Issue 868 - 27th October
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News
- Structured Finance
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SCI Start the Week - 23 October
A review of SCI's latest content
Free Special Report available to downloadSCI Global Risk Transfer Report 2023: New frontiers in CRTCapital relief trade issuance witnessed another record-breaking 12 months in 2022, yet a number of regulatory challenges remained outstanding by the en...
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- Capital Relief Trades
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SCI CRT Awards: Innovation of the Year
Winner: SLG2
Credit Suisse’s SLG2 transaction is SCI’s Innovation of the Year for pushing the envelope in the SRT market in not one, but three ways. Most notably, the deal features a captive insurance vehicle that enables the participation of...
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EU leads the pack
Delegates at SCI CRT event stress jurisdictional divergence
The striking asymmetry between regulators in the EU, UK and the US in their approach to the implementation of the Basel III capital regime was noted by speakers at SCI’s ninth annual capital relief trades seminar in London last week. Ther...
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SCI CRT Awards: Credit Insurer of the Year
Winner: Arch MI
Following two years of significant growth in the European SRT space, Arch MI has been named Credit Insurer of the Year in SCI’s 2023 CRT Awards. The firm has significantly increased the aggregate value of its insured SRT book, expanded its...
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Polish lease SRT prints
Millennium, Veld strengthen relationship
Private credit specialist Veld Capital has acted as investor in Millennium Leasing’s latest significant risk transfer transaction. The trade references a €1bn portfolio, comprising highly granular performing Polish SME leases, unde...
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SCI CRT Awards: Investor of the Year
Winner: AXA IM Alts
AXA IM Alts has won Investor of the Year in this year’s SCI Capital Relief Trades Awards. A global leader in alternative investments, AXA IM Alts is equally a seasoned and dominant investor in the the credit risk transfer (CRT)/significant...
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SCI CRT Awards: Issuer of the Year
Winner: Santander
Santander has won the Issuer of the Year category in this year’s SCI Capital Relief Trades Awards. Such recognition further illustrates the bank’s leading and predominant position in the CRT market. Despite a volatile and challe...
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SCI CRT Awards: North American Issuer of the Year
Winner: Bank of Montreal
Bank of Montreal (BMO) is both a veteran of the SRT market and a highly frequent issuer. But it is not content to rest on its laurels and has introduced a couple of striking innovations within the last 12 months. For its longevity, its energy and its...
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SCI CRT Awards: Arranger of the Year
Winner: BNP Paribas
BNP Paribas (BNPP) declares it is that rarest of beasts in the jungle of significant risk transfer: a flow monster. “We like taking an illiquid product and making it mainstream,” says Bilal Husain, head of EMEA securitised product...
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Risk transfer round-up - 26 October
The week's CRT developments and deal news
People movesAlan McNamara is set to join Howden CAP as executive director, balance sheet advisory and structuring, based in Dublin. McNamara was previously at the Bank of Ireland, most recently as head of group balance sheet management and execution,...
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SCI CRT Awards: Law Firm of the Year
Winner: Clifford Chance
Clifford Chance’s stated objective is to be the leading law firm in the CRT market, advising on nearly every transaction and leading the sector’s evolution. In recognition of its success, the firm is SCI’s CRT Law Firm o...
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SCI CRT Awards: Contribution to CRT
Winner: PGGM
PGGM has closed 79 transactions since the inception of its credit risk-sharing (CRS) mandate in 2006, investing €16bn globally across diverse asset types and partnering with 19 global and regional banks through the GFC, Covid-19 pandemic and...
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SCI CRT Awards: Personal Contribution to the Industry
Winner: Bruno Bancal, head of active management & transactions at BNP Paribas
In the significant risk transfer space, BNP Paribas has gone from French ground-breaker to international powerhouse and throughout that journey it has been led by Bruno Bancal, its head of active management & transactions. Described as the ba...
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SCI CRT Awards: Impact Deal of the Year
Winner: Project Bocarte
Project Bocarte has won Impact Deal of the Year in this year’s SCI Capital Relief Trades Awards. Bocarte is a significant risk transfer transaction executed bilaterally between Banco Santander and Newmarket Capital. The deal’s ESG...
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- RMBS
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Legacy adjustments
Call for enhanced transparency for restructured mortgages
A number of recent RMBS have securitised legacy Irish and Spanish restructured residential mortgages (see SCI’s International ABS Deal Tracker). Fitch says it anticipates an increase in both loan restructurings and non-performing loan forma...
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- Structured Finance
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Talking Point
- ABS
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Subprime auto is not the next credit crisis
Vadim Verkhoglyad, vp and head of research publication at dv01, argues that challenges in the subpri...
Many view the US subprime auto market as a ‘canary in the coal mine’, equating facts like rising delinquencies to an indication of a looming financial crisis. This perspective is false and its adoption could decrease subprime acti...
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- ABS
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Market Moves
- Structured Finance
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'Endgame' comment period extended
Market updates and sector developments
US federal bank regulatory agencies have extended the comment period for both the Basel Endgame risk-based regulatory capital proposal and the G-SIB surcharge proposal until 16 January 2024 (SCI 28 July). Comments on both proposals were originally du...
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Job swaps weekly: Antares beefs up team after strategy launch
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Antares Capital hiring multiple senior executives, as it closes its debut broadly syndicated loan CLO. Elsewhere, Prosperise Capital has appointed PC2 Capital’s founder as partn...
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- Structured Finance
 
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