Weekly Issue Archive »

Issue 903 - 24th May

  • News Analysis

    • Regulation

      • Agile framework

        PRA and FCA publish new UK securitisation rules

        Last month, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published policy statements and the new securitisation rules. Together, both UK regulators have triggered the countdown to 1 November 2024 when the new UK...

    • Structured Finance

      • Picking up the PACE

        Consumer protection measures bring benefits

        The property assessed clean energy (PACE) ABS market could be set for a renaissance, following progress in bolstering consumer protection measures. Nevertheless, C-PACE activity continues to far outweigh that of the R-PACE sector (SCI 20 January 2023...

    • ABS

      • MPOWER graduates into securitisation

        Provider of loans to international students says deal is first of many

        MPOWER Financing, a provider of loans for international university students, has issued its first securitisation, in what it anticipates will develop into a regular stream of issuance. The transaction, MPOWER Education Trust 2024-A, consists of three...

    • Structured Finance

      • Transition finance: Mobilising capital - video

        Morningstar Sustainalytics' Begum Gursoy speaks to SCI about transition finance in the context of ha...

        Begum Gursoy, director at Morningstar Sustainalytics, speaks to SCI's Kenny Wastell about transition finance in the context of hard to abate industries. Gursoy outlines activity levels and deal pipelines in transition finance, the way in whi...

    • Capital Relief Trades

      • New SRT jurisdiction?

        Israeli banks await securitisation regime

        While securitisation transactions have been historically scarce in Israel, last year (30 July) the department of justice published the draft regulation of securitisation transactions law for public review. The new regulatory framework had been enacte...

  • SRT Market Update

    • Capital Relief Trades

      • SG returns

        SRT Market Update

        Societe Generale is back in the SRT market with a new Junon deal. Sources say the deal could complete as early as next month, although closing could drag later into the summer. Last time out, the transaction featured a first-loss tranche with a hig...

      • Irish double

        SRT Market Update

        Further details have emerged on Bank of Ireland’s latest Mespil SRT deal (SCI 1 May). The transaction is understood to have been joined in the pipeline by one from fellow Irish issuer Allied Irish Bank. The move comes after AIB Group conf...

  • News

    • Structured Finance

      • SCI Start the Week - 20 May 2024

        A review of SCI's latest content

        *CRT Awards 2024*The submissions period for SCI’s 2024 Capital Relief Trades Awards closes on 31 May. Apply now to secure your chance to be recognised and celebrated by the SRT industry at a gala black-tie dinner at RIBA HQ! Please only...

    • Capital Relief Trades

      • Ally entry

        Ally Financial in CRT market with new auto-linked CLN

        Ally Financial is in the market with a debut CLN regulatory capital relief trade, arranged by JP Morgan, according to well-placed market sources. The reference pool consists of auto credit-linked notes. The issuer was granted approval by the Fede...

      • Agency angle

        SRT ratings on the rise?

        Ratings for GSE credit risk transfer transactions are commonplace, given the US agencies’ desire to appeal to a wide range of investors. However, the volume of both public and private ratings for non-agency capital relief trades appears to...

      • Lever up

        Back leverage for CRT buying on the rise

        It is becoming increasingly common for buyers of positions in synthetic capital relief trades to use leverage, say well-placed market sources. Not only does this procedure enhance returns at a time of diminishing yields, there is a growing number o...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: McCarthy Denning appoints CTLA-focused partner

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees McCarthy Denning hiring a former Greenberg Traurig shareholder as a securitisation-focused partner. Elsewhere, Sumitomo Mitsui Finance and Leasing (SMFL) has promoted a long-stan...

      • GACS 2.0 ABS 'better positioned' than GACS 1.0

        Market updates and sector developments

        GACS 2.0 NPL securitisations appear to be better positioned than GACS 1.0 securitisations, both from an asset side perspective - in terms of greater accuracy of original business plans, better collateralisation and healthier performance - and from a...

    • Capital Relief Trades

      • New CAS

        Market moves and sector developments

        Fannie Mae is in the market with a US$707.6m deal, designated CAS 2024-R04 and its fourth CAS deal of the year. The reference pool consists of 53,682 residential mortgages with an unpaid principal balance of US$18.6bn. All mortgages have an LTV of...

      • CAS prices

        Market updates and sector developments

        Fannie Mae’s US$708m CAS 2024 R04, reported to be in the market earlier this week, closed today. The US$220.4m A1 tranche, rated A+/A+, was priced to yield SOFR plus 100bp, the US$220.4m M1, rated BBB+/A-, yields SOFR plus 110bp, the US$1...


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