ABS

  • US firms see flurry of hires

    Sector developments and company hires

    US

    Bay Crest Partners has bolstered its fixed income business with a trio of senior hires: Tadeusz (Ted) Jachowicz, Jatin Dewanwala and Greg Hackett. Jachowicz and Dewanwala previously ran Metacapital Management's structured credit effort, including portfolios of ABS, CMBS and RMBS. Hackett joins Bay Crest following five years at RBC, where he headed the firm's CMBS and CRE .......

    Market Moves 10 January 2019

  • Mezz opportunity

    Insurer interest in risk transfer on the rise

    The facility recently inked by Texel Finance and Liberty Specialty Markets (SCI 9 November 2018) signals an increasing interest among insurers in providing meaningful risk transfer solutions for structured finance opportunities. One key area being targeted by the facility is mezzanine risk transfer for SRT transactions, following the coming into force of the new securitisation framework.

    Alan .......

    News Analysis 10 January 2019

  • Risk-sharing boost

    Cajamar SRT sets tone for standardised banks

    BCC Grupo Cajamar has completed a €972.1m Spanish true sale significant risk transfer transaction with the EIF, ICO and hedge fund investors. Dubbed IM BCC Capital 1, the transaction is the first cash SRT issued by a standardised bank and the first risk-sharing transaction by a standardised bank that involves both the EIF and private investors, paving the way .......

    News Analysis 9 January 2019

  • UK tax partner pinched

    Sector developments and company hires

    UK

    Hunton Andrews Kurth has recruited David Klass as a partner in its London office. Klass brings more than 15 years of experience advising on a wide range of tax issues and transactions, particularly those with an international element. Among the clients he advises are asset originators and arrangers in connection with structured finance deals. He was previously .......

    Market Moves 8 January 2019

  • Freddie Mac launches debut reinsurance deal

    Company hires and sector developments

    Acquisitions

    doBank has acquired 85% of NPL servicer Altamira Asset Management from entities affiliated with funds managed by Apollo Global Management, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority, following a competitive sales process. The shareholding involved in the sale may be increased to 100%, should Santander - holder of the remaining 15% interest in the .......

    Market Moves 7 January 2019

  • SCI Start the Week - 7 January

    A review of securitisation activity over the past seven days

    Transaction of the week

    Santander has launched an unusual synthetic securitisation of auto loans, dubbed Santander Consumer Spain Synthetic Auto 2018-1. The transaction comprises a €60.6m twelve-year CLN that references a €1.01bn portfolio of Spanish auto loans paying Euribor plus 8.90%.

    Synthetic securitisations of granular, consumer portfolios are uncommon, as the structures are typically used for concentrated, non-granular portfolios. This .......

    News 7 January 2019

  • Banca Carige placed into temporary administration

    NPL disposals 'could be accelerated'

    Banca Carige has been placed into temporary administration by the European Central Bank (ECB) following the resignation of the majority of Banca Carige’s board members. The decision is unlikely to negatively impact Banca Carige’s non-performing loan (NPL) securitisation programme and could actually expedite its NPL disposal plans.

    The ECB states that, following the board member resignations, it became necessary to .......

    News Analysis 4 January 2019

  • Pair promoted

    Sector developments and company hires

    UK

    TwentyFour Asset Management has appointed two new partners from within its portfolio management team. Felipe Villarroel, a portfolio manager on the multi-sector Bond team, and Douglas Charleston, a portfolio manager for the firm’s asset-backed securities funds, will become partners early in 1Q19. Prior to joining TwentyFour, Charleston was an associate director in asset-backed solutions at Lloyds.

    ......

    Market Moves 4 January 2019

    Premium Content

  • Global finance partner hired

    Sector developments and company hires

    NPL transactions

    IFIS NPL, has purchased an NPL portfolio totalling €1.16bn in gross book value from Monte dei Paschi di Siena. The portfolio acquired includes over 83,000 debtors with 16% comprised of consumer loans. The remaining 84% consists of unsecured small ticket banking NPLs.

    JPMorgan and Mediobanca are co-arrangers on a cash securitisation of Italian NPLs worth approximately €2.541m. Dubbed Belvedere .......

    Market Moves 2 January 2019

  • Landmark consumer SRT launched

    Santander completes synthetic auto loan ABS

    Santander has launched an unusual synthetic securitisation of auto loans, dubbed Santander Consumer Spain Synthetic Auto 2018-1. The transaction comprises a €60.6m twelve-year CLN that references a €1.01bn portfolio of Spanish auto loans paying Euribor plus 8.90%.

    Synthetic securitisations of granular, consumer portfolios are uncommon, as the structures are typically used for concentrated, non-granular portfolios. This is due to ease of .......

    News Analysis 2 January 2019

  • Ex-LSE ceo hired

    Sector developments and company hires

    EMEA
    CQS     has appointed Xavier Rolet, previously ceo of the London Stock Exchange, as ceo. Michael Hintze, CQS' founder, will continue as the firm’s senior investment officer and will become group executive chairman. Rolet will lead the firm's next stage of growth, enabling Hintze to focus on investment management.

    Partners Group has promoted 10 leaders from across the business .......

    Market Moves 24 December 2018

  • Synthetic slew

    CRT issuances hit before year-end

    A slew of synthetic securitisations have hit the market before year-end. The risk transfer issuances include a trio of EIF financial guarantees, one of which is supported by blockchain technology, and a pair of Colonnade deals.

    The blockchain transaction – which marks the first time a corporate loan securitisation has been executed via distributed ledger technology in the .......

    News 21 December 2018

  • Inaugural post-crisis CLO prepped

    Sector developments and company hires

    CLO manager comeback

    AIG is marketing its first BSL CLO since the financial crisis, totalling US$503.15m. Dubbed AIG CLO 2018-1, the transaction is provisionally rated by Morningstar as triple-A on the US$296.5m class A notes. It does not have ratings on the rest of the notes.

    Fairhold development

    Fairhold Securitisation Limited has issued a notice that the new respondents, as .......

    Market Moves 21 December 2018

  • Disclosure draft not endorsed

    EC refuses to endorse draft technical standards

    The European Commission has stated that it only intends to endorse the draft technical standards on disclosure requirements, under the EU Securitisation Regulation prepared by ESMA, once certain amendments have been made. Market participants have suggested that this was not unexpected and could in fact buy more time for firms to install the necessary systems required to comply with reporting standards, when .......

    News 20 December 2018

  • Consumer SRT completed

    Santander opts for true sale format

    Santander last month priced Kimi 7, a €665.3m true sale significant risk transfer transaction that securitises a portfolio of Finnish auto loans. The deal was executed for both capital relief and liquidity purposes, with the bank selling both the mezzanine and senior tranches.

    Compared to previous Kimi deals, mezzanine investors don’t benefit from any excess spread. According to .......

    News Analysis 19 December 2018

  • Japanese dependence

    European ABS market update

    European ABS markets have effectively closed for the year. Deals in the pipeline are now expected to price in early 2019.

    Looking ahead to 1Q19, one trader comments: “For UK buy-to-let and non-conforming RMBS, activity will depend 100% on what happens with Brexit. Unless we have more clarity about how Brexit will play out, investors are going to be .......

    Market Reports 19 December 2018

  • ILS ventures launched

    Sector developments and company hires

    ILS

    Rewire Holdings and Vida Capital have announced the formation of Merion Square Capital, a joint venture which combines the two companies. The asset manager has established an open-ended fund structure which will primarily invest in ILS with an emphasis on property and casualty insurance, as well as annuities and mortality-related products. Merion Square will be led and .......

    Market Moves 19 December 2018

  • Programmatic issuance

    UBI Banca completes second CRT

    UBI Banca has completed its second-ever capital relief trade, paving the way for more programmatic issuance in the future. Dubbed UBI RegCap2, the €100m financial guarantee references a €2.2bn portfolio of secured and unsecured Italian SME and corporate loans.

    According to Simone Tufo, head of capital strategy at UBI Banca: “We intend to proceed with more programmatic issuance, .......

    News 19 December 2018

  • New frontiers

    SF group uses innovative methods to provide private debt financing

    REYL Group recently established a new structured finance department as part of the Corporate Advisory and Structuring (CAS) group. It has a heavy focus on private debt - mainly on a secured and securitised basis - to facilitate funding across a range of asset classes and jurisdictions, including initial transactions in commodities and project finance.

    Ante Razmilovic, who joined .......

    Provider Profile 18 December 2018

  • Deal delay?

    European ABS market update

    A trader reports that nothing has been heard of the Alhambra SME Funding 2018-1 deal, which “should have been done and dusted by now” as the only European ABS left in the pipeline. The trader suggests that the transaction may have been postponed until 1Q19, despite it being announced in June (SCI 21 November).

    He says: .......

    Market Reports 18 December 2018

  • Cerberus explores RMBS options

    Sector developments and company hires

    Granite alternatives

    Cerberus European Residential Holdings is exploring strategic alternatives with respect to the mortgage loans held in the Towd Point Mortgage Funding 2016-Granite1 and 2016-Granite2 RMBS, which will become eligible for optional redemption from April and May of 2019 respectively. The firm has engaged Morgan Stanley and Bank of America Merrill Lynch as its financial advisors to .......

    Market Moves 17 December 2018
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