Complete news archive
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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
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In its prime
Debutants boost auto CLN volumes
US$1.36bn across four prime auto loan CLN issuances has been placed so far this year, according to JPMorgan figures. The transactions have included debut deals, as well as repeat issuance from Santander.
Indeed, Santander’s latest auto CLN – June’s US$239m SBCLN 2024-A - represents its seventh from the series. The bank is already considered the market benchmark, primarily .......
News 7 August 2024
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Australian ABS branches out
IFM Investors' Wanigasekera shares insights on growth and diversification in Australian ABS market
Diversification and growing interest from global investors are fueling innovation in the Australian ABS market, according to Hiran Wanigasekera, co-head of diversified credit and debt investments at IFM Investors.
Since 2021, IFM Investors, with approximately €6bn in securitised assets, has significantly diversified its focus from primarily RMBS to a broader range of ABS. "We have expanded a lot .......
News Analysis 7 August 2024
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Esoteric excellence
Reed Smith doubling down on esoterics
Top structured finance law firm Reed Smith has a developed esoteric practice, but is looking to beef up even more, says newcomer Jeffrey Stern.
“This is one of the focuses within the structured finance practice, and I expect to .......
The Structured Credit Interview 6 August 2024
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WBS: New frontiers - video
Ropes & Gray's Patricia Lynch speaks to SCI about whole business securitisation
....... News Analysis 5 August 2024
Job swaps weekly: DWS boosts alts franchise
People moves and key promotions in securitisation
Market Moves 2 August 2024
BNPP set to acquire AXA IM
Market updates and sector developments
AXA has entered into exclusive negotiations to sell its asset manager AXA Investment Managers (AXA IM) to BNP Paribas for cash proceeds of €5.1bn. Under the terms of the proposed transaction, AXA and BNP Paribas would also enter into a long-term strategic partnership, under which BNP Paribas would provide investment management services to AXA.
Additionally, AXA would receive .......
Market Moves 1 August 2024
Swedish SRT finalised
SRT market update
Further demonstration of the growing interest, opportunities and activity from the Nordics for risk-transfer mechanisms has materialised.
Swedish lender Marginalen Bank has completed a risk sharing transaction with seasoned SRT investor Christofferson, Robb & Company (CRC). Entitled Project Argo, the significant risk transfer transaction is SEK1bn cash securitisation that references a portfolio of non-performing consumer loans. Additionally, the securitisation .......
SRT Market Update 1 August 2024
Hayfin inks MBO
Market updates and sector developments
Hayfin Capital Management has entered into an agreement with private investment firm Arctos Partners to support a management buyout of the business, acquiring British Columbia Investment Management Corporation’s (BCI) majority stake. The new partnership delivers Hayfin’s long-term objectives of greater team ownership, alignment and incentivisation, as well as generating superior and consistent risk-adjusted returns for both Hayfin’s and Arctos’ .......
Market Moves 30 July 2024
Ears pricked
Interest returning to CRE market as conditions improve
Alternative real estate investors say securitisation is set to remain a key tool to increase market share amid persistent interest rate challenges.
In particular, CRE lending is poised to become a primary focus, as .......
News 30 July 2024
WAM understatement hits FFELP SLABS
Market updates and sector developments
Moody's has placed 12 tranches from nine FFELP student loan securitisations administered by Nelnet and 61 tranches from 11 FFELP ABS serviced by Nelnet on review for downgrade. The rating actions follow Nelnet's disclosure of a collateral data reporting approach that appears to have understated the remaining term of loans in Income-based Repayment Plans (IBR).
Nelnet last week .......
Market Moves 29 July 2024
Job swaps weekly: Reed Smith snaffles top hire
People moves and key promotions in securitisation
Market Moves 26 July 2024
No endgame in sight
SRT market update
Optimism around the wave of US CRT deals expected during Q3 is fading with the outcome of the Basel 3 Endgame still unresolved.
Commenting on the matter, one source explains: “At the start of this year people were saying 2024 was it – this is happening – but I don’t think people were expecting there to be this .......
SRT Market Update 26 July 2024
Resonance marketed
SRT market update
Further details have emerged on Citi Bank’s corporate SRT deal (SCI, 10 May). Sources suggest the spread landed somewhere in the sixes, with the tranche thickness at 0-13%.
One tells SCI: “Citi was initially looking to do $500m of first loss, but they might have done more as they got a lot of demand because it’s good .......
SRT Market Update 22 July 2024
In recovery
Recovery ABS is increasingly big business, despite caveats
Over US$2bn of recovery ABS has been issued so far this year, and though 2024 issuance is unlikely to surpass the record US$20bn seen in 2022, the market is flourishing as more and more states pass the necessary legislation.
New York, for example, passed laws permitting issuance of recovery bonds last month, which now await only the signature .......
News Analysis 19 July 2024
Job swaps weekly: Proskauer lures A&O Shearman co-head of global banking
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Proskauer Rose snapping up two A&O Shearman partners for its global finance practice. Elsewhere, Womble Bond Dickinson has added a Latin America-focused partner to advise on capital markets and structured finance, while Anchor Health Properties has lured a structured finance-focused senior vice president.
Philip Bowden has left his role as .......
Market Moves 19 July 2024