Capital Relief Trades
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Surge in refi SLABS predicted
Sector developments and company hires
Surge in refi SLABS predicted
Market Moves 20 April 2023
The US Supreme Court is expected to render its decision regarding the legality of President Biden’s student loan forgiveness programme (SCI 31 August 2022) by the end of June. A resolution will provide borrowers with more clarity about their federal student loan debt balances and obligations - which is anticipated to spark further refinance .......
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Capital solutions head poached
Sector developments and company hires
Capital solutions head poached
Howden CAP has appointed Colin Reddy as md, head of financial institutions and advisory, based in London. He will leverage his industry expertise to provide clients with balance sheet and regulatory advisory solutions, while deepening Howden CAP’s existing structuring expertise.Reddy has over 20 years’ experience in financial services and joins Howden CAP from Mizuho .......
Market Moves 12 April 2023
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Latest SRTx fixings released
Index values reflect recent banking volatility
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The most significant change in the index values since March’s fixings (SCI 3 March) is that – perhaps unsurprisingly, given recent volatility in the bank sector - spreads have widened across all segments, except European SMEs.
This month’s survey responses suggest that spread .......
News 5 April 2023
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Magnetar mooted
Illinois-based investor denies buying Merchants Bank SRT
Magnetar Capital, an Illinois-based asset manager, has denied strong rumours that it was the buyer of the SRT from Merchants Bank of Indiana, reported last Friday.
Well-placed market sources had suggested that it had been the investor, but Magnetar says otherwise.
The firm was founded in 2005 and had $12.6bn AUM on 31/12/2022. It has over 200 employees in Evanston, Illinois, Houston, Texas, .......
News 3 April 2023
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Merchants joins the party
Brand new US SRT deal from Merchants Bank of Indiana
Merchants Bank of Indiana, a subsidiary of Merchants Bancorpt, headquartered in Carmel, Indiana, has become the latest US regional to issue a SRT trade, it has been discovered.
The bank, which had $9.7bn in assets of March 2022, has sold a $158m face value credit linked note (CLN) due May 26 2028.
This deal represents a securitization of a $1.3bn reference pool of healthcare commercial .......
News 31 March 2023
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Enpal backed for Germany's first solar ABS
Sector developments and company hires
Enpal backed for Germany’s first solar ABS
Renewable energy company Enpal has secured €356m from Citi and M&G to fund a warehouse facility for Germany’s first residential solar securitisation. The deal will provide Enpal customers access to financing for around 12,500 photovoltaic systems spanning energy storage and electric vehicle charging.Citi has made a senior debt commitment of €300m to .......
Market Moves 30 March 2023
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Fair winds
CRT issuance hits all-time record
CRT issuance volumes broke all-time records last year and the pipeline continues to build. The only potential blots on the horizon are the regulatory pause in the US and the fallout from the collapse of Credit Suisse and Silicon Valley Bank, as this Premium Content article suggests.
Capital relief trade issuance broke all-time records last year with ......
News Analysis 30 March 2023Premium Content
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Swedish auto lease ABS debuts
Sector developments and company hires
Swedish auto lease ABS debuts
Volkswagen Financial Services has closed its inaugural Swedish auto lease ABS. Dubbed VCL Master Sweden Compartment 1, the Skr9.1bn transaction is backed by a diversified pool of receivables representing over 40,000 leasing contracts extended to corporates and individuals in Sweden by Volkswagen Finans Sverige (VFS).In a private placement, the Aaa/AAA/AAA rated (Moody’s/ DBRS .......
Market Moves 27 March 2023
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