Complete news archive

  • Angel MBS

    Angel Oak Mortgage completes first sole MBS at new low coupons

    Angel Oak Mortgage REIT, the sister company of Angel Oak Capital, has closed a $316m RMBS offering, designated AOMT 2021-4, which represents the first sole securitization by the firm.

    It placed notes with a face value of $306.4m at a weighted average cost of funding of 1.12%. This represents a sharp narrowing of pricing compared to recent deals, pointed out chief .......

    News 26 August 2021

  • CLO control equity fund closed

    Sector developments and company hires

    CLO control equity fund closed
    Lakemore Partners has successfully closed Aquatine IV at US$400m, due to strong investor demand. Aquatine IV is Lakemore’s fourth CLO fund within the Aquatine platform, which invests in control equity positions in US CLOs. Investors in the fund comprise a diverse group of institutional investors, representing private banks, fund of funds, insurance companies, family offices .......

    Market Moves 26 August 2021

  • Driving decarbonisation

    EUA securitisation platform poised for growth

    Tramontana Asset Management recently breached US$5bn in assets through its innovative carbon ABS platform. The programme is poised for further growth, as the rise in EU Allowance (EUA) prices is increasing the need for carbon credit hedging and financing solutions among corporates.

    Established in 2019, the Tramontana carbon ABS programme securitises EUAs - each EUA representing an entitlement .......

    News 24 August 2021

  • Solar LDA partnership inked

    Sector developments and company hires

    Solar LDA partnership inked
    dv01 has partnered with GoodLeap with the aim of further promoting data transparency and accountability within the solar ABS market. Through this partnership, dv01 will serve as loan data agent (LDA) for Carbon Level Mitigation Trust (CLMTE) pass-through certificates.

    The shelf currently comprises CLMTE 2021-1 and CLMTE 2021-2, with an aggregate notional value of US$53.6m .......

    Market Moves 23 August 2021

  • SCI Start the Week - 23 August

    A review of SCI's latest content

    Last week's news and analysis
    Bullish sentiment
    CLO, loan opportunity set to continue outperforming
    Chowa finalised
    NatWest executes leveraged loan SRT
    Financing boost
    EGF extended to synthetics
    Pretium steps out
    New hires signal new products and added depth to old ones
    Robust recovery
    Bumper "summer" for Aussie securitisation
    The puzzling case of the disappearance of Fannie Mae
    FNMA's absence from CRT investigated
    There's gold in them thar .......

    News 23 August 2021

  • Pretium steps out

    New hires signal new products and added depth to old ones

    The three key hires that specialist mortgage and real estate investment manager Pretium announced earlier this month signal its intention to widen its footprint in the US residential mortgage space by adding depth in existing product ranges but also adding new instruments to the roster.

    Sarah Kong joins the resi credit trading team as head of mortgage whole loan trading from .......

    Provider Profile 20 August 2021

  • APAC ILS issuance on the rise

    Sector developments and company hires

    APAC ILS issuance on the rise
    Continued efforts from Asia Pacific reinsurers to source alternative capital through the ILS market is anticipated, following on the heels of the seven catastrophe bonds that were issued using Singapore-domiciled vehicles through July. Indeed, the first Hong Kong-domiciled catastrophe bond is being prepped.

    The Singapore cat bonds issued in 2021 comprise: Security First .......

    Market Moves 20 August 2021

  • Double bind

    New SRT tests pose complexities

    The European Commission’s new consultation on the Securitisation Regulation (SCI 26 July) for the first time officially offers banks the opportunity to raise questions on the workability of the new significant risk transfer tests included in the EBA’s final report on SRT (SCI 27 November 2020). The tests pose several complexities for banks, due to the design .......

    News Analysis 20 August 2021

  • Robust recovery

    Bumper "summer" for Aussie securitisation

    The Australian securitisation market has experienced a deluge of activity in the last few weeks. With a total of A$8bn placed in July, the sector experienced its busiest month since 2007.

    Australia's effective management of the coronavirus and macro-policy response generally facilitated a robust economic recovery throughout 2020. “The securitisation market has obviously shown a dramatic recovery since .......

    News Analysis 20 August 2021

  • There's gold in them thar malls

    Retail CMBS notes have bucked the recovery, but rewards are there

    The currently much-spurned retail CMBS market contains pockets of great value, according to Karlis Ulmanis, portfolio manager at DuPont Capital.

    In general, CMBS spreads have bounced back to pre-pandemic levels. CMBS based on the hotel sector have made great strides lately, for example. This week Fitch removed 14 single borrower hotel deals from negative ratings watch.

    But CMBS deals exposed to retail .......

    News 19 August 2021

  • Corporate, PF businesses bolstered

    Sector developments and company hires

    Corporate, PF businesses bolstered
    KBRA has enhanced its corporate and project finance businesses by forming new sector teams to focus on the intersection of infrastructure, energy, renewables and middle market lending. The aim of the sector-focused teams is to meet demand for KBRA’s thought leadership across these segments.

    Andrew Giudici, senior md and global head of corporate, project and .......

    Market Moves 18 August 2021

  • Financing boost

    EGF extended to synthetics

    The European Commission has approved the extension of the EIB’s European Guarantee Fund’s support to synthetic securitisations, following an assessment of EU state aid rules. The extension to significant risk transfer deals applies under certain conditions pertaining to SME origination levels and the deployment of released capital.  

    The envisaged €1.4bn budget is expected to mobilise at least .......

    News 18 August 2021

  • The puzzling case of the disappearance of Fannie Mae

    FNMA's absence from CRT investigated

    Fannie Mae has not issued a CRT deal since 1Q20. This SCI CRT Premium Content article investigates the circumstances behind the GSE’s disappearance from the market and what might make it come back.

    Fannie Mae, one of the co-founders of the ground-breaking GSE credit risk transfer market, has not issued a CAS or CIRT transaction since 1Q20. There is ......

    News Analysis 18 August 2021

    Premium Content

  • Bullish sentiment

    CLO, loan opportunity set to continue outperforming

    The global CLO market is now pushing US$1trn in outstandings. Against this backdrop, both CLOs and the underlying loans are expected to outperform, as investors continue seeking higher risk-adjusted returns.

    Mohamed Seif, co-founder and md of Lakemore Partners, notes that growth and demand in the US CLO market is being driven by a number of factors. First, CLOs .......

    News Analysis 17 August 2021

  • Chowa finalised

    NatWest executes leveraged loan SRT

    News 17 August 2021

  • Unanswered questions

    Mixed outlook for the UK RMBS market

    The outlook for the UK RMBS market is mixed for the rest of the year. Indeed, questions remain over issuance volumes and performance once the furlough scheme ends on 30 September.

    UK collateral has constituted 67% of total European RMBS issuance so far this year. At €12.3bn, UK non-conforming RMBS issuance year-to-date has already crossed Deutsche Bank’s full-year .......

    News 16 August 2021

  • SCI Start the Week - 16 August

    A review of SCI's latest content

    Last week's news and analysis
    Amortization antics
    Vehicle inventory shortage forces ABS issuers to forestall amortization
    CMBS fillip
    Hotel sector leads recovery in US CMBS but retail still depressed
    Downward trend
    Corporate defaults continue to drop
    Equity ownership
    Lakemore Partners discuss plans to strengthen its US presence
    Simulation analysis
    Covid-19 boosts capital ratios
    Sponsor momentum
    Record-setting quarter for the ILS market
    'Synergistic' CMBS prepped
    Hollywood creative campus refinanced

    For .......

    News 16 August 2021

  • DSW CMBS exposure gauged

    Sector developments and company hires

    DSW CMBS exposure gauged
    KBRA Credit Profile (KCP) has published a special report on CMBS exposure to footwear retailer Designer Brands, owner of the Designer Shoe Warehouse (DSW) store chain. The company reported EBITDA of negative US$316m in its fiscal year 2020, as sales plummeted in the wake of the Covid-19 pandemic. The company returned to profitability in 1Q21 after .......

    Market Moves 13 August 2021

  • Simulation analysis

    Covid-19 boosts capital ratios

    UK and EU bank capital ratios have increased over the past year, despite the effect of the pandemic on profits. Nevertheless, the Covid crisis has exacerbated many of the difficulties related to generating returns, so analysts expect the environment to remain challenging for the European banking sector.

    According to KPMG, UK banks saw a 150bp improvement in common .......

    News 13 August 2021

  • 'Synergistic' CMBS prepped

    Hollywood creative campus refinanced

    Barclays is in the market with BXHPP 2021-FILM, secured by what is described as a “high barrier-to-entry” real estate portfolio that serves as a hub for the growing digital content industry. The US$1.1bn CMBS securitises a two-year floating-rate loan collateralised by five Class A office buildings (totalling 967,194 square-feet) and three film studio lots (1.26 million square-feet) in Hollywood, .......

    News 13 August 2021

  • Amortization antics

    Vehicle inventory shortage forces ABS issuers to forestall amortization

    Ford Motor Credit last week amended the terms of its excess funding account (EFA) to prevent early amortization of ABS notes issued by its master floorplan trust following a similar move by Nissan and market experts say other captive finance vehicles are examining similar options.

    Ford upped the percentage of the adjusted investment account that can be deposited into the EFA before .......

    News Analysis 12 August 2021
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