Complete news archive

  • Deleveraging deal

    Bari SRT performance consistent with expectations

    Scope has determined that the performance of Banca Popolare di Bari’s last significant risk transfer transaction with the EIF (SCI 17 August 2018) has remained within its expectations. The sequential deleveraging of the transaction offsets the loss potential from a growing delinquency pipeline for the rated tranche, according to the agency.

    The financial guarantee provided by the EIF to .......

    News 6 March 2019

  • CRE investor bulks out

    Company hires and sector developments

    CDX-linked ETF launched

    Tabula has launched a new ETF, dubbed Tabula European iTraxx Crossover Credit Short UCITS ETF (EUR), providing short exposure to high yield European corporate credit. It takes exposure via iTraxx Crossover five year which references 75 equally weighted, sub-investment grade entities.

    Digital asset platform bulks out

    GetLoci, the global platform offering non-custodial, self-minted assets backed .......

    Market Moves 5 March 2019

  • Improved tone

    European and US CLO market update

    A better tone in the CLO market has emerged on both sides of the Atlantic post SFIG Vegas. Mezzanine tranches, in particular, have benefitted from a tightening trend.

    The CLO market ended February roughly unchanged or, in some cases, a little softer versus the end of January, one trader notes. While CLO primary activity re-emerged over the course of last .......

    Market Reports 5 March 2019

  • Dutch BTL debut in the works

    Growth of Dutch BTL sector set to continue

    Domivest is preparing the first securitisation backed entirely by Dutch residential buy-to-let mortgages. The transaction is likely to be sized at around €250m and is expected to close around April or May of this year, depending on market conditions.

    Domivest was set up by Cervus Capital Partners after seeing an opportunity in the Netherlands for loans to professional .......

    News Analysis 5 March 2019

  • Line-up finalised

    CRT event to include two workshops

    The line-up for SCI’s 3rd Annual Risk Transfer & Synthetics Seminar on 12 March has been finalised. Hosted by Clifford Chance at 31 West 52 Street, New York, the event features for the first time two workshop sessions – one on creating structural common ground between capital relief trade investors and issuers; the other on how Basel 4 .......

    News 5 March 2019

  • ILS double

    Company hires and sector developments

    ILS hires

    Tangency Capital has hired Jo Stanton to oversee finance and operations, starting 1 May 2019. She joins from AlphaCat, where she was cfo.

    Twelve Capital has hired Raffaele Dell’Amore to the portfolio management team, with a focus on private ILS and he will be based in the Zurich office. He previously managed ILS portfolios at Schroders Investment Management.

    .......

    Market Moves 4 March 2019

  • SCI Start the Week - 4 March

    A review of securitisation activity over the past seven days

    Transaction of the week
    Ellington Residential Holdings Ireland is in the market with a €620m Irish re-performing RMBS dubbed Jepson Residential 2019-1 (SCI 26 February). The transaction is a refinancing of European Residential Loan Securitisation 2017-PL1, sponsored by Lone Star.

    "The deal is expected to be called [this month], although the rationale for the move isn't clear," says .......

    News 4 March 2019

  • Wave of opportunity

    Investors capitalised on 4Q18 volatility in US CLO market

    Volatility seen in the CLO market at the end of last year provided managers and investors with a wealth of opportunities, according to panellists at SFIG Vegas this week. Unfortunately, this volatility has contributed to a more muted and challenging issuance environment so far this year.

    Angie Long, cio and portfolio manager at Palmer Square, commented that 4Q18 provided a .......

    News 1 March 2019

  • STS synthetics pending

    EBA to publish report by year-end

    The EBA is expected to publish a report on STS synthetic securitisations by year-end, which will then be reviewed by the European Commission. The main challenges that the supervisor will be dealing with are the lack of performance data on synthetic securitisations and the creation of STS criteria for the sector.

    STS criteria for synthetic securitisations could further ......

    News Analysis 1 March 2019

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  • Turkish NPL boost

    Distressed debt surge anticipated

    Turkish asset manager Hayat Varlik Yonetim expects non-performing loan sales in the country to jump 33% this year, as banks try to cope with a surge in corporate debt restructurings. TRY10bn (US$1.9bn) of NPL sales are anticipated in 2019, following the devaluation of the Turkish lira last summer.

    “The devaluation of the Turkish lira last summer and the .......

    News 1 March 2019

  • Downward drift

    Low default trend continues

    Global corporate defaults fell in 2018 in advanced markets and were stable in emerging markets. The persistence of the low default trend - in particular, in advanced economies - is a positive sign for capital relief trades, given that the bulk of these transactions reference European corporate loans.

    The default rate for non-financial corporates with rated debt in .......

    News 1 March 2019

  • New fund for CDS recruit

    Company hires and sector developments

    ABL acquisition
    Benefit Street Partners affiliate Business Development Corporation of America has acquired a controlling interest in asset-based lender Siena Capital Finance from Solaia Capital Advisors. Siena was founded in 2012 by an ABL team backed by Solaia consisting of professionals from Bank of Ireland subsidiary Burdale Capital Finance. Siena will operate independently as a portfolio company of BDCA, with .......

    Market Moves 28 February 2019

  • Debuting duo

    New ILS peril, domicile introduced

    GC Securities has placed a pair of innovative catastrophe bonds. Insurance Australia Group’s A$75m Orchard ILS transaction marks the first ILS issuance from Singapore, while Pool Re’s £75m Baltic PCC deal is the first-ever cat bond to cover terrorism risk exclusively and only the second to be issued under the UK’s new regulatory framework for ILS.

    Baltic PCC ......

    News 27 February 2019

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  • 'Long term solution needed'

    Day three from SFIG Vegas

    The last full day at SFIG Vegas was again abuzz with strong attendance and widespread optimism.

    One panel looked at UK firms looking to issue transactions into the US market. Brian Wiele, md at Barclays, commented that one of the steps needed at the moment to boost the sector is re-educating US investors on UK securitisations, as awareness of UK .......

    News 27 February 2019

  • Lights, camera, securitisation

    Film rights ABS remains attractive to studios

    The increasingly short length of time which films remain in movie theatres for these days may be frustrating for the average cinema-goer, but it is part of a trend which is optimising cashflows for film rights securitisations. This form of ABS allows the larger studios and their co-financiers to fund films, although smaller studios are expected to continue to .......

    News Analysis 27 February 2019

  • Structured finance 'well positioned' for downturn

    Second day at SFIG Vegas sees continued optimism

    Day two at SFIG Vegas saw a bountiful turnout of attendees, all looking to hear the latest on structured finance and to meet the main movers and shakers in the industry. A standout panel looked at how structured finance is prepared for a turn in the turn in the credit cycle, while other notable discussions looked at the revival of .......

    News 26 February 2019

  • CLO manager shake-up

    Company hires and sector developments

    Derivatives continuity
    The US CFTC and the Bank of England have issued a joint statement aimed at reassuring market participants of the continuity of derivatives trading and clearing activities between the UK and US, after the UK’s withdrawal from the EU. The measures that will be in place by end-March include: information-sharing and cooperation arrangements to support the effective cross-border .......

    Market Moves 26 February 2019

  • Exit complete

    Irish RPL RMBS refinanced

    Ellington Residential Holdings Ireland is in the market with a €620m Irish re-performing RMBS dubbed Jepson Residential 2019-1. The transaction is a refinancing of European Residential Loan Securitisation 2017-PL1, sponsored by Lone Star.

    “The deal is expected to be called next month, although the rationale for the move isn’t clear,” says one portfolio manager. “A lot of the underlying assets .......

    News 26 February 2019

  • Different strokes

    PACE prepayment volatility on the rise

    A new Morningstar Credit Ratings study reveals increased volatility and a generally accelerating trend in residential PACE prepayments. Against this backdrop, different prepayment patterns are emerging across PACE ABS originators.

    Monthly annualised CPR averages have been fluctuating between increases and declines for the last six months, according to the Morningstar study. For example, after a decline in the .......

    News 25 February 2019

  • Model behaviour?

    Accuracy of ILS loss predictions hinges on evolving models

    Actual losses in the ILS market may be broadly in line with predictions, but there are sectors with significant divergence. These areas of divergence underline how important it is for ILS investors to remain aware of the implications of exposure to non-modelled and less well modelled perils.

    Previous analysis by Lane Financial has shown that “what you see .......

    News Analysis 25 February 2019

  • SCI Start the Week - 25 February

    A review of securitisation activity over the past seven days

    Market commentary
    European secondary ABS activity was on hold last week ahead of a large BWIC auction due on 28 February (SCI 21 February).

    "Secondary activity has dampened down in the run-up to the auction," confirmed one trader. "The BWIC has a good chance of trading well, despite the block sizes on offer. Although dealers don't appear .......

    News 25 February 2019
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