Complete news archive
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Hercules tapped
Alpha Bank preps NPL securitisation
Alpha Bank is set to securitise a €12bn mixed portfolio of retail secured and unsecured loans, mortgage and wholesale non-performing loans in 1H20. Dubbed Project Galaxy, the transaction protects shareholders from dilution and is one of the first to utilise the Greek government’s Hercules asset protection scheme (HAPS) (SCI 11 October).
Alpha Bank’s main priority is to .......
News 20 November 2019
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Italian AM expands to US
Sector developments and company hires
Azimut expands
Italian asset manager Azimut has established a US-based operation named Azimut Alternative Capital Partners (AACP), with the purpose of investing in GP stakes of alternative managers specialised in the private markets space. Concurrently, it signed an investment and shareholder agreement with AACP’s new ceo Jeffry Brown to execute a 10-year business plan, which aims to build .......
Market Moves 19 November 2019
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Growth surge?
Russian structured bonds expected to grow
The Russian structured finance market has traditionally been dominated by a small number of asset classes and securitised issuance volumes have remained low compared to the US and Europe. This may soon change, however, after regulation introduced last year paved the way for the development of structured bonds which, after a slow start, may see an uptick in issuance as .......
News 19 November 2019
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US CRT pick-up?
Volumes to remain restricted to large banks
The US capital relief trades market is witnessing a long-awaited uptick, with three deals reportedly being readied. JPMorgan’s recent landmark synthetic RMBS appears to have boosted issuance (SCI 10 October), although volume is expected to remain restricted to large banks that will have to tackle a number of regulatory challenges.
US banks have been seeking to .......
News Analysis 18 November 2019
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Structured credit head announced
Sector developments and company hires
Acquisition finalised
Artex has completed the acquisition of Horseshoe Insurance Services Holdings. This acquisition significantly strengthens its ILS operations and furthers the company’s goal to become the best service provider to the world’s risk capital. Horseshoe will become the global brand of ILS services for Artex, which will operate as one global team across multiple jurisdictions. Andre Perez and his .......
Market Moves 18 November 2019
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SME programmes launched
EIF supports two inaugural funding initiatives
The EIF has for the first time provided funding support for a German online SME lending platform. In another first, the EIF has announced a funding guarantee to support lending to French cooperatives.
German online lending platform creditshelf has launched a diversified closed-ended private debt fund, with €30m being provided by the EIF. It will have a target size will be up .......
News 18 November 2019
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SCI Start the Week - 18 November
A review of securitisation activity over the past seven days
Transaction of the week
News 18 November 2019
UniCredit has completed what is believed to be the largest European ABS transaction post-crisis. Dubbed Impresa Two, the deal is a departure from previous securitisations, given the inclusion of large corporate loans in the portfolio.
The two-year revolving cash securitisation is backed by a €11.05bn portfolio of secured and unsecured loans granted by UniCredit to SMEs, mid-cap .......
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Full-stack trend continues
FCA completes Italian auto SRT
Fiat Chrysler Automobiles (FCA) has completed a €912.6m true sale significant risk transfer securitisation backed by Italian auto loans. Dubbed A-BEST 17, the full-stack ABS differs from previous transactions from the same programme, given the inclusion of pro-rata amortisation and a deferred purchase price mechanism.
Rated by Fitch and DBRS, the transaction consists of €810m class A notes .......
News 15 November 2019
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Morgan loan prepays
Sector developments and company hires
Coupon swaps planned
The New York Fed's open market trading desk plans to conduct four small value agency RMBS coupon swap operations on 19 and 21 November. On these days, the desk intends to swap out of three unsettled December TBA positions – 30-year UMBS 3% coupon, 15-year UMBS 2.5% coupon and 30-year Ginnie Mae II 3.5% coupon – for .......
Market Moves 15 November 2019
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Spanish RPL RMBS prepped
Transaction resecuritises paid-off SRF loans
Barclays and Natwest are lead managers on a €518m reperforming Spanish RMBS, featuring legacy mortgages previously securitised under the recently paid-off SRF RMBS transactions and other loans owned by CarVal, bought from Blackstone earlier this year. Dubbed Miravet 2019-1, the transaction is being sold by Odiel Asset Co and comprises 10,171 residential mortgages originated by Catalunya Banc, Caixa Catalunya, Caixa .......
News 15 November 2019
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Risk transfer round-up - 15 November
CRT sector developments and deal news
Santander is rumoured to be prepping a synthetic securitisation of German consumer loans. This is one of two synthetic consumer ABS deals it is said to be readying this quarter, following a slew of consumer SRTs issued by the bank this year (see SCI’s capital relief trades database).
...... News 15 November 2019Premium Content
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Meaningful progress
Non-agency eMortgage securitisation on the cards
Meaningful progress in the origination and subsequent securitisation of eMortgages in the US non-agency mortgage market is expected over the next 12 months. Although only a small percentage of GSE production currently uses this technology, the push for increased operational efficiency is expected to drive greater acceptance of it across the industry.
The motivations for many lenders - .......
News Analysis 15 November 2019
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ERLS returns
Lone Star prints Irish NPL RMBS
Lone Star has priced its latest Irish non-performing loan RMBS at the same levels as its previous ERLS deal from July. Dubbed European Residential Loan Securitisation 2019-NPL2, the deal is backed by mortgages from the €1.34bn Project Glas portfolio acquired from Permanent TSB in 2018.
Rated by DBRS and Moody’s, the transaction consists of A/A2 rated class A .......
News 15 November 2019
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Landmark ABS inked
UniCredit completes large corporate ABS
UniCredit has completed what is believed to be the largest European ABS transaction post-crisis. Dubbed Impresa Two, the deal is a departure from previous securitisations, given the inclusion of large corporate loans in the portfolio.
The two-year revolving cash securitisation is backed by a €11.05bn portfolio of secured and unsecured loans granted by UniCredit to SMEs, mid-cap .......
News 14 November 2019
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Alhambra priced
SME ABS gets over the line at last
The long-awaited Spanish SME ABS Alhambra SME Funding 2019-1 has priced. The closest Europe has yet seen to a public middle market CLO came in broadly in line with updated guidance.
Originally called Alhambra SME Funding 2018-1, the deal was first announced in June last year and expected to price that December (SCI 21 November 2018). It consists of .......
News 14 November 2019
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ESG initiative launched
Sector developments and company hires
Alt heads named test
Allianz Global Investors has unveiled leadership changes that will take effect on 1 January 2020. Global head of distribution Tobias Pross and global head of alternatives Deborah Zurkow will succeed Andreas Utermann as ceo and global head of investments respectively. Utermann will remain at the firm on an advisory basis for the first half of next .......
Market Moves 13 November 2019
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Choose risk
Richard Robb, ceo of Christofferson, Robb & Company...
Q: How is CRC involved in the capital relief trade or risk sharing market?
A: We continue to invest in bilateral risk sharing transactions with European banks, as we have since 2003. Eighty-five percent of our deals are synthetic. Our AUM is around US$5bn, covering around US$80bn in reference assets.Q: Anything new?
The Structured Credit Interview 13 November 2019
A: Three years ago, we launched a .......
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Performance tracked
Peripheral NPL ABS compared
JPMorgan has launched respective performance trackers for Italian and Iberian non-performing loan securitisations, summarising high-level transaction details and dynamic performance metrics. The data highlights a number of notable differences between the two sectors.
First, original deal size as a percentage of total GBV securitised averages 33% for Iberian NPL ABS, compared to an average of around 28% for .......
News 12 November 2019
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First RMBS tied to AONIA marketing
Company hires and sector developments
AONIA debut
Commonwealth Bank of Australia’s new A$1bn Medallion Trust Series 2019-1 is set to become the first Australian RMBS linked to the Australian Overnight Index Average (AONIA) instead of one-month BBSW. The issuer is understood to be marketing classes A1, A2 and B, while classes C to F will not be offered to investors. The collateral backing .......
Market Moves 11 November 2019
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SCI Start the Week - 11 November
A review of securitisation activity over the past seven days
Stories of the week
Pursuing illiquidity premia
Corbin Capital answers SCI's questions
Risk transfer return
Bank of Ireland issues mezzanine tranche
Tactical opportunity?
Downturn could spur CRT secondary activityOther deal-related news
- To address the heightened risk to borrowers and investors of a multifamily property located in King County being taken by eminent domain, Fannie Mae has introduced a prospective modification to its ....... News 11 November 2019
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MPL ABS breaches liquidity covenant
Sector developments and company hires
EMEA
Market Moves 8 November 2019
BTIG has established a fixed income credit division in London to service clients across EMEA. The team is led by Michael Carley, md and head of European fixed income credit, who joined BTIG in New York last year. Bobby Dziedziech (director and senior high-yield and distressed trader), Laurent Jastrow (director and senior distressed sales trader and sourcing specialist), Noah .......