Capital Relief Trades
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AI credit analysis project launched
Market updates and sector developments
Stratiphy and Chenavari Financial Group have joined forces to develop custom AI tools aimed at improving the quality of and mitigating the subjectivity within credit analysis. By harnessing the wealth of existing data and employing a range of AI techniques, the project aims to enhance efficiency, pricing capability and precision in forecasting within credit analysis.
Representatives of each .......
Market Moves 13 May 2024
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Attraction stations
SRT relative value in focus
The relative value of SRT transactions is attracting a swathe of new as well as former investors to the space, despite the fact that spreads are tightening. Nevertheless, the creation of an active secondary market remains remote.
Several investors have recently returned to the SRT market after long spells away. For instance, Cheyne Capital last month announced it .......
News Analysis 13 May 2024
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SRT Market Update
Issuance overview in April
While March precipitated the first significant wave of SRT transactions of the year – notably through seasoned issuers and longstanding programmes – April was, according to investors, quieter on pricing execution.
Reflecting on last month’s pipeline, one SRT investor notes: “I don't think anything – that I’m directly aware of – has closed in April. However what was .......
SRT Market Update 13 May 2024
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Job swaps weekly: Western Alliance Trust elevates CLO expert to president and ceo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Western Alliance Trust Company appointing a new president and ceo with a background in CLOs, levered loans and securities custody. Elsewhere, Aon has hired an executive md of capital advisory, while Eversheds Sutherland has snapped up a Clifford Chance veteran as a capital-markets-focused partner.
Western Alliance Trust has promoted md .......
Market Moves 10 May 2024
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European SRT: Shifting prices – video
Alvarez & Marsal's Robert Bradbury speaks to SCI abo...
Robert Bradbury, md and head of structured credit execution at Alvarez & Marsal, speaks to SCI's Simon Boughey about pricing dynamics in the European SRT market. Bradbury discusses the quality of underlying assets, the growth in prevalence of standardised features, the synergy between growth of supply and demand, the impact of new entrants on the buyer front, and comparisons with pricing .......
News Analysis 8 May 2024
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Efficient frontier
Optimising returns in a post-Basel 4 landscape
With the implementation of Basel 4 (also known as Basel 3.1 or Basel 3 Endgame) looming ever closer[1], banks are yet again facing a shifting regulatory landscape. Against this backdrop, KPMG has put forward a practical solution for advanced banks to proactively manage their capital, notably through the concept of an “efficient frontier.”
The .......
News Analysis 7 May 2024
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Latest SRTx fixings released
Following a strong Q1, the April indexes point to rising geo...
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. In a shift from last month (SCI 10 April), volatility, liquidity and credit risk indexes all indicate a general shift in risk appetite.
SRTx Spread Indexes have displayed some moderate widening in the SME segment (+1.2% in Europe and +1.1% in the US). .......
News 3 May 2024
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Exclusive mandate
RCQ associates point to high demand for CRT specialists
Structured credit head-hunters RCQ Associates (RCQ) have an exclusive mandate to help boost Bank of Montreal’s (BMO) CRT department in Toronto as North American issuers ready themselves for a busy second half of the year.
Edward James, founding director of RCQ, says: “We’re conducting an international search for people looking to make that move in Toronto. .......
News 3 May 2024
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Funded vs unfunded divide
SRT Market Update
This week investors and market insiders have highlighted a debate and disagreements regarding the future of unfunded SRT deals.
Commenting on the matter, one SRT investor notes: “The UK regulator doesn’t seem to like unfunded deals – it doesn’t ban them, but it makes them very complex. Doing an unfunded deal requires you to look abroad.”
Another investor .......
SRT Market Update 3 May 2024
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Job swaps weekly: Ashurst lures Fried Frank trio
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Ashurst hiring three structured products professionals, including a partner, from Fried Frank. Elsewhere, Capital Four’s US ceo has left the firm after three years, while HFW has appointed two executives from Norton Rose Fulbright to its global shipping and export finance practice.
Ashurst has made three appointments to its US structured products, derivatives and .......
Market Moves 3 May 2024
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Double down
ASRS goes big in SRT in new mandate with AXA
Arizona State Retirement System (ASRS) will double its investment in SRT through its new US$400m mandate to AXA IM Alts, announced last week.
The US pension fund has been participating in risk sharing investments since 2019 through a partnership .......
News Analysis 30 April 2024
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Fresh mandate
Frank Benhamou joins Cheyne Capital
Cheyne Capital has announced that Frank Benhamou has joined the firm as Portfolio Manager for its Risk Transfer strategy. The announcement followed the news that the London-based firm was re-entering the SRT market, having previously been active from 2004-2018.
Prior to joining Cheyne, Benhamou spent 17 years at Barclays where, inter alia, he set up and led the .......
News 26 April 2024
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Job swaps weekly: Cheyne Capital snaps up SRT veteran
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Cheyne Capital hiring an SRT veteran who recently left their role at Barclays. Elsewhere, Wilmington Trust has made changes to its global capital markets leadership team, while a risk transfer specialist has left their position at The D. E. Shaw Group ahead of taking up a new role.
Cheyne Capital .......
Market Moves 26 April 2024
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Opening up
LatAm SRT activity gaining traction
SRT activity in Latin America is gaining traction, with three deals now completed - including two in the last 12 months - and more on the horizon. Multilateral development banks (MDBs) are playing a crucial role in opening up the region.
Edmund Parker, partner at law firm Mayer Brown, has worked on multiple Latin American synthetic securitisations. He .......
News Analysis 26 April 2024
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Final FCA, PRA rules 'imminent'
Market updates and sector developments
HM Treasury has published a draft statutory instrument that outlines the next steps in the process of replacing the onshored EU legislative regime for securitisation with its own rules under the broader ‘Smarter Regulatory Framework’ (SRF). The draft Securitisation (Amendment) Regulations 2024 (Amending SI) will repeal the EU Securitisation Regulation on 1 November, implying that the new regime – including .......
Market Moves 24 April 2024
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