Complete news archive
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Job swaps weekly: KBRA rings the changes
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees KBRA making multiple senior structured finance appointments including a new global head of ABS and RMBS. Elsewhere, a c-suite executive at PACE Funding Group has left the firm and transitioned away from structured credit with a move to Greenday Finance, while specialty finance company Encina Lender Finance has made two senior .......
Market Moves 11 October 2024
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SCI In Conversation Podcast: Volker Gulde, Moody's Ratings
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI head of content Kenny Wastell speaks to Volker Gulde, senior vice president at Moody’s Ratings, about the European market for private credit CLOs. Gulde discusses why the asset class is yet to take off in the continent, when we might expect that situation to change, and more.
Gulde says that, while there .......
News Analysis 11 October 2024
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Doubling down
Deutsche Bank finalises two SRT trades
Deutsche Bank completed two SRT trades in September. The first transaction concerns the well-documented LOFT 2024-1 deal (marking the third issuance from the LOFT platform), which references a US$3bn portfolio of US and European leveraged loans. The synthetic securitisation was upsized from an initial portfolio US$2bn, following notable investor demand and a fairly widely syndicated process.
Oliver .......
News 11 October 2024
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Heating up
Potential for heat-pump-backed ABS in Europe's energy transition
The wait for Europe’s first public heat pump-backed ABS transaction may soon be over, as the demand for sustainable heating solutions grows amid Europe’s energy transition. Securitisation is proving to be an increasingly integral tool in the fight against climate change, with solar ABS and utility ABS in the US supporting the transition away from fossil fuels – heat .......
News Analysis 10 October 2024
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Capital call debut
SFF securitisation could mark 'the beginning of a new market'
Goldman Sachs is in the market with what is believed to be the first publicly-rated cash capital call securitisation - the US$475m Capital Street Master Trust Series 2024-1. Synthetic capital call securitisations have been more widely issued to date (see SCI’s CRT Deal Database), but the growing use of ratings in the fund finance market and increasing investor .......
News Analysis 10 October 2024
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How does it end?
Lawyers discuss how the US' Basel Endgame will be implemente...
Despite the recent and potentially exponential growth of the US CRT market, regulatory clarity is still out of reach. So how will the Basel Endgame regulation be implemented and when can investors expect to see it?
Recent re-proposals from the Federal Reserve (Fed) looking to reshape the regulation have already been rejected (SCI, 24 September) in a .......
News Analysis 9 October 2024
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Flexible financing
Apollo warehouse loan facility rated
Further details have emerged regarding the transaction at the core of the recent strategic financing collaboration between Apollo Global Management and BNP Paribas (SCI 27 September). The resultant borrower vehicle, AGF WHCO 2-A Trust, entered into a senior secured revolving loan facility collateralised by warehouse loan obligations originated by ATLAS SP.
“This trade is very .......
News 8 October 2024
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Job swaps weekly: Blackstone lures two new partners
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Blackstone adding two new partners to its infrastructure and asset-based credit platforms. Elsewhere, ING has hired an industry veteran as head of asset securitisation for wholesale banking in APAC, while Castlelake has strengthened its existing European leadership with the appointment of a new partner.
Blackstone is expanding its infrastructure and .......
Market Moves 4 October 2024
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Different beats
European ABS slows as Australian market surges, marking contrasting dynamics.
ABS activity in Europe slowed during the final week of September, while Australia experienced a surge in issuance in the same period, according to figures issued by JP Morgan research strategists. While in Europe the slowdown offers a welcome breather after a hectic month, the acceleration in Australia highlights a sharp – although potentially temporary – contrast between the .......
News 4 October 2024
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Rating reverberations
S&P's revised RMBS criteria and Fitch's growing infl...
Recent updates to S&P's rating criteria in Australia are reshaping the landscape for RMBS, sparking discussions among Aussie investors about the evolving standards for credit ratings. As S&P aligns its regional methodology with its global framework, the implications for the structured finance market are becoming clearer.
S&P's revised criteria, detailed in its report named Global Methodology and Assumptions: .......
News Analysis 3 October 2024
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Winds of change
Key talking points from SCI's inaugural regional banks conference in Chicago.
SCI’s maiden regional bank CRT seminar took place in the Windy City last week. Top of mind was market potential, Basel Endgame, and how to convince hesitant regulators.
- Great potential
It’s no secret that, since US banks have stepped up their use of CRTs, in the longer term, the US market will evolve to resemble its European .......
News 2 October 2024
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CNI boost
European data centre ABS poised for growth
The UK's data centre sector recently received a major boost, with the government last month officially designating it as critical national infrastructure (CNI). The move has sparked anticipation of further data centre securitisation issuance, following the debut European deal, Vantage Data Centres UK 2024-1 (SCI ABS Markets Daily - 30 April).
“The UK government’s designation of data .......
News 2 October 2024
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Private securitisations grow
Latest EBE report highlights market expansion
Over 67% of European private cash securitisations fund sellers in the EU and over 74% directly fund the real economy, according to the latest European Benchmarking Exercise (EBE) report. The latest report provides aggregated transaction-level data on over 500 securitisation positions gathered from 12 banks across six countries during 2H23, covering €79bn of reported financing volumes and an estimated .......
News 30 September 2024
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Resilient tapestry
Maddi Rowlatt at Challenger navigates the dynamic ABS and MB...
The ABS and MBS landscape continues to be dynamic and resilient, supported by strong investor demand and favourable macroeconomic conditions. In this swiftly changing market, Maddi Rowlatt, portfolio manager overseeing UK, European, and US ABS at Challenger, closely monitors broader macroeconomic and geopolitical risks that could affect performance.
With cautious optimism, she notes: “The market has benefited from .......
News Analysis 27 September 2024
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ABF push
Apollo, BNP Paribas ink strategic collaboration
Apollo last week unveiled a US$5bn strategic financing and capital markets collaboration with BNP Paribas, as it seeks to expand its securitisation and asset-backed finance operations, including ATLAS SP Partners. The deal signals a surge in activity in the private credit market, marked by a growing trend of partnerships between banks and non-bank entities adapting to meet the demand .......
News 27 September 2024
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Job swaps weekly: Toorak and Merchants parent names new coo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Roemanu hire a former Finance of America Home Improvement president as its new coo. Elsewhere, Redding Ridge Asset Management has elevated a senior director to ceo in order to lead its CLO management businesses globally, while Cushman & Wakefield has appointed a co-head of EMEA equity, debt and structured finance.
Market Moves 27 September 2024
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C-PACE renaissance
Carlyle, North Bridge partnership highlights opportunity
Carlyle last week announced a minority investment in North Bridge, a real estate financing provider, to support the origination of up to US$1bn in C-PACE loans. This landmark partnership represents the largest collaboration between a C-PACE originator and a private credit firm, underscoring the rapid evolution of this emerging asset class.
“It’s a really interesting partnership that leverages .......
News 26 September 2024
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Building on a niche
Specialist lenders continue to drive growth in UK RMBS
Specialist lenders in the UK are making good on their promises to serve the underserved while ramping up RMBS issuance – and are showing no signs of slowing down. Following the GFC, the speciality lending sector (SLS) redefined its approach to lending and – between the first transaction in 2016 and 2023 – the share of UK RMBS issuance .......
News Analysis 26 September 2024
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Recalibrating the agenda
The LMA is experiencing fresh SRT member growth
The loan market association (LMA) – the authoritative voice of the loan market in EMEA – is ramping up its SRT focus. We catch up with them and investigate the LMA’s role, views and prospects regarding the asset class.
While membership of the LMA has historically included banks – ranging from the large international investment banks to regional and .......
News Analysis 26 September 2024
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Endgame resistance
B3E implementation hits another bump in the road
The Basel 3 Endgame has hit another bump in the road. A re-proposal from the Fed (SCI 10 September) has been met with resistance from at least three of five FDIC directors opposing the suggested measures.
It seems something of a ‘kumbaya’ moment in US politics, with Democrat Rohit Chopra joining the two Republican board members in .......
News 24 September 2024