Complete news archive

  • Forward-mortgage first prepped

    Global investor markets 'unique' RMBS

    Blackstone is marketing an inaugural, US$264.5m forward-mortgage RMBS featuring unique collateral characteristics pertaining to underwriting and property concentration. Dubbed FWD 2019-INV1, the transaction is backed by 1,724 first-lien, fixed-rate investment-purpose mortgages, originated mostly by Finance of America.

    The collateral comprises residential mortgage loans secured by non-owner-occupied properties, with 58.7% of the mortgages backed by single-family residences, 9.2% planned-unit .......

    News 26 June 2019

  • Aussie Investment principles discussed

    Sector developments and company hires

    Australian business investment principles explored

    The Australian Office of Financial Management (AOFM) has released for public comment its draft guiding investment principles for Australian Business Securitisation Fund (ABSF) investment.  The guiding investment principles are intended to be “principles based” rather than prescriptive and will be used by the AOFM for identifying transactions that will meet the government’s primary .......

    Market Moves 24 June 2019

  • SCI Start the Week - 24 June

    A review of securitisation activity over the past seven days

    Transaction of the week
    Jack in the Box is marketing an inaugural US$1.45bn whole business securitisation backed by 2,240 franchised quick service restaurants distributed across the US (SCI 19 June). Dubbed Jack in the Box Funding 2019-1, the transaction has been announced despite a number of criticisms from the firm's franchisee association.

    Jack in the Box will use .......

    News 24 June 2019

  • Chinese law firm nabs SF expert

    Sector developments and company hires

    China

    Han Kun has hired Li Huhuan as partner to the firm’s Shanghai office. Huhuan focuses his practice on asset securitization, insurance fund management, and mergers and acquisitions.  Prior to joining Han Kun, Huhuan practiced with several well-known PRC law firms for more than eleven years. 

    Industry body rebrand

    The Structured Finance Industry Group (SFIG) has .......

    Market Moves 21 June 2019

  • Corporate ramp-up

    Standard Chartered steps up corporate CRT issuance

    Standard Chartered has completed a risk transfer transaction that references a US$1bn portfolio of corporate revolvers. Dubbed Chakra 3, the US$90m CLN is the third in a series of programmatic corporate CRTs, as the bank builds up the corporate and institutional banking (CIB) business in the US and Europe while managing concentration risks through the credit cycle.

    According .......

    News 21 June 2019

  • Irish exit

    Re-performing loan RMBS marketing

    An Irish re-performing loan RMBS has hit the market. The €336.56m Shamrock Residential 2019-1 is backed by owner-occupied (accounting for 92.98% of the pool) and buy-to-let loans that are currently in the mortgage book of Lone Star Funds, which acquired them in 2015.

    The transaction securitises 1,711 loan parts originated by Bank of Scotland (Ireland) (accounting for 33.5% .......

    News 20 June 2019

  • Global reinsurance consolidation

    Sector developments and company hires

    HATS 2016-1 redeemed

    KBRA has withdrawn its ratings from Honor Automobile Trust Securitization 2016-1, after the notes were paid in full on 17 June. Given the remaining pool factor was less than 20% of the cut-off date pool balance, the servicer exercised its option to purchase the trust property and redeem the notes. Westlake took over servicing of .......

    Market Moves 20 June 2019

  • Debut franchise ABS prepped

    Transaction announced despite association objections

    Jack in the Box is marketing an inaugural US$1.450bn whole business securitisation backed by 2,240 franchised quick service restaurants distributed across the US. Dubbed Jack in the Box Funding 2019-1, the transaction has been announced despite a number of criticisms from the firm’s franchisee association.

    S&P notes that Jack in the Box will use around US$1.054bn of net .......

    News 19 June 2019

  • Securitised products head retires

    Sector developments and company hires

    Bank SPG head retires

    Lloyds Bank is making several changes to leadership positions in its North America business, to boost services provided to clients in the region focused on Lloyds Bank’s US-UK gateway. Parker Russell, head of the US securitised products group (SPG), has decided to retire after eleven years with the group and a finance career spanning over thirty .......

    Market Moves 19 June 2019

  • Ratings slip-up leads to downgrade

    Company hires and sector developments

    Acquisitions

    PERILS has acquired Toronto-based Catastrophe Indices & Quantification (CatIQ), a provider of catastrophe loss and exposure information in Canada. CatIQ will continue to be managed day-to-day by Joel Baker, ceo and founder, while md Laura Twidle will continue to lead the CatIQ team. The firm will also maintain its 11-member advisory board, which includes senior representatives from .......

    Market Moves 18 June 2019

  • DNS debut

    ExteNet preps inaugural securitisation

    The first securitisation backed exclusively by distributed network systems (DNS) assets has hit the market. ExteNet Issuer Series 2019-1 is secured by around 5,800 nodes associated with 267 multi-carrier and multi-technology outdoor (95) and indoor (172) DNS networks and related licenses and equipment.

    ExteNet, the sponsor of the transaction and the manager of the securitised assets, is currently .......

    News 18 June 2019

  • New Japanese investors 'on verge' of US CLO market

    Large banks' track record tempts new entrants

    Several Japanese firms are looking to invest in US CLOs for the first time, while many others that retreated after the financial crisis are considering re-entering the sector. At the same time, there is strong appetite from European investors, even for US CLOs issued in dollars, because of portfolio diversification and spreads on offer.

    In April this year, DFG Investment .......

    News Analysis 18 June 2019

  • Risk firm in international ILS hiring spree

    Sector developments and company hires

    BD appointed

    IHS Markit has appointed Sandrine Markham director, business development for Debtdomain in EMEA and APAC, reporting to Patricia Tessier, md and co-head of loan platforms at the firm. With more than 20 years’ experience in financial data and financial technology, Markham played a transformational role at Debtdomain from start-up to becoming a leading loan syndication platform in EMEA. .......

    Market Moves 17 June 2019

  • Setting standards?

    NPL templates simplified

    Debitos has further developed and simplified the EBA’s NPL templates without altering their basic structure. The EBA’s templates are not yet binding, but Debitos assumes that they will be at some point, as the supervisor is readying guidelines that will allow servicers to incorporate the templates into their reporting systems.

    Debitos ceo Timur Peters notes: “We see the .......

    News 17 June 2019

  • Collections eyed

    Distressed investors expect secondary market boost

    Distressed investors are anticipated to become more aggressive in generating cash and overcome the significant complexity associated with on-boarding and servicing tens of thousands of non-performing loans. The move is in light of some rated NPL securitisations performing below business plan expectations in terms of collections.

    According to Mario Cortesi, head of distressed credit and structured finance at Quaestio Capital: “Since 2016, volumes .......

    News Analysis 17 June 2019

  • Line-up takes shape

    Middle market CLO seminar to include private debt panel

    The line-up for SCI’s 1st Annual Middle Market CLO Seminar on 26 June is taking shape. Supported by Cadwalader and Dechert, the event is being held at 200 Liberty Street, New York, and features six panel discussions - including one on the growth of the private debt market.

    In the market overview panel, speakers will explore current and future .......

    News 17 June 2019

  • SCI Start the Week - 17 June

    A review of securitisation activity over the past seven days

    Transaction of the week
    Fair Oaks recently priced its debut European CLO, Fair Oaks Loan Funding, backed by an ESG-compliant portfolio. Between marketing and pricing, the €332.6m transaction underwent some structural changes, ultimately receiving a wide range of participation across the capital stack - including US and European investors (SCI 10 June).

    Tyler Wallace, portfolio manager at Fair Oaks, .......

    News 17 June 2019

  • 2018 best post-crisis year for Australia

    RMBS dominates but unsecured ABS growing

    2018 was the best year for Australian securitisation activity since the financial crisis and while issuance is dominated by RMBS, unsecured credit is expected to grow. This was according to panellists at Global ABS who also commented that, although much of the issuance is in AUD, firms may look to issue in other currencies once they have reached a .......

    News 14 June 2019

  • Law firm expands SF expertise

    Company hires and sector developments

    Clean energy firm names cfo

    Renew Financial has named Mary Kathryn Lynch cfo, having previously served as the firm’s evp of finance and leading its capital markets team in executing three rated securitisations in 2017 and 2018. She has 10 years of experience in the clean energy industry, working with Sunrun and VoteSolar. Prior to that, she worked at UBS, .......

    Market Moves 14 June 2019

  • Risk transfer round-up - 14 June

    CRT sector developments and deal news

    Standard Chartered is believed to have priced a corporate capital relief trade this week. The bank’s last corporate CRT was completed in June 2018. Dubbed Sumeru 3, the US$285m CLN paid 7.70% (see SCI’s capital relief trades database).

    Sumeru 3 coincided with a resurgence in Standard Chartered’s risk transfer issuance, following a three-year gap. Last year the .......

    News 14 June 2019

  • Releasing potential?

    Equity release mortgages generating interest

    Expectations for the return of meaningful equity release mortgage (ERM) securitisation volumes remain high. Life insurance companies could play a significant role in the development of the sector, as both issuers and investors.

    Jack Kahan, senior md at KBRA, describes the current environment for new ERM originations as a “perfect storm”. He cites a combination of demographics – .......

    News Analysis 13 June 2019
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