Weekly Issue Archive »

Issue 906 - 14th June

  • News Analysis

    • Capital Relief Trades

      • Ratings rapture

        US reg cap deals seek AAAs, but not so European

        Recent risk-sharing CLNs from US banks have been structured to receive the highest possible credit ratings, according to a recent report from Fitch, but this remains a feature unique to the US market, say observers. All the US transactions have bee...

      • Credit risk sharing: Raising the bar for ESG requirements - video

        PGGM Investments' Alien Pauw speaks to SCI about ESG and investing in credit risk sharing

        Alien Pauw, director and senior investment manager at PGGM Investments, speaks to SCI's Vincent Nadeau about ESG and investing in credit risk sharing. Pauw discusses the pension fund investor’s relationships with partner banks, how it diffe...

  • SRT Market Update

    • Capital Relief Trades

      • Polish SRT incoming

        SRT Market Update

        A debut SRT transaction issued by a state-owned Polish bank is said to be in advanced stages. The Polish state holds a minority stake in PKO Bank and 100% of the National Development Bank. PKO is believed to be the issuer of the SRT deal. The ref...

      • Low supply?

        SRT Market Update

        Some slight pessimism about SRT deal flow ahead of the summer break is emerging, with one source suggesting that the market is “more silent than expected” at this point in the year. “It has been a strange six months, w...

      • Three deals and a print

        SRT Market Update

        Nordea is prepping a corporate SRT deal, marking its second synthetic securitisation foray of the year. The Nordic bank’s first transaction referenced mortgage assets, which reportedly priced in Q1 (SCI 25 March). An unfunded dual-tranche...

  • News

    • Structured Finance

      • SCI Start the Week - 10 June 2024

        A review of SCI's latest content

        Last week's news and analysis Data dynamics Investor interest in data centre ABS takes off Five-point plan EU securitisation reform package mooted ILS opportunity set revealed *SIGLO study *Aira inks heat pump ABS *Ambac...

    • SRTx

      • Latest SRTx fixings released

        While the broader macro backdrop (notably geopolitics and central bank expectations) remains volatil...

        The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. While last month’s figures highlighted a nuanced shift towards increased risk, the latest data points to an incrementally better market sentiment overall....

  • Talking Point

    • Structured Finance

      • Tailoring TRS

        Markus Musielak, md, working capital structuring at Demica, argues that data plays a critical role i...

        Trade receivables securitisations (TRS) remain resilient and of an increasing focus following the end of low interest rate environments, as companies seek affordable financing tailored to their precise working capital requirements. With expectation...

  • Market Moves

    • Structured Finance

      • Private credit marketplace launched

        Market updates and sector developments

        Figure Technology Solutions has launched a first-of-its-kind blockchain-based multi-seller, multi-buyer marketplace for private credit loans. Called Figure Connect, the marketplace connects Figure’s capital markets buyer universe directly t...

      • Job swaps weekly: Guy Carpenter lures Schnieders to lead new division

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Guy Carpenter launching a new capital and advisory group with the hiring of an industry veteran from Teneo Holdings. Elsewhere, Dentons has rehired a structured finance specialist from Nu...

      • Norway gets SecReg green light

        Market updates and sector developments

        The EU Securitisation Regulation was incorporated into the EEA Agreement on 12 June and it is widely expected that the rules will come into force in Norway on 1 January 2025. The regulation covers both true sale and synthetic securitisations, as...

    • Capital Relief Trades

      • CIRT X 4

        Market updates and sector developments

        Fannie Mae has completed its fourth CIRT deal of 2024, transferring US$284.8m of mortgage risk to 25 insurers and reinsurers. The loan pool for CIRT 2024-H2 comprises around 34,000 single family mortgages with an unpaid principal balance of approxi...


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