Weekly Issue Archive »

Issue 900 - 3rd May

  • News Analysis

    • Asset-Backed Finance

      • UK bridging loan RMBS market primed for growth

        Enquiries around publicly rated deals rise as lenders eye more diverse sources of funding

        Enquiries into European bridging loan RMBS securitisations are on the rise, with industry sources anticipating the UK will develop into the leading market for new issuance. With the US market leading the way, a shift from private to public could open...

    • CLOs

      • European CLO new issuance soars in Q1

        Primary new issuance reaches highest level since Russia's invasion of Ukraine

        European CLO primary new issuance has reached the highest level since the Russian invasion of Ukraine two years ago, which led to steep rises in inflation and central bank base rates.  The aggregate value of European deals reached &eur...

    • Capital Relief Trades

      • Double down

        ASRS goes big in SRT in new mandate with AXA

        Arizona State Retirement System (ASRS) will double its investment in SRT through its new US$400m mandate to AXA IM Alts, announced last week. The US pension fund has been participating in risk sharing investments since 2019 through a partnership wi...

  • SRT Market Update

    • Capital Relief Trades

      • Hey Magdalena

        SRT Market Update

        Santander is in the market with the latest SRT deal from its Magdalena programme. The deal will have a mixed tranche with both funded and unfunded elements. In terms of innovations, the deals includes a revolving period where for six month...

      • Funded vs unfunded divide

        SRT Market Update

        This week investors and market insiders have highlighted a debate and disagreements regarding the future of unfunded SRT deals. Commenting on the matter, one SRT investor notes: “The UK regulator doesn’t seem to like un...

  • News

    • Structured Finance

      • GSE results, tender

        Profits up at both GSEs

        Fannie Mae profits climbed 10.3% in Q1 to US$4.3bn, despite a 11.4% decline in acquisitions of single-family mortgages, according to its earnings call this week. The GSE also recorded a $180m benefit for credit losses in Q1 after taking a US...

    • Capital Relief Trades

      • A long-awaited sequel

        SRT Market Update

        Bank of Ireland is releasing a third Mespil SRT transaction. Features of the deal include an 8.5% attach tranche and both a funded and unfunded portion. Additionally, the transaction benefits from synthetic excess spread. Both of the previous deals...

      • Exclusive mandate

        RCQ associates point to high demand for CRT specialists

        Structured credit head-hunters RCQ Associates (RCQ) have an exclusive mandate to help boost Bank of Montreal’s (BMO) CRT department in Toronto as North American issuers ready themselves for a busy second half of the year.  Edward...

    • SRTx

      • Latest SRTx fixings released

        Following a strong Q1, the April indexes point to rising geo-political risks and higher rates in the...

        The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. In a shift from last month (SCI 10 April), volatility, liquidity and credit risk indexes all indicate a general shift in risk appetite. SRTx Spread Indexes have d...

  • Market Moves

    • Structured Finance

      • PRA and FCA confirm new UK securitisation rules

        Market updates and sector developments

        The Financial Conduct Authority’s (FCA) and Prudential Regulation Authority (PRA) have published policy statements on new securitisation rules. Alongside the UK Treasury’s draft statutory instrument on securitisation, which was pu...

      • Job swaps weekly: Ashurst lures Fried Frank trio

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Ashurst hiring three structured products professionals, including a partner, from Fried Frank. Elsewhere, Capital Four’s US ceo has left the firm after three years, while HFW ha...


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