Complete news archive

  • 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

  • Slow but steady

    Sentiment around STS warms, although issuance forecasts remain muted, say Global ABS panellists.

    Extention of the STS regime to more asset classes would benefit the European ABS market, according to panellists at Global ABS today. They also shared muted optimism about the next six months for the sector, predicting steady but slow growth.

    Salim Nathoo, partner, Allen & Overy, highlighted that the Securitisation Regulation is an extra step issuers have to go through, .......

    News 12 June 2019

  • CLO firm boosts originations expertise

    Company hires and sector developments

    CLO firm boosts originations team

    Monroe Capital has expanded its direct originations team with the addition of seven experienced investment professionals: David Fischer and Nick McDearis in the firm’s Atlanta office; Dan Letizia and Tommy Ryan in its Chicago office; and Jack Bernstein in the New York office. In particular, Fischer and McDearis have been named mds and will co-lead .......

    Market Moves 12 June 2019

  • Advisor boosts SF expertise

    Sector developments and company hires

    Acquisitions

    Greensill has acquired receivables securitisation specialist Finacity which will now become a wholly-owned part of Greensill. The move comes shortly after Softbank invested US$800m in Greensill. Finacity’s ceo, Adrian Katz, will continue in his role under Greensill’s ownership.

    Advisor, broker boosts structured finance expertise

    finnCap Group has expanded its debt advisory team with two senior new hires. The enlarged team .......

    Market Moves 11 June 2019

  • Europe sees 1Q issuance dip

    Sector developments and company hires

    ABS vet nabbed

    Angelo, Gordon & Co has hired Sunil Kothari as md, responsible for originating and executing on residential and consumer debt investment opportunities across Europe. Kothari reports to TJ Durkin, co-head of structured credit at Angelo Gordon. Kothari most recently served as evp, pm at PIMCO Europe, where he was head of the European ABS and covered bond desks .......

    Market Moves 10 June 2019

  • Debut European ESG CLO sealed

    Inaugural transaction sees some structural changes

    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, and received a wide range of participation across the capital stack, including US and European investors.

    Tyler Wallace, pm at Fair Oaks, comments that, overall, the transaction has .......

    News 10 June 2019

  • Alternative structures

    CLO managers seeking greater flexibility

    Managers’ desire for greater flexibility - in order to navigate the current challenging credit conditions – is spurring innovation across the US CLO market. While alternative structures - such as MASCOTs - may have the most staying power, other features appear to be more opportunistic.

    The latest structural innovation to emerge in the US CLO market are modifiable .......

    News Analysis 10 June 2019

  • SCI Start the Week - 10 June

    A review of securitisation activity over the past seven days

    Market commentary
    Activity levels have been high across European ABS/MBS and CLOs of late, but last week appeared to be easing up ahead of the Global ABS conference (SCI 5 June).

    "It's been pretty busy in both primary and secondary over the past couple of weeks," said one trader. "We've seen a lot of new deals being priced .......

    News 10 June 2019

  • Livestock first inked

    Sector developments and company hires

    Australian livestock deal debuts

    StockCo has launched the first securitisation warehouse transaction in Australia consisting of financing receivables primarily secured by livestock. The transaction has been completed with Goldman Sachs and the facility will be available for three years and will be able initially to accommodate up to US$150m of livestock receivables subject to pre-agreed eligibility criteria, and .......

    Market Moves 7 June 2019

  • Deleveraging continues

    UniCredit expands NPL ABS programme

    UniCredit has expanded its Sandokan non-performing loan ABS programme. While the transaction is being carried out for asset management purposes, deconsolidation is expected to be achieved at some point, with the bank aiming for a gradual approach in order to mitigate the P&L impact of the deleveraging.

    The transaction involves the transfer of management and special servicing activities .......

    News 7 June 2019

  • Risk transfer round-up - 7 June

    CRT sector developments and deal news

    Santander is believed to be readying three SME significant risk transfer transactions, along with a rumoured auto deal. The Spanish lender’s last SME SRT closed in July. Dubbed FT Pymes Magdalena, the €166.3m CLN pays 8.85% and references a €2.5bn Spanish SME portfolio (see SCI’s capital relief trades database).

    .......

    News 7 June 2019

  • MRT potential

    Reinsurer opportunities eyed

    The mortgage risk transfer (MRT) programme in the US has the potential to rival natural catastrophe reinsurance, given the significant capacity required by insureds and insurance firms’ appetite for diversification. Until now, the most common way that reinsurers have entered the space is via the GSE credit risk transfer aggregate excess of loss programmes, but other opportunities are emerging.

    News Analysis 6 June 2019

  • 'Significant divergence' in Libor preparations

    Libor transition still 'choice rather than necessity' for some firms

    There are still a “number” of firms in the UK that view the transition from Libor to a new reference rate a choice, rather than a necessity, according to the responses from a request for information published by the UK's financial regulators. The regulators also found that there is “significant divergence” in the way certain UK firms are managing the .......

    News 5 June 2019

  • New P2P platform rules announced

    Sector developments and company hires

    ABS facility expands

    Amigo Holdings has increased its securitisation facility to £300m. It has a three-year term and is set to close on Thursday. The company intends to use drawdowns from the facility for general corporate purposes and the potential repayment of indebtedness. The facility, which has a minimum three-year term and amortises thereafter, will have a funding .......

    Market Moves 5 June 2019

  • Option boost?

    Conditions ripe for UK RMBS calls

    Ten UK RMBS transactions have call dates during the remainder of the year and the refinancing of these deals should boost issuance volumes (SCI 18 January). However, while the incentives and conditions for exercising these calls are present, funding issues could raise obstacles.

    The deals with 2019 call dates comprise: Hawksmoor Mortgages 2016-1 and 2016-2, and Thrones .......

    News 5 June 2019

  • Easing up

    European ABS market update

    Activity levels have been high across European ABS/MBS and CLOs of late, but appear to be easing up ahead of the Global ABS conference next week.

    “It’s been pretty busy in both primary and secondary over the past couple of weeks,” says one trader. “We’ve seen a lot of new deals being priced in the run up to .......

    Market Reports 5 June 2019

  • Agri-linked note prepped

    Company hires and sector developments

    Agri-linked note prepped

    The African Development Bank has approved a €100m partial credit guarantee (PCG) to African Agriculture Impact Investments (Mauritius) to develop commercial agriculture in Africa. The company will leverage the PCG to catalyse additional financing from international pension funds through an agri-linked note to facilitate investments in sustainable farmland and agricultural infrastructure across Africa. It will .......

    Market Moves 4 June 2019

  • JV announced

    Intrum acquires Piraeus platform

    Intrum is set to purchase Piraeus Bank’s servicing platform, which will be hived-off into a separate €410m legal entity dubbed NewCo. The transaction is Intrum’s first such acquisition in Greece and follows its joint venture with Intesa Sanpaolo last year and similar acquisitions in Italy (SCI 14 December 2018).

    Intrum will fully consolidate the entity and own .......

    News 4 June 2019

  • Lineage lines up

    UK cold storage CMBS debuts

    Lineage Logistics Holdings is in the market with a CMBS backed by 14 temperature-controlled and ambient storage industrial properties located throughout the UK. Dubbed Cold Finance, the deal securitises a £282.8m floating-rate senior loan advanced to four borrowers - Wisbech Propco, Real Estate Gloucester, Harley International Properties and Yearsley Group - ultimately owned by Lineage.

    The loan refinances .......

    News 3 June 2019

  • Bank bulks up commodities expertise

    Company hires and sector developments

    Bank bulks out commodities unit

    Credit Agricole has hired Aude Sauty de Chalon as director, structured commodity finance, EMEA. She was previously deputy head of commodity and structured finance at ICBC, London. The firm has also hired Badia Taleb-Nehlil as ed, structured commodity finance at the same bank and both hires are based in London.

    Verification agent expands

    Market Moves 3 June 2019

  • SCI Start the Week - 3 June

    A review of securitisation activity over the past seven days

    Transactions of the week
    The buy-to-let RMBS market continues to see heavy issuance in Europe with two new transactions marketing this week (SCI 29 May). One is a prime inaugural securitisation from UK marketplace lending firm LendInvest, while the other is a deal backed by nonprime BTL mortgages from two previous securitisations.

    LendInvest's debut £259.2m buy-to-let RMBS transaction .......

    News 3 June 2019
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