Weekly Issue Archive »

Issue 767 - 5th November

  • News Analysis

      • Matryoshka doll?

        Use of proceeds proving contentious for ESG securitisations

        The EU taxonomy regulation and Sustainable Finance Disclosure Regulation (SFDR) are posing challenges for securitisation issuers and investors. For now, use of proceeds remains the most contentious issue. Announced in late 2019, the European Green...

    • Capital Relief Trades

      • Restricted issuance

        STS synthetic volumes to remain constrained

        STS synthetic securitisation issuance has been growing since the final framework came into effect earlier in the year (SCI 4 August), as the new regime slashes risk weights on retained tranches, while new structures boost insurer interest by allowing...

    • ABS

      • Electric avenue

        Adoption of electric cars spells greater volatility for rental car ABS

        If collateral underpinning rental car ABS is increasingly composed of electric cars then the market will be exposed to greater volatility and uncertainty, say credit analysts. Last week’s purchase of 100,000 new Teslas by Hertz fired the...

    • RMBS

      • New originations

        Reverse mortgage securitisations re-emerging?

        The second post-financial crisis publicly-rated UK securitisation of equity release mortgages (ERMs) and the first to comprise recent-vintage originations has priced. The issuance of two deals this year alone suggests the asset class is re-emerging,...

  • News

    • ABS

      • Freddie and Fannie prosper

        Net income/ revenue increased YoY and innovation unveiled in 3Q results

        Freddie Mac announced its 3Q results at the end of last week and, alongside healthy YoY growth in net income, several notable firsts were attained in the three month period. New income was $2.9bn, an increase of 19% YoY, driven by higher revenues a...

      • Holding firm

        European ABS/MBS market update

        Primary and secondary European ABS/MBS activity is expected to pick up this week after a few slow days. Last week, ABS spreads held firm and were able to maintain a certain pre-summer equilibrium, which could further translate into November. &l...

    • Structured Finance

      • SCI Start the Week - 1 November

        A review of SCI's latest content

        Last week's news and analysis Comprehensive metric? Total alpha touted as CLO performance measure Covid dip CRE CLO churn rates drop Disclosure deluge Proposed quarterly capital disclosures brings GSEs into line with banks Futu...

    • Capital Relief Trades

      • Risk transfer round-up - 1 November

        CRT sector developments and deal news

        Intesa Sanpaolo is believed to be readying a synthetic CMBS for 4Q21. The transaction would be the fourth pure synthetic CMBS transaction this year, following trades from BNP Paribas, Societe Generale and Bank of Montreal (see SCI's capital r...

      • Freddie's eight

        Two STACRs to go before yearend after eventful Q3

        Freddie Mac has priced its eighth CRT trade of the year, designated STACR 2021-DNA6, via joint leads Bank of America and Wells Fargo for a face value of $1.48bn. This is the borrower’s penultimate DNA STACR transaction of 2021. Another HQ...

      • Risk transfer round-up - 3 November

        CRT sector developments and deal news

        JPMorgan is believed to have postponed a synthetic securitisation referencing a portfolio of leveraged loans. Dubbed Valeria, the transaction was expected to close in 3Q21.  ...

      • Back from the brink

        Lloyds resurrects UK SME SRTs

        Lloyds is marketing a synthetic securitisation referencing a portfolio of UK SME loans under its Salisbury programme. The significant risk transfer transaction marks the first UK SME SRT following the onset of the coronavirus crisis last year. UK S...

    • CMBS

      • Dual-currency deal

        Pan-European CMBS prepped

        Goldman Sachs is in the market with a dual-currency pan-European CMBS. Dubbed Frost CMBS 2021-1, the transaction securitises a £112.35m loan and a €92m loan advanced to Newcold Holdings, a temperature-controlled logistics company b...

  • Market Moves

    • Structured Finance

      • SLM EODs eyed

        Sector developments and company hires

        SLM EODs eyed Fitch has downgraded from single-B to double-C the outstanding class A4 and B notes of SLM Student Loan Trust 2007-7, 2008-1 and 2008-4, due to the legal final maturity date of the class A4 notes being approximately three months away...

      • Servicers facing 'unprecedented' turnover

        Sector developments and company hires

        Servicers facing ‘unprecedented’ turnover US commercial mortgage servicers are facing unprecedented turnover levels and filling open positions in the tight labour market may ultimately increase the cost of servicing loans, Fitch...

      • Fed set to reduce asset purchases

        Sector developments and company hires

        Fed set to reduce asset purchases The New York Fed’s FOMC has increased the System Open Market Account (SOMA) holdings of Treasury securities by at least US$70bn per month and of agency MBS by at least US$35bn per month during the monthly...


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