Complete news archive
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Job swaps weekly: Blackstone lures two new partners
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Blackstone adding two new partners to its infrastructure and asset-based credit platforms. Elsewhere, ING has hired an industry veteran as head of asset securitisation for wholesale banking in APAC, while Castlelake has strengthened its existing European leadership with the appointment of a new partner.
Blackstone is expanding its infrastructure and .......
Market Moves 4 October 2024
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Different beats
European ABS slows as Australian market surges, marking contrasting dynamics.
ABS activity in Europe slowed during the final week of September, while Australia experienced a surge in issuance in the same period, according to figures issued by JP Morgan research strategists. While in Europe the slowdown offers a welcome breather after a hectic month, the acceleration in Australia highlights a sharp – although potentially temporary – contrast between the .......
News 4 October 2024
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Rating reverberations
S&P's revised RMBS criteria and Fitch's growing infl...
Recent updates to S&P's rating criteria in Australia are reshaping the landscape for RMBS, sparking discussions among Aussie investors about the evolving standards for credit ratings. As S&P aligns its regional methodology with its global framework, the implications for the structured finance market are becoming clearer.
S&P's revised criteria, detailed in its report named Global Methodology and Assumptions: .......
News Analysis 3 October 2024
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Winds of change
Key talking points from SCI's inaugural regional banks conference in Chicago.
SCI’s maiden regional bank CRT seminar took place in the Windy City last week. Top of mind was market potential, Basel Endgame, and how to convince hesitant regulators.
- Great potential
It’s no secret that, since US banks have stepped up their use of CRTs, in the longer term, the US market will evolve to resemble its European .......
News 2 October 2024
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CNI boost
European data centre ABS poised for growth
The UK's data centre sector recently received a major boost, with the government last month officially designating it as critical national infrastructure (CNI). The move has sparked anticipation of further data centre securitisation issuance, following the debut European deal, Vantage Data Centres UK 2024-1 (SCI ABS Markets Daily - 30 April).
“The UK government’s designation of data .......
News 2 October 2024
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Private securitisations grow
Latest EBE report highlights market expansion
Over 67% of European private cash securitisations fund sellers in the EU and over 74% directly fund the real economy, according to the latest European Benchmarking Exercise (EBE) report. The latest report provides aggregated transaction-level data on over 500 securitisation positions gathered from 12 banks across six countries during 2H23, covering €79bn of reported financing volumes and an estimated .......
News 30 September 2024
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Resilient tapestry
Maddi Rowlatt at Challenger navigates the dynamic ABS and MB...
The ABS and MBS landscape continues to be dynamic and resilient, supported by strong investor demand and favourable macroeconomic conditions. In this swiftly changing market, Maddi Rowlatt, portfolio manager overseeing UK, European, and US ABS at Challenger, closely monitors broader macroeconomic and geopolitical risks that could affect performance.
With cautious optimism, she notes: “The market has benefited from .......
News Analysis 27 September 2024
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ABF push
Apollo, BNP Paribas ink strategic collaboration
Apollo last week unveiled a US$5bn strategic financing and capital markets collaboration with BNP Paribas, as it seeks to expand its securitisation and asset-backed finance operations, including ATLAS SP Partners. The deal signals a surge in activity in the private credit market, marked by a growing trend of partnerships between banks and non-bank entities adapting to meet the demand .......
News 27 September 2024
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Job swaps weekly: Toorak and Merchants parent names new coo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Roemanu hire a former Finance of America Home Improvement president as its new coo. Elsewhere, Redding Ridge Asset Management has elevated a senior director to ceo in order to lead its CLO management businesses globally, while Cushman & Wakefield has appointed a co-head of EMEA equity, debt and structured finance.
Market Moves 27 September 2024
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C-PACE renaissance
Carlyle, North Bridge partnership highlights opportunity
Carlyle last week announced a minority investment in North Bridge, a real estate financing provider, to support the origination of up to US$1bn in C-PACE loans. This landmark partnership represents the largest collaboration between a C-PACE originator and a private credit firm, underscoring the rapid evolution of this emerging asset class.
“It’s a really interesting partnership that leverages .......
News 26 September 2024
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Building on a niche
Specialist lenders continue to drive growth in UK RMBS
Specialist lenders in the UK are making good on their promises to serve the underserved while ramping up RMBS issuance – and are showing no signs of slowing down. Following the GFC, the speciality lending sector (SLS) redefined its approach to lending and – between the first transaction in 2016 and 2023 – the share of UK RMBS issuance .......
News Analysis 26 September 2024
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Recalibrating the agenda
The LMA is experiencing fresh SRT member growth
The loan market association (LMA) – the authoritative voice of the loan market in EMEA – is ramping up its SRT focus. We catch up with them and investigate the LMA’s role, views and prospects regarding the asset class.
While membership of the LMA has historically included banks – ranging from the large international investment banks to regional and .......
News Analysis 26 September 2024
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Endgame resistance
B3E implementation hits another bump in the road
The Basel 3 Endgame has hit another bump in the road. A re-proposal from the Fed (SCI 10 September) has been met with resistance from at least three of five FDIC directors opposing the suggested measures.
It seems something of a ‘kumbaya’ moment in US politics, with Democrat Rohit Chopra joining the two Republican board members in .......
News 24 September 2024
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Digital milestone
Inside KKR and NetCo's landmark infrastructure deal
The recent KKR-NetCo deal marks a significant milestone for Italy, as it introduced securitisation technology for the first time to attract institutional investors to infrastructure financing. The securitisation tranche facilitated KKR’s acquisition of NetCo, Telecom Italia's (TIM) fixed-line network, and its integration with FiberCop by syndicating a portion of the financing.
A&O Shearman, legal advisor to the financial .......
News Analysis 24 September 2024
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Job swaps weekly: EIF exclusive
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees SCI exclusively reveal that the European Investment Fund’s chief investment officer is retiring from his role after almost three decades with the fund. Elsewhere, Performance Trust Capital Partners has poached three executives from Pagaya, while ELFA announces its ceo is to step down from her role.
Alessandro Tappi is to .......
Market Moves 20 September 2024
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Resilience amidst volatility
European and UK ABS and MBS markets displayed resilience in August, despite widespread volatility.
The European and UK ABS and MBS markets in August demonstrated resilience in the face of volatility, according to monthly European and UK factsheets monitored by SCI.
August saw widespread volatility, which notably affected both primary and secondary markets. According to TwentyFour AM Momentum Bond Fund’s managers, despite this turbulence, primary markets demonstrated resilience, especially in the UK .......
News 20 September 2024
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Renewables prioritised
Coventry's PACE, solar efforts gain momentum
Coventry Structured Investments, a Los Angeles-based asset management firm specialising in niche debt and equity solutions, is set to purchase up to US$600m in residential solar loans under a forward-flow agreement with Almika Renewable Finance. The agreement reinforces Coventry’s prioritisation of renewables as key growth areas over the next six to 18 months, including the roll-out of its own .......
News Analysis 20 September 2024