisor in the MM CLO sector. Allen & Overy boasts a renowned team, well placed to offer advice on a wide range of sophisticated securitisation transactions and which possesses .......
News 24 November 2022
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Sell-side specialisms
SRT bank relationships, technical knowledge transferred
SRT arranger/structurer departures from Citi have been notable over the last year, with Olivier Renault (SCI 1 December 2021), Mark Kruzel (SCI 11 May) and Alexis De Vrieze (SCI 8 September) all moving to the buy-side, for example. Capital relief trade sell-siders bring specialisms – including technical knowledge and bank relationships – that can be particularly .......
News 24 November 2022
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Global Risk Transfer Report: Chapter four
In the fourth of six chapters surveying 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 24 November 2022
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SCI MM CLO Awards: Arranger of the Year
Winner: Natixis
With 18 middle market CLOs arranged during the awards year, 1 October 2021 to 30 September 2022, Natixis is our Arranger of the Year. The firm’s achievement of leading nearly double the number of deals as their nearest rival is borne out of a sector-focused approach.
Christopher Gilbert who is responsible for managing the CLO banking team at .......
News 23 November 2022