Complete news archive
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Risk transfer round up-8 September
CRT sector developments and deal news
Market Moves 8 September 2022
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Sustainable Fitch launches Leveraged Finance ESG Scores
Sector developments and company hires
Fitch Group’s ESG hub, Sustainable Fitch, has announced the launch of its ESG Scores for Leveraged Finance – the first high-coverage ESG solution for the leveraged finance industry. The ESG scores will equip the CLO investment community with an absolute scoring system which will allow for the granular assessment of environmental, social, and governance factors across leveraged finance entities and .......
Market Moves 8 September 2022
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Reinsurance roll call
Call for new counterparties to avoid CRT overcapacity and widening prices
The reinsurance market has thus far soaked up the CRT extra volume thrust its way this year, but unless new names enter the space both capacity and pricing will be squeezed, suggest sources.
Around 30 reinsurers regularly absorb GSE product through the ACIS and CIRT programmes, but only 15 or so take risk from mortgage insurers (MIs).
“There’s definitely room for growth. There’s .......
News Analysis 6 September 2022
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SME funding partnership inked
Sector developments and company hires
SME funding partnership inked
SME Capital and JPMorgan have agreed a new funding partnership dedicated to supporting UK SMEs. The collaboration entails JPMorgan extending a significant line of committed capital for SME cashflow lending over the next three years.The partnership forms the second phase in the development of SME Capital’s warehousing programme - the first phase being the .......
Market Moves 2 September 2022
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Supply story
Helpful technicals boost GSE CRT performance
CRT assets performed well for the second month in succession during August, boosted by supportive technical factors.
The CRTx Aggregate, the flagship index of Mark Fontanilla & Co, rose 3.21% last month and convincingly outperformed most major fixed income assets as inflationary and rates worries ate into prices.
"Higher rates in 2022, led initially by the back end, followed by the belly of the .......
News 2 September 2022
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Active autumn?
European ABS/MBS market update
The European and UK ABS/MBS primary market looks set for an active autumn after a lacklustre August. The visible pipeline is beginning to build and a heavy potential refinancing calendar stretches over the next few months.
Finnish auto ABS Tommi 3 was announced last week and is slated to price next week. The deal's top two tranches are .......
News 31 August 2022
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S&P Global bolsters private markets offering
Sector developments and company hires
S&P Global has announced the acquisition of the private markets data solutions provider, Private Market Connect (PMC). The acquisition will integrate the platform into the firm’s market intelligence division and will increase the breadth and depth of its data solutions for Limited Partner and General Partner customers. PMC currently tracks over 15,000 unique funds and US$1.2trn in private markets commitments. .......
Market Moves 31 August 2022
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FFELP forgiveness miss
Student debt relief impact 'unclear'
The Biden Administration last week unveiled its Student Debt Relief Plan, which will cancel up to US$10,000 of federal student loans for borrowers with individual incomes of less than US$125,000 (or US$250,000 for households) and up to US$20,000 for borrowers that received a Pell Grant. While the move is not expected to have a meaningful direct effect on private .......
News 31 August 2022
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The HEAT is on
Subprime auto ABS to feel impact of court ruling
The subprime auto loan ABS market is likely to the first in which the full ramifications of April’s landmark HEAT ruling are felt, say legal experts.
The HEAT verdict means that plaintiffs are now obliged to uncover and specify all the problematic loans before the case begins rather than, as hitherto, as the case progressed. This will entail considerably greater expenditure .......
News 30 August 2022
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Leadership shake-up at Intrum
Sector developments and company hires
Intrum says it has reached an agreement with Anders Engdahl, who will step down from his position as president and ceo of the firm and leave with immediate effect. The Intrum board has appointed current board member Andrés Rubio as acting president and ceo, with the recruitment of a permanent solution expected to commence during the autumn.
Engdahl was internally .......
Market Moves 26 August 2022
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Flexible allocation
Bond buckets on the rise
High yield bond (HYB) holdings across US CLOs continue to rise, following their reintroduction in October 2020. A new Fitch study indicates that HYB exposure is found mostly in recent vintage transactions, while exposure within CLOs tends to be much lower than indenture-mandated limits.
Indenture provisions related to HYB exposure vary from outright prohibition to limitations linked to .......
News Analysis 25 August 2022
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Reciprocal relationship
Increased market volatility has raised asset allocator demand for private credit strategies, particularly structured credit. Hildene Capital Management explains how structured credit asset managers and insurers can work together in today’s volatile market.
Insurance companies are among the investors leading the way in understanding how this unique asset class – known for its enhanced yields and credit protections – can .......
Talking Point 24 August 2022
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UCITS cat bond index touted
Sector developments and company hires
Plenum Investments has released a catastrophe bond market study and index family, with the aim of providing investors with what the firm describes as an “investment compass”. Plenum believes that the index will enable a fund offering to be matched with the individual risk appetite of an investor, while allowing the performance and risks of funds to be compared with each .......
Market Moves 23 August 2022
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Not fit for purpose
EIOPA conclusions 'conceptually flawed'
Following its consultation paper in response to the European Commission’s call for advice on the review of the securitisation prudential framework under Solvency 2 (SCI 16 June), EIOPA has affirmed that it “considers that the current framework is fit for purpose.” However, this conclusion has failed to convince the securitisation industry of its validity.
EIOPA’s broad assessment .......
News Analysis 22 August 2022
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SCI Start the Week - 22 August
A review of SCI's latest content
Don’t miss out on your chance to be recognised in this year’s SCI CRT Awards! The submissions deadline is 25 August. For more information, click here.
Last week's news and analysis
News 22 August 2022
BMO busy
Canadian lender in SRT market with third Algonquin of 2022
CDS volumes soar
CDS notional volumes break half year record
L-Street open?
Prior buyers hopeful L-Street will go live again, others .......
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Insurance assurance
Christopher Freeze, senior md and head of investor relations...
Q: Churchill closed its inaugural collateralised fund obligation (CFO) last month. The US$700m transaction will invest across the firm’s flagship private capital fund strategies. What were the drivers behind the launch of the deal?
The Structured Credit Interview 22 August 2022
A: At Churchill, we are a solutions-oriented firm solving for investor needs. We asked ourselves: how can we introduce insurance company investors to the full array .......