Complete news archive

  • CLO market "prepared for Brexit"

    Japanese risk retention rules provide 'wiggle room'

    The CLO market is ‘well prepared’ regardless of the outcome of Brexit. This was according to panellists at IMN’s recent CLO conference in London, who also suggested that further clarification around the Japanese risk retention rules could provide some comfort to CLO managers and investors, particularly in Europe.

    One of the first topics discussed centred around the issue of whether .......

    News Analysis 4 April 2019

  • Risk transfer round-up - 3 April

    CRT sector developments and deal news

    Deutsche Bank has completed its first capital relief trade for the year. Dubbed CRAFT 2019-1, the US$382.5m nine-year CLN pays a coupon of 10.3%. The transaction features a seven-year WAL and a two-year non-call period.

    The German lender’s last CRAFT transaction was inked in June 2018. Dubbed CRAFT 2018-2, the US$210m CLN paid Libor plus 10% (see SCI’s capital relief ......

    News 3 April 2019

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  • Obstacles remain

    European Parliament postpones NPL trading vote

    The European Parliament on Monday (1 April) postponed a vote on a non-performing loan secondary market directive until next week, increasing the time pressure to reach an agreement with the European Council before May’s parliamentary elections. The challenging timeframe is further complicated by controversial parliamentary amendments to the original draft, including higher initial capital for servicers and caps on fees .......

    News 3 April 2019

  • UK resi disposal confirmed

    Sector developments and company hires

    ILS

    Chris McKeown, former ceo of New Ocean Capital Management, has stepped down from his role as vice chairman of AXA XL to pursue other interests. McKeown was the founding ceo of New Ocean in 2013 and AXA XL completed the acquisition of all third-party ownership interests in the firm in November 2018, transforming New Ocean into an .......

    Market Moves 3 April 2019

  • US manager on "verge" of issuing Euro CLO

    Investors show heightened scrutiny toward first timer issuers

    Angelo, Gordon is very close to issuing its inaugural European CLO, finding parts of the process “more straightforward than expected”. The transaction was discussed at IMN’s CLO conference in London today, where it was also noted that investors are displaying an increasingly critical approach toward first time managers.

    Steven Paget, md at Angelo, Gordon commented that his firm is on .......

    News 2 April 2019

  • Affordability test

    'Mortgage prisoner' refi proposal unveiled

    Around 60 legacy UK RMBS with a face value of £29bn could be positively affected by the UK FCA’s recent proposal to relax some affordability tests for so-called ‘mortgage prisoners’, according to Moody’s. If a significant number of borrowers are able to refinance under the new rules, some senior bonds could benefit from higher than expected increases in credit ......

    News Analysis 2 April 2019

  • Positive sentiment?

    European ABS market update

    European ABS primary issuance is gaining momentum, as the second quarter begins. Indeed, the variety of deals on offer appears to be boosting sentiment, with a newly announced marketplace lending securitisation joining the re-performing and non-conforming RMBS in the pipeline (see SCI’s deal pipeline).

    “The European primary market is a lot busier than it was even a .......

    Market Reports 2 April 2019

  • GSE reforms proposed

    Sector developments and company hires

    Debt service reserve guarantee provided

    Assured Guaranty (Europe) plc (AGE) has issued a £135m, five-year Debt Service Reserve (DSR) Guarantee to benefit Dwr Cymru (Financing) Limited and Dwr Cymru Cyfyngedig, both companies forming part of the Welsh Water group. The guarantee provided by AGE will replace the existing liquidity facilities provided by banks within the Welsh Water group’s securitisation structure. .......

    Market Moves 1 April 2019

  • SCI Start the Week - 1 April

    A review of securitisation activity over the past seven days

    SCI seminars

    • SCI's 2nd Annual NPL Securitisation Seminar will be held on 13 May in Milan. For more information or to register, click here.
    • SCI's 1st Annual Middle Market CLO Seminar will be held on 26 June in New York. For more information or to register, click here.

    Market commentary
    European ABS secondary market activity was relatively subdued last .......

    News 1 April 2019

  • Irish BTL RMBS launched

    Company hires and sector developments

    Irish BTL RMBS launched

    Bank of Ireland has mandated a new Irish buy-to-let RMBS deal. Dubbed Mulcair Securities, the €358m transaction securitises a legacy BTL loan portfolio that was originated by the Bank of Ireland, ICS Building Society and Bank of Ireland Mortgage Bank. The rationale behind the deal is to offload non-performing exposures from the seller’s balance sheet (according to .......

    Market Moves 29 March 2019

  • CEO appointed

    Sector developments and company hires

    CEO appointed

    Curtis Arledge has joined Mariner Investment Group as chairman and ceo. In addition to his role at Mariner, Arledge will serve as head of Mariner subsidiary, ORIX USA asset management, responsible for driving the company’s overall strategy in the space, including facilitating opportunities for growth across ORIX USA’s enterprise. A founding member of Mariner, Arledge has returned to .......

    Market Moves 28 March 2019

  • 'Constant demand'

    UK firms hiring across range of SF roles

    Hiring in the UK structured finance space has been buoyant in the last 12 months, with recruitment across a range of roles and asset classes. While there has been a slight slowdown in the first quarter of this year, hiring is expected to pick up after March, once bonuses have been delivered.

    Angel Valchev, consultant at Michael Page, comments that .......

    News Analysis 28 March 2019

  • Picking up pace

    European ABS market update

    European ABS secondary market activity has been relatively subdued so far this week. However, the primary market appears to be picking up pace, with a pair of CMBS in focus and a new UK RMBS mandated.

    “Given the lack of new issuance this year, we are expecting the two CMBS currently in the market – Kanaal CMBS Finance 2019 [ Market Reports 28 March 2019

  • Noteholders exposed?

    Concerns raised over recent French CMBS

    Bank of America Merrill Lynch (BAML) is marketing a €249.6m European CMBS. Dubbed Taurus 2019-1 FR, it is backed by 206 predominantly office properties located throughout France, let by Electricite de France (EDF).

    The transaction has been provisionally rated by KBRA, DBRS and Moody’s as AAA/AAA/Aaa on the €135.3m class A notes (with IPTs at three-month Euribor plus 100/110bp), AA/AA(low)/Aa3 .......

    News 27 March 2019

  • CRT credit event

    Company hires and sector developments

    CRT credit event

    HSBC’s Metrix series 2015-1 CLN has suffered another credit event. The issuer received a credit event notice confirming that a bankruptcy credit event occurred on 15 March with respect to a reference entity that is believed to be Interserve, which was recently sold out of administration after shareholders rejected a rescue deal for the company. .......

    Market Moves 27 March 2019

  • Symbiotic relationship?

    Marketplace lending enters the mainstream

    The online lending sector has become mainstream, forcing marketplace platforms to better differentiate the experience they offer to borrowers. At the same time, the entrance of new players – such as Goldman Sachs’ Marcus offering – is putting pressure on incumbents to remain competitive and relevant. While online platforms were previously largely expected to replace – or at least .......

    News Analysis 27 March 2019

  • Credit platform nabs investment vet

    Company hires and sector developments

    Credit platform nabs investment vet

    B Riley Capital Management has named Tim Gramatovich as cio of its newly established credit platform, Gateway Credit Partners. The team will focus on identifying and acquiring undervalued securities in the non-investment grade corporate credit market and intends to implement its portfolio management services through actively managed CDO structures. Gramatovich has over 30 .......

    Market Moves 26 March 2019

  • STS firm announces debut deal

    Transaction marks second deal to receive STS label

    Prime Collateralised Securities (PCS) has announced its inaugural transaction to be verified as STS-compliant by the firm, marking the second European securitisation to receive the STS label. The transaction, dubbed Storm 2019-1, is a €1.1bn Dutch RMBS from Obvion – a wholly-owned subsidiary of Rabobank - and is expected to close on 12 April 2019.

    The transaction will have five classes .......

    News 26 March 2019

  • Opening the box

    Non-QM sector continues to evolve

    The non-qualified mortgage RMBS sector has expanded faster than the other US RMBS sectors over the last few years. At the same time, as more issuers have tapped the market, a broader representation of borrowers along the credit spectrum has emerged.

    Around US$11.9bn in non-QM RMBS deals was issued last year, up by 256% from US$3.3bn the previous .......

    News Analysis 26 March 2019

  • Granite refinancing

    Sector developments and company hires

    Europe

    Muzinich & Co has hired Laurence Kubli as structured credit specialist with immediate effect. Based in Zurich, Laurence will focus on creating the firm’s first structured credit strategies in this newly-created role. Laurence joins from GAM Investments, where she was senior pm, structured finance and corporate credit for 11 years. Prior to that, she held various roles at .......

    Market Moves 25 March 2019

  • SCI Start the Week - 25 March

    A review of securitisation activity over the past seven days

    NPL seminar
    Early-bird registration for SCI's 2nd NPL Securitisation Seminar on 13 May is now open. Hosted by Orrick in Milan, the event will cover the Italian guarantee scheme, regulations, deal performance, servicing strategies, new entrants and investment trends. For more information or to register, click here.

    Market commentary
    The focus in the US CLO secondary market last .......

    News 25 March 2019
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