ABS
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Job swaps weekly: Western Alliance Trust elevates CLO expert to president and ceo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Western Alliance Trust Company appointing a new president and ceo with a background in CLOs, levered loans and securities custody. Elsewhere, Aon has hired an executive md of capital advisory, while Eversheds Sutherland has snapped up a Clifford Chance veteran as a capital-markets-focused partner.
Western Alliance Trust has promoted md .......
Market Moves 10 May 2024
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European SRT: Shifting prices – video
Alvarez & Marsal's Robert Bradbury speaks to SCI abo...
....... News Analysis 8 May 2024
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Efficient frontier
Optimising returns in a post-Basel 4 landscape
With the implementation of Basel 4 (also known as Basel 3.1 or Basel 3 Endgame) looming ever closer[1], banks are yet again facing a shifting regulatory landscape. Against this backdrop, KPMG has put forward a practical solution for advanced banks to proactively manage their capital, notably through the concept of an “efficient frontier.”
The .......
News Analysis 7 May 2024
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Job swaps weekly: Ashurst lures Fried Frank trio
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Ashurst hiring three structured products professionals, including a partner, from Fried Frank. Elsewhere, Capital Four’s US ceo has left the firm after three years, while HFW has appointed two executives from Norton Rose Fulbright to its global shipping and export finance practice.
Ashurst has made three appointments to its US structured products, derivatives and .......
Market Moves 3 May 2024
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PRA and FCA confirm new UK securitisation rules
Market updates and sector developments
The Financial Conduct Authority’s (FCA) and Prudential Regulation Authority (PRA) have published policy statements on new securitisation rules. Alongside the UK Treasury’s draft statutory instrument on securitisation, which was published last week, the changes will come into force on 1 November and will replace EU securitisation regulations.
The PRA’s statement was published alongside the Securitisation Instrument 2024 section of the PRA Rulebook.
The .......
Market Moves 2 May 2024
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ATLAS attracts MassMutual commitment
Market updates and sector developments
MassMutual has become a minority equity owner in ATLAS SP Partners and a capital partner to the ATLAS platform. As part of the multi-billion-dollar commitment, MassMutual has also agreed to invest in Apollo’s asset-backed finance (ABF) franchise.
These investments will allow MassMutual to access predominately investment-grade, asset-backed credit originated by ATLAS SP and across the broader Apollo ecosystem, .......
Market Moves 26 April 2024
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Job swaps weekly: Cheyne Capital snaps up SRT veteran
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Cheyne Capital hiring an SRT veteran who recently left their role at Barclays. Elsewhere, Wilmington Trust has made changes to its global capital markets leadership team, while a risk transfer specialist has left their position at The D. E. Shaw Group ahead of taking up a new role.
Cheyne Capital .......
Market Moves 26 April 2024
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Opening up
LatAm SRT activity gaining traction
SRT activity in Latin America is gaining traction, with three deals now completed - including two in the last 12 months - and more on the horizon. Multilateral development banks (MDBs) are playing a crucial role in opening up the region.
Edmund Parker, partner at law firm Mayer Brown, has worked on multiple Latin American synthetic securitisations. He .......
News Analysis 26 April 2024
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Final FCA, PRA rules 'imminent'
Market updates and sector developments
HM Treasury has published a draft statutory instrument that outlines the next steps in the process of replacing the onshored EU legislative regime for securitisation with its own rules under the broader ‘Smarter Regulatory Framework’ (SRF). The draft Securitisation (Amendment) Regulations 2024 (Amending SI) will repeal the EU Securitisation Regulation on 1 November, implying that the new regime – including .......
Market Moves 24 April 2024
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FFELP loan 'waivers' proposed
Market updates and sector developments
The US Department of Education last week published a notice of proposed rulemaking (NPR) in the Federal Register regarding debt relief for certain federal student loans, including certain FFELP loans held by ABS trusts. Comments on the proposals are due by 17 May and the department aims to finalise the rules in time to start delivering relief this autumn.
Market Moves 22 April 2024
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Bridging the gap
Syndicated solution launches for portfolio insurance
As appetite for structured credit solutions continues to grow, insurance balance sheets seem increasingly well suited to meet this demand. However, this brings new challenges for investors, (re)insurers and issuers alike.
One such challenge is the need for banks to spread (re)insurer counterparty risk across several counterparties. The number of insurers needed in placing a transaction can be .......
News 22 April 2024
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Barrier to entry?
SRT allocation under scrutiny
The raft of funded and unfunded buyers seeking to enter the SRT market is driving intense bidding for allocations on deals. Indeed, demand is reportedly rising even for first loss tranches, in an attempt to secure paper.
“Banks will go out to a bunch of investors with a prospective SRT trade and have them do a lot of due .......
News Analysis 19 April 2024
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Job swaps weekly: ELFA names Rinaldi as CLO investor committee co-chair
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees the European Leveraged Finance Association (ELFA) appoint a TwentyFour Asset Management portfolio manager as co-chair of its CLO investor committee. Elsewhere, CBRE has named its new ceo of Germany, while Hometap has hired a new director of structured products.
Elena Rinaldi has taken over from Emeric Chenebaux as the new .......
Market Moves 19 April 2024
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Moroccan debut
SOFAC launches first synthetic securitisation
Back in December 2023, SOFAC Structured Finance – a subsidiary of Moroccan consumer credit company SOFAC – and CIH Bank launched Morocco’s first synthetic Eurobond fund, following the approval of the local regulator (Autorité Marocaine du Marché des Capitaux (AMMC)). The ensuing transaction, FT SYNTHESIUM, references a portfolio of Eurobonds originated by CIH Bank and issued by the Kingdom .......
News 17 April 2024
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Not dead yet
Hope remains for a 'vibrant' Indian NPL securitisation market
Developing a vibrant secondary market in loan sales remains possible in India, despite the failure of its ‘bad bank’ National Asset Reconstruction Company Ltd (NARCL) to gain traction. The country has large volumes of bad debt and government policy is committed towards cleaning up these distressed assets. Although gross NPL volumes stood at a multi-year low of 3.2% in December .......
News Analysis 15 April 2024
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Collectibles offered
SFS debuts fine art programme
Sotheby’s Financial Services (SFS) is in the market with its inaugural 144a securitisation. Believed to be the first-ever publicly rated art loan ABS, the US$500m Sotheby’s ArtFi Master Trust Series 2024-1 transaction is backed by assets consisting primarily of loan receivables secured by works of fine art and collectibles.
In its capacity as an art financing company, SFS .......
News 12 April 2024
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Mr Powell and the banks
B3E looks set to change, but how will it affect US SRT?
Few pronouncements by Federal Reserve chairmen have been as eagerly embraced by the financial community as those made by Jerome Powell in early March about prospects for the Basel 3 Endgame (B3E). No one was paying closer attention than banks that exploit, or want to exploit, the SRT market.
Hitherto, Powell has not emulated the gnomic bearing of .......
News Analysis 12 April 2024
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Job swaps weekly: A&O Shearman promotes two securitisation lawyers to partner
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees A&O Shearman announcing two new securitisation partners in its first wave of post-merger partner promotions, while an existing A&O partner leaves for Kirkland & Ellis. Elsewhere, Paul Hastings has lured two securitisation specialists from Weil Gotshal & Manges, while Campbells has added a partner in its Hong Kong practice.
Allen .......
Market Moves 12 April 2024
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Balancing act
SRT Market Update
The first quarter was notable for a number of SRT trades referencing investment grade portfolios being executed at very attractive levels (SCI 5 April). While demand arguably exceeded supply, this trend is broadly expected to even itself out during the remainder of the year.
“Supply is not generally very strong during the first quarter. In fact, it's .......
SRT Market Update 12 April 2024