Capital Relief Trades
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Resonance marketed
SRT market update
Further details have emerged on Citi Bank’s corporate SRT deal (SCI, 10 May). Sources suggest the spread landed somewhere in the sixes, with the tranche thickness at 0-13%.
One tells SCI: “Citi was initially looking to do $500m of first loss, but they might have done more as they got a lot of demand because it’s good .......
SRT Market Update 22 July 2024
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CAS five
Market updates and sector developments
Fannie Mae has priced its fifth CAS deal of the year – a US$659m REMIC designated CAS 2024-R05. The transaction is underwritten by Wells Fargo and Morgan Stanley.
It consists of two US$283.86m M1 tranches (2A-M1 and 2M-1) rated Aa3/A .......
Market Moves 18 July 2024
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The (re) insurance equation
Insurers have a niche in European SRT, but regulatory hurdles block US market
While insurance company participation in European reg cap trades has become an appreciable segment of the market and likely to grow further, it remains grounded in the US with no indication of imminent lift off, say industry experts.
News Analysis 15 July 2024
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H1 commentary and league tables
SRT market update
While reflecting on the first half of the year, many market participants have often used and repeated the expression ‘more of the same.’
Indeed and although the market has not experienced or faced any fundamental changes in the last six months, the general feeling is that its leading participants are doing all the ‘usual things’, but on an .......
SRT Market Update 12 July 2024
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Expect new issuers
SRT market update
A notable trend during the first half of the year has been the growth and surge in cash SRT transactions. While market sources report a combination of factors accounting for such uptick in true-sale trades, both originator and investor demand has been particularly strong in Italy.
Commenting on the uptick experienced in cash SRTs, one ABS/MBS trader points to favourable .......
SRT Market Update 12 July 2024
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Job swaps weekly: Newmark snaps up industry veteran
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Newmark hiring an experienced executive as md on its UK and EMEA debt and structured finance team. Elsewhere, i80 Group has hired a former Wells Fargo ABF and securitisation director, while law firm Cappelli RCCD has promoted a securitisation and structured finance specialist to partner.
Debt advisory veteran Steve Williamson .......
Market Moves 12 July 2024
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Latest SRTx fixings released
SRT market sentiment highlights balanced trends and market conditions
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. While last month’s data points highlighted an incrementally better market sentiment overall, this month’s figures and calculations calculations generally came back wider than the previous month.
SRTx Spread Indexes have widened across the board, with the European (+8.4%) and US (+8.3%) corporate segment .......
News 11 July 2024
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Fundraising target exceeded
AXA IM Alts announces it has raised €2.3bn for its SRT strategy
The investment management firm, which boasts €184m AUM and has closed 110 deals since the launch of its strategy (the majority of which were bilateral trades), is looking to capitalise on the growing SRT market. The group credits its relationships with banks and the attractiveness of the asset class as key drivers.
Global head of client group Florence .......
News 11 July 2024
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School's out?
SRT market update
It seems summer has officially arrived and with it its traditional hiatus in deal flow. Market sources suggest that activity will pick up later in Q3 and that the end of the year may see new issuers enter the market.
Reflecting on current volumes, one source explains NDAs should pick up towards the end of August and that the .......
SRT Market Update 5 July 2024
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Job swaps weekly: Medalist names Buccola as head of structured credit
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Medalist Partners appointing a former Cantor Fitzgerald senior executive as partner and head of structured credit. Elsewhere, the EIF has named a new head of securitisation, while Davis Polk has promoted six – including two securitisation specialists – to partner.
Medalist Partners has appointed James Buccola as partner and head .......
Market Moves 5 July 2024
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Agriculture CLN incoming
SRT market update
Lloyds is in market with a fresh transaction from its Fontwell programme. It previously issued the agricultural mortgages programme back in 2016 and 2020, with investors suggesting a pricing of 12% and 10% spreads, respectively. Pricing details for the new trade are still unclear, although a combination of a broader investor base and the fact that the .......
SRT Market Update 3 July 2024
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CIRT five for 2024
Market updates and sector developments
Fannie Mae (today) executed its fifth CIRT deal of the year, designated CIRT 2024 L-3, transferring US$337.2m of mortgage risk to 27 insurers and re-insurers.
The GSE retains risk for the first 170bp .......
Market Moves 1 July 2024
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Continued growth
SRT Market Update
As both Q2 and the first half of the year come to a close, SRT investors highlight a consistent and continued growth in issuance.
Reflecting on the level of volumes seen in the last six months, one SRT investor expects figures to show a “15% growth” year-on-year. He notes: “There have been a lot of transactions, with most of .......
SRT Market Update 28 June 2024
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Job swaps weekly: Crescent promotes three to senior leadership team
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Crescent Capital Group bolstering its senior management team with a number of promotions. Elsewhere, S&P Global Ratings has named a successor to president Martina L Cheung, who is to be promoted to president and ceo of S&P Global, while Man Group has hired a credit-risk-sharing-focused head of structuring.
Crescent Capital .......
Market Moves 28 June 2024
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Landmark transaction
SRT Market Update
The EIB group has revealed another transaction, this time with Romanian bank Banca Transilvania (BT). The landmark transaction becomes BT’s first securitisation transaction as well as the first capital relief transaction between BT and the EIB Group.
The transaction aims to provide capital relief for BT in relation to a portfolio of assets subject to the standardised approach, freeing .......
SRT Market Update 28 June 2024
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Northern green light
Norwegian securitisation to benefit from 'plug-and-play' scenario
The EEA’s long-awaited passage of the EU Securitisation Regulation should finally open the door for Norway’s securitisation market (SCI 14 June). Indeed, the jurisdiction is expected to hit the ground running.
Markus Nilssen, partner at BAHR, explains: “Banks here are exposed to higher capital requirements than elsewhere in Europe; for example, a 4.5% systemic risk buffer on .......
News Analysis 28 June 2024
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CEE it to believe it
Three major talking points from SCI's Emerging Europe SRT Seminar in Warsaw
Over 100 SRT practitioners gathered in the Polish capital for SCI’s inaugural Emerging Europe SRT Seminar last week. Panellists spoke about their excitement for the market, barriers to entry for new players and everyone’s favourite villain - regulations.
- A booming market
“Since Covid and somebody in the Kremlin, who shall remain nameless, Europe was forced .......
Talking Point 27 June 2024
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SCI In Conversation Podcast: Chris Hentemann, 400 Capital Management
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Chris Hentemann, managing partner and chief investment officer of 400 Capital Management, about where he sees value today. Hentemann discusses the types of assets and regions of issuance that are of most interest; the attraction to France, Iberia, and northern Europe; the extent to which .......
News Analysis 26 June 2024
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