ABS

  • Yield-seekers' paradise

    Esoteric ABS set to shine amid stable rates and digital surge, say Miami speakers

    Esoteric ABS issuance has surged to represent nearly a third of the US securitisation market so far this year, reaching US$96bn of cumulative volume. At Invisso’s ABS East conference in Miami last week, panellists forecasted strong growth across niche asset classes through 2025 - with anticipated interest rate stability pushing investors towards the digital infrastructure, whole business securitisation (WBS), .......

    Talking Point 28 October 2024

  • Job swaps weekly: Kirkland names two new partners

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Kirkland & Ellis hiring two partners for its structured finance and structured private credit practice. Elsewhere, NPL Markets has made two senior appointments to its team, while Piper Sandler has named a new head of structured products trading.

    Kirkland & Ellis has hired Jared Axelrod and Suril Patel as partners .......

    Market Moves 25 October 2024

  • Teutonic tenacity

    German consumer ABS sees strong investor demand despite rising challenges

    Despite rising interest rates and escalating costs of living across Europe, the consumer ABS market shows little sign of distress. Issuance levels remain robust, with investors continuing to demonstrate confidence in this sector, even as economic conditions tighten. According to Sam Lee, portfolio manager at TwentyFour Asset Management, "there is no sign as yet of any impact on issuance .......

    News 24 October 2024

  • Optimisation optimism

    SRT activity set to soar as banks adjust to Basel 4

    Panellists at SCI’s 10th Annual Capital Relief Trades Seminar in London last week widely agreed that banks are set to ramp up their use of SRT transactions to optimise balance sheets and improve capital efficiency ahead of sweeping regulatory changes under Basel 4.

    "I expect further growth in SRTs as banks adjust to Basel 4, using these transactions .......

    Talking Point 24 October 2024

  • Here comes the sun

    Enpal passes €5bn ahead of Europe's debut public solar ABS deal

    Enpal has passed another milestone, as it surpassed €5bn in renewable energy financing commitments. The announcement comes ahead of the issuing of the much anticipated €240m Enpal-originated solar ABS transaction, ABS Golden Ray 1 (SCI 23 October) – a watershed moment as it represents the first ever publicly rated European solar ABS deal. 

    The German greentech firm, .......

    News 23 October 2024

  • Summer in the city

    European ABS and CLO markets defy summer lull with €34bn Q3 issuance

    The European securitisation market saw significant activity through the third quarter of 2024, defying the typical summer slowdown, according to a market update issued by TwentyFour Asset Management.

    Aza Teeuwen, partner and portfolio manager at TwentyFour, attributes this to increased funding needs, tighter pricing and a rush to secure funding ahead of the upcoming US elections.

    "Volumes .......

    News Analysis 22 October 2024

  • Job swaps weekly: MidOcean boosts capital formation capabilities

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees MidOcean Partners strengthen its ranks with the appointment of Jon Fox as global head of capital formation. He brings several decades of leadership and alternative asset management experience that will help to expand the firm’s investor relationships globally.

    Fox was formerly president of Värde, having joined that firm nearly 11 .......

    Market Moves 18 October 2024

  • Local network

    Jonas Hybinette, co-founder and co-head of business developm...

    Q: RoundShield, a private investment firm specialising in asset-backed credit across Western European markets, recently closed its fifth European special opportunities fund (Fund V) with over US$1bn in commitments - surpassing its fundraising target by nearly US$150m. Why does the firm focus on Western Europe and how do you identify opportunities in these jurisdictions?
    A: Driss Benkirane, our managing partner, and I .......

    The Structured Credit Interview 17 October 2024

  • Job swaps weekly: KBRA rings the changes

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees KBRA making multiple senior structured finance appointments including a new global head of ABS and RMBS. Elsewhere, a c-suite executive at PACE Funding Group has left the firm and transitioned away from structured credit with a move to Greenday Finance, while specialty finance company Encina Lender Finance has made two senior .......

    Market Moves 11 October 2024

  • Heating up

    Potential for heat-pump-backed ABS in Europe's energy transition

    The wait for Europe’s first public heat pump-backed ABS transaction may soon be over, as the demand for sustainable heating solutions grows amid Europe’s energy transition. Securitisation is proving to be an increasingly integral tool in the fight against climate change, with solar ABS and utility ABS in the US supporting the transition away from fossil fuels – heat .......

    News Analysis 10 October 2024

  • Capital call debut

    SFF securitisation could mark 'the beginning of a new market'

    Goldman Sachs is in the market with what is believed to be the first publicly-rated cash capital call securitisation - the US$475m Capital Street Master Trust Series 2024-1. Synthetic capital call securitisations have been more widely issued to date (see SCI’s CRT Deal Database), but the growing use of ratings in the fund finance market and increasing investor .......

    News Analysis 10 October 2024

  • Flexible financing

    Apollo warehouse loan facility rated

    Further details have emerged regarding the transaction at the core of the recent strategic financing collaboration between Apollo Global Management and BNP Paribas (SCI 27 September). The resultant borrower vehicle, AGF WHCO 2-A Trust, entered into a senior secured revolving loan facility collateralised by warehouse loan obligations originated by ATLAS SP.

    “This trade is very .......

    News 8 October 2024

  • Job swaps weekly: Blackstone lures two new partners

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Blackstone adding two new partners to its infrastructure and asset-based credit platforms. Elsewhere, ING has hired an industry veteran as head of asset securitisation for wholesale banking in APAC, while Castlelake has strengthened its existing European leadership with the appointment of a new partner.

    Blackstone is expanding its infrastructure and .......

    Market Moves 4 October 2024

  • Different beats

    European ABS slows as Australian market surges, marking contrasting dynamics.

    ABS activity in Europe slowed during the final week of September, while Australia experienced a surge in issuance in the same period, according to figures issued by JP Morgan research strategists. While in Europe the slowdown offers a welcome breather after a hectic month, the acceleration in Australia highlights a sharp – although potentially temporary – contrast between the .......

    News 4 October 2024

  • Rating reverberations

    S&P's revised RMBS criteria and Fitch's growing infl...

    Recent updates to S&P's rating criteria in Australia are reshaping the landscape for RMBS, sparking discussions among Aussie investors about the evolving standards for credit ratings. As S&P aligns its regional methodology with its global framework, the implications for the structured finance market are becoming clearer.

    S&P's revised criteria, detailed in its report named Global Methodology and Assumptions: .......

    News Analysis 3 October 2024

  • CNI boost

    European data centre ABS poised for growth

    The UK's data centre sector recently received a major boost, with the government last month officially designating it as critical national infrastructure (CNI). The move has sparked anticipation of further data centre securitisation issuance, following the debut European deal, Vantage Data Centres UK 2024-1 (SCI ABS Markets Daily - 30 April).

    “The UK government’s designation of data .......

    News 2 October 2024

  • Private securitisations grow

    Latest EBE report highlights market expansion

    Over 67% of European private cash securitisations fund sellers in the EU and over 74% directly fund the real economy, according to the latest European Benchmarking Exercise (EBE) report. The latest report provides aggregated transaction-level data on over 500 securitisation positions gathered from 12 banks across six countries during 2H23, covering €79bn of reported financing volumes and an estimated .......

    News 30 September 2024

  • Resilient tapestry

    Maddi Rowlatt at Challenger navigates the dynamic ABS and MB...

    The ABS and MBS landscape continues to be dynamic and resilient, supported by strong investor demand and favourable macroeconomic conditions. In this swiftly changing market, Maddi Rowlatt, portfolio manager overseeing UK, European, and US ABS at Challenger, closely monitors broader macroeconomic and geopolitical risks that could affect performance.

    With cautious optimism, she notes: “The market has benefited from .......

    News Analysis 27 September 2024

  • ABF push

    Apollo, BNP Paribas ink strategic collaboration

    Apollo last week unveiled a US$5bn strategic financing and capital markets collaboration with BNP Paribas, as it seeks to expand its securitisation and asset-backed finance operations, including ATLAS SP Partners. The deal signals a surge in activity in the private credit market, marked by a growing trend of partnerships between banks and non-bank entities adapting to meet the demand .......

    News 27 September 2024

  • Job swaps weekly: Toorak and Merchants parent names new coo

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Roemanu hire a former Finance of America Home Improvement president as its new coo. Elsewhere, Redding Ridge Asset Management has elevated a senior director to ceo in order to lead its CLO management businesses globally, while Cushman & Wakefield has appointed a co-head of EMEA equity, debt and structured finance.

    Market Moves 27 September 2024

  • C-PACE renaissance

    Carlyle, North Bridge partnership highlights opportunity

    Carlyle last week announced a minority investment in North Bridge, a real estate financing provider, to support the origination of up to US$1bn in C-PACE loans. This landmark partnership represents the largest collaboration between a C-PACE originator and a private credit firm, underscoring the rapid evolution of this emerging asset class.

    “It’s a really interesting partnership that leverages .......

    News 26 September 2024
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