Investors
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ILS efforts beefed up
Sector developments and company hires
ILS efforts beefed up
Market Moves 14 July 2021
AXIS Capital Holdings has appointed Chris Caponigro as global head of AXIS ILS, as its third-party capital unit has been rebranded. Caponigro will oversee the company’s activities related to third-party capital under management, supporting ILS efforts across its reinsurance and insurance segments. He will report to AXIS Re ceo Steve Arora and be based out of .......
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Bridging the gap
Sustainable SRTs to spur ESG securitisation growth?
A steady stream of renewables significant risk transfer deals is expected to come on to the market in the coming months. This CRT Premium Content article investigates whether synthetics can spur growth across the broader ESG securitisation sector.
Synthetic transactions referencing sustainable portfolios are being touted as a straightforward way to overcome the current paucity of suitable ESG assets ......
News Analysis 14 July 2021Premium Content
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Lift off
BMO programme details revealed
Further details have emerged of a synthetic securitisation programme launched by BMO in late December 2020. Dubbed Sauble, the programme will exclusively focus on leveraged loan issuance and is one of only two programmes dedicated to this segment. BMO has already printed two transactions from the Sauble programme - executed in December 2020 and June this year (SCI .......
News 12 July 2021
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Stable outlook
NPL ABS potential underlined
Greece is now leading the way in Europe’s bad loan clean-up, participants in a recent DBRS non-performing loan webinar agreed. The outlook for the European NPL market overall is stable, despite decreased collections and extended timeframes for most securitisations.
Greece’s leading banks have embraced securitisation as a way to improve asset quality, replicating what Italy has done with .......
News 9 July 2021
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EU monetary policy to reflect carbon transition
Sector developments and company hires
EU monetary policy to reflect carbon transition
The ECB has published its new monetary policy strategy, which includes what it describes as “an ambitious climate-related action plan”. The central bank states that climate change has profound implications for price stability through its impact on the structure and cyclical dynamics of the economy and the financial system.As such, it .......
Market Moves 9 July 2021
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Sustainable finance strategy unveiled
Sector developments and company hires
Sustainable finance strategy unveiled
The European Commission has adopted a number of measures in connection with sustainable finance. First, a new Sustainable Finance Strategy sets out several initiatives to tackle climate change, as well as increase investment in the EU's transition towards a sustainable economy.The strategy includes six sets of actions: extend the sustainable finance toolbox to facilitate .......
Market Moves 7 July 2021
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NPL facility inked
Sector developments and company hires
NPL facility inked
Market Moves 6 July 2021
Together Financial Services has launched a new £96.2m securitisation vehicle called Brooks Asset Backed Securitisation 1 (BABS), which matures in 2026. The facility consists of a varied pool of residential and commercial purpose non-performing loans, previously funded within the senior borrower group. Consistent with its wider securitisation programme, Together will continue to service and manage the loans .......
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Italian SME ABS first finalised
Sector developments and company hires
Italian SME ABS first finalised
Market Moves 30 June 2021
Banca Carige and Banca del Monte di Lucca have completed Lanterna Finance 2021, the first Italian SME ABS backed by loans fully guaranteed by the Italian government. The up to €30,000 unsecured loans have been originated based on the ‘Liquidity decree’, converted into law on 5 June 2020, and are fully guaranteed by the Central .......
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Litmus test
European CMBS momentum set to last
Nine European CMBS have been issued so far this year and two are currently marketing, pointing to growing confidence in the sector amid a post-coronavirus recovery. Indeed, current momentum in the market - exemplified by the volume of activity and investor interest in a variety of assets and jurisdictions - appears set to last.
“2021 was unsurprisingly looking .......
News Analysis 30 June 2021
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Finish line
ESMA designates securitisation repositories
ESMA has announced the European DataWarehouse (EDW) and SecRep as the EU’s official securitisation repositories. The decision addresses an important element of the disclosure framework under the Securitisation Regulation that was long left open. More saliently, originators of synthetic securitisations will now have to submit data to the repositories as part of the new ESMA rules, albeit there is .......
News Analysis 29 June 2021
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Strong technical
WFH lifestyle boosts RMBS market
The UK stamp duty land tax (SDLT) break, which was introduced by the government in July 2020 to support the housing market during the pandemic, is being scaled back at the end of this month. Although the tax break has had a positive impact on the RMBS sector, other factors have also contributed to boost the market.
“There .......
News Analysis 28 June 2021
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Aussie green RMBS bags Nochu support
Sector developments and company hires
Aussie green RMBS bags Nochu support
Market Moves 25 June 2021
Firstmac has closed a groundbreaking A$750m green RMBS, backed by the Clean Energy Finance Corporation (CEFC) and Norinchukin. The underlying properties will be among the most energy efficient in Australia, meeting or exceeding a seven-star rating under the Nationwide House Energy Rating Scheme (NatHERS). The seven-star rating materially exceeds the minimum standards of the .......
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Leading the pack
UniCredit tops NPL sales
UniCredit has topped the list for European non-performing loan sales since 2019, according to new data released by KPMG. Indeed, Italian banks overall remain the most active sellers across the sector.
The European NPL market is highly concentrated, with only a few players conducting the majority of deals. The top 20 sellers account for 74% of GBV transacted .......
News 25 June 2021
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Volatility hedge
Bart Bakx, head of ABS and mortgages at NN Investment Partne...
Q: Do you believe private credit will take on a more significant role in investor portfolios in 2021? If so, which factors are driving this forward?
The Structured Credit Interview 25 June 2021
A: We see that many investors are undertaking searches and these are increasing towards private credit. Looking for opportunities to allocate, investors seek alternatives in the private market space in view of continued volatility .......
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Digital investment ABS prepped
Sector developments and company hires
Digital investment ABS prepped
DigitalBridge Group is in the market with its debut securitisation, the US$500m DigitalBridge Issuer Series 2021-1. The unusual transaction is secured by the firm’s digital investment management fees and carried interest, including from future investment vehicles.The triple-B rated notes will be issued in two classes: a US$300m class A2 secured fund fee revenue tranche, .......
Market Moves 22 June 2021
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SRT debut
LBBW prints first capital relief trade
The EIB Group and LBBW have executed a €95m mezzanine guarantee that references a €1.8bn portfolio of SME and midcap loans. The transaction is the German lender’s first capital relief trade and will enable it to provide up to €570m of SME and midcap financing.
According to Rainer Bohn, head of structured finance at LBBW: ‘’The transaction is .......
News 22 June 2021
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Generali debuts green cat bond
Sector developments and company hires
Generali debuts green cat bond
Assicurazioni Generali has priced an innovative catastrophe bond. Dubbed Lion III Re, the €200m ILS has a number of sustainable finance features.First, Generali freed up €28.1m in capital as a result of the protection provided by Lion III Re, which will be allocated to eligible projects as defined by Generali’s Green ILS Framework. .......
Market Moves 21 June 2021
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Adopting change
Class A loan note attracts attention
Together Money earlier this month priced its second public small balance CMBS, the £249m Together Asset Backed Securitisation 2021-CRE2. The transaction is notable for including a class A loan note in the capital structure – a feature previously only seen in the CLO market.
“[The deal] is very similar to a traditional securitisation; it is structured with notes .......
News Analysis 21 June 2021
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SRT upgraded on CE build-up
Sector developments and company hires
SRT upgraded on CE build-up
Market Moves 18 June 2021
Scope Ratings has affirmed its single-A rating on the class C credit-linked notes issued by SSPAIN 2019-A and upgraded the class D to F notes to triple-B plus, triple-B minus and double-B plus respectively from triple-B minus, double-B and double-B minus. The transaction is a significant risk transfer deal, which closed on 28 June 2019 .......
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NPL ABS return
Government guarantees dominate 2020 NPE activity
Government guaranteed non-performing loan securitisations in Italy and Greece dominated NPL transaction issuance last year. However, overall volumes were well below their 2018 and 2019 peaks.
Most NPL transaction activity came to a halt during 2H20 as the first wave of the coronavirus pandemic spread throughout Europe. According to the latest data from Deloitte, €53.8bn gross book value .......
News 15 June 2021
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Auto turnover dampens DFP issuance
Sector developments and company hires
Auto turnover dampens DFP issuance
Market Moves 14 June 2021
Accelerated dealer auto inventory turnover has resulted in insufficient collateral available for US dealer floorplan (DFP) ABS master trusts in 2021, Fitch reports. The agency notes that this is indirectly accounted for by deal structures, for the most part, through the use of excess funding accounts (EFAs). EFAs are meant to protect trusts against inventory .......