Complete news archive

  • MBIA litigation settled

    Sector developments and company hires

    MBIA litigation settled
    MBIA Insurance Corporation has entered into an agreement to settle the litigation it filed in 2009 against Credit Suisse and certain affiliated entities (SCI passim). The settlement follows a post-trial decision by the Court awarding MBIA Corp approximately US$604m in damages and, pursuant to the settlement, Credit Suisse has paid MBIA Corp US$600m.

    This amount materially .......

    Market Moves 15 February 2021

  • Consumer SRT prints

    Santander finalises capital relief trade

    Santander has priced Santander Consumo Four, its latest full-stack capital relief trade. Backed by a €1.5bn Spanish consumer loan portfolio, the transaction is significant for its size and can only be matched by a German full-stack deal that the lender completed in October 2020 (SCI 29 January).

    Rated by DBRS and Moody’s, the transaction consists of €1.26bn .......

    News 15 February 2021

  • SCI Start the Week - 15 February

    A review of securitisation activity over the past seven days

    Last week's stories
    Constructive outlook
    AXA Investment Managers answers SCI's questions
    Fly or goodbye - can airlines survive without taking to the skies?
    Contributed thought leadership by Ocorian
    ILS innovation
    UK platform to support additional capacity, emerging risks
    Lockdown exposure gauged
    Geographic footprint to shape pub performance
    Muskoka called
    BMO exercises call option
    True to form
    Top tier CLO managers lead the way, but some distinguish themselves .......

    News 15 February 2021

  • UKML tender offers mooted

    Sector developments and company hires

    UKML tender offers mooted
    Coventry Building Society subsidiary Godiva Mortgages is set to purchase from UK Mortgages Corporate Funding two buy-to-let mortgage portfolios originated by Godiva and currently financed within the Cornhill No. 6 and Malt Hill No. 2 RMBS vehicles. Subject to successful completion, the timing of these sales is expected to coincide with the transactions’ payment dates in .......

    Market Moves 12 February 2021

  • EIF supports impact lending platform

    Sector developments and company hires

    EIF supports impact lending platform
    Tikehau Capital has completed the first closing for its private debt impact lending investment platform, raising circa €100m from the EIF - backed by the European Commission’s Investment Plan for Europe - as anchor investor, alongside other key institutional investors. Tikehau Capital intends to contribute to a sustainable European economy while providing investors with competitive .......

    Market Moves 11 February 2021

  • Structural change

    Restructuring eyed for Covid-impaired mortgages

    The UK non-conforming and buy-to-let RMBS market is expected to continue to benefit from the positive supply technical of TFSME. Nevertheless, the Covid-19 fallout appears to have precipitated structural change across the sector.

    With respect to the BTL segment, ‘generation rent’ drives performance, according to Galen Moloney, head of securitised product strategy at NatWest Markets. An uptick in .......

    News Analysis 11 February 2021

  • UK industrial CMBS prepped

    Sector developments and company hires

    UK industrial CMBS prepped
    Bank of America is in the market with a £340.1m CMBS sponsored by Blackstone. Dubbed Taurus 2021-1 UK, the transaction is backed by a two-year floating rate loan (with three one-year extension options) secured by the borrower’s interests in 45 industrial assets across the UK totalling 4.1 million square-foot of floor area.

    The largest asset .......

    Market Moves 10 February 2021

  • ILS innovation

    UK platform to support additional capacity, emerging risks

    London Bridge Risk PCC is the first UK ILS structure that has the PRA’s approval for use for multiple, market-wide transactions (SCI 14 January). The platform can be used for investors to support underwriting at Lloyd's through acquiring ILS.

    “This platform - which has been sponsored by Lloyd's but is independent of the Society - can be .......

    News Analysis 10 February 2021

  • Special situations strategy launched

    Sector developments and company hires

    Special situations strategy launched
    Bardin Hill Investment Partners has announced the final close of the Bardin Hill Opportunistic Credit Fund and a parallel side-car vehicle, with total commitments of approximately US$600m. The firm’s flagship closed-end strategy received backing from new institutional investors globally, as well as from existing Bardin Hill clients.

    The strategy identifies and executes on stressed, distressed, .......

    Market Moves 9 February 2021

  • Constructive outlook

    Deborah Shire, global head of structured finance at AXA Inve...

    Q: What were the drivers behind restructuring the AXA IM business into two key divisions – the Alts unit and the Core unit?
    A: The business was restructured in March last year (SCI 11 March 2020), with the objective of developing two strategic businesses and boosting the commercial momentum behind them. The aim was to create a dedicated salesforce .......

    The Structured Credit Interview 9 February 2021

  • Lockdown exposure gauged

    Geographic footprint to shape pub performance

    The estate securing the Mitchells & Butlers Finance transaction has the most diversified geographic footprint of the UK pub whole business securitisations S&P rates, while Marston’s Issuer’s is the least diversified. Approximately 56% of the Marston’s pub estate is spread across the East and West Midlands, with additional pockets in the North West, Yorkshire and the Humber, according to .......

    News 9 February 2021

  • Muskoka called

    BMO exercises call option

    Bank of Montreal has decided to call a capital relief trade backed by senior secured and senior unsecured US and Canadian corporate loans. Dubbed Muskoka Series 2017-2, the transaction was finalised in 2017 and was first eligible to be called in September 2020.

    Capital relief trades often feature time calls, which allow banks to call their trades following .......

    News 9 February 2021

  • NPL SRT agreement inked

    Sector developments and company hires

    NPL SRT agreement inked
    Hoist Finance has signed a co-operation agreement with Magnetar Capital that provides for new portfolio investments on a pan-European level and will create a framework for future purchases in the current regulatory environment. The aim is to make securitisation an integral part of a sustainable business model for Hoist and strengthen its purchase capabilities.

    The .......

    Market Moves 8 February 2021

  • True to form

    Top tier CLO managers lead the way, but some distinguish themselves further

    Leading US CLO managers for the most part continued to retain their position as the most consistent top performers throughout last year in the face of Covid-driven volatility. However, four managers managed to distinguish themselves still further by combining top-tier returns with outstanding risk management. 

    “The better CLO managers performed throughout the Covid crisis much better than the .......

    News Analysis 8 February 2021

  • SCI Start the Week - 8 February

    A review of securitisation activity over the past seven days

    Last week's stories
    Beware the ides of March
    The end of mortgage forbearance schemes is ominous for MBS
    Big Brother Biden
    Democrat control of key committees puts securitised market on alert
    Origination innovation
    Fintechs, specialist mortgage lenders gaining traction
    Euro CLO shift
    Primary market comes into focus
    A buoyant start to the year for the European CLO market has been supported by strong secondary market activity .......

    News 8 February 2021

  • Fly or goodbye - can airlines survive without taking to the skies?

    Contributed thought leadership by Ocorian

    As once profitable airlines look to survive and raise liquidity to weather the turbulence of the Covid-19 pandemic, Ocorian director Abigail Holladay and Watson Farley & Williams aviation partner Patrick Moore assess the use of alternative assets as a means to raise finance.

    With airlines having lost an estimated US$118.5bn in 2020, it's easy to forget the aviation industry had been .......

    Talking Point 8 February 2021

  • Iberian NPL ABS performance eyed

    Sector developments and company hires

    Iberian NPL ABS performance eyed
    The cumulative collection ratio for the DUERO 1 non-performing loan securitisation has consistently breached its trigger level for an interest subordination event – which is set at 90% - since the April 2020 reporting period, according to JPMorgan’s latest Portuguese & Spanish NPL ABS Performance Tracker publication. After dropping to 68.4% in April from 106.1% .......

    Market Moves 5 February 2021

  • Beware the ides of March

    The end of mortgage forbearance schemes is ominous for MBS

    Mortgage-related forbearance has been a lifeline for borrowers and the MBS market, but for many debtors that lifeline will run out at the end of the March.  Without additional action from the new government, over 600,000 seriously delinquent borrowers will reach the end of the forbearance period in less than eight weeks.

    This means that even with the current rate of improvement .......

    News 4 February 2021

  • Motor insurer preps ILS strategy

    Sector developments and company hires

    Motor insurer preps ILS strategy
    UK specialist motor insurer ERS Group is set to launch an integrated ILS offering as part of its plans to progress its commercial expansion. Three complementary investment strategies will be offered: an open-ended mandate with a remit to invest across both public, private and non-life ILS, with semi-annual liquidity; a closed-ended, higher risk and higher .......

    Market Moves 4 February 2021

  • Credit manager merger

    Sector developments and company hires

    Credit manager merger
    Cairn Capital Group is set to acquire and merge with Bybrook Capital, a specialist distressed credit manager based in London. The merger will create a diversified alternative credit manager with approximately US$8bn in assets under management across public, private, performing and distressed investment opportunities. Through the transaction, Mediobanca will reaffirm its position as a majority shareholder in .......

    Market Moves 3 February 2021

  • Origination innovation

    Fintechs, specialist mortgage lenders gaining traction

    The coronavirus fallout appears to be accelerating innovation in mortgage products and origination practices. At the same time, complexity surrounding borrower circumstances is facilitating increased activity by capital markets-funded specialist mortgage lenders.

    “There is certainly potential for growth in the non-conforming market, as customers increasingly have complex situations. For example, the self-employed. In times like these, it is .......

    News Analysis 3 February 2021
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