Weekly Issue Archive »

Issue 778 - 28th January

  • News Analysis

    • ABS

      • Remarkable restructuring

        Re-tranched NPL ABS set to benefit from GACS

        Intesa Sanpaolo last month completed the first restructuring of an Italian non-performing loan securitisation seeking to benefit from the GACS guarantee. Dubbed Penelope SPV, the deal also marks another first for Italian NPL transactions as, at the t...

    • Capital Relief Trades

      • Risk limits

        US corporate SRT issuance to remain constrained

        Issuance of capital relief trades referencing US corporate loans is likely to remain constrained, even though a small pick-up in volume has occurred since 2020 with transactions issued by JPMorgan, Goldman Sachs and HSBC USA. Such deals are expected...

      • Trigger concerns

        EBA complicates CRT thickness requirements

        The EBA’s consultation paper on regulatory technical standards (RTS) regarding the specification of performance-related triggers for STS synthetic securitisations has largely been welcomed by originators (SCI 20 December 2021). However, one...

    • ABS

      • Electric avenue

        Electric cars aren't as green as they seem

        “Just because you have an electric car it doesn’t make you green,” says the head of liquid assets investment at a large public sector borrower in North America. He manages a $45bn portfolio of which is between $5bn-10b...

  • News

    • Structured Finance

      • SCI Start the Week - 24 January

        A review of SCI's latest content

        Last week's news and analysis Continued commitments Deerpath Capital Management, answers SCI's questions CREFC takeaways Certain types of mall and certain types of hotel excite worry How will the CLO market fare in 2022? V...

    • Capital Relief Trades

      • SME uplift

        Further details on Banco BPM SRT revealed

        Further details have emerged in connection with Banco BPM’s significant risk transfer trade with the EIB Group (SCI 22 January). The €91m first loss guarantee references a static €1.57bn portfolio of Italian SME loans and...

    • RMBS

      • Inflection Point?

        European ABS/MBS market update

        The European ABS/MBS primary market has been hit by macro volatility this week. While the previous week saw healthy investor demand and firm pricing (SCI 21 January), the current tense backdrop of central banks unwinding and major geopolitical tensio...

  • The Structured Credit Interview

    • CMBS

      • Multi-family moves

        SitusAMC Insights speaks up on the US multi-family market

        Senior director and head of SitusAMC Insights Peter Muoio and svp Jennifer Rasmussen give their views on the multi-family scene and CMBS market heading into 2022  Q. What is the current picture in the multi-family MBS market and h...

  • Market Moves

    • Structured Finance

      • New members

        Sector developments and company hires

        DBRS Morningstar has appointed two new independent non-executive members to its board of directors – Joseph M. Donovan and Katherine L. Frey. Both industry veterans, Donovan presently serves in similar roles on the board of directors at STO...

      • New hires

        Sector developments and company hires

        Greystone has announced several new senior hires as it continues to grow its CMBS platform. Jared Noordyk and Natalie Grainger will be joining the firm as head of securitisation and cco, respectively, and will report to head of CMBS, Rich Highfield&a...

      • Impact investor acquired

        Sector developments and company hires

        M&G is set to acquire a majority stake in impact investor responsAbility Investments. Headquartered in Zurich, responsAbility has invested more than US$11bn in private assets across emerging markets since it was founded in 2003 and currently...


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