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Issue 818 - 4th November

  • News Analysis

    • ABS

      • Existential challenge

        Activist agency, 'originalist' Court clash

        The US Court of Appeals for the Fifth Circuit last month ruled that the CFPB is unconstitutionally funded. This Premium Content article investigates what this landmark judgment means for the securitisation industry. Those in the securitisation indu...

  • News

    • Structured Finance

      • Stress-testing resilience

        Climate-change risk assessment approach debuts

        Scope has introduced a stress-testing methodology to assess climate-change impacts on securitisations. The objective is to help gauge the resilience of a transaction to transition and physical risks. “We have introduced a quantitative and...

      • SCI Start the Week - 31 October

        A review of SCI's latest content

        FREE Webinar: the outlook for global risk transfer activityJoin SCI’s panel of leading capital relief trades practitioners from Arch MI, ArrowMark Partners, Credit Benchmark and Guy Carpenter on 2 November at 2pm GMT for a complimentary web...

    • Capital Relief Trades

      • Risk transfer launch

        Deutsche Bank executes corporate CRT

        Deutsche Bank has executed a US$480m 7.5-year CLN that references a US$6bn global portfolio of over 100 corporate borrowers. Dubbed CRAFT 2022-1, the trade’s portfolio was upsized from an initial US$4bn reflecting investor demand, but the d...

      • Risk transfer round up- 2 November

        CRT sector developments and deal news

        BNP Paribas is believed to be readying another synthetic securitisation of corporate loans from the Resonance programme. The bank closed two deals from the programme this year (see SCI’s capital relief trades database). Stelios Papadopoul...

      • Risk transfer boost

        Bank of Montreal continues ramp up

        Bank of Montreal has finalized a US$625m financial guarantee that references a portfolio of US and Canadian senior secured and senior unsecured corporate loans. The transaction is the Canadian bank’s largest capital relief trade in tranche...

      • SRT hedge persists

        Getin Noble collapse leaves SRT unscathed

        SCI understands that the bankruptcy of Getin Noble Bank (GNB) in September hasn’t terminated the credit protection for a synthetic securitisation that the Polish lender executed in the summer of this year (SCI 4 July). The bank is one of on...

      • Risk transfer round up- 3 November

        CRT sector developments and deal news

        Santander is believed to be readying a synthetic securitisation of French auto loans. The lender’s last synthetic auto ABS was finalized last year and was called project Spitfire (SCI 24 November 2021). Stelios Papadopoulos   ...

  • Talking Point

    • Capital Relief Trades

      • Global Risk Transfer Report: Chapter one

        In the first of six chapters surveying the synthetic securitisation market, SCI explores the recent ...

        Synthetic securitisation, once tarnished by association with the global financial crisis, has long since come in from the cold. The regulatory framework has developed significantly in Europe since the introduction of the new European Securitisation R...

  • Market Moves

    • Structured Finance

      • Chinese CMBS 'structural deficiencies' eyed

        Sector developments and company hires

        Chinese CMBS ‘structural deficiencies’ eyedThe recent near-default of a Chinese CMBS issued by Yango Group - together with the two previous defaults of PKU TechPark and Hongbo Exhibition Center - expose several structural deficien...

      • Euro CLO footprint established

        Sector developments and company hires

        Euro CLO footprint established   Cross Ocean Partners has completed Bosphorus CLO VII, the seventh European CLO from the Bosphorus team and the first under Cross Ocean's management. Cross Ocean acquired the Bosphorus European CL...

      • Call for Och 'feud' to end

        Sector developments and company hires

        Call for Och ‘feud’ to endSculptor Capital Management’s independent board members and Jimmy Levin, the firm’s current cio and ceo, have issued statements in response to a recent court filing related to a disput...


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