Issue 773 - 17th December
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News Analysis
- Capital Relief Trades
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Game-changing potential
In the second in our series of year-end interviews with investment managers about where they expect ...
Opportunities for investment in CRT trades from US names will increase significantly in 2022, says Terry Lanson, a portfolio manager at Seer Capital. “We think we’ll see significant volume out of the US and also out of...
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- CLOs
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CLO investors thrive in 2021
An extract from SCI's new CLO Markets service
2021 has been a good year for CLO investors, after very mixed results last year when some funds failed to fully recover from the sharp declines recorded in March and April 2020. CLOs are now present in a range of funds – from diversified ma...
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- RMBS
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Opportunities in interventionism?
New housing bill opens door to Spanish BTL market
Spain’s minority coalition partners recently agreed a draft housing law - the first since the country’s transition to democracy in 1975 - which could redefine the local real estate market. As the cost of housing soars, the leftwin...
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- ABS
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Offshore appeal
International ratings for CMB credit card ABS
The first Chinese credit card ABS rated by an international agency (S&P) has closed. Zhaoyin Hezhi 2021 Phase I Personal Consumer Loan Asset-backed Securities is backed by a CNY2.97bn pool of credit card receivables originated by China Mercha...
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- Capital Relief Trades
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News
- ABS
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Road rage
Soaring used car prices turbo charge auto ABS but risks loom, say Miami panellists
An unprecedented surge in US used car values has led to a remarkable recovery in the auto ABS market from the pandemic lows, agreed panellists today at the ABS East conference in Miami. Spreads have narrowed from an average of Libor plus 300bp-350b...
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- Structured Finance
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SCI Start the Week - 13 December
A review of SCI's latest content
Last week's news and analysis Covid-19: Lessons for the CMBS market Allen & Overy explores the pandemic lessons for European CMBS CRT bonanza Record 2021 origination and Fannie's return to drive banner 2022 for CRT ...
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UK review released
HMT 'broadly supportive' of securitisation market
The UK government has published its report on the review of the securitisation regulation (SCI 28 June), which outlines specific areas of the regime that HM Treasury may revisit to ensure it “best delivers” for the UK securitisati...
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- Asset-Backed Finance
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Legal fees
Litigation finance market ripe for securitization wizards
Dislocation and delays of normal procedure during the 21 months of Covid-19 have boosted the litigation finance market and with it the possibility of greater securitization, says Jordan Goldstein, partner at Selendy & Gay in New York Goldst...
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- Capital Relief Trades
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Risk transfer round-up - 14 December
CRT sector developments and deal news
JPMorgan is believed to be readying a significant risk transfer transaction backed by corporate loans for next year. The bank’s last corporate capital relief trade closed in November 2020 with PGGM (see SCI’s capital relief trades...
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Corporate SRT launched
Raiffeisen completes capital relief trade
Raiffeisen Bank International (RBI) has finalised a US$216m significant risk transfer transaction that references a US$4.1bn blind pool of German, Austrian, Slovak and other European large, mid-market, SME and project finance borrowers. Dubbed Roof C...
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Bank bonanza
Massive potential of US bank CRT market stressed in Miami
If 10% of the $2trn US wholesale commercial loan market were to receive the CRT treatment it would create $25bn of new tranches - only $10bn less than the entire current global CRT market, according to a speaker at the ABS East conference i...
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ESG SRT inked
Standard Chartered completes capital relief trade
Standard Chartered has finalised a US$90m significant risk transfer trade that references a US$1bn portfolio of US and European corporate borrowers. Dubbed Chakra Six, the CLN stands out for its ESG features and was priced in the high single digits,...
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CAS Christmas cracker
Fannie's third CRT since its return makes Q4 top of the pile
Fannie Mae has priced its third and final CAS deal of the year, and as this trade will settle before year-end it makes 4Q 2021 the busiest ever seen in the GSE CRT space, say sources. The US$909m four-tranche offering, dubbed CAS 2021-R03, referenc...
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Auto CRT priced
Santander engineers US return
Santander has completed its synthetic securitisation that references a US$2.17bn portfolio of US auto loans (SCI 9 December). The transaction is the first post-Covid US synthetic auto ABS issued by a European originator and marks Santander’...
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- NPLs
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New trends
Italian NPL ABS capture coronavirus exposures
Over the medium term, Italian NPL securitisations will capture loans that have defaulted since the outbreak of the pandemic. They will be different compared to pre-pandemic portfolios featuring loans with low seasoning, at early stages of legal proce...
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- ABS
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Market Moves
- Structured Finance
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NPL prudential framework revised
Sector developments and company hires
NPL prudential framework revised The EBA has published its final report on the draft regulatory technical standards (RTS) amending its RTS on credit risk adjustments in the context of the calculation of the risk weight (RW) of defaulted exposures un...
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CyCAC securitisation closed
Sector developments and company hires
CyCAC securitisation closed Oxalis Holdings has completed a securitisation backed by a portfolio of Cypriot non-performing loans (NPLs) and real estate owned (REO) properties (see SCI’s Euro ABS/MBS Deal Tracker). Dubbed Hestia Financing,...
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Spanish private debt fund wins EIF backing
Sector developments and company hires
Spanish private debt fund wins EIF backing Beka Finance has formed a private debt management unit, dubbed Beka Credit, which it hopes will help consolidate the firm’s growth and leadership position in the alternatives market. The unit is a...
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- Structured Finance
 
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