Complete news archive

  • SCI Start the Week - 21 May

    A look at the major activity in structured finance over the past seven days

    Pipeline
    The transactions remaining in the pipeline by the end of last week were spread fairly evenly across ABS, CMBS and RMBS. A whole business securitisation was also marketing.

    The newly-announced ABS comprised US$500m Ally Master Owner Trust Series 2018-2, US$221.94m Avant Loans Funding Trust 2018-A, US$2.25bn Honda Auto Receivables 2018-2 and US$676.29m MMAF Equipment Finance Series 2018-A. The .......

    News 21 May 2018

  • NPL servicing still needs strengthening

    Inadequate servicing capability for non-performing loans - largely in Italy and Greece - is hampering securitisation activity and stemming investor inflows, according to panellists at SCI’s recent NPL securitisation event. Nevertheless, improvements are gradually being made to bolster servicing infrastructure, supported by regulatory changes and European Council proposals.

    Zach Lewy, founder and co-cio at Arrow Global, suggested that .......

    News Analysis 18 May 2018

  • Market moves - 18 May

    Europe

    CIFC has hired Joshua Hughes as head of European marketing, based out of London and reporting to co-ceo, Oliver Wriedt. Hughes was previously head of global distribution at Muzinich & Co. He will lead the firm’s fundraising efforts in the UK and throughout Europe as the firm establishes its European platform.

    Simon Collingridge and Tony Ward of Home Funding Limited and Jaap .......

    Market Moves 18 May 2018

  • Split-mortgage securitisation mulled

    Permanent TSB has pulled €900m of split mortgages from its Project Glas portfolio sale of approximately €4bn of distressed Irish mortgages. The need to maintain borrower relationships and regulatory challenges over the treatment of split mortgages raise the prospect of the securitisation route for these loans.

    Following the withdrawal of the mortgages from the portfolio, Project Glas now .......

    News Analysis 18 May 2018

  • Securitisation 'right tool' for NPL disposals

    Participants at a recent SCI seminar on non-performing loan securitisation were optimistic about the role of ABS in facilitating disposals of troubled loans across Europe, with or without government guarantees. Concerns persist, however, that work still needs to be done in several jurisdictions in terms of professionalising servicing capabilities and standardising securitisation procedures.

    Iain Balkwill, partner at Reed Smith, commented: .......

    Talking Point 18 May 2018

  • SCI Start the Week - 14 May

    A look at the major activity in structured finance over the past seven days

    Pipeline

    ABS accounted for the majority of the deals remaining in the pipeline at the end of last week. A handful of CMBS and RMBS were also announced.

    The auto ABS in the pipeline comprise: US$1.13bn AmeriCredit Automobile Receivables Trust 2018-1, US$450m Credit Acceptance Auto Loan Trust 2018-2, US$1bn Drive Auto Receivables Trust 2018-2, US$225.9m Flagship Credit Auto Trust 2018-2, .......

    News 14 May 2018

  • IFRS 9 first-time impact gauged

    Banks have begun releasing their first quarterly results for this year, with the reports suggesting a limited impact from the first-time adoption of IFRS 9. However, the lack of a requirement to restate comparative figures means that the potential volatility in reporting generated by the accounting standard’s three credit stages will have to be monitored over time. Furthermore, banks appear .......

    News Analysis 14 May 2018

  • Market moves - 11 May

    Acquisitions

    Blackstone is set to acquire all outstanding common shares of Gramercy Property Trust for US$27.50 per share in an all-cash transaction valued at US$7.6bn. The transaction represents a premium of 23% over the 30-day volume-weighted average share price ending 4 May 2018 and a premium of 15% over the closing stock price on that date. Completion of the acquisition .......

    Market Moves 11 May 2018

  • RMBS double follows UKAR disposal

    Barclays is prepping two RMBS - dubbed Durham 1 and 2 - of Bradford & Bingley legacy mortgage loans, after acquiring the remaining £5.3bn portfolio from UKAR (SCI 27 April), although they're likely to be preplaced. The asset sale and securitisation pay off the remainder of the FSCS loan, which was partially repaid by the previous sale of legacy mortgages .......

    News Analysis 11 May 2018

  • BMPS deal taps ReoCo

    Banca Monte dei Paschi di Siena (BMPS) has completed its much-anticipated non-performing loan securitisation (SCI passim). Dubbed Siena NPL 2018, the €4.33bn transaction securitises exposures equivalent to a gross book value of around €24.07bn and envisages the involvement of a real estate operating company (ReoCo).

    Rated by DBRS, Moody’s and Scope, the deal comprises €2.92bn BBB/A3/BBB+ rated class .......

    News 11 May 2018

  • UK CMBS signals sector surge

    Goldman Sachs is acting as arranger and lender on a £449.8m UK CMBS dubbed Ribbon Finance 2018. The transaction is a further sign of a resurgence in CMBS activity across Europe, with 2018 on target to surpass the last post-crisis bumper year in 2015.

    Ribbon Finance 2018 has been provisionally rated by DBRS and S&P as AAA/AAA on .......

    News 11 May 2018

  • Standardised bank issuance picking up

    Standardised bank issuance of capital relief trades is picking up, despite the market having long been the purview of larger internal rating based (IRB) banks. This is driven by rating agencies offering more flexible benchmarking and the Juncker plan, which allows the EIF to guarantee both the senior and mezzanine risk.

    However, the shift is slow because of .......

    News Analysis 8 May 2018

  • NPL recovery boost expected

    Greek systemic banks are teaming up to create a platform that will manage and settle mortgage and retail non-performing loans to borrowers who have filed for protection under a much-abused law providing favourable restructuring terms (SCI 8 December 2016). Greek lenders have used this procedure for corporate loans, but not for mortgages, consumer and SME loans.

    The arrangement .......

    News Analysis 4 May 2018

  • Market moves - 4 May

    Acquisitions

    Five Oaks Investment Corporation has acquired 100% of the equity interests of Hunt CMT Equity from hunt Mortgage Group for US$68m. Assets of Hunt CMT Equity include the junior retained notes and preferred shares of a commercial real estate CLO, a licensed commercial mortgage lender and eight loan participations. The assets of the CLO consist of performing transitional floating .......

    Market Moves 4 May 2018

  • Widespread risk retention sell-off unlikely

    After the recent repeal of risk retention for open-market CLO managers in the US, a widespread sell-off of risk retention capital is thought to be unlikely as managers will still keep some skin in the game. Furthermore, while there is agreement that the repeal has lowered barriers to entry, opinion is divided as to whether it will lead to an .......

    News Analysis 4 May 2018

  • Risk transfer round-up - 4 May

    The Royal Bank of Scotland is rumoured to be marketing a commercial real estate transaction dubbed “project Dragonstone”. The deal is expected to close in the summer when overall issuance is expected to pick up.

    The market is undergoing a quiet period, following some unusual activity for 1Q18. Sources point to three transactions during this period from Deutsche Bank, Credit .......

    News 4 May 2018

  • CLO trends ring alarm bells

    Ever loosening loan documentation and manager drift are giving CLO investors pause for thought, particularly those higher in the structure. While certain managers may be benefiting now, there are worries that those pursuing a less conservative strategy may fall short when the credit cycle turns.

    Michael Schewitz, co-portfolio manager of credit trading and investment at Investec, suggests that the trend .......

    News Analysis 3 May 2018

  • Investor-led start-up targets capital market niches

    Travis Miller, co-founder and joint md of iPartners, answers SCI’s questions

    Q: How did iPartners become involved in the market?

    A: We were observing a broad range of fintech firms launching with a technology and product focus which struck us as a “build it and they will come” approach; it was not obvious that any were investor focused.

    The driver .......

    The Structured Credit Interview 30 April 2018

  • SCI Start the Week - 30 April

    A look at the major activity in structured finance over the past seven days.

    Upcoming event
    SCI NPL Securitisation Seminar – 9 May, London
    SCI’s NPL Securitisation Seminar provides an opportunity for investors and issuers to come together to add depth to discussions around European non-performing loan activity, the regulatory treatment of NPL securitisations and the benefits of this technology as an exit mechanism. Panels cover deal structuring, servicing, regulations, investment trends and rating considerations. Click News 30 April 2018

  • Market moves - 27 April

    Australia

    FIIG Securities has hired Anne-Marie Hunter-Brown to the role of markets business manager, Australia. She was previously at Deutsche Bank as IB markets coo and business manager across global credit including structured credit.

    Assured Guaranty rebuttal

    Hedge fund manager David Einhorn recently stated that he is betting on Assured Guaranty’s stock falling, and that it .......

    Market Moves 27 April 2018

  • Performance sparks RPL upgrades

    Many post-crisis RMBS reperforming (RPL) loan transactions have performed better than expected, leading Fitch to upgrade 171 classes from 18 RPL deals. A dozen subordinate bonds were upgraded from double-B to investment grade, while 486 RPL ratings were affirmed.

    The upgrades follow a review of RPLs, seasoned performing loans and one REMIC transaction, spanning 657 loans over 44 deals issued .......

    News 27 April 2018
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