Complete news archive
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Risk sharing facility disclosed
Caixabank inks SRT as risk sharing scheme revealed
News 27 July 2022
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Trade finance tokens unveiled
Sector developments and company hires
Trade finance tokens unveiled
Market Moves 26 July 2022
Tradeteq has selected XinFin’s XDC Network to launch TRADA tokens, believed to be the first-ever fully regulated trade finance-backed fungible security tokens. The move is expected to deliver liquidity to the trade finance sector by securitising a traditionally illiquid asset class on the XDC Network public blockchain and extending access to the sector to both retail .......
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SCI Start the Week - 25 July
A review of SCI's latest content
Last week's news and analysis
News 25 July 2022
Capital call CRT
WAB sells subscription CRT to Blackstone
Changing perceptions
Need for liquidity supporting TRS growth
Digital revolution?
Claira answers SCI's questions
Fannie will, Freddie won't
Fannie Mae to place less CAS than predicted, sells another two CIRT deals
Golden opportunity?
Basel 4 raises Japanese SRT prospects
Nordic SRT finalised
Nordea executes synthetic ABS
Portfolio selection
Credit Benchmark publishes innovative CRT report
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Fannie will, Freddie won't
Fannie Mae to place less CAS than predicted, sells another two CIRT deals
While Fannie Mae confided at this week’s SFA conference in Las Vegas that 2022 CAS issuance will be less than was expected at the beginning of the year, Freddie Mac says its forecast is unchanged.
Fannie now anticipates CAS volume this year to be $10bn-$11bn compared to the $13bn-$15bn predicted in January, and will issue another three or four CAS .......
News 22 July 2022
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Capital call CRT
WAB sells subscription CRT to Blackstone, say sources
In addition to its recent CRT deal derived from mortgage assets, Western Alliance Bank (WAB) has been in the market very recently with CRT trades referencing capital call facilities, say well-placed market sources.
The Phoenix-based bank, which is fast becoming the doyen of US regional CRT issuers, has placed least one capital call transaction, add sources.
It is believed to have executed .......
News 22 July 2022
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Golden opportunity?
Basel 4 raises Japanese SRT prospects
Japanese banks have historically been well-capitalised, but implementation of the Basel output floors could change this. Against this backdrop, this Premium Content article investigates the prospects for capital relief trade issuance in the jurisdiction.
Japanese banks are expected to boost their issuance of significant risk transfer transactions as the implementation of the Basel output floors draws near. ......
News Analysis 22 July 2022Premium Content
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Changing perceptions
Need for liquidity supporting TRS growth
Rapid growth in trade receivables securitisation (TRS) volumes has been accompanied by an apparent change in perception of the asset class, from being overly complex to now being widely considered as an important funding instrument for the real economy. Through the pandemic - and ever since - TRS has been embraced as a flexible solution for corporates seeking to .......
News Analysis 21 July 2022
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Relative rebound
European ABS/MBS market update
The penultimate week of July has seen activity rebound in the UK and European ABS/MBS primary markets. Although no widely distributed deals have yet been seen, issuance flows have been encouraging in comparison to recent weeks.
Facing continuing broader macroeconomic concerns exacerbated by political turmoil in Italy, issuers sought to get ahead of today’s long-awaited ECB rate rise by picking .......
News 21 July 2022
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'Penalising' RBC proposal criticised
Sector developments and company hires
‘Penalising’ RBC proposal criticised
Market Moves 21 July 2022
The LSTA has submitted a comment letter to the NAIC expressing its belief that the NAIC’s risk-based capital (RBC) proposal could penalise insurance company investments in CLOs and consequently impact the CLO and loan markets. The proposal would change the RBC framework such that capital requirements for purchasing all tranches of a CLO match the capital .......
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ICE launches ESG Geo-Analyzer
Sector developments and company hires
Intercontinental Exchange (ICE) has launched its ICE ESG Geo-Analyzer tool to better help analyse portfolios of both commercial and residential properties, asset-backed securities, and corporate operations that are tied to certain locations. The Geo-Analyzer tool uses ICE’s geospatial data modelling to create climate risk and social impact data and analytics for properties and communities across the US. It seeks to .......
Market Moves 19 July 2022
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Digital revolution?
Claira co-founder, Eric Chang, and co-founder and advisor, Joe Squeri, answer SCI's questions
Q: Claira, the document intelligence fintech, recently announced its collaboration with Citi to help boost digital transformation within securitisation and develop next-generation data analysis solutions for CLOs (SCI 29 June). Tell us more about your vision for the company.
Provider Profile 19 July 2022
JS: The digitisation of structured credit documents has been something I’ve been trying to solve my entire career, and I’ve .......
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SCI Start the Week - 18 July
A review of SCI's latest content
Last week's news and analysis
News 18 July 2022
Administrative burden
CLOs caught in disclosure crosshairs
Climate impact revealed
ECB releases climate stress tests
Consumer SRT prints
Klarna debuts capital relief trade
Expiration concerns
Questions raised over the end of HAPS
Greek SRT launched
Alpha bank executes capital relief trade
Landesbank pick up continues
Helaba debuts capital relief trade
Landmark APAC SRT launched
Standard Chartered prints capital relief trade
Looking for labels
Second-party .......
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Administrative burden
CLOs caught in disclosure crosshairs
US CLO managers are facing potential disruption from new disclosure requirements proposed by the US SEC in February. The proposed new rules under the Investment Act of 1940 would require registered investment advisors to private funds - including CLO managers - to adhere to new reporting, record-keeping and disclosure requirements.
The proposal’s comment period was extended from the original 30 .......
News Analysis 15 July 2022
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ABS CDO manager replaced
Sector developments and company hires
Dock Street Capital Management has replaced Dynamic Credit Partners (as successor to Petra Capital Management, the original manager of the deal) as collateral manager for the Brookville CDO I transaction. Moody’s has confirmed that the move will not result in any adverse rating actions with respect to the notes issued by the transaction.
In other news…
EMEA
DLA Piper expands .......
Market Moves 15 July 2022