Capital Relief Trades
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Capital call CRT
WAB sells subscription CRT to Blackstone, say sources
In addition to its recent CRT deal derived from mortgage assets, Western Alliance Bank (WAB) has been in the market very recently with CRT trades referencing capital call facilities, say well-placed market sources.
The Phoenix-based bank, which is fast becoming the doyen of US regional CRT issuers, has placed least one capital call transaction, add sources.
It is believed to have executed .......
News 22 July 2022
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Golden opportunity?
Basel 4 raises Japanese SRT prospects
Japanese banks have historically been well-capitalised, but implementation of the Basel output floors could change this. Against this backdrop, this Premium Content article investigates the prospects for capital relief trade issuance in the jurisdiction.
Japanese banks are expected to boost their issuance of significant risk transfer transactions as the implementation of the Basel output floors draws near. ......
News Analysis 22 July 2022Premium Content
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WAB trio
Western Alliance Bank surfaces in CRT market for the third time
Western Alliance Bank (WAB) has sold another capital relief trade – its third since its debut last year – in the shape of 18 classes of mortgage reference notes designated Western Mortgage Reference Notes Series 2022-CL1 and Series 2022-CL2.
The Phoenix, Arizona-based borrower first entered the CRT market in September 2021, becoming only the second US regional to do such a trade. .......
News 4 July 2022
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Better methods?
New definitions for green, social securitisations
ICMA has released new definitions for green and social securitisations, together with additional resources for climate transition finance under its update of the Green Bond Principles (GBP), Social Bond Principles (SBP), Sustainability Bond Guidelines (SBG) and Sustainability-Linked Bond Principles (SLBP). In a Q&A document published in conjunction with the updates, the association further clarifies that synthetic securitisations require additional .......
News 29 June 2022
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CRT v CLOs
Vast 2022 spread widening makes CRT look cheap to CLOs
CRT debt has widened so much this year that it now offers better value than most other structured finance products, including CLOs, note analysts.
Though CRT widened sharply during the early days of the Covid 19 pandemic, that was during a period of legitimate concern about mortgage credit. At the moment, however, the fundamentals are strong and the outlook for mortgage credit .......
News Analysis 29 June 2022
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