ABS

  • Senior CLO trader poached

    Sector developments and company hires

    CLO expert nabbed

    BlueBay has appointed Alex Navin to join its structured credit team as pm. Based in London, Navin will report to Sid Chhabra, head of structured credit and CLO management, and will support him in managing BlueBay’s global structured credit strategies. Navin has nearly a decade of structured credit experience. He joins from Citigroup, where he held a number of roles, .......

    Market Moves 8 July 2019

  • Greencoat Investments notice received

    Sector developments and company hires

    BUMF 6 application discontinued

    A notice of discontinuance from Greencoat Investments has been received by Business Mortgage Finance 6, purporting to discontinue its application for an administrative order with respect to the issuer, which had been listed to be heard before a High Court Judge at the beginning of July (SCI 16 April). This hearing has now .......

    Market Moves 5 July 2019

  • Auto SRT completed

    Innovative direct CLN structure debuts

    Santander has completed its first synthetic significant risk transfer transaction that references a portfolio of US auto loans (SCI 2 July). Dubbed Santander Synthetic Prime Auto Issuance 2019-A, the US$1.38bn transaction features a novel CLN structure, whereby notes are issued directly by Santander rather than through an SPV.

    Steve Gandy, md and structurer at Santander, notes: “We completed two .......

    News Analysis 5 July 2019

  • EBRD appoints Greece, Cyprus lead

    Company hires and sector developments

    EBRD hires NPL vet

    The EBRD has appointed Andreea Moraru to lead its operations in Greece and Cyprus from November, following the retirement of the current holder of the role, Sabina Dziurman. Based in Athens, Moraru will continue the EBRD’s efforts to support the private sector in the two countries, improve competitiveness and strengthen the regional integration of the local .......

    Market Moves 4 July 2019

  • Helping hand

    Refugee risk-sharing facility inked

    Dutch development bank FMO has signed a pilot bilateral risk-sharing facility under its NASIRA programme, which guarantees portfolios of loans to vulnerable, underserved entrepreneurs in sub-Saharan Africa and countries neighbouring Europe. The agreement is with Jordanian microfinance institution (MFI) Tamweelcom and will support access to finance for Syrian refugee entrepreneurs.

    Jordanian banks have historically refrained from providing financing to Syrians .......

    News Analysis 4 July 2019

  • Increasing capacity

    Bridging the CRT gap for insurers

    Greater involvement from insurers in capital relief trades should improve any capacity constraints the market faces. However, while banks are seeking alternative pockets of demand in which to place their risk and insurers are seeking to diversify and achieve scale, their approaches to any transaction will be different and that difference needs to be managed.

    At present, capacity .......

    News Analysis 3 July 2019

  • Pre-summer rush

    European ABS market update

    Activity levels are currently high across the European ABS/MBS and CLO markets and that looks set to continue.

    “It’s very busy in both primary and secondary,” confirms one trader. “It feels like the usual rush before the summer holidays, but we’re also feeling the effects of pent-up issuance from the quiet first quarter. We’re seeing lots of new .......

    Market Reports 3 July 2019

  • Rarely-seen synthetic securitisation revealed

    Transaction references unusual pool of US auto loans

    Santander has issued a rare synthetic securitisation referencing a collateral pool of US prime auto loans. Dubbed Santander Synthetic Prime Auto Issuance 2019-A, the deal comprises credit-linked notes (CLNs) referencing the performance of a static US$1.381bn portfolio of 59,771 auto loans made to high-quality borrowers across the US, for the purchase of new and used vehicles.

    DBRS and Scope .......

    News 2 July 2019

  • CLO firm boosts research team

    Company hires and sector developments

    CEDE made public

    AIR Worldwide has published its Catastrophe Exposure Data Exchange (CEDE) database schema publicly. The aim is to facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and to encourage additional analytics on a greater number of exposures. In addition, AIR is actively supporting the ModEx Open Exposure Data Format (OED) by freely providing .......

    Market Moves 2 July 2019

  • Latest podcast now live!

    Mascots, Japanese CLO investors and STS struggles

    In this month's edition of the SCI podcast, the editorial team get stuck into some interesting topics affecting the securitisation market today. First, our editor, Corinne Smith discusses some recent structural innovations in US CLOs, including MASCOTs - or modifiable and splitable/combinable tranches - and the benefits these offer investors.

    Next up, Stelios Papadopoulos, senior reporter, looks at some of the .......

    News 1 July 2019

  • Wholesale switch

    Creval eyes NPL reduction strategy

    Credito Valtellinese (Creval) has announced a five-year business plan that aims to reduce its non-performing loan and sovereign exposures and improve profitability via cost-cutting. The successful execution of the plan would make the bank more attractive for a possible merger in the future, in line with supervisory calls for reductions in NPL exposures as well as consolidation, in order to .......

    News 28 June 2019

  • ReoCo impact assessed

    Company hires and sector developments

    CMIP acquisition

    Investcorp Credit Management US has entered into a definitive interest purchase agreement to acquire a majority ownership interest in CM Investment Partners (CMIP), the investment adviser to CM Finance, through its purchase of the respective equity positions held by certain funds managed by Cyrus Capital Partners and Stifel Venture Corp, and newly issued interests in CMIP. .......

    Market Moves 28 June 2019

  • Guarantee inked

    Banco BPM prints first capital relief trade

    The EIF is taking on the risk of Banco BPM’s €55m mezzanine guarantee in connection with the Italian lender’s first capital relief trade, referencing a portfolio of midcap corporate loans. The regulatory capital that will be released is enough to fund €330m of SME lending.

    The new loans are intended for SMEs (accounting for up to 30% of the .......

    News 28 June 2019

  • Commodity opportunities

    Bank expands global SCF activities

    Crédit Agricole recently made a number of senior hires to its structured commodity finance (SCF) team in London, indicating that the bank is growing its activity in the SCF space. Alongside this, the bank is pushing boundaries in the sector, such as its recent, innovative US$300m medium term loan transaction with Ghana Cocoa Board.

    Constantin Koutzaroff, global head of .......

    News 28 June 2019

  • Compliance challenges

    STS requirements raise regulatory liability concerns

    The securitisation market now appears to be embracing the new Securitisation Regulation and adapting to the regime, following uncertainty over technical standards in Q1. Nevertheless, market participants are still grappling with practical challenges, whose solution remains elusive.

    According to Salim Nathoo, partner at Allen & Overy: “Filling in the CRE and residential templates is hard because it’s not .......

    News Analysis 28 June 2019

  • GSE reform study released

    Sector developments and company hires

    Private credit double announced

    Solar Capital Partners has hired two senior private credit investment professionals. Eric Herr joins as a partner, to help lead investment origination across the firm's multi-credit strategy platform. Most recently, he served as an md of loan originations at NewStar Financial and previously worked at Churchill Financial, GE Antares and GE Commercial Finance. Eduard .......

    Market Moves 27 June 2019

  • CMBS auditing upset

    Sector developments and company hires

    Auditing issue

    The JUNO (ECLIPSE 2007-2) CMBS failed to file its financial statements for 2017, together with its annual return by 21 June, as required by the Companies Registration Office (see SCI’s CMBS loan events database). The issuer has a further 28 days to submit its audited financial statements, but its auditors have advised that they cannot .......

    Market Moves 26 June 2019

  • Aussie Investment principles discussed

    Sector developments and company hires

    Australian business investment principles explored

    The Australian Office of Financial Management (AOFM) has released for public comment its draft guiding investment principles for Australian Business Securitisation Fund (ABSF) investment.  The guiding investment principles are intended to be “principles based” rather than prescriptive and will be used by the AOFM for identifying transactions that will meet the government’s primary .......

    Market Moves 24 June 2019

  • Chinese law firm nabs SF expert

    Sector developments and company hires

    China

    Han Kun has hired Li Huhuan as partner to the firm’s Shanghai office. Huhuan focuses his practice on asset securitization, insurance fund management, and mergers and acquisitions.  Prior to joining Han Kun, Huhuan practiced with several well-known PRC law firms for more than eleven years. 

    Industry body rebrand

    The Structured Finance Industry Group (SFIG) has .......

    Market Moves 21 June 2019

  • Global reinsurance consolidation

    Sector developments and company hires

    HATS 2016-1 redeemed

    KBRA has withdrawn its ratings from Honor Automobile Trust Securitization 2016-1, after the notes were paid in full on 17 June. Given the remaining pool factor was less than 20% of the cut-off date pool balance, the servicer exercised its option to purchase the trust property and redeem the notes. Westlake took over servicing of .......

    Market Moves 20 June 2019

  • Debut franchise ABS prepped

    Transaction announced despite association objections

    Jack in the Box is marketing an inaugural US$1.450bn whole business securitisation backed by 2,240 franchised quick service restaurants distributed across the US. Dubbed Jack in the Box Funding 2019-1, the transaction has been announced despite a number of criticisms from the firm’s franchisee association.

    S&P notes that Jack in the Box will use around US$1.054bn of net .......

    News 19 June 2019
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