Complete news archive
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GSE results, tender
Profits up at both GSEs
Fannie Mae profits climbed 10.3% in Q1 to US$4.3bn, despite a 11.4% decline in acquisitions of single-family mortgages, according to its earnings call this week. The GSE also recorded a $180m benefit for credit losses in Q1 after taking a US$116m provision for credit losses in Q4 2023. There was a US$155m provision for losses in the multi-family business due to higher .......
News 1 May 2024
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UK bridging loan RMBS market primed for growth
Enquiries around publicly rated deals rise as lenders eye more diverse sources of funding
Enquiries into European bridging loan RMBS securitisations are on the rise, with industry sources anticipating the UK will develop into the leading market for new issuance. With the US market leading the way, a shift from private to public could open the asset class up to new investors.
“We’ve had a number of enquiries on the feasibility of .......
News Analysis 30 April 2024
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Double down
ASRS goes big in SRT in new mandate with AXA
Arizona State Retirement System (ASRS) will double its investment in SRT through its new US$400m mandate to AXA IM Alts, announced last week.
The US pension fund has been participating in risk sharing investments since 2019 through a partnership .......
News Analysis 30 April 2024
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European CLO new issuance soars in Q1
Primary new issuance reaches highest level since Russia's invasion of Ukraine
European CLO primary new issuance has reached the highest level since the Russian invasion of Ukraine two years ago, which led to steep rises in inflation and central bank base rates.
The aggregate value of European deals reached €11.35bn in the first quarter of 2024, according to SCI data, the highest figure since the €12.97bn of new issuance .......
News Analysis 30 April 2024
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ATLAS attracts MassMutual commitment
Market updates and sector developments
MassMutual has become a minority equity owner in ATLAS SP Partners and a capital partner to the ATLAS platform. As part of the multi-billion-dollar commitment, MassMutual has also agreed to invest in Apollo’s asset-backed finance (ABF) franchise.
These investments will allow MassMutual to access predominately investment-grade, asset-backed credit originated by ATLAS SP and across the broader Apollo ecosystem, .......
Market Moves 26 April 2024
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Fresh mandate
Frank Benhamou joins Cheyne Capital
Cheyne Capital has announced that Frank Benhamou has joined the firm as Portfolio Manager for its Risk Transfer strategy. The announcement followed the news that the London-based firm was re-entering the SRT market, having previously been active from 2004-2018.
Prior to joining Cheyne, Benhamou spent 17 years at Barclays where, inter alia, he set up and led the .......
News 26 April 2024
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Job swaps weekly: Cheyne Capital snaps up SRT veteran
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Cheyne Capital hiring an SRT veteran who recently left their role at Barclays. Elsewhere, Wilmington Trust has made changes to its global capital markets leadership team, while a risk transfer specialist has left their position at The D. E. Shaw Group ahead of taking up a new role.
Cheyne Capital .......
Market Moves 26 April 2024
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Opening up
LatAm SRT activity gaining traction
SRT activity in Latin America is gaining traction, with three deals now completed - including two in the last 12 months - and more on the horizon. Multilateral development banks (MDBs) are playing a crucial role in opening up the region.
Edmund Parker, partner at law firm Mayer Brown, has worked on multiple Latin American synthetic securitisations. He .......
News Analysis 26 April 2024
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Italian mortgage disposal inked
Market updates and sector developments
Barclays Bank Ireland is set to dispose of its performing Italian mortgage portfolio via a securitisation. Funds and accounts managed by GoldenTree Asset Management have entered into a commitment letter under which they will purchase certain notes to be issued by a newly incorporated entity, Miltonia Mortgage Finance, to which the portfolio is expected to be transferred. Upon completion, .......
Market Moves 25 April 2024
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Final FCA, PRA rules 'imminent'
Market updates and sector developments
HM Treasury has published a draft statutory instrument that outlines the next steps in the process of replacing the onshored EU legislative regime for securitisation with its own rules under the broader ‘Smarter Regulatory Framework’ (SRF). The draft Securitisation (Amendment) Regulations 2024 (Amending SI) will repeal the EU Securitisation Regulation on 1 November, implying that the new regime – including .......
Market Moves 24 April 2024
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FFELP loan 'waivers' proposed
Market updates and sector developments
The US Department of Education last week published a notice of proposed rulemaking (NPR) in the Federal Register regarding debt relief for certain federal student loans, including certain FFELP loans held by ABS trusts. Comments on the proposals are due by 17 May and the department aims to finalise the rules in time to start delivering relief this autumn.
Market Moves 22 April 2024
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SCI Start the Week - 22 April 2024
A review of SCI's latest content
*CRT Awards 2024*
The submissions period for SCI’s 2024 Capital Relief Trades Awards closes on 31 May. Apply now to secure your chance to be recognised and celebrated by the SRT industry at a gala black-tie dinner at RIBA HQ!
Qualifying period: 1 July 2023 to 30 June 2024.
Award winners are decided through a two-step process, the .......
News 22 April 2024
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Bridging the gap
Syndicated solution launches for portfolio insurance
As appetite for structured credit solutions continues to grow, insurance balance sheets seem increasingly well suited to meet this demand. However, this brings new challenges for investors, (re)insurers and issuers alike.
One such challenge is the need for banks to spread (re)insurer counterparty risk across several counterparties. The number of insurers needed in placing a transaction can be .......
News 22 April 2024
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Rithm anchors captive CLO platform
Market updates and sector developments
Sculptor Capital Management has launched Sculptor Loan Financing Partners, the firm’s captive CLO equity investment platform, anchored by a commitment from Rithm Capital Corp. Sculptor Loan Financing Partners will manage investments in the equity tranches of Sculptor-managed CLOs in the US and Europe, and expands the firm’s institutional credit strategies business, which oversees approximately US$15bn in assets under management.
Market Moves 19 April 2024
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Barrier to entry?
SRT allocation under scrutiny
The raft of funded and unfunded buyers seeking to enter the SRT market is driving intense bidding for allocations on deals. Indeed, demand is reportedly rising even for first loss tranches, in an attempt to secure paper.
“Banks will go out to a bunch of investors with a prospective SRT trade and have them do a lot of due .......
News Analysis 19 April 2024
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Job swaps weekly: ELFA names Rinaldi as CLO investor committee co-chair
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees the European Leveraged Finance Association (ELFA) appoint a TwentyFour Asset Management portfolio manager as co-chair of its CLO investor committee. Elsewhere, CBRE has named its new ceo of Germany, while Hometap has hired a new director of structured products.
Elena Rinaldi has taken over from Emeric Chenebaux as the new .......
Market Moves 19 April 2024
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RFC on agency second mortgage product
Market updates and sector developments
The FHFA has issued a notice of a proposed new product from Freddie Mac to begin purchasing single-family closed-end second mortgages on properties for which it already holds the first mortgage. The proposal allows for the assets to be securitised into guaranteed non-deliverable MBS pools and for credit risk transfer opportunities to be evaluated in subsequent phases.
In .......
Market Moves 17 April 2024