Weekly Issue Archive »

Issue 766 - 29th October

  • News Analysis

    • Capital Relief Trades

      • Stepping up

        US CRT prospects discussed

        The US CRT market – as with every other area of society – was tested by the Covid-19 fallout. But the sector arguably finds itself in a stronger position now, according to a new SCI Special Report. The levels of quality, innovat...

    • ABS

      • Healthy Hertz

        Securitization key to Hertz's near-fatal collapse and its resurrection

        Hertz this week (October 26) announced an order for 100,000 new Tesla electronic cars for its rental fleet less than four months after it emerged from Chapter 11 bankruptcy protection - a purchase which pushed the market valuation of Tesla to over $1...

    • Capital Relief Trades

      • Risk-sharing remit

        CRT definitions discussed

        Most practitioners agree that ‘risk-sharing transactions’ is the most appropriate moniker for capital relief trades, but there remains some divergence around the term. This CRT Premium Content article explores what it means for in...

      • Rocky road ahead

        Output floor implementation questioned

        The European Commission has approved the long-awaited CRR3 proposal (SCI 28 October). The latest changes to the capital requirements regulation incorporate the final December 2017 Basel 3 rules into EU law. Nevertheless, banks will likely oppose the...

    • ABS

      • Positive prospects?

        Legal changes open up Turkish NPL opportunities

        Recent amendments to Turkish law potentially open doors to international investors seeking opportunities in the Turkish non-performing loan market. However, although activity could pick up in the unsecured space, questions remain about secured and lu...

  • News

    • ABS

      • Polish return

        Rare lease securitisation completed

        Europejski Fundusz Leasingowy (EFL), owned by Crédit Agricole, has completed a rare Polish true sale securitisation. Dubbed EFL Lease ABS 2021-1, the PLN2.15bn transaction has a three-year revolving period and is backed by a portfolio of l...

    • Structured Finance

      • Still strong

        European ABS/MBS market update

        In a quieter week than of late, two full capital stack deals have been competing for investor attention in the European ABS/MBS primary market. Strong demand for both Pixel 2021 and SC Germany Consumer 2021-1 suggests that the market is stil...

      • Covid dip

        CRE CLO churn rates drop

        Churn rates in US managed CRE CLOs continue to decline, according to new research from KBRA assessing collateral turnover in recent vintage transactions. The study analysed all CRE CLO transactions issued between 2017 and 2020, gathering data on US$2...

      • SCI Start the Week - 25 October

        A review of SCI's latest content

        New free report to download - US CRT Report 2021: Stepping Up The US CRT market – as with every other area of society – was tested by the Covid-19 fallout. But the sector arguably finds itself in a stronger position now. This SC...

    • Capital Relief Trades

      • SCI Awards: Personal Contribution to the Industry

        Winner: Christian Moor, team leader at the EBA

        Asked about his proudest achievement, Christian Moor, team leader at the EBA, points to - perhaps unsurprisingly - the STS framework for synthetic securitisations. ‘’It was something that I thought about when I was on a holiday...

      • SCI CRT Awards: Rising Star

        Winner: Meindert de Jong, director at PGGM

        In a mere seven years Meindert de Jong has gone from graduate recruit to a director and invaluable member of PGGM’s credit & insurance linked investments team, which manages PFZW’s dedicated Credit Risk Sharing (CRS) inves...

      • Spanish SRT finalised

        Sabadell executes capital relief trade

        Sabadell has completed a €75m synthetic securitisation that references a portfolio of Spanish corporate and SME loans. The transaction is the lender’s first synthetic securitisation to be sold to private investors. Sabadell execu...

      • Risk transfer round-up - 28 October

        CRT sector developments and deal news

        BCP is believed to be readying a capital relief trade in Poland. The trade would be the second alleged CRT from the jurisdiction, following rumours of a transaction being prepped by mBank (SCI 18 October). ...

      • Disclosure deluge

        Proposed quarterly capital disclosures brings GSEs into line with banks

        The Federal Housing Finance Authority (FHFA) has proposed new more onerous disclosure requirements for the GSEs. Under the terms of the new rules, Fannie and Freddie would be obliged to disclose details about regulatory capital on a quarterly basis...

    • CLOs

      • Comprehensive metric?

        Total alpha touted as CLO performance measure

        The CLO market is seeing such growth that there are calls for a more complete performance measure to be introduced. Total alpha is being touted as one way to differentiate between CLO managers.   Now standing at over US$1trn in is...

  • Talking Point

    • Structured Finance

      • Future-proofing credit portfolio management

        John Pellew, principal, distribution and securitisation, Arrow Global, discusses the rising importan...

        It has become a bit of a cliché to say that technology, data, analytics – and importantly – the appropriate application of such tools has become fundamental to running a successful business. And yet, despite the regular...

  • Market Moves

    • Structured Finance

      • Highland Capital lawsuit filed

        Sector developments and company hires

        Highland Capital lawsuit filed The latest lawsuit brought by Highland Capital Management (HCMLP) against former employees has been filed in the bankruptcy court of the northern district of Texas. The action seeks to “recover hundreds of mi...

      • Securitisation stamp duty eyed

        Sector developments and company hires

        Securitisation stamp duty eyed The UK government is introducing legislation within Finance Bill 2021-22 that provides a power to make stamp duty and stamp duty reserve tax (SDRT) changes relating to securitisations and ILS by secondary legislation....

    • CLOs

      • New banking rules

        Sector developments and company hires The European Commission has adopted new EU banking rules under CRR 3 and CRD 4, with the aim of ensuring that EU banks become more resilient to potential future economic shocks, while contributing to Europe&...


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