Complete news archive
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Recovery trade
Pub credit quality to diverge amid changing consumer behaviour
The UK pub sector has been one of the most severely affected areas of hospitality during the last 15 months. However, despite the turmoil during the pandemic, panelists participating in a recent S&P webinar expect a recovery to return to this sector within the next two years.
“It will take even longer to return to 2019 leverage levels .......
News 19 July 2021
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SCI Start the Week - 19 July
A review of SCI's latest content
Last week's news and analysis
News 19 July 2021
Back in vogue?
Reverse equity to test market appetite
Bridging the gap
Sustainable SRTs to spur ESG securitisation growth?
Endless cash
European ABS/MBS market update
Foreclosure fears
CFPB's new rule curtailing foreclosures complicates mortgage market
Lift off
BMO programme details revealed
Loss mitigation mechanics
Euro CLO primary practice around LML documentation discussed
MPL rewards
Generous MPL returns stand out in parsimonious ABS market
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Structured products dealer acquired
Sector developments and company hires
Structured products dealer acquired
Santander Holdings USA is set to acquire independent broker-dealer Amherst Pierpont Securities - through the acquisition of its parent holding company Pierpont Capital Holdings - for a total consideration of approximately US$600m. Well known for its fixed-income and structured product franchise, Amherst Pierpont will become part of the Santander Corporate & Investment Banking global business line.Market Moves 16 July 2021
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Foreclosure fears
CFPB's new rule curtailing foreclosures complicates mortgage market
The final rule on foreclosures introduced this week by the Consumer Financial Protection Burea (CFPB) is unlikely to interrupt MBS issuance in the short term but problems likely lie round the corner, say experts.
At the moment, record refinancing are contributing to healthy MBS issuance but if rates rise - as looks likely - then refinancing will become less popular and the .......
News Analysis 15 July 2021
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New CLO committee to tackle 'greenwashing'
Sector developments and company hires
New CLO committee to tackle ‘greenwashing’
Market Moves 15 July 2021
The European Leveraged Finance Association (ELFA) has created a new committee to establish industry best practice and serve investors in the CLO market. The CLO Investor Committee will provide a forum for members to identify CLO investors’ requirements, facilitate discussion on general market progress and key issues, and contribute to the regulatory dialogue on .......
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Back in vogue?
Reverse equity to test market appetite
Another UK RMBS backed predominantly by legacy Northern Rock assets has hit the market. The Towd Point Mortgage Funding 2021-Hastings 1 transaction marks the first public securitisation of UK equity release mortgages since the financial crisis.
Acquired by Cerberus in 2018, the £215.68m portfolio comprises 86.5% Northern Rock loans and 12.9% Legal & General loans, with the remainder .......
News 15 July 2021
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MPL rewards
Generous MPL returns stand out in parsimonious ABS market
ABS investors in the US searching for value in an environment otherwise starved of this should look at the marketplace loans (MPL) sector, suggest analysts.
One year AAA-rated unsecured consumer MPL ABS currently trade at around 40bp against the EDSF curve while three year A-rated MPLs are about 90bp to swaps.
“Nothing else is close to that. If you’re looking for value, unsecured .......
News Analysis 14 July 2021
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Loss mitigation mechanics
Euro CLO primary practice around LML documentation discussed
SCI publishes regular case studies and reports on the CLO market in addition to our usual news stories on the sector and the latest can be found here.
This time, we examine the uptake of loss mitigation loan language in European deals since the concept emerged a year ago. Read this free report to find out the background, challenges .......
News Analysis 14 July 2021
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ILS efforts beefed up
Sector developments and company hires
ILS efforts beefed up
Market Moves 14 July 2021
AXIS Capital Holdings has appointed Chris Caponigro as global head of AXIS ILS, as its third-party capital unit has been rebranded. Caponigro will oversee the company’s activities related to third-party capital under management, supporting ILS efforts across its reinsurance and insurance segments. He will report to AXIS Re ceo Steve Arora and be based out of .......
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Bridging the gap
Sustainable SRTs to spur ESG securitisation growth?
A steady stream of renewables significant risk transfer deals is expected to come on to the market in the coming months. This CRT Premium Content article investigates whether synthetics can spur growth across the broader ESG securitisation sector.
Synthetic transactions referencing sustainable portfolios are being touted as a straightforward way to overcome the current paucity of suitable ESG assets ......
News Analysis 14 July 2021Premium Content
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Endless cash
European ABS/MBS market update
As the pre-summer flow comes to a close, optimism still prevails across the European ABS/MBS primary market. Despite strong execution from the four widely marketed deals last week and three still in the pipeline (see SCI’s Euro ABS/MBS Deal Tracker for more), further tight pricing levels are expected.
“The ABS-RMBS space has been exceptionally strong during these .......
News 14 July 2021
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Aviation finance practice inaugurated
Sector developments and company hires
Aviation finance practice inaugurated
Global aviation services provider ACC Aviation has added an in-house aviation finance specialist. Viktor Berta joins the group as vp of its newly created aviation finance practice. The appointment broadens the scope of ACC Aviation’s suite of consultancy services, led by Rob Watts, who also takes on an enhanced role as director of aviation services.Market Moves 13 July 2021
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Positive story?
Mortgage performance eyed as support ends
European RMBS performance has remained robust in the face of unprecedented stresses brought about by Covid-19, supported by a number of government schemes. However, questions remain over how the withdrawal of these measures will affect the market.
“The structures have done what they have been designed to do and they have been robust – that is a positive .......
News Analysis 13 July 2021
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Lift off
BMO programme details revealed
Further details have emerged of a synthetic securitisation programme launched by BMO in late December 2020. Dubbed Sauble, the programme will exclusively focus on leveraged loan issuance and is one of only two programmes dedicated to this segment. BMO has already printed two transactions from the Sauble programme - executed in December 2020 and June this year (SCI .......
News 12 July 2021
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SCI Start the Week - 12 July
A review of SCI's latest content
Last week's news and analysis
News 12 July 2021
Forbearances south of 2m
Forbearances below 2m for 1st time in 15 months - big weekly drop
Fourth gear
JP Morgan takes to the road again for fourth auto CLN in 11 months
Going hybrid
New working models 'render offices as a service'
International SLABS debuts
Global legal, regulatory complexity addressed
Issuance boost
BNP Paribas leads the pack
Softly softly
US banks .......
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Forbearances south of 2m
Forbearances below 2m for 1st time in 15 months - big weekly drop
The number of active mortgage forbearance plans in the US dropped by 189,000 in the last week to below two million for the first time since April 2020, mortgage data provider Black Knight reported this morning (July 9).
This represents the highest weekly exit week in over six months.
Forbearances in mortgages held by banks and in private label deals led the way .......
News 9 July 2021
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Going hybrid
New working models 'render offices as a service'
The Covid-19 pandemic has ushered in hybrid working models that are redefining real estate valuations of offices as a service, rather than passive assets. At the same time, a shift in the balance of power from landlords to tenants appears to be underway.
“The shift appears to be irreversible,” says Euan Gatfield, md of EMEA CMBS at Fitch. .......
News Analysis 9 July 2021
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Stable outlook
NPL ABS potential underlined
Greece is now leading the way in Europe’s bad loan clean-up, participants in a recent DBRS non-performing loan webinar agreed. The outlook for the European NPL market overall is stable, despite decreased collections and extended timeframes for most securitisations.
Greece’s leading banks have embraced securitisation as a way to improve asset quality, replicating what Italy has done with .......
News 9 July 2021
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EU monetary policy to reflect carbon transition
Sector developments and company hires
EU monetary policy to reflect carbon transition
The ECB has published its new monetary policy strategy, which includes what it describes as “an ambitious climate-related action plan”. The central bank states that climate change has profound implications for price stability through its impact on the structure and cyclical dynamics of the economy and the financial system.As such, it .......
Market Moves 9 July 2021
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Issuance boost
BNP Paribas leads the pack
BNP Paribas has completed a full-stack significant risk transfer transaction backed by French unsecured consumer loans. Dubbed Noria 2021, the securitisation is the first capital relief trade from the programme to be backed by personal, debt consolidation and sales finance loans. The transaction renders the bank the most active SRT originator this year to date.
According to .......
News 9 July 2021