Capital Relief Trades
-
Latest SRTx fixings released
Improved tone continues in July index values
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The improved tone seen across the sub-indexes in June’s fixings (SCI 2 June) generally appears to have continued, as market conditions stabilise following March’s banking volatility.
Indeed, the overall improved values for the SRTx Liquidity Indexes and SRTx Volatility Indexes suggest that issues across .......
News 7 July 2023
-
-
-
-
O Canada
Perfect storm of factors pushes Canadian banks to SRT
The June 20 decision by the Office of the Superintendent of Financial Institutions (OFSI) to raise the Domestic Stability Buffer (DSB) by another 50bp to 3.50% - only six months after it had been increased to 3% - is another reason for Canadian banks to look long and hard at the SRT market.
Bank of Montreal is the doyen of the Canadian .......
News Analysis 30 June 2023
-
Fannie Mae prices fifth CAS deal of 2023
Market updates and sector developments
Fannie Mae has priced a $738m four tranche CAS transaction, its fifth of the year and designated CAS 2023-R05. This trade follows its sixth and seven CIRT credit risk reinsurance deals, announced at the end of last week (SCI 26 June).
The $288.2m M1 tranche, rated A-/A- has been priced at 30-day average SOFR plus 190bp, while .......
Market Moves 30 June 2023
-
-
-
-
-
-
SCI In Conversation: Terry Lanson, Seer Capital
We discuss the hottest topics in securitisation today
In this latest episode of our SCI In Conversation podcast, Terry Lanson, a managing director at Seer Capital and an established luminary in the regulatory capital relief trade market, discusses the prospects for further growth and development of the SRT market in the US. Although this is well-trod ground, Terry believes that, in the wake of the failure of several .......
News 27 June 2023
-
-
Inflexion point
SRT market takes off despite regulatory turbulence
The SRT market is experiencing strong growth with both issuers and investors increasing their focus on the space, according to panellists at the 27th Annual Global ABS conference in Barcelona. However, despite strong European activity there remains a significant amount of uncertainty as the market grapples with regulatory changes surrounding Basel 4.
Credit Agricole CIB has noted significant .......
News Analysis 26 June 2023
-
-
-
-
-
-
Walker steps up to global credit head
Sector developments and company hires
Walker steps up to global credit head
Aon has established a new global credit team structure within its Reinsurance Solutions unit, appointing Ben Walker as head of global credit. The global credit team now combines Reinsurance Solutions’ existing mortgage, trade credit, structured credit and political risk and surety businesses to form one global function.The aim is to facilitate .......
Market Moves 14 June 2023
-