Complete news archive
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RFC issued on SES proposals
Sector developments and company hires
The EBA has launched a public consultation on its draft regulatory technical standards (RTS) on the determination by originator institutions of the exposure value of synthetic excess spread (SES) in securitisations. The aim of the proposals is to contribute to a more risk-sensitive prudential framework in the area of synthetic securitisation.
The capital markets recovery package (CMRP) set out a .......
Market Moves 9 August 2022
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SCI Start the Week - 8 August
A review of SCI's latest content
Last week's news and analysis
Asset rich WAB loves CRT
Fast-growing Western Alliance Bank at forefront of US CRT
Downward trend
iTraxx passes peak and heads downwards
Freddie charts fresh waters
Inaugural June ACIS trade, dubbed AFH1, tackles loan warehouse capital charge
SRT boost
SRTs thrive as focus shifts to loan-by-loan analysis
STS homogeneity disclosed
Homogeneity criteria for STS SRTs revealedFor all of last week’s stories .......
News 8 August 2022
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London Bridge broadens ILS capabilities
Sector developments and company hires
Lloyd’s has received regulatory approval from the UK PRA and FCA to set up a second Protected Cell Company (PCC), which provides a broadened range of ILS-related capabilities and enhanced accessibility for investors. Following the success of London Bridge Risk PCC (LBR) (SCI 10 February 2021), the new Lloyd’s vehicle is called London Bridge PCC (LB2) and will enable .......
Market Moves 5 August 2022
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Asset rich WAB loves CRT
Fast-growing Western Alliance Bank at forefront of US CRT
Prodigious asset growth in the last five years has propelled Western Alliance Bank (WAB) into a prominent position in the US CRT market, and though it is not actively shopping a deal at the moment the mechanism is now an established feature of its capital management, say sources close to the lender.
WAB had assets of around $16bn in 2017 but now .......
News 4 August 2022
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Voya to acquire Czech Asset Management
Sector developments and company hires
Voya Investment Management has signed a definitive agreement to acquire private credit asset manager dedicated to the US middle market, Czech Asset Management (CAM). The transaction reflects Voya IM’s commitment to the expansion of its private and alternative credit capabilities, and the firm hopes the acquisition will complement its existing fixed income platform and boost the expansion of its private .......
Market Moves 4 August 2022
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Germany's auxmoney secures €500m funding
Sector developments and company hires
The German digital-lending platform auxmoney has secured a further €500m in funding for investment into consumer loans on its platform from Citi and Natixis’ ABCP conduit. The digital-lending platform has been supported by investment from Citi since 2021, with this latest funding from the two large financial institutions expected to be used for the origination of new loans. The firm .......
Market Moves 3 August 2022
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NPL Markets reveals new partnership agreement
Sector developments and company hires
NPL Markets has announced a new partnership agreement with World Bank Group member, International Finance Corporation (IFC). The collaboration seeks to develop a greater and more efficient marketplace in South America to manage and trade performing loans, distressed, as well as other illiquid assets. Initially, the partnership will target the large markets of Brazil and Mexico, with hopes to explore .......
Market Moves 2 August 2022
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Freddie charts fresh waters
Inaugural June ACIS trade, dubbed AFH1, tackles loan warehouse capital charge
The innovatory AFH ACIS reinsurance transaction, unveiled by Freddie Mac in June and designed to reduce capital charges for loan warehouse exposure, has a bright future, says Jeff Shue, senior director, single-family credit risk transfer.
“The transaction was a success by our metrics. It is a great example of the reinsurance market’s ability to execute on a forward basis, and we are likely .......
News 2 August 2022
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SCI Start the Week - 1 August
A review of SCI's latest content
Call for MM CLO Awards Submissions
News 1 August 2022
The submissions period has opened for the 2022 SCI Middle Market CLO Awards – covering US Middle Market CLOs issued in the 12 months to 30 September 2022. Nominations should be received by 20 September. Winners will be announced at the SCI Middle Market CLO Seminar on 15 November in New York.
For more information on the .......
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TCB test
Chapter 11 filing by TCB debtor puts CRT structure to the test
Texas Capital Bank (TCB) is facing a test of the structure of the CRT it brought in March last year, following the June 30 bankruptcy filing by First Guaranty Mortgage.
The Texas-based mortgage originator was one of the institutions to which TCB lent money through its mortgage warehouse lines, which it then securitized in the debut CRT trade by a US .......
News 29 July 2022
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RFC issued on homogeneity RTS
Sector developments and company hires
The EBA has launched a public consultation on draft regulatory technical standards (RTS) specifying the criteria for the underlying exposures in securitisation to be deemed homogeneous, in line with requirements under the Securitisation Regulation and as amended by the Capital Markets Recovery Package (CMRP). The homogeneity requirement aims to facilitate the assessment of underlying risks in a pool of underlying .......
Market Moves 29 July 2022
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Last week of term?
European ABS/MBS market update
As July comes to an end, the European and UK primary ABS/MBS markets are looking forward to the summer hiatus after a difficut few months. Still, a few RMBS mandates managed to get over the line this week and there is even a deal in the visible pipeline.
Although widely distributed deals were yet to hit screens again .......
News 29 July 2022
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On the cards
Credit card ABS strength likely to attenuate into 2023
The resilience of the credit card ABS market in the face of rampant inflation has surprised analysts, but delinquency rates will increase from the beginning of next year, they say.
Covid-era stimulus payments and delinquency moratoriums by banks, plus lack of spending opportunities, have protected consumers from surging prices so far, but these factors will be of diminishing importance by the end .......
News Analysis 28 July 2022
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Securitised products business under review
Sector developments and company hires
During its 2Q22 financial results presentation yesterday, Credit Suisse disclosed that it has been conducting a strategic review of the bank's businesses, with the goal of creating “a more focused, agile group with a significant, lower absolute cost base”. As part of this review, the bank is assessing strategic options for its securitised products business, including accelerating growth and strengthening .......
Market Moves 28 July 2022
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