Weekly Issue Archive »

Issue 925 - 25th October

  • News Analysis

    • ABS

      • Summer in the city

        European ABS and CLO markets defy summer lull with €34bn Q3 issuance

        The European securitisation market saw significant activity through the third quarter of 2024, defying the typical summer slowdown, according to a market update issued by TwentyFour Asset Management. Aza Teeuwen, partner and portfolio manager at Tw...

  • SRT Market Update

    • Capital Relief Trades

      • Spanish banks

        SRT market update

        Banco Sabadell is reportedly planning to execute a CRT on a predominantly project finance book out of Miami. The move comes within the broader context of a takeover from rival bank BBVA. The latter is preparing a new bid after its initial &euro...

  • News

    • ABS

      • Teutonic tenacity

        German consumer ABS sees strong investor demand despite rising challenges

        Despite rising interest rates and escalating costs of living across Europe, the consumer ABS market shows little sign of distress. Issuance levels remain robust, with investors continuing to demonstrate confidence in this sector, even as economic con...

    • Asset-Backed Finance

      • Here comes the sun

        Enpal passes €5bn ahead of Europe's debut public solar ABS deal

        Enpal has passed another milestone, as it surpassed €5bn in renewable energy financing commitments. The announcement comes ahead of the issuing of the much anticipated €240m Enpal-originated solar ABS transaction, ABS Golden Ray 1 (...

    • Capital Relief Trades

      • Ally autos

        Ally Bank said in with another auto CRT

        Ally Bank is in the market with another auto loan synthetic securitization in CLN format, say sources. The arrangers are JP Morgan and Bank of America, with JP Morgan acting as structuring manager. The reference pool is said to be US$3bn, with US...

      • SCI CRT Awards: North American Issuer of the Year

        Winner: JPMorgan

        Project Appia, which JPMorgan closed on the final business day of 2023, represented perhaps the largest and most complex set of SRT transactions the market has yet seen. For its efforts in bringing this landmark deal to the market, JPMorgan is SCI&am...

      • SCI CRT Awards: European Arranger of the Year

        Winner: UniCredit

        UniCredit completed nine SRT transactions during the awards period, across four jurisdictions and five asset classes, referencing underlying portfolios totaling €13bn. For supporting eight clients, five of which were external, the bank is SC...

      • SCI CRT Awards: Emerging Markets Transaction of the Year

        Winner: Project Patagonia

        Project Patagonia has won Emerging Markets Transaction of the Year in this year’s SCI Capital Relief Trades Awards. This forward-looking transaction involves a pioneering approach in which a bank, a private investor and a multilateral devel...

      • SCI CRT Awards: ESG Transaction of the Year

        Winner: Lion 4

        The EIB Group and LBBW closed Lion 4 in September 2023, with the latter committing to channel €350m of freed-up capital into new financing for clean power projects. In recognition of its exceptional contribution to decarbonising the German e...

      • SCI CRT Awards: Innovation of the Year

        Winner: Granular Portfolio Insurance Product

        The Granular Portfolio Insurance Product (GPIP) has won Innovation of the Year in this year’s SCI Capital Relief Trades Awards. This product is the first insurance structure of its kind and was developed by BNP Paribas (the bank), Liberty (...

      • SCI CRT Awards: Investor of the Year

        Winner: Magnetar

        The 2023/2024 awards year marks a period of transformative growth in the significant risk transfer (SRT) market. Amid a dynamic landscape characterised by new issuers, growth in the US SRT market and an influx of new investors, Magnetar distinguished...

      • SCI CRT Awards: (Re)insurer of the Year

        Winner: RenaissanceRe

        Over the company’s 30-year history, RenaissanceRe has evolved from a property catastrophe reinsurer to a multiline, global reinsurer with access to the best casualty, specialty, credit and property risks. Last year, the company acquired Val...

      • SCI CRT Awards: European Issuer of the Year

        Winner: BNP Paribas

        BNP Paribas issued an eye-watering 12 SRT transactions referencing €26.3bn of exposures across six asset classes during the awards period, including via the launch of three new European programmes. For continuing to push the boundaries and e...

      • Milestone deal

        IDB Invest lays off risk to private investors

        IDB Invest – the Inter-American Development Bank (IDB) Group's private sector institution – has completed a US$1bn securitization for private sector investors to buy multilateral development bank (MDB) assets from Latin A...

      • SCI CRT Awards: North American Arranger of the Year

        Winner: BMO

        As last year’s North American Issuer of the Year, Bank of Montreal (BMO) has set a high bar for itself. Thanks to a series of key issuances across multiple SRT platforms, the bank has continued its impressive run this year. As such, with it...

      • SCI CRT Awards: European Law Firm of the Year

        Winner: Clifford Chance

        In Europe, Clifford Chance continues to act for the originator bank as structuring and drafting counsel on the majority of CRT transactions in the market. It is in this role as structuring and drafting counsel that the firm has set the standard that...

      • Fannie CIRT

        Last CIRT of 2024 comes with structural improvements

        Fannie Mae has completed its seventh and final Credit Risk Insurance Transfer (CIRT) deal of 2024, transferring US$338.6m of mortgage exposure to 26 insurers and reinsurers, the GSE announced today (October 25). The covered loan pool of CI...

  • Talking Point

    • Capital Relief Trades

      • Optimisation optimism

        SRT activity set to soar as banks adjust to Basel 4

        Panellists at SCI’s 10th Annual Capital Relief Trades Seminar in London last week widely agreed that banks are set to ramp up their use of SRT transactions to optimise balance sheets and improve capital efficiency ahead of sweeping regulato...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Kirkland names two new partners

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Kirkland & Ellis hiring two partners for its structured finance and structured private credit practice. Elsewhere, NPL Markets has made two senior appointments to its team, while...


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