Capital Relief Trades
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Entrepreneurial spirit
Colin Reddy, md, head of financial institutions and advisory at Howden CAP, answers SCI's questions
Q: You joined Howden CAP in April from Mizuho, where you executed a number of strategic capital and balance sheet transactions for the firm’s clients (SCI 12 April). What attracted you to move to the insurance side of the risk transfer market?
The Structured Credit Interview 9 June 2023
A: I began my career in insurance, but I have spent the last 20 years in banking .......
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Capital panic
Use of SRT by US banks more pertinent as reg cap rises
US regulators are poised to increase capital requirements for bigger banks by as much as 20%, which will make the case for an expansion of the SRT market even stronger, say sources.
The recent spate of bank collapses has persuaded regulators that financial institutions must hold more equity capital.
“Instead of doubling down on a complex system of rules for banks that provide .......
News 6 June 2023
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Santander selling
Spanish bank in US market with new auto loan CLN – price indications
Santander Bank NA is currently in the market with its first auto loan CLN of the year, dubbed SBCLN 2023-A. It concluded three such transactions last year, all of which were executed in December.
The trade consists of seven tranches, six of which are unrated and one unrated, according to sources in New York. The overall face value of the trade .......
News 6 June 2023
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Latest SRTx fixings released
Improved tone implied in June index values
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The index values imply a generally improved tone across all four sub-indexes since May’s fixings (SCI 3 May).
Indeed, this month’s survey responses suggest that spread estimates have tightened considerably for US large corporate and EU SME SRT transactions - by 48bp (representing .......
News 2 June 2023
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Sun King supported via solar ABS
Sector developments and company hires
Sun King supported via solar ABS
Market Moves 31 May 2023
British International Investment (BII), the UK’s development finance institution (DFI), and Stanbic Bank Kenya have unveiled commitments to off-grid solar energy company Sun King via a US$130m-equivalent securitisation and a joint US$20m working capital facility. These commitments will enable the purchase of more inventory - such as solar home systems and solar lanterns - and .......
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ESG impact disclosure RTS inked
Sector developments and company hires
ESG impact disclosure RTS inked
Market Moves 26 May 2023
The three European Supervisory Authorities (ESAs) have jointly submitted to the European Commission draft RTS on ESG impact disclosures for STS securitisations under the Securitisation Regulation (SECR). The amended SECR introduced new optional disclosure provisions related to the principal adverse impacts (PAIs) on sustainability factors of the assets financed by the underlying exposures for both .......
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Holding steady
CRT structures unscathed amid bank volatility
Recent banking instability is unlikely to result in contractual changes in synthetic securitisations, but structural divergences are emerging. This Premium Content article investigates further.
The aftermath of UBS’s acquisition of Credit Suisse and the turmoil in the US regional bank market is unlikely to result in any contractual changes around counterparty credit risk in synthetic securitisations. However, opinion ......
News Analysis 19 May 2023Premium Content
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CLO heavyweight to lead combined platform
Sector developments and company hires
CLO heavyweight to lead combined platform
Sound Point Capital Management has appointed Gunther Stein as head and cio of its US performing credit and CLO platform. The move follows Sound Point’s recently announced agreement to acquire Assured Investment Management, the institutional asset management business of Assured Guaranty that was formerly known as BlueMountain Capital Management (SCI 6 April).Market Moves 19 May 2023