Investors

  • CLO pricing service selected

    Sector developments and company hires

    CLO pricing service selected
    SCI Valuations has been selected by Bloomberg’s Enterprise Data business to provide daily CLO debt pricing to integrate with Bloomberg’s Liquidity Assessment (LQA) tool. The integration of this data with LQA will enable Bloomberg customers to more effectively and easily view and manage their portfolios, the companies say.

    SCI Valuations provides automated valuations for US .......

    Market Moves 25 March 2021

  • Red Cross in humanitarian cat bond first

    Sector developments and company hires

    Red Cross in humanitarian cat bond first
    The first-ever humanitarian catastrophe bond covering pure volcanic eruption risk has been completed using a Guernsey ILS structure. Sponsored by the Danish Red Cross, the US$3m issuance was privately placed by Replexus and Howden Capital Markets via Dunant Re IC, an incorporated cell of Replexus ICC (Guernsey), which is managed in Guernsey by .......

    Market Moves 23 March 2021

  • CLO fallback language reviewed

    Sector developments and company hires

    CLO fallback language reviewed
    S&P has reviewed the indentures of the 870 CLOs it rates to assess Libor fallback language governing a transaction's liabilities. The majority (76%) of its rated CLO transactions closed between 2018 and 2020.

    ARRC-like fallback language can be found in 26% of the agency’s overall transactions, including 76% of the transactions that closed in 2020. .......

    Market Moves 22 March 2021

  • The Collins catalyst

    Dodd-Frank amendment could provide tipping point for US CRTs

    The take-off of the US capital relief trades market has been predicted for several years. This CRT Premium Content article explores whether the increasingly onerous impact of the Collins Amendment could provide the tipping point.

    This amendment to the 2010 Dodd-Frank Act, named after Senator Susan Collins of Maine, requires US banks that are entitled to use their own ......

    News Analysis 22 March 2021

    Premium Content

  • Target recalibration

    UK SME synthetics to regain traction

    News Analysis 19 March 2021

  • MPL acquisition to accelerate auto financing

    Sector developments and company hires

    MPL acquisition to accelerate auto financing
    Upstart Holdings is set to acquire Prodigy Software, a provider of cloud-based automotive retail software. Upstart says it is seeking to reduce the cost of auto financing by creating a modern multi-channel purchase experience. Auto retail is among the largest buy-now-pay-later opportunities, according to the firm, and together with Prodigy it aims to help .......

    Market Moves 19 March 2021

  • Record breakers?

    Chart-topping CRT issuance volumes anticipated

    The capital relief trades market is set to break issuance records in 2021 after a challenging 2020, as banks seek ways to improve their return on equity and following pent-up issuance from last year. In this CRT Premium Content article, we examine the conditions that the coronavirus crisis has laid out for a surge in risk transfer volumes this ......

    News Analysis 19 March 2021

    Premium Content

  • Greek synthetic debuts

    Piraeus Bank finalises capital relief trade

    News 18 March 2021

  • Chip shortages 'credit positive' for auto ABS

    Sector developments and company hires

    Chip shortages ‘credit positive’ for auto ABS
    Sizable auto production cuts due to semiconductor shortages in the US will provide support for used vehicle values, a credit positive for securitisations and captive auto finance companies, according to Moody’s. The rating agency notes that such shortages – which are expected to last at least into next quarter - could result in North .......

    Market Moves 18 March 2021

  • Bank boost

    US CLO triple-As see strong bank demand, but for how long?

    Significant support from US banks has contributed to the 2021 rally at the top of the stack. Inevitably, though, that level of support will be finite.

    Notwithstanding the slight wobble seen in the last few sessions, the primary-secondary basis in US triple-A spreads has compressed significantly in recent months and looks likely to continue at similar levels for a while .......

    News Analysis 16 March 2021

  • Performance indicators

    Footfall data, CMBS spread correlation highlighted

    Advan Research Corporation plans to create more sophisticated applications, such as bond calculators, for US CMBS market participants over the next three to six months. The move follows the release of the firm’s CMBS foot traffic counts data product last month (SCI 27 February).

    “Our focus at present is on integrating the data with client modelling processes .......

    News 16 March 2021

  • 'Unprecedented' Moroccan CRT closed

    Sector developments and company hires

    ‘Unprecedented’ Moroccan CRT closed
    Moroccan fertiliser giant OCP Group has subscribed to the notes issued by the first synthetic securitisation in Morocco. The transaction involved the establishment of a collective securitisation vehicle dubbed Fonds Damane Tamayouz, which has been structured to facilitate access to credit for the suppliers that make up OCP's industrial ecosystem.

    Clifford Chance, which advised on the deal, .......

    Market Moves 16 March 2021

  • Texas two-step

    TCBI's debut is the curtain raiser for a new CRT strategy

    Texas Capital Bank’s (TCBI) debut in the CRT market - making it the first US regional bank to successfully execute such a deal (SCI 11 March) - is not a none-off but the beginning of a long-term strategy, Madison Simm, evp, business optimisation in Dallas, told SCI yesterday (11 March).

    The deal carries a three-year term, but .......

    News Analysis 12 March 2021

  • Strategic expansion

    Capital Four ceo Sandro Naef and Capital Four US ceo Jim Wiant answer SCI's questions

    Q: How and when did Capital Four become involved in the structured credit market?
    A: We have been investing in CLO liabilities for more than a decade. In terms of managing CLOs ourselves, it was a natural evolution a couple of years ago to also start managing CLOs ourselves, as we have been managing senior loans and bonds a long .......

    The Structured Credit Interview 12 March 2021

  • Alignment issues

    EEM performance concerns emerge

    The European Mortgage Federation-European Covered Bond Council (EMF-ECBC) last month formally launched its Energy Efficient Mortgage (EEM) label. However, concerns are emerging that the label is being driven forward potentially at the expense of environmental performance.

    Across the 27 European Member States, 200 million dwellings were built last century, representing a significant challenge in terms of renovating existing .......

    News Analysis 11 March 2021

  • ESG engagement underway

    Sector developments and company hires

    ESG engagement underway
    All EU-based open-ended funds managed by Leadenhall Capital Partners have been categorised as being investment products that promote environmental and social characteristics in accordance with the criteria recently set out in Article 8 of the EU’s Sustainable Finance Disclosure Regulation (SFDR). The firm says it has committed to embed ESG considerations in its investment process for a .......

    Market Moves 10 March 2021

  • Supply fatigue?

    European ABS market update

    Execution for the two UK securitisations priced last week indicated a limited appetite for paper, following the heavy supply seen in previous weeks (SCI 23 February). A weaker tone in European ABS secondary spreads also emerged.

    “The market is a little bit softer, due to a combination of factors - the amount of supply that we have .......

    News 10 March 2021

  • Asset and liability origination tie-up agreed

    Sector developments and company hires

    Asset and liability origination tie-up agreed
    Apollo and Athene have entered into a definitive agreement to merge in an all-stock transaction that implies a total equity value of approximately US$11bn for Athene. Upon closing of the merger, current Apollo shareholders will own approximately 76% of the combined company on a fully diluted basis and Athene shareholders will own approximately 24%.

    Market Moves 9 March 2021

  • Cladding issues

    Fire-safety requirements to have 'marginal' impact on RMBS

    DBRS Morningstar has investigated the pervasiveness of the impact on UK mortgage borrowers of cladding on high-rise apartment blocks, following the Grenfell Tower fire in June 2017. The study is based on an analysis of 64 securitised UK mortgage portfolios, comprising 670,000 loans.

    “Fallout from the Grenfell fire tragedy continues to be felt by tenants and leaseholders across .......

    News 8 March 2021

  • Libor announcements to 'accelerate' transition

    Sector developments and company hires

    Libor announcements to ‘accelerate’ transition
    The UK FCA has confirmed that all Libor settings will either cease to be provided by any administrator or no longer be representative immediately after 31 December 2021 - in the case of all sterling, euro, Swiss franc and Japanese yen settings, as well as the one-week and two-month US dollar settings – and immediately .......

    Market Moves 5 March 2021

  • Promising pipeline

    STS synthetic securitisations slated

    Appetite for STS synthetic securitisations is emerging ahead of the publication of the final legislative text, which is anticipated in April, with several transactions expected to hit the market this year. Indeed, panellists at IMN’s recent Virtual Investors’ Conference on Significant Risk Transfer agreed that the deal pipeline – and overall environment for SRT - is promising.

    Pascale .......

    News Analysis 5 March 2021
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