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Issue 800 - 1st July

  • News Analysis

    • Asset-Backed Finance

      • Chain reaction

        US container and railcar ABS examined

        Global supply chain issues could continue to support US container and railcar ABS. However, as this Premium Content article shows, both markets are facing challenges on other fronts. As with most other US esoteric ABS sectors, the container and rai...

    • RMBS

      • Cost of living concerns

        Inflation pressures to push up UK RMBS arrears

        The cost of living is increasing at a rate not seen for decades, as consumer price inflation is on the rise and monetary policy tightens in response. Due to elevated levels of inflation, arrears in UK RMBS transactions are expected to increase over t...

    • Capital Relief Trades

      • CRT v CLOs

        Vast 2022 spread widening makes CRT look cheap to CLOs

        CRT debt has widened so much this year that it now offers better value than most other structured finance products, including CLOs, note analysts. Though CRT widened sharply during the early days of the Covid 19 pandemic, that was during a period o...

    • Structured Finance

      • Over the HIL?

        Home improvements drive resurgence in HELOC RMBS

        Total spending on home improvements and repairs in the US reached US$369bn in 2021, an increase of 9.4% year-over-year, according to Harvard University’s Joint Center for Housing Studies. Home improvement loans (HILs) have emerged as an alt...

  • News

    • ABS

      • SCI NPL Securitisation Awards: Transaction of the Year

        Winner: Project Galaxy

        Project Galaxy has won the Transaction of the Year category in SCI’s NPL Securitisation Awards. The deal marks the second largest rated EMEA NPE securitisation, with €10.8bn in gross book value (GBV). Project Galaxy is also the fir...

      • SCI NPL Securitisation Awards: Innovation of the Year

        Winner: Retiro Mortgage Securities

        Innovation in securitisation doesn’t always represent an overt major leap forward; much like the market itself, nuance is often the key. The seemingly simple advance of structuring a 144A deal and making it the first European non-performing...

      • SCI NPL Securitisation Awards: Issuer of the Year

        Winner: Intesa Sanpaolo

        Intesa Sanpaolo has won the Issuer of the Year category in SCI’s NPL Securitisation Awards. Intesa has confirmed its leadership in the non-performing loan space through pioneering execution and innovative solutions over the awards period. ...

      • SCI NPL Securitisation Awards: Investor of the Year

        Winner: Cerberus Capital Management

        In recognition of its resources, relationships and scale, Cerberus Capital Management has won the Investor of the Year category in SCI’s NPL Securitisation Awards. The firm has garnered significant industry acclaim for helping financial ins...

      • SCI NPL Securitisation Awards: Servicer of the Year

        Winner: Intrum

        Intrum boasts a presence in 24 European non-performing loan markets and a collection capacity in 160 partner countries, providing it with the broadest geographical reach in the credit management services industry. With revenues amounting to Skr17.8bn...

      • SCI NPL Securitisation Awards: Advisor of the Year

        Winner: Alantra

        Alantra Credit and Portfolio Advisory (CPA) has won the Advisor of the Year category in SCI’s NPL Securitisation Awards, after demonstrating significant innovation across the European non-performing loan landscape over the last year. Indeed...

      • SCI NPL Securitisation Awards: Arranger of the Year

        Winner: Morgan Stanley

        A leading position in the public and private markets, combined with a strong link to innovation ensured Morgan Stanley is awarded SCI’s European NPL Securitisation Arranger of the Year. According to SCI data, there were 19 public securiti...

      • SCI NPL Securitisation Awards: Law Firm of the Year

        Winner: Orrick

        Orrick, Herrington & Sutcliffe is recognised as Law Firm of the Year in SCI’s NPL Securitisation Awards, having displayed market leadership in the securitisation of non-performing assets and the disposal of unlikely-to-pay...

      • SCI NPL Securitisation Awards: Service Provider of the Year

        Winner: Scope Ratings

        Scope Ratings has a strong footprint in the European non-performing loan ABS market, ranking as SCI’s Service Provider of the Year in the space. The organisation has helped paved the way for the development of the sector, rating the first p...

      • SCI NPL Securitisation Awards: Contribution to Market Development

        Winner: NPL Markets

        Over 750 portfolios have now been onboarded to NPL Markets’ one-stop-shop reporting, trading and analysis platform. For its role in improving efficiency across the non-performing loan market, it is the winner of SCI’s award for th...

    • Structured Finance

      • Better methods?

        New definitions for green, social securitisations

        ICMA has released new definitions for green and social securitisations, together with additional resources for climate transition finance under its update of the Green Bond Principles (GBP), Social Bond Principles (SBP), Sustainability Bond Guideline...

      • SCI Start the Week - 27 June

        A review of SCI's latest content

        Last week's news and analysis Changing the paradigm De-risking NPLs and democratising fixed income through digital securitisation Corporate SRT finalised Credit Agricole prices capital relief trade ESG evolution European CLO docs...

    • Capital Relief Trades

      • Full stack return

        BBVA launches capital relief trade

        BBVA has finalized a full stack significant risk transfer transaction backed by a static €1.2bn Spanish auto loan portfolio. The trade was launched after PSA and Santander retained their respective full stack SRTs at the end of May amid a ba...

      • SRT debut

        BP Sondrio launches capital relief trade

        Banca Popolare di Sondrio and the European Investment Bank group have finalized a €48m junior guarantee that references a static €1bn portfolio of Italian SME and Midcap loans. The synthetic securitisation is the Italian lender&...

      • Corporate SRT launched

        Raiffeisen executes corporate SRT

        Raiffeisen has executed a €100m unfunded mezzanine guarantee that references a blind €1.8bn portfolio of German, Slovakian and Austrian corporate loans. The bank will be focusing on corporate exposures in the short to medium term wi...

      • Risk transfer round up-30 June

        CRT sector developments and deal news

        Santander is believed to be readying a synthetic securitisation backed by SME loans from the Magdalena programme. The last Magdalena deal was executed in September last year (SCI 14 September 2021). Stelios Papadopoulos  ...

    • RMBS

      • All eyes on FHFA

        New GSE fee for joint offerings puts FHFA under pressure

        Pressure is mounting on the Federal Housing Finance Authority (FHFA) to amend the capital treatment meted out to Unified Mortgage-Backed Securities (UMBS). Fannie Mae and Freddie Mac are due to start charging a 50bp fee on each other&r...

  • Market Moves

    • Structured Finance

      • Suit filed over alleged CMBS fraud

        Sector developments and company hires

        Suit filed over alleged CMBS fraud Kasowitz Benson Torres, as counsel to investment vehicles associated with Carl Icahn, has filed a complaint in Nevada state court against Rialto Capital Advisors for breach of contract and fraud. The case is in con...

      • UTP agreement inked

        Sector developments and company hires

        UTP agreement inked UniCredit and Prelios have signed an agreement for the specialised management of unlikely-to-pay (UTP) loans, following the conclusion of a competitive selection process launched by the bank in 4Q21. The long-term agreement invo...


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