Complete news archive
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CRE analytics tie-up agreed
Market updates and sector developments
SitusAMC has entered into a strategic partnership with CMBS.com, the owner of Backshop, a commercial real estate loan origination, management and servicing software platform. As part of the partnership, SitusAMC will transition ownership of CLOSER - its CRE origination system – to CMBS.com, provide growth capital and obtain a minority ownership position in CMBS.com. Additionally, SitusAMC will onboard the .......
Market Moves 20 August 2024
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Resilient CLO market in July despite early August volatility
Kartesia sees spreads tightening slightly across capital structure throughout the month
The CLO market demonstrated continued strength in July, with spreads tightening slightly across the capital structure, according to Kartesia, a European specialist provider of capital solutions.
“Euro CLO triple-A spreads closed the month 2.5bps tighter in secondary, and 7bps in primary at DM+97.5/DM+130, respectively,” say head of CLOs Michael Htun and structured credit associate Panagiotis Dounavis in the .......
News 20 August 2024
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Rock-solid July for primary ABS market
Low volatility and strong investor appetite lure new issuers
The primary ABS market remained robust in July despite the typical summer slowdown, with strong issuance and investor demand across various sectors, according to monthly European and UK factsheets monitored by SCI.
Amundi’s portfolio managers observed significant activity in July, particularly among new ABS issuers capitalising on the relatively low market volatility and high investor appetite. “These transactions .......
News 20 August 2024
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CRT Awards shortlist revealed
Gala dinner to close World Risk Sharing Week
SCI has published the shortlist for this year's Capital Relief Trades Awards, which celebrate excellence and innovation across the global credit risk-sharing industry. Award winners will be revealed during a gala black-tie dinner held at the Royal Institute of British Architects HQ on 17 October, marking the tenth anniversary of SCI’s Annual Capital Relief Trades Seminar and representing .......
News 20 August 2024
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A buyer's market
Chorus Capital concludes fundraising
Chorus Capital (Chorus) has successfully concluded fundraising for Chorus Capital Credit Fund V (the fund), its latest dedicated risk-sharing fund.
Through this fundraising, the firm has raised c. US$2.5bn of capital commitments across parallel vehicles, meeting its target size. Comparatively, Chorus had amassed US$1.5bn of capital commitments for its previous fund (Chorus Capital Credit Fund IV) back in .......
News Analysis 19 August 2024
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Mini Morgan
SRT market update
JP Morgan’s latest new mortgage-referencing CRT has a unique structure which has raised some eyebrows.
The bank referred to the transaction as a “deconsolidated portfolio risk transfer” which transfers the mortgages to an off-balance sheet vehicle. The vehicle will in turn enter a credit agreement with a JP Morgan entity to borrow against the value of the retained .......
SRT Market Update 16 August 2024
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Funded access
Rated repacks on the rise
(Re)insurer participation in SRT deals has historically been limited to unfunded and non-STS transactions, but they are increasingly finding innovative ways to participate in funded deals. One such recent innovation is the EMX Partners platform, which combines (re)insurer risk appetite with third-party funding.
Since its launch in June 2023, EMX has effectively closed a debut transaction in Q3 2023 .......
News Analysis 16 August 2024
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Job swaps weekly: New Cayman structured finance chief for Maples
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Maples and Calder naming a new head of its Cayman Islands structured finance practice. Elsewhere, Scotiabank has staffed up for the launch of its new Houston-based mortgage capital markets business, while an ex-Stout md and co-lead of structured credit has taken up a C-suite role at Unifi Asset Management.
Maples .......
Market Moves 16 August 2024
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Italian NPL volumes significantly down
Volumes fall down 20% for Italian NPL collections during the first half of the year
After hitting a three year low in 1Q24 (SCI, 30 May), Italian NPL volumes were down 20% over 1H24 compared to the same periods in 2022 and 2023, according to Scope ratings.
Total collections in 1H24 reached €1,200m from 45 transactions. This is a significant drop in returns YoY, with 1H23 seeing €1,450m from 44 transactions.
News 16 August 2024
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Data centre securitisation: Growing in waves - video
S&P Global Ratings' Jie Liang speaks to SCI about data centre securitisation
....... News Analysis 14 August 2024
Latest SRTx fixings released
SRT market sentiment highlights global market volatility.
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. If last month’s data points generally expressed a marginal widening across the indices, this month’s figures show that volatility has returned to the markets. Despite being the peak of the summer holidays, the beginning of the month of August has triggered a surge in volatility .......
News 14 August 2024
Solera MBO boosts auto finance platform
Market updates and sector developments
Obra Capital has partnered with the Solera Auto Finance (SAF) team in a management buyout from Solera Corp. SAF will be rebranded as Arra Finance and by combining the company’s skills with Obra’s existing structuring and credit expertise, the aim is to jointly work with securitisation market participants and forward flow purchasers to create highly rated assets.
SAF .......
Market Moves 13 August 2024
The Great White Deep Freeze
SRT market update
After a bumper 2023 for Canadian CRT, issuers seem to be focused on other forms of capital allocation optimisation.
While, last year saw at least four of the big five Canadian banks issuing CRT deals with Canadian assets, issuance this year doesn’t seem quite as considerable.
One source expects CRT issuance to come back with force in .......
SRT Market Update 13 August 2024
Israel debuts landmark public RMBS deal
Credito's public offering marks new era in Israeli securitisation industry
Israel is on the brink of a major milestone in its financial sector with the launch of its first public RMBS deal. The groundbreaking deal led by the Israeli non-bank lender Credito represents a major step forward for the country’s securitisation market, traditionally dominated by private and bilateral transactions.
The Credito IPOs RMBS deal consists of a mortgage .......
News Analysis 13 August 2024
JHG bolsters private credit capabilities
Market updates and sector developments
Janus Henderson Group has entered into a definitive agreement to acquire a majority stake in Victory Park Capital Advisors (VPC). With a nearly two decade-long track record of providing customised private credit solutions to both established and emerging businesses, VPC complements Janus Henderson’s securitised credit franchise and expertise in public ABS markets.
Founded in 2007 by Richard Levy .......
Market Moves 12 August 2024
August RMBS surge surprises experts
Unseasonably high activity defies market volatility and summer slowdown
In an unexpected twist, the typically quiet international primary market in August has burst into activity, with two UK RMBS and two Australian RMBS deals making notable strides. According to a recent JP Morgan report, this surprising surge of activity has unfolded despite the prevailing market volatility and the customary summer slowdown.
JP Morgan's research strategists point out .......
Market Moves 12 August 2024
Job swaps weekly: Blackstone names new head of international at BXCI
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Blackstone appointing a new head of international for Blackstone Credit & Insurance (BXCI). Elsewhere, Paul Hastings has lured a structured finance partner from Weil, Gotshal & Manges, while Milbank has added a number of Latham & Watkins professionals to its alternative investments team, including a new partner.
Blackstone has named .......
Market Moves 9 August 2024
Focus on Ally
SRT market update
Ally Bank has released further details on its debut CRT transaction, ABCLN 2024-A, in its Q2 earnings report.
Ally retains the senior and first loss tranches, while protection has been bought on a 1.5-12.5 attach/detach mezzanine tranche. The average coupon is 7.18%, however SCI hears there is a range across the tranche with the most junior slice .......
SRT Market Update 9 August 2024
Echo in
SRT market update
BNP Paribas is rumoured to be in market with a fresh SRT transaction entitled “Project Echo”.
The deal, which references leveraged loans, will have a tranche thickness of around 3-11%, and a targeted spread in the region of 8%. The notional portfolio size is US$2-3bn and the WAL is between two and three years.
The bank has .......
SRT Market Update 9 August 2024
Angel in ETFs
Angel Oak's active structured credit ETF takes off
The Structured Credit Interview 7 August 2024
Reset boost
Portfolio quality upgraded amid European CLO resets in H1 24
The portfolio credit quality of European CLOs that were reset in the first half of 2024 were improved compared with the original transactions, according to Fitch Ratings’ latest Monthly European CLO Index report.
“Before the resets, the portfolio average triple-C exposure was 2.8%, consistent with other Fitch-rated reinvesting EMEA CLOs, and with defaulted assets accounting for no more .......
News 7 August 2024