Capital Relief Trades
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Call for Och 'feud' to end
Sector developments and company hires
Call for Och ‘feud’ to end
Market Moves 3 November 2022
Sculptor Capital Management’s independent board members and Jimmy Levin, the firm’s current cio and ceo, have issued statements in response to a recent court filing related to a dispute brought by former chairman and ceo Daniel Och. The filing mentions a “personal issue” from Levin’s past, which was thoroughly reviewed at the time and .......
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New opportunities
CRT opportunities assessed as central banks pull back
News Analysis 28 October 2022
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Apollo, PIMCO set to acquire Credit Suisse SPG
Sector developments and company hires
Apollo, PIMCO set to acquire Credit Suisse SPG
Credit Suisse has unveiled its new strategy and transformation plan, following a strategic review of the bank’s businesses (SCI 28 July). The bank says it is taking “extensive measures” to deliver a more integrated business model, with the goal of creating value for shareholders.Over the next three years, Credit .......
Market Moves 28 October 2022
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Through a glass darkly
Regulatory transparency would kickstart US CRT, say Miami speakers
Greater “clarity from regulators” is the key catalyst required to increase US bank usage of the CRT market, according to a speaker today at the ABS East conference in Miami.
Currently, there is an “opaque environment” and that is holding up the market, he elaborated. Another panellist admitted that the US market is currently “curiously undersized.”
Although there have been offerings by regional .......
News 19 October 2022
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Swell spreads
Risk pricing means bonds stay costly for GSEs, say speakers at Miami
The GSEs will be obliged to offer “pricing concessions to increased risk” in 2023, meaning, among other things, that the shift to reinsurance will continue, says a speaker at the ABS East conference in Miami today.
Spreads in STACR and CAS securities have widened sharply this year due to increased supply and worsening macro-economic conditions, which has pushed a larger share of .......
News 17 October 2022
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Custom-built capital relief
Customers Bank perhaps side-steps regulators with true sale deal
The unusual regulatory capital relief trade closed by Customers Bank on September 30 is likely to have achieved de-recognition of the assets, meaning that it did not require approval from the New York Federal Reserve Bank, surmise well-placed sources.
Under the terms of the transaction, Pennsylvania-based Customers Bank sold a $500m portfolio of unsecured customer loans to a large asset manager. .......
News 12 October 2022