Market Moves

  • Call for additional index granularity

    Sector developments and company hires

    Call for additional index granularity
    SFA has submitted a letter to Fannie Mae and Freddie Mac in response to their Social Index (SCI 19 October 2022) that strongly advocates for additional transparency and granularity in how existing social metrics are reported to investors beyond the index. While the association commends the GSEs for their efforts to improve ESG data .......

    Market Moves 13 January 2023

  • Cyber cat bond debuts

    Sector developments and company hires

    Cyber cat bond debuts

    Specialist insurer Beazley has launched what is believed to be the first cyber catastrophe bond. The US$45m private Section 4(2) bond is tradeable under Rule 144A resale and .......

    Market Moves 11 January 2023

  • CAS trade launched

    Sector developments and company hires

    Fannie Mae is in the market with its first CAS trade of 2023, designated CAS 2023-R01, consisting of M-1, M-2 and B-1 notes. The A minus-rated $429.9m M1 has a tranche thickness of 2% and .......

    Market Moves 10 January 2023

  • CMBS ARAs at 'inflection point'

    Sector developments and company hires

    CMBS ARAs at ‘inflection point’
    US conduit CMBS appraisal reduction amounts (ARAs) have reached an inflection point, according to KBRA. A recent analysis undertaken by the rating agency shows that ARAs outstanding totalled US$3.6bn across 322 loans, as of November 2022, .......

    Market Moves 6 January 2023

  • SASB CMBS IRC agreements eyed

    Sector developments and company hires

    SASB CMBS IRC agreements eyed

    Nearly 75% of US floating rate single-asset/single-borrower (SASB) CMBS loans in KBRA-rated transactions have current interest rate cap (IRC) agreements with strike rates below their .......

    Market Moves 4 January 2023

  • Raiffeisen inks Romanian trade

    Sector developments and company hires

    Raiffeisen inks Romanian trade
    Raiffeisen Bank has partnered with the EIB Group to strengthen its financing capacity in Romania through a synthetic securitisation. The transaction enables Raiffeisen to provide up to RON523m of new financing to eligible SMEs and MidCaps over the next two years, with a reduced interest rate compared to other similar financing.

    The securitisation references a .......

    Market Moves 3 January 2023

  • NPL forward flow sale agreed

    Sector developments and company hires

    NPL forward flow sale agreed
    NPL Markets has acted as advisor to UniCredit on the sale of a portfolio of Italian non-performing unsecured loans with a claim value of approximately €90m to a vehicle managed by Kruk and to Credit Factor. Concurrently, the forward flows of Italian consumer loans that will be classified as bad loans in 2023 and 2024, .......

    Market Moves 23 December 2022

  • Italian mid-cap deal debuts

    Sector developments and company hires

    Italian mid-cap deal debuts
    illimity Bank has closed what is believed to be the first securitisation backed by a portfolio of 82 unsecured loans granted to Italian mid-caps and corporates that are predominantly guaranteed by the country’s export credit agency SACE. Dubbed Colt SPV, the €570.11m transaction was originated based on the ‘Liquidity decree’, enacted in June 2020 to help .......

    Market Moves 21 December 2022

  • NPL data templates introduced

    Sector developments and company hires

    NPL data templates introduced
    The EBA has launched NPL transaction data templates, aimed at introducing information standardisation to increase the efficiency of secondary markets for non-performing loans and to reduce entry barriers for smaller banks and investors. The proposed NPL transaction data templates are built on previous voluntary loan-by-loan templates and consider the experience of market participants from the sell- .......

    Market Moves 19 December 2022

  • Transitional disclosure measures urged

    Sector developments and company hires

    Transitional disclosure measures urged
    In a letter to the EBA, EIOPA and ESMA, the SFA and 12 other trade associations have requested a pragmatic supervisory approach to the disclosure requirements under the EU Securitisation Regulation (SECR) while the regulators review the current requirements. The associations argue that transitional measures are needed following the European Commission’s interpretation in its recently released .......

    Market Moves 16 December 2022

  • CLN rating pressures eyed

    Sector developments and company hires

    CLN rating pressures eyed
    US midsized banks’ utilisation of CLNs to drive share repurchases or to increase leverage could result in negative rating pressures, Fitch suggests. The rating agency notes that for midsized banks, CLNs may have a material impact on regulatory capital ratios, as the reference pools comprise a larger portion of overall lending than for large banks.

    Market Moves 14 December 2022

  • 'Big Bang 2.0' to repeal Sec Reg

    Sector developments and company hires

    ‘Big Bang 2.0’ to repeal Sec Reg
    The UK government has introduced a Financial Services and Markets (FSM) Bill to Parliament, which will repeal retained EU law (REUL) and replace it with a comprehensive Financial Services and Markets Act (FSMA) model. Commonly known as ‘Big Bang 2.0’, the bill contains detailed proposals – outlined in a draft statutory instrument (SI) .......

    Market Moves 12 December 2022

  • Survey suggests improved sentiment

    Sector developments and company hires

    Survey suggests improved sentiment
    KBRA has published the results of its December survey of European structured finance investors, which was conducted to gauge their views and expectations regarding the market. The report reveals a more positive picture than the rating agency’s previous investor survey from June.

    “While many challenges remain for the European securitisation sector, sentiment for the market .......

    Market Moves 9 December 2022

  • UK mortgage refinanceability eyed

    Sector developments and company hires

    UK mortgage refinanceability eyed
    DBRS Morningstar has analysed the loan-level information of almost 400,000 loans within 36 portfolios of securitised UK mortgages to assess how rising interest rates affects affordability ratios, which borrowers are the most vulnerable and how many mortgages are expected to revise their rates in the short term. The findings suggest that within the owner-occupied segment, about .......

    Market Moves 8 December 2022

  • BWIC template released

    Sector developments and company hires

    BWIC template released

    Real estate standards organisation MISMO has released a BWIC standard template aimed at facilitating the bidding process for MBS between mortgage originators and dealers. The standard has achieved ‘candidate recommendation’ status, .......

    Market Moves 6 December 2022

  • Marble Point acquisition agreed

    Sector developments and company hires

    Marble Point acquisition agreed

     

    Market Moves 2 December 2022

  • RWA overhaul mooted under Basel 3.1

    Sector developments and company hires

    RWA overhaul mooted under Basel 3.1

     

    The PRA has released a consultation paper on the UK implementation of Basel 3.1 rules, Market Moves 1 December 2022

  • Fitch launches new ESG ratings

    Sector developments and company hires

    Sustainable Fitch has launched new ESG Ratings for global labelled structured bonds and covered bonds. The news follows its opening of ESG Ratings, Data & Analysis for North American, UK, and European corporates and financial institutions earlier this year. The latest addition will see Sustainable Fitch offering entity ratings, framework ratings, and .......

    Market Moves 29 November 2022

  • Unrepresentative 'synthetic' Libor mooted

    Sector developments and company hires

    Unrepresentative ‘synthetic’ Libor mooted

     

    The UK FCA has published a consultation on a proposal to require - using its powers .......

    Market Moves 25 November 2022

  • Call for urgent review of SA output floor

    Sector developments and company hires

    Call for urgent review of SA output floor
    AFME has published a study, commissioned from Risk Control, examining the impact on the European securitisation market of the introduction in 2025 of the Standardised Approach output floor. The study finds that securitisations of large corporate and SME loans are likely to be severely negatively impacted by the rule change, while securitisation .......

    Market Moves 22 November 2022

  • ESG activation consortium launched

    Sector developments and company hires

    ESG activation consortium launched
    Dexai-Etica Artificiale, Establecimiento Financiero de Crédito, European DataWarehouse (EDW), Hypoport, Unión de Créditos Inmobiliarios, Università Ca’ Foscari Venezia and Woonnu have launched the ‘Engage for ESG Activation Investments’ (ENGAGE) project, which .......

    Market Moves 17 November 2022

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