ABS

  • 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

  • Endgame resistance

    B3E implementation hits another bump in the road

    The Basel 3 Endgame has hit another bump in the road. A re-proposal from the Fed (SCI 10 September) has been met with resistance from at least three of five FDIC directors opposing the suggested measures.

    It seems something of a ‘kumbaya’ moment in US politics, with Democrat Rohit Chopra joining the two Republican board members in .......

    News 24 September 2024

  • Digital milestone

    Inside KKR and NetCo's landmark infrastructure deal

    The recent KKR-NetCo deal marks a significant milestone for Italy, as it introduced securitisation technology for the first time to attract institutional investors to infrastructure financing. The securitisation tranche facilitated KKR’s acquisition of NetCo, Telecom Italia's (TIM) fixed-line network, and its integration with FiberCop by syndicating a portion of the financing.

    A&O Shearman, legal advisor to the financial .......

    News Analysis 24 September 2024

  • Job swaps weekly: EIF exclusive

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees SCI exclusively reveal that the European Investment Fund’s chief investment officer is retiring from his role after almost three decades with the fund. Elsewhere, Performance Trust Capital Partners has poached three executives from Pagaya, while ELFA announces its ceo is to step down from her role.

    Alessandro Tappi is to .......

    Market Moves 20 September 2024

  • Resilience amidst volatility

    European and UK ABS and MBS markets displayed resilience in August, despite widespread volatility.

    The European and UK ABS and MBS markets in August demonstrated resilience in the face of volatility, according to monthly European and UK factsheets monitored by SCI.

    August saw widespread volatility, which notably affected both primary and secondary markets. According to TwentyFour AM Momentum Bond Fund’s managers, despite this turbulence, primary markets demonstrated resilience, especially in the UK .......

    News 20 September 2024

  • Renewables prioritised

    Coventry's PACE, solar efforts gain momentum

    Coventry Structured Investments, a Los Angeles-based asset management firm specialising in niche debt and equity solutions, is set to purchase up to US$600m in residential solar loans under a forward-flow agreement with Almika Renewable Finance. The agreement reinforces Coventry’s prioritisation of renewables as key growth areas over the next six to 18 months, including the roll-out of its own .......

    News Analysis 20 September 2024

  • Breaking regulatory chains

    Calls for reform intensify as industry pushes to fuel growth and fund Europe's green transition

    The European securitisation market is “far too small and illiquid,” according to a recent report from True Sale International (TSI) and the Association of German Banks (BdB). The scale of the challenges could be having a negative impact on vital innovation across the continent’s economy.

    The report, titled ‘A strong, competitive Europe: unlocking the potential of securitisation’, underscores .......

    News Analysis 19 September 2024

  • Set for take-off?

    Increased volumes, improving fundamentals boost aircraft ABS

    A handful of US aircraft ABS worth US$2.87bn have priced so far this month, taking the total number of deals printed this year to eight. With improving fundamentals post-pandemic, the sector stands out when compared to railcar and container ABS.

    Indeed, aircraft ABS currently offers the highest yield among the three asset classes, driving analysts’ preference towards this .......

    News 19 September 2024

  • Records to fall

    European and Australian ABS markets approach post-crisis issuance records amidst autumn surge

    Primary markets in Europe and Australia are showing significant momentum as we head into autumn. According to research strategists at JPMorgan, YTD issuance totals in both regions are nearing post-crisis records.

    Europe’s YTD issuance stands at €71.5bn, with Australia at €32.9bn, just shy of their respective post-crisis records of €76.5bn and €33.

    This has led the bank’s .......

    News 18 September 2024

  • Prodigal student standards

    Standard and Prodigy announce US$24m student loan partnership

    Standard Bank has announced a US$24m funding partnership with Prodigy Finance to support African students intending to pursue postgraduate studies at international universities. The partnership includes US$22m from Standard Bank, with additional first-loss protection provided by Allan and Gill Gray Philanthropies. 

    Prodigy Finance, which provides flexible loans to international postgraduate students, will use Standard Bank's funding to expand .......

    News 13 September 2024

  • Silver lining

    Optimism around strong growth in RMBS and ABS at S&P conference

    Market participants shared widespread optimism at S&P Global Ratings' European Structured Finance conference, buoyed by robust growth and the resilience of the European and UK ABS and MBS markets. Despite global economic challenges, issuance in these markets is experiencing strong momentum, performing even more favourably than 2023.

    Panellists and attendees at the event noted that the primary beneficiaries .......

    News 13 September 2024

  • Job swaps weekly: Chatham AM appoints four for new CLO management team

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Chatham Asset Management establishing a CLO management business with four key hires. Elsewhere, Freddie Mac has selected a new ceo, while Arini has named a CLO portfolio manager to replace Evangeline Lim, who is retiring from the industry.

    Chatham Asset Management has established a CLO management business - called CTM Asset Management – with .......

    Market Moves 13 September 2024

  • Seeds of evolution

    illimity's Lionetti answers SCI's questions

    Tech-focused Italian banking group illimity recently announced the structuring of two new loan securitisation programmes to support SMEs and agricultural businesses in Italy, following on from the launch of its first securitisation programme last year. Claudia Lewis speaks to Fabiano Lionetti, head of investment banking at the bank, about its partnership with alternative-finance-focused fintech advisor Crescitalia and the evolution of .......

    The Structured Credit Interview 12 September 2024

  • Off to a flier

    Busy week points to standout September for European and Australian ABS and MBS

    As the third quarter of 2024 winds down, September is shaping up to be a standout month for the European and Australian ABS and MBS markets. According to a recent JP Morgan report, the ABS market roared back to life in the first week of the month, following a volatile August marked by recession risks and central bank uncertainty.

    News 10 September 2024

  • TGIF terminated as WBS manager

    Market updates and sector developments

    The control party for TGIF Funding Series 2017-1 has declared a manager termination event, following the failure of the manager - TGI Friday’s (TGIF) - to furnish a report of the independent auditors or back-up manager summarising the findings of certain agreed-upon procedures within a certain time period. The move represents the first instance of a manager termination event for .......

    Market Moves 6 September 2024

  • Job swaps weekly: The 'Art' of launching

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees two industry veterans join forces to launch Art Capital, a structured finance advisory business. Elsewhere, Citi has boosted its Oceania operation with a new head of asset-backed securitisation, while Cushman & Wakefield has hired a head of capital markets for the Americas from Five Horizons Partners.

    Stuart Blieschke and Tim .......

    Market Moves 6 September 2024

  • SCI In Conversation Podcast: Mike Nowakowski, Conning

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Mike Nowakowski, md and head of structured products at Conning, about esoteric ABS and both the agency and non-agency MBS markets. Nowakowski discusses what attracts him to the esoteric space; the type of esoterics that currently offer the most value; potential upcoming tailwinds .......

    News Analysis 3 September 2024
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