ABS

  • Fixed income head hired

    Company hires and sector developments in structured finance

    Newmark Group has established an operating committee consisting of key senior managers following the spin-off from BGC announced on the 13 November. The operating committee members are as follows: Lou Alvarado, chief revenue officer, previously senior md at Cushman & Wakefield; Raj Bhatti, cio, previous partner at Kinetix Trading Solutions; Jeff Day, president and head of multifamily capital .......

    Market Moves 19 November 2018

  • STS documents released

    Sector developments and company hires in structured finance

    ILS

    Hiscox has made three new appointments to its ILS division. Mike Schindel has been promoted to head of North America underwriting from head of international underwriting. Schindel will continue to be based in Bermuda. Nick Orton has been promoted to head of international, based in London, and worked most recently as a senior underwriter within the international team. Finally, .......

    Market Moves 16 November 2018

  • Risk transfer round-up - 16 November

    Capital relief trade sector developments and deal news

    Deutsche Bank is rumoured to be executing a bilateral trade finance capital relief trade from its TRAFIN programme this month, as a replacement trade for TRAFIN 2015-1. TRAFIN 2015-1 was due for November 2022 (see SCI’s capital relief trades database), but the German lender has decided to call it and reportedly replace it with a new deal. The ......

    News 16 November 2018

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  • Selling stagnation

    European ABS market update

    Activity in the European ABS primary and secondary markets has slowed this week, with volumes generally stabilising across both segments.

    “It feels a little softer on the secondary market,” says one trader. “There has been between a 5bp to 10bp drop in spreads across the board, although a decent bid remains for 2.0 paper. There are fewer sellers .......

    Market Reports 16 November 2018

  • CMBS desk launched

    Sector developments and company hires in structured finance

    Europe

    Simmons & Simmons has hired James Grand to lead its CLO offering. Grand was previously a structured products partner at Freshfields where he spent over 20 years, specialising in advising both the sell-side and the buy-side on CLOs, as well as contentious and non-contentious derivatives work, structured credit, tax structured products, regulatory capital and prime brokerage.

    Partnerships

    Alexandria Capital .......

    Market Moves 15 November 2018

  • Dry powder

    International ABS market update

    Pepper Group is prepping an Australian RMBS that is expected to be sized at A$500m-equivalent and include a short US dollar tranche and a Euro-denominated pass-through tranche. Elsewhere in the European primary securitisation market, Tesco’s Delamare Cards MTN Issuer Series 2018-1 deal – the senior tranche of which is being talked at one-month Libor plus 70bp – is expected .......

    Market Reports 15 November 2018

  • Dual speed

    Standard Chartered follows with tranche carve-up

    Standard Chartered has completed a US$297.5m financial guarantee that references a US$3.5bn trade finance portfolio. Dubbed Sealane 4, the transaction is a replacement trade for Sealane 3 - which matures in December - and is structured as a dual mezzanine tranche to appeal to a broad base of investors and address the EU Securitisation Regulation’s higher capital requirements.

    News Analysis 14 November 2018

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  • NPL transaction markets

    Sector developments and company hires in structured finance

    NPL deal markets

    Banco Santander Totta is in the market with Hefesto STC (Guincho), a €98m securitisation backed by a €481m portfolio, by gross book value (GBV), of Portuguese non-performing residential, commercial and unsecured loans originated by Banco Santander Totta. DBRS and Scope have assigned provisional ratings, respectively, of triple-B (low)/triple-B minus to the €84m class A notes and triple-C/single-B minus to the €14m ......

    Market Moves 13 November 2018

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  • Home rule

    Chicago debuts tax duo

    The City of Chicago last month completed two issuances totalling US$1.3bn through a first-of-its-kind securitisation programme named Sales Tax Securitization Corporation. The programme is intended to lower debt service costs without adding to the city’s risk profile.

    The two issues comprise Series 2018C – the interest on which is tax-exempt – and 2018D notes, the interest on which ......

    News Analysis 13 November 2018

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  • Stress test

    IFRS 9 impact limited

    The EBA’s recent stress tests point to a limited capital impact from the implementation of IFRS 9. The stress test results follow the release of bank quarterly results, which also highlighted a limited impact from the first-time adoption of IFRS 9 (SCI 14 May).

    The negative impact of IFRS 9 first implementation on banks’ aggregate CET1 ratio .......

    News Analysis 9 November 2018

  • Unpredictable factors

    Macro and micro challenges highlighted

    European market participants are facing three unpredictable factors in 2019, all of which will drive ABS activity and supply in the new year. ECB monetary policy evolution, Brexit execution and securitisation legislation implementation represent challenges from both macro and micro perspectives.

    Among these challenges is the Basel 4 output floor. Alexander Batchvarov, md at BofA Merrill Lynch Global .......

    News Analysis 9 November 2018

  • CLO investor poached

    Company hires and sector developments in structured finance

    Acquisitions

    LibreMax Capital has entered into an agreement to acquire Trimaran Advisors and certain affiliated companies (Trimaran) from KCAP Financial. Following the close of the transaction, Trimaran’s cio and head of its CLO platform, Dominick Mazzitelli, will continue to lead the business, supported by the existing management team. Trimaran currently manages six CLOs with approximately US$3bn AUM and .......

    Market Moves 9 November 2018

  • Alternative model mooted

    SCI's MPL Securitisation Seminar line-up finalised

    An alternative marketplace lending model could gain traction, thanks to the OCC fintech charter (SCI 12 September). This development, along with the efforts of Congress to resolve outstanding issues around the Madden doctrine and true lender status, is set to be discussed at SCI’s 4th Annual Marketplace Lending Securitisation Seminar in New York on 14 November.

    Other panels .......

    News 9 November 2018

  • Leveraged loan CRT prepped

    Risk transfer sector developments and deal news

    Deutsche Bank is believed to be readying a leveraged loan capital relief trade for 4Q18. According to SCI’s capital relief trades database, this would be the German lender’s first leveraged loan transaction.

    Deutsche Bank has been one of the most active issuers this year, having issued a corporate deal and an SME deal from the CRAFT and GATE programme ......

    News 9 November 2018

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  • CRE platform acquired

    Sector developments and company hires in structured finance

    Acquisitions

    AXA Investment Managers has expanded its global debt platform through the acquisition of Quadrant Real Estate Advisors. This includes an acquisition of Quadrant’s investment team and management of US$9.4bn of US commercial real estate loan mandates. As part of the transaction, 24 members of Quadrant, including five of the founding members, will join AXA IM - Real Assets. .......

    Market Moves 8 November 2018

  • Resolution framework

    EBRD expands Greek NPL foothold

    The EBRD is boosting its foothold in the Greek non-performing loan market with co-investments in Piraeus Bank and Alpha Bank. The transactions are the first to be carried out under the bank’s NPL resolution framework.

    The EBRD’s first transaction under its NPL resolution framework was a €25m co-investment in Alpha Bank. The EBRD invested alongside Waterfall Asset Management .......

    News Analysis 8 November 2018

  • Global head hired

    Company hires and sector developments in structured finance

    Dechert has hired Cameron Mitcham as a partner in London at the firm’s global finance practice, joining from Allen & Overy. Mitcham will work with the CLO team and securitisation practice, acting for managers, arrangers, originators, investors and other deal parties in CLO transactions.

    ING has hired Stefan Rolf as global head of securitisation for wholesale bank lending. Based in .......

    Market Moves 6 November 2018

  • Housing practice pinched

    Company hires and sector developments in structured finance

    Fund launch

    Trium Capital is partnering with Ellington Global Asset Management to launch the Ellington Trium Alternative Credit UCITS, a long/short credit UCITS fund. The fund is set to be launched 4Q18 and will leverage Ellington’s expertise in RMBS, CMBS, CLOs and corporate credit relative value strategies.

    ILS

    Nephila Climate has hired Ariane West as director .......

    Market Moves 5 November 2018

  • Strong technicals

    European RMBS and CMBS primary market update

    Technicals remain strong in the European CMBS and RMBS primary markets.

    The Dilosk No. 2 deal is in focus in the primary RMBS market. Initial price thoughts of 90-95 have been released for the transaction’s senior notes – which are expected to pay a coupon of three-month Euribor plus 75bp – and it is likely to price on Wednesday (7 .......

    Market Reports 5 November 2018

  • Reverse mortgage deal prepped

    First reverse mortgage RMBS since 2007 markets

    Waterfall Asset Management is marketing the first publically-rated RMBS backed by reverse mortgages since 2007. Dubbed CFMT 2018-RM2, the US$571.8m transaction is backed by 915 active, proprietary reverse mortgage loans originated between 2002 and 2008.

    The underlying loans were originated by eight legacy reverse mortgage lenders and subsequently aggregated by Cascade and Waterfall controlled entities. This was over .......

    News 2 November 2018

  • Market moves update

    Company hires and sector developments

    ACIS resets due

    The Chapter 11 trustee has filed a third amended joint plan for Acis Capital Management and a notice confirming a court order that: conditionally approves its disclosure statement; schedules a combined hearing regarding final approval of the disclosure statement and confirmation of the plan; and sets related deadlines. The plan contains an injunction barring Highland Capital Management .......

    Market Moves 2 November 2018
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