Weekly Issue Archive »

Issue 777 - 21st January

  • News Analysis

    • CMBS

      • CREFC takeaways

        Certain types of mall and certain types of hotel excite worry

        While the overall tone at the CREFC conference last week in Miami was “bullish”, concern remains about pockets of assets within the CMBS space, say attendees. It is, however, insufficiently specific to say that the retail mall o...

  • News

    • Structured Finance

      • SCI Start the Week - 17 January

        A review of SCI's latest content

        CRT Training launch SCI has launched a new Capital Relief Trades training course, providing complete, deep-dive intelligence on the CRT sector. Aimed at new market entrants, this is a fast track opportunity to get the intelligence you need on the Ri...

    • Capital Relief Trades

      • Longer-dated profile

        Project finance exposure embraced

        BBVA has closed its first balance sheet synthetic securitisation referencing a project finance loan portfolio. The risk-sharing transaction – executed with Alecta and PGGM - allows the bank to free up 80% of the capital on the portfolio. ...

      • STACR prices

        Innovative double M-tranche STACR 2022-DNA1 sets coupons

        Freddie Mac has priced STACR 2022-DNA1, reported to be in the market last Friday (January 14), and is expected to settle the trade tomorrow (January 21). The ground-breaking transaction includes two investment grade tranches - the M-1A and M-1B- ra...

    • Real Estate

      • Mortgage marvel

        Sharp 2021 drop in foreclosure/delinquency - serious delinquency still elevated

        At the end of 2021, mortgage foreclosures had hit an all-time record low while the delinquency rate was only 0.10% higher than the historic low of 3.28% hit in February 2020 - just before the pandemic hit - according to data released this morning by...

    • RMBS

      • Primary primary

        European ABS/MBS market update

        Focus remained on the primary market in European ABS/MBS this week. Another swathe of new issues on offer meant secondary had to again take a back seat. Five deals priced on the week. All were RMBS and all met with healthy investor demand ensuring...

  • Talking Point

    • ABS

      • Same as ever?

        Davis+Gilbert partner Joseph Cioffi reflects on the performance of the US subprime auto sector in 20...

        The pandemic has been a surprising boon to the subprime auto ABS market, due to supply issues that have raised collateral values and a potent mix of government support and private actions that have bridged consumers through financial distress. The pa...

    • CLOs

      • How will the CLO market fare in 2022?

        Vibrant Capital Partners shares how it expects CLOs to perform in 2022

        Once a niche, widely misunderstood asset class, CLOs have proven resilient across credit cycles, transforming into a core allocation for institutional investors. Today, the global CLO market is over US$1trn in size and includes part...

  • The Structured Credit Interview

    • Structured Finance

      • SME mission

        Alain Godard, EIF chief executive, discusses Europe's post-Covid recovery and makes the case for STS...

        Q: What are the ways in which the EIF utilises securitisation to further its mission? A: Central to the EIF’s mandate is, of course, our support to SMEs across Europe. There are naturally many ways or various instruments to achieve that, i...

    • CLOs

      • Continued commitments

        Derek Dubois, md and treasurer at Deerpath Capital Management, answers SCI's questions

        Q: How does Deerpath differentiate itself from its competitors in the lower middle market? A: Deerpath Capital has been around for a number of years. It was founded in 2007 and we’ve always been focused on lower middle market US secured de...

  • Market Moves

      • New leadership

        Sector developments and company hires

        Crestbridge has appointed Martin Lambert as its new head of UK operations following the retirement of former boss Paul Windsor. Lambert will join the firm with more than 30 years of experience in the field, having most recently served as partner at G...

      • UniCredit unveils ARTS

        Sector developments and company hires

        UniCredit, in cooperation with the EIB Group, has finalised a new synthetic securitisation under its Asset Risk Transfer Sharing (ARTS) programme. The transaction references a circa €2bn portfolio of Italian SME and mid-cap loans, with the E...

      • Junior tranche guaranteed

        Sector developments and company hires

        Junior tranche guaranteed The EIB Group and Banco BPM have joined forces to support the working capital requirements and investments of Italian SMEs hit by the Covid economic crisis. In the first operation of this type in Italy, the EIB and the EIF...

      • Community-focused RMBS prepped

        Sector developments and company hires

        Community-focused RMBS prepped Change Lending is in the market with its inaugural RMBS – the US$297.26m CHNGE Mortgage Trust 2022-1. Change is certified by the US Treasury as a Community Development Financial Institution (CDFI). As such,...


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