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Issue 772 - 10th December

  • News Analysis

    • ABS

      • Perfect harmonisation?

        Transparency and standardisation key to EU NPL initiatives

        Although fears of a Covid-induced wave - or a tsunami even - of European non-performing loans (NPLs) has dissipated for now, caution and vigilance still appear to dominate the sector. A regulatory approach towards increased transparency and harmonisa...

    • Structured Finance

      • Growth constraints

        Disconnect between Euro ABS ambitions and reality?

        European securitisation issuance for the first 11 months of the year stood at a decade high of over €112bn, up by more than 65% compared with the same period in 2020, according to S&P figures. However, despite such record growth, a d...

      • Starz gazing

        Euro CRE CLOs tipped for take-off

        Starz Realty Capital’s Starz Mortgage Securities 2021-1 transaction was notable for being a first-of-its-kind European dual-currency CRE CLO (SCI 1 October). A handful of further such deals are expected next year, given the need for a fundi...

  • News

    • ABS

      • Digital ABS debuts

        Fully blockchain-based securitisation completed

        German fintech Cadeia has completed the first-ever fully blockchain-based corporate loan securitisation via its Digital Services Platform (DSP). Dubbed GreyPeak 2021-1, the deal was privately placed in the form of digital securities. “Gre...

      • Year-end?

        European ABS/MBS market update

        With primary European ABS/MBS market activity fading further away, year-end feels awfully close. As a result, focus is already being directed on the upcoming new year. “I think it is fair to say that we have hardly looked at any potential...

    • Structured Finance

      • SCI Start the Week - 6 December

        A review of SCI's latest content

        Last week's news and analysis Enhanced value Securent answers SCI's questions ESG countdown ECB climate stress tests pending GACS pair print Mixed NPE pool debuts Meeting opportunity New trading platform to capitalise...

    • Capital Relief Trades

      • UK SME return

        Lloyds completes capital relief trade

        Lloyds has finalised a significant risk transfer transaction referencing a portfolio of UK SME loans. Dubbed Salisbury Four, the £175m six-year CLN references a £1.83bn portfolio and is the first post-Covid UK SME SRT. The trans...

      • CRT bonanza

        Record 2021 origination and Fannie's return to drive banner 2022 for CRT

        Next year will see record GSE CRT issuance of around $20bn, around $6bn higher than 2021, predicts Pratik Gupta, head of CLO and RMBS research at Bank of America. In addition, he predicts a resurgence of interest in CRT issuance from mortgage insur...

      • Landmark SRT inked

        Wealth management unit completes synthetic ABS

        Credit Suisse’s wealth management arm has finalised a significant risk transfer transaction referencing a US$2bn portfolio of loans collateralised by financial and real assets, such as private jets, yachts and real estate. Dubbed Athena,&am...

      • Positive prospects?

        CRE tops Stage Two allocations

        Commercial real estate loans were allocated the largest share of Stage Two classifications, according to the latest EBA data. This coincides with an overall growth in Stage Two allocations following the coronavirus crisis, as well as a boost in signi...

      • New STACR, last STACR

        Freddie prices 10th and final STACR of the year

        Freddie Mac has priced a $963m STACR, making its third CRT transaction of Q4 and final offering of the year. The trade, designated STACR 2021-HQA4, was underwritten by joint leads Barclays and Bank of America. The co -managers were Amherst Pierpoin...

      • SME boost

        German STS synthetic printed

        Deutsche Bank and the EIB Group have executed a €75m unfunded mezzanine guarantee that references a €1bn German mid-market corporate portfolio. The guarantee will provide capital relief to Deutsche Bank and enable the lender to fina...

      • HSBC hits the US trail

        HSBC USA markets corporate loan CRT, Santander brings auto loan CLN

        HSBC USA is in the CRT market with a new trade backed by large revolving corporate loans originated in North America, say well-placed sources. The deal, which is expected to close before the end of the year, is self-led. The reference pool of loa...

    • CLOs

      • Record breakers

        Strong Euro CLO market set to continue

        European CLO issuance volume is set to hit a post-financial crisis high of €40bn by year-end, boosted by record reset and refinancing activity. Prospects for the market in 2022 remain positive, reflecting strong leveraged debt issuance expec...

  • Talking Point

    • CMBS

      • Covid-19: Lessons for the CMBS market

        Iona Misheva, partner at Allen & Overy, explores the lessons that the pandemic provided for the European CMBS market Issuance has been at consistently high levels this year.  This has shown that the asset class recovered quickly fr...

      • Flowers among weeds

        CMBS yields value to canny buyers despite distress

        In the first of a series of interviews with SCI, investment managers discuss where they have seen most value recently and where they expect to see it in 2022. Despite - or because of  - the continued uncertainties that beset many areas of...

  • The Structured Credit Interview

    • CLOs

      • Exploiting inefficiencies

        Jay Huang, md and head of structured credit investments at CIFC, answers SCI's questions

        Q: How has investor perception changed around CLOs, given the resiliency of the asset class in 2021? A: Three years ago, when I was visiting investors, I would have to bring up the resiliency of the CLO product. However, I have noticed a trend tha...

  • Market Moves

    • Structured Finance

      • ESG data coverage scrutinised

        Sector developments and company hires

        The European Leveraged Finance Association (ELFA) has analysed coverage by three ESG data vendors for three debt indices - the CS Western European Leveraged Loan Index, the ICE BofAML Developed Markets High Yield Constrained Index and the BBG Global...

      • Extendable CRE loans scrutinised

        Sector developments and company hires

        Extendable CRE loans scrutinised Fitch has published an unsolicited comment on highly extendable commercial mortgage loans that offer borrowers up to 20 years of successive annual extension options, as featured in the recent Sage AR Funding 2021 and...

      • Climate risk analytics firms acquired

        Sector developments and company hires

        Climate risk analytics firms acquired Intercontinental Exchange has acquired risQ and Level 11 Analytics, which deploy data-driven technologies for managing climate change risk. RisQ and Level 11 Analytics leverage a variety of advanced geospatial m...


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