Complete news archive
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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
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CMBS hedging agreements eyed
Sector developments and company hires
CMBS hedging agreements eyed
Market Moves 25 October 2022
DBRS Morningstar has raised concerns that the current DSCRs of three European CMBS it rates - Sage AR Funding No 1, Sage AR Funding 2021 and Taurus 2021-4UK - will be insufficient to enable the borrowers to use excess cash to purchase new interest rate cap agreements, without cash injections from the sponsors, as the respective .......
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SCI CRT Awards: Investor of the Year
Winner: PGGM
Even by its own very high standards, the 2021/2022 awards year was a busy one for the winner PGGM. The firm further enhanced its reputation as one of the most experienced and largest active end-investors in credit risk sharing (CRS) transactions worldwide. PGGM saw record high transaction activity in the year, while continuing to innovate and engage with .......
News 25 October 2022
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SCI CRT Awards: Innovation of the Year
Winner: Sumeru IV
Alecta, PGGM and Standard Chartered have won the Innovation of the Year award in this year’s SCI Capital Relief Trades Awards for their Sumeru IV transaction. The synthetic securitisation references a global portfolio of corporate loans and is the first transaction to benefit from capital relief in Hong Kong.
Exposures to Asian markets have always been a .......
News 24 October 2022
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NPL guidelines released
Sector developments and company hires
NPL guidelines released
Market Moves 24 October 2022
The European Commission last week published voluntary guidelines on best execution processes for non-performing loan sales in the secondary market. The guidelines define practices across the seven stages of an NPL transaction – from portfolio selection through to post-closing obligations – and cover unsecured and secured portfolios. Debitos notes that the objective is to accelerate the development and .......
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Reaching milestones
John Beacham, ceo and founder of Toorak Capital Partners, answers SCI's questions
Q: Toorak recently hit a US$10bn milestone in whole loan funding for housing rehab and construction since its inception in 2016. What does this mean to your company?
The Structured Credit Interview 24 October 2022
A: We’re extremely proud of hitting this milestone and excited for many more to celebrate in the future. When we first started Toorak, we saw an opportunity to provide stable, long-term capital to .......
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SCI CRT Awards: Impact Deal of the Year
Winner: FCT Greendom 2021
Societe Generale’s FCT Greendom 2021 has won Impact Deal of the Year in this year’s SCI Capital Relief Trades Awards. Greendom marks the first CRE-backed transaction to be structured in compliance with the new STS synthetic securitisation regulatory framework introduced to assist in post-Covid-19 crisis recovery.
The transaction references a €1bn portfolio of more than 50 high-quality .......
News 24 October 2022
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SCI Start the Week - 24 October
A review of SCI's latest content
CRT awards announced
News 24 October 2022
SCI’s 2022 Capital Relief Trades Awards winners and honourable mentions were announced at a ceremony last week. Many congratulations to them all for their outstanding contributions to the risk transfer industry over the last year! And thanks to our awards advisory board – comprising Holger Beyer of Alantra, Pratik Gupta of BofA Securities and Olivier Renault of Pemberton Capital .......
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SCI CRT Awards: North American Transaction of the Year
Winner: Algonquin 2022-1
Bank of Montreal’s (BMO) footprint in the CRT market is both extensive and well-established. But of the four programmes it operates, it would not be unfair to call Algonquin the jewel in the crown.
First unveiled in 2020, the platform recorded the largest US dollar-denominated CRT transaction in 2022. It was not a difficult choice to recognise News 21 October 2022
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SCI CRT Awards: Transaction of the Year
Winner: Project Triton
Piraeus Bank’s Project Triton has won the Transaction of the Year category in SCI’s Capital Relief Trades Awards for being for the first synthetic STS securitisation of performing shipping loans in Europe. The US$700m deal – which was arranged by Alantra – paves the way for banks to manage the risks and capital requirements of ship lending more .......
News 21 October 2022
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Conservative approach
Aeon Investments ceo Oumar Diallo and coo Ben Churchill answer SCI's questions
Q: Aeon recently announced the closing of its first commercial real estate CLO warehouse (SCI 12 October) with Credit Suisse. Could you provide some background to the decision to become a CRE CLO issuer?
OD: We’re active across the real estate spectrum and seek relative value opportunities in the UK and Europe.The European CRE CLO market has .......
The Structured Credit Interview 21 October 2022
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GSE social disclosures readied
Sector developments and company hires
GSE social disclosures readied
Fannie Mae and Freddie Mac are set to begin publishing pool-level Social Index disclosures for their single-family MBS. The move follows the release of Fannie’s proposed methodology for single-family social disclosure that aims to provide investors with insights into socially-oriented lending activities (SCI 18 August).
The attributes are at-issuance measures and will not be updated .......
Market Moves 19 October 2022
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Natural evolution
CLO docs, structures adapting to macroeconomic conditions
Challenging market conditions have dampened European CLO issuance this year, but they have not stalled it completely. Indeed, transaction structures and documentation are expected to continue evolving to meet equity and debt investors' expected returns.
“It has been a good story for CLO 1.0s, which have had less than half a percent of CLO tranches defaulting over the last 20 .......
News Analysis 19 October 2022
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CRE CLOs: time to zig when others zag
When it comes to structured commercial real estate (CRE) credit, the European market is at a pivotal juncture, explains Iain Balkwill, partner at Reed Smith.
Last year proved to be a ground-breaking year for the asset class; we saw a record volume of CMBS issuance and in an industry first, Starz Real Estate brought Europe’s first ever CRE CLO to .......
Talking Point 19 October 2022
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Through a glass darkly
Regulatory transparency would kickstart US CRT, say Miami speakers
Greater “clarity from regulators” is the key catalyst required to increase US bank usage of the CRT market, according to a speaker today at the ABS East conference in Miami.
Currently, there is an “opaque environment” and that is holding up the market, he elaborated. Another panellist admitted that the US market is currently “curiously undersized.”
Although there have been offerings by regional .......
News 19 October 2022
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Aviation ABS industry eyes AerCap suit
Sector developments and company hires
Aviation ABS industry eyes AerCap suit
The outcome of AerCap’s filing with the High Court in London could serve as a blueprint for other aircraft lessors with lease exposure in Russia. KBRA notes that in its discussions with the 14 lessors that act as servicers on the 30 aviation ABS it rates with exposure to Russian carriers, all have indicated .......
Market Moves 17 October 2022
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SCI Start the Week - 17 October
A review of SCI's latest content
Last few days to register!
SCI’s 8th Annual Capital Relief Trades Seminar is taking place this Thursday, 20 October in London. For more information on the event or to register, click here.New free report
News 17 October 2022
SCI has published a Global Risk Transfer Report, which traces the recent regulatory and structural evolution of the capital relief trades market, examines the development of both .......