Complete news archive
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Stress-testing resilience
Climate-change risk assessment approach debuts
Scope has introduced a stress-testing methodology to assess climate-change impacts on securitisations. The objective is to help gauge the resilience of a transaction to transition and physical risks.
“We have introduced a quantitative and scenario-based stress-testing approach to assessing climate change impacts on the credit risk of securitisation transactions. The climate-change scenarios identified offer a range of outcomes for .......
News 2 November 2022
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Euro CLO footprint established
Sector developments and company hires
Euro CLO footprint established
Cross Ocean Partners has completed Bosphorus .......
Market Moves 2 November 2022
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Chinese CMBS 'structural deficiencies' eyed
Sector developments and company hires
Chinese CMBS ‘structural deficiencies’ eyed
Market Moves 31 October 2022
The recent near-default of a Chinese CMBS issued by Yango Group - together with the two previous defaults of PKU TechPark and Hongbo Exhibition Center - expose several structural deficiencies in Chinese CMBS transactions, according to Fitch. Such deficiencies include low DSCR and collateral quality - due to weak underlying cashflow - limited protection through .......
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SCI Start the Week - 31 October
A review of SCI's latest content
FREE Webinar: the outlook for global risk transfer activity
Join SCI’s panel of leading capital relief trades practitioners from Arch MI, ArrowMark Partners, Credit Benchmark and Guy Carpenter on 2 November at 2pm GMT for a complimentary webinar discussing risk transfer trends in light of today’s macroeconomic headwinds. For more information and to register, click here.Last week's news and analysis
News 31 October 2022
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New opportunities
CRT opportunities assessed as central banks pull back
News Analysis 28 October 2022
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SCI CRT Awards: Personal Contribution to the Industry
Winner: Jessica Littlewood, global operations and business transformation partner at Clifford Chance
The Personal Contribution to the Industry Award this year is dedicated to Jessica Littlewood from Clifford Chance. She has worked in the industry for 24 years and within that time has been commended for her knowledge, expertise and professionalism within the capital relief trades sector.
She notes: “It's a real honour to win this award. I was .......
News 28 October 2022
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Apollo, PIMCO set to acquire Credit Suisse SPG
Sector developments and company hires
Apollo, PIMCO set to acquire Credit Suisse SPG
Credit Suisse has unveiled its new strategy and transformation plan, following a strategic review of the bank’s businesses (SCI 28 July). The bank says it is taking “extensive measures” to deliver a more integrated business model, with the goal of creating value for shareholders.Over the next three years, Credit .......
Market Moves 28 October 2022
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SCI CRT Awards: Contribution to North American CRT
Winner: Bank of Montreal
For much of the last 12 months, Bank of Montreal (BMO) has been not only a prominent player in the North American CRT market, but it has also been the only player in the North American CRT market. Additionally, at the time of writing, it is the only Canadian shop to have swum in CRT waters. For its continuous .......
News 28 October 2022
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Comeback king?
European 'regulation tsar' mooted
The sustainable recovery of the European securitisation market is widely believed to lie in the hands of policymakers. This Premium Content article investigates whether a ‘regulation tsar’ could serve as a unifying authority for the industry to facilitate this process.
Fifteen years after the global financial crisis, the European securitisation market’s reputation appears to remain heavily tarnished. At ......
News Analysis 28 October 2022
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SCI CRT Awards: Law Firm of the Year
Winner: Simmons & Simmons
Simmons & Simmons wins SCI’s Law Firm of the Year award, following a year which saw increased progress, volumes and international coverage for the firm in the capital relief trade sector. The international law firm impressed with its ability to deliver first-class CRT advice to investors in all major European CRT jurisdictions. As the CRT market continues to .......
News 27 October 2022
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SCI CRT Awards: Broker of the Year
Winner: The Texel Group
The Texel Group has won the inaugural Broker of the Year category in this year’s SCI Capital Relief Trades Awards. Texel is a specialist credit and political risk insurance broker with offices in the UK, Europe, Asia and the US and a dedicated focus on arranging non-payment insurance (or credit insurance) for some of the world’s largest European, .......
News 27 October 2022
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Irish reperforming RMBS stress tested
Sector developments and company hires
Irish reperforming RMBS stress tested
Market Moves 26 October 2022
S&P has conducted a scenario analysis of seven of the Irish reperforming RMBS it rates, to investigate the impact of the rising cost of living, since legacy mortgage loans are particularly vulnerable to rate increases as the borrowers in these transactions predominantly (94%) pay variable interest rates. The combination of an expected increase in debt .......
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SCI CRT Awards: Arranger of the Year
Winner: UniCredit Bank
UniCredit Bank has won the Arranger of the Year category in SCI’s Capital Relief Trades Awards, in recognition of the volume and scope of the deals it executed during the awards period. The bank arranged a record 15 deals over the last 12 months across five jurisdictions (Bulgaria, Germany, Italy, Poland and Spain) and four asset classes (auto, .......
News 26 October 2022
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SCI CRT Awards: Issuer of the Year
Winner: Santander
Santander has won the Issuer of the Year category in this year’s SCI Capital Relief Trades Awards. The bank continues to be one of the largest and most innovative originators in the CRT space globally, with a total of 12 capital relief transactions issued by the group in the 12 months to September 2022 from a record seven .......
News 26 October 2022
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SCI CRT Awards: Credit Insurer of the Year
Winner: RenaissanceRe
RenaissanceRe has won the Credit Insurer of the Year category in SCI’s CRT Awards, following another year of growth and achievements. The Bermuda-based reinsurance firm consistently impressed and continues to stand at the forefront of innovation in the capital relief trades industry.
Building on close to 30 years of experience and industry leadership in reinsurance solutions, the .......
News 25 October 2022