ABS
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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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Job swaps weekly: Norton Rose Fulbright adds Paris-based partner
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Norton Rose Fulbright adding a partner to its banking and finance practice in Paris. Elsewhere, CBRE has lured a new executive director to its European debt and structured finance team from Rothesay, while Alantra has appointed a structured-finance-focused senior advisor.
Norton Rose Fulbright has strengthened its banking and finance practice .......
Market Moves 30 August 2024
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Backup power
Fallout from Gedesco deal could have positive impact on wider market
Servicer defaults can happen, and when they do it is important to keep operations running smoothly. However, this isn’t always possible, such as in the case of Gedesco, where broader struggles were at play.
Commentary from Morningstar DBRS earlier in August took a deeper look into the circumstances surrounding the servicer’s default in the Gedesco Trade Receivables 2020-1 .......
News Analysis 29 August 2024
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Gearing up
SRT Market Update
Heading into the autumn months, the SRT market is gearing up for a bustling end to the year, in spite of the volatility seen earlier this month. While the timelines for a couple of European transactions have been extended, Canadian and US bank activity is picking up pace.
Following a dramatic start to August, with a significant volatility .......
SRT Market Update 23 August 2024
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Diverging markets?
SRT investor-issuer relationships evolving
A common gripe among SRT practitioners is that the flood of new investors to the sector has suppressed spreads. However, some believe it has impacted investor-issuer relationship dynamics too.
According to one market participant, this difference in relationships is particularly pronounced between European deals and the deals which have recently been issued in the US. “While the main .......
News Analysis 23 August 2024
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Job swaps weekly: Texas Capital bags sales and trading MD
People moves and key promotions in securitisation
A quiet week for securitisation job swaps ahead of the UK’s August bank holiday. Nordea Asset Management is expanding its private credit presence in the Nordic region, while Texas Capital has beefed up its securitisation and whole loan capabilities.
Texas Capital Securities has recruited Craig Meltzer as md, sales and trading, based in New York. He focuses on securitisations .......
Market Moves 23 August 2024
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CLO analytics firm eyes private credit
Market updates and sector developments
Siepe has raised US$30m in a Series B funding round led by WestCap, which will drive a multi-product roadmap, including the expansion of the firm’s AI and machine learning capabilities. In conjunction with the new funding, Siepe has appointed Mark Schultis – who joined the firm as an advisor in October 2023 – as president.
The Siepe team .......
Market Moves 22 August 2024
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Rock-solid July for primary ABS market
Low volatility and strong investor appetite lure new issuers
The primary ABS market remained robust in July despite the typical summer slowdown, with strong issuance and investor demand across various sectors, according to monthly European and UK factsheets monitored by SCI.
Amundi’s portfolio managers observed significant activity in July, particularly among new ABS issuers capitalising on the relatively low market volatility and high investor appetite. “These transactions .......
News 20 August 2024
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Job swaps weekly: New Cayman structured finance chief for Maples
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Maples and Calder naming a new head of its Cayman Islands structured finance practice. Elsewhere, Scotiabank has staffed up for the launch of its new Houston-based mortgage capital markets business, while an ex-Stout md and co-lead of structured credit has taken up a C-suite role at Unifi Asset Management.
Maples .......
Market Moves 16 August 2024
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Data centre securitisation: Growing in waves - video
S&P Global Ratings' Jie Liang speaks to SCI about data centre securitisation
....... News Analysis 14 August 2024
Solera MBO boosts auto finance platform
Market updates and sector developments
Obra Capital has partnered with the Solera Auto Finance (SAF) team in a management buyout from Solera Corp. SAF will be rebranded as Arra Finance and by combining the company’s skills with Obra’s existing structuring and credit expertise, the aim is to jointly work with securitisation market participants and forward flow purchasers to create highly rated assets.
SAF .......
Market Moves 13 August 2024
JHG bolsters private credit capabilities
Market updates and sector developments
Janus Henderson Group has entered into a definitive agreement to acquire a majority stake in Victory Park Capital Advisors (VPC). With a nearly two decade-long track record of providing customised private credit solutions to both established and emerging businesses, VPC complements Janus Henderson’s securitised credit franchise and expertise in public ABS markets.
Founded in 2007 by Richard Levy .......
Market Moves 12 August 2024
Job swaps weekly: Blackstone names new head of international at BXCI
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Blackstone appointing a new head of international for Blackstone Credit & Insurance (BXCI). Elsewhere, Paul Hastings has lured a structured finance partner from Weil, Gotshal & Manges, while Milbank has added a number of Latham & Watkins professionals to its alternative investments team, including a new partner.
Blackstone has named .......
Market Moves 9 August 2024
Angel in ETFs
Angel Oak's active structured credit ETF takes off
The Structured Credit Interview 7 August 2024
In its prime
Debutants boost auto CLN volumes
US$1.36bn across four prime auto loan CLN issuances has been placed so far this year, according to JPMorgan figures. The transactions have included debut deals, as well as repeat issuance from Santander.
Indeed, Santander’s latest auto CLN – June’s US$239m SBCLN 2024-A - represents its seventh from the series. The bank is already considered the market benchmark, primarily .......
News 7 August 2024
Australian ABS branches out
IFM Investors' Wanigasekera shares insights on growth and diversification in Australian ABS market
Diversification and growing interest from global investors are fueling innovation in the Australian ABS market, according to Hiran Wanigasekera, co-head of diversified credit and debt investments at IFM Investors.
Since 2021, IFM Investors, with approximately €6bn in securitised assets, has significantly diversified its focus from primarily RMBS to a broader range of ABS. "We have expanded a lot .......
News Analysis 7 August 2024
Esoteric excellence
Reed Smith doubling down on esoterics
Top structured finance law firm Reed Smith has a developed esoteric practice, but is looking to beef up even more, says newcomer Jeffrey Stern.
“This is one of the focuses within the structured finance practice, and I expect to .......
The Structured Credit Interview 6 August 2024
Job swaps weekly: DWS boosts alts franchise
People moves and key promotions in securitisation
Market Moves 2 August 2024
BNPP set to acquire AXA IM
Market updates and sector developments
AXA has entered into exclusive negotiations to sell its asset manager AXA Investment Managers (AXA IM) to BNP Paribas for cash proceeds of €5.1bn. Under the terms of the proposed transaction, AXA and BNP Paribas would also enter into a long-term strategic partnership, under which BNP Paribas would provide investment management services to AXA.
Additionally, AXA would receive .......
Market Moves 1 August 2024
Ears pricked
Interest returning to CRE market as conditions improve
Alternative real estate investors say securitisation is set to remain a key tool to increase market share amid persistent interest rate challenges.
In particular, CRE lending is poised to become a primary focus, as .......
News 30 July 2024