Complete news archive
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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
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Digital milestone
Inside KKR and NetCo's landmark infrastructure deal
The recent KKR-NetCo deal marks a significant milestone for Italy, as it introduced securitisation technology for the first time to attract institutional investors to infrastructure financing. The securitisation tranche facilitated KKR’s acquisition of NetCo, Telecom Italia's (TIM) fixed-line network, and its integration with FiberCop by syndicating a portion of the financing.
A&O Shearman, legal advisor to the financial .......
News Analysis 24 September 2024
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Job swaps weekly: EIF exclusive
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees SCI exclusively reveal that the European Investment Fund’s chief investment officer is retiring from his role after almost three decades with the fund. Elsewhere, Performance Trust Capital Partners has poached three executives from Pagaya, while ELFA announces its ceo is to step down from her role.
Alessandro Tappi is to .......
Market Moves 20 September 2024
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Resilience amidst volatility
European and UK ABS and MBS markets displayed resilience in August, despite widespread volatility.
The European and UK ABS and MBS markets in August demonstrated resilience in the face of volatility, according to monthly European and UK factsheets monitored by SCI.
August saw widespread volatility, which notably affected both primary and secondary markets. According to TwentyFour AM Momentum Bond Fund’s managers, despite this turbulence, primary markets demonstrated resilience, especially in the UK .......
News 20 September 2024
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Renewables prioritised
Coventry's PACE, solar efforts gain momentum
Coventry Structured Investments, a Los Angeles-based asset management firm specialising in niche debt and equity solutions, is set to purchase up to US$600m in residential solar loans under a forward-flow agreement with Almika Renewable Finance. The agreement reinforces Coventry’s prioritisation of renewables as key growth areas over the next six to 18 months, including the roll-out of its own .......
News Analysis 20 September 2024
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CLO manager corner: Sculptor Capital Management
Adeel Shafiqullah, head of European CLO management, discusse...
The launch of Sculptor Capital Management’s captive CLO equity platform in April, secured by an anchor commitment from Rithm Capital Corp., is a “strong validation” of the firm's support of Sculptor’s CLO management business as well as the ability to be “opportunistic and nimble” with capital.
Speaking to SCI, Adeel Shafiqullah, head of European CLO management at Sculptor, says: .......
The Structured Credit Interview 19 September 2024
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Breaking regulatory chains
Calls for reform intensify as industry pushes to fuel growth and fund Europe's green transition
The European securitisation market is “far too small and illiquid,” according to a recent report from True Sale International (TSI) and the Association of German Banks (BdB). The scale of the challenges could be having a negative impact on vital innovation across the continent’s economy.
The report, titled ‘A strong, competitive Europe: unlocking the potential of securitisation’, underscores .......
News Analysis 19 September 2024
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In demand
ETF CLO growth gathers pace as firms ramp up offerings
Demand for floating rate assets with robust surplus yield outlook is driving ETF (exchange-traded fund) CLO growth, according to asset manager Janus Henderson, with firms ramping up their offerings.
In July, Janus Henderson B-BBB CLO ETF (JBBB) surpassed $1 billion in AUM (SCI 15 July). This was followed two months later by Palmer Square Capital launching two .......
News Analysis 19 September 2024
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Set for take-off?
Increased volumes, improving fundamentals boost aircraft ABS
A handful of US aircraft ABS worth US$2.87bn have priced so far this month, taking the total number of deals printed this year to eight. With improving fundamentals post-pandemic, the sector stands out when compared to railcar and container ABS.
Indeed, aircraft ABS currently offers the highest yield among the three asset classes, driving analysts’ preference towards this .......
News 19 September 2024
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Latest SRTx fixings released
SRT market sentiment re-adjusts after financial markets experienced significant volatility.
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. If August got off to an rough start (The S&P 500 lost more than 6% in the early days of August, erasing nearly US$3tn in market value), as fears mounted about an economic slowdown in the US, recession concerns dissipated as quickly as they arose. .......
News 18 September 2024
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Records to fall
European and Australian ABS markets approach post-crisis issuance records amidst autumn surge
Primary markets in Europe and Australia are showing significant momentum as we head into autumn. According to research strategists at JPMorgan, YTD issuance totals in both regions are nearing post-crisis records.
Europe’s YTD issuance stands at €71.5bn, with Australia at €32.9bn, just shy of their respective post-crisis records of €76.5bn and €33.
This has led the bank’s .......
News 18 September 2024
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Sub-par
SRT market update
The impact of new entrants – otherwise commonly or derogatorily referred to as tourist investors – is continuing to split opinion in the SRT market, with some saying spreads are becoming unreflective of risk.
In this context, certain market observers and participants believe tightening spreads are simply an evolution of the market. With more investors coming into the market, .......
SRT Market Update 13 September 2024
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Prodigal student standards
Standard and Prodigy announce US$24m student loan partnership
Standard Bank has announced a US$24m funding partnership with Prodigy Finance to support African students intending to pursue postgraduate studies at international universities. The partnership includes US$22m from Standard Bank, with additional first-loss protection provided by Allan and Gill Gray Philanthropies.
Prodigy Finance, which provides flexible loans to international postgraduate students, will use Standard Bank's funding to expand .......
News 13 September 2024
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Silver lining
Optimism around strong growth in RMBS and ABS at S&P conference
Market participants shared widespread optimism at S&P Global Ratings' European Structured Finance conference, buoyed by robust growth and the resilience of the European and UK ABS and MBS markets. Despite global economic challenges, issuance in these markets is experiencing strong momentum, performing even more favourably than 2023.
Panellists and attendees at the event noted that the primary beneficiaries .......
News 13 September 2024
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Engineering efficiency
Structural changes afoot across UK RMBS market
The UK RMBS market continues to evolve as new innovative transaction features emerge with issuers seeking to tackle inefficiencies – an inch at a time. New developments include the use of back-up swap structures to manage counterparty risk, trigger-specific liquidity management mechanisms and the return of pro-rate amortisation – which was last seen pre-GFC.
Fitch Ratings’ latest analysis .......
News Analysis 13 September 2024
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Job swaps weekly: Chatham AM appoints four for new CLO management team
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Chatham Asset Management establishing a CLO management business with four key hires. Elsewhere, Freddie Mac has selected a new ceo, while Arini has named a CLO portfolio manager to replace Evangeline Lim, who is retiring from the industry.
Chatham Asset Management has established a CLO management business - called CTM Asset Management – with .......
Market Moves 13 September 2024
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Regulating mood
Advisory's insights on how to remove SRT regulatory barriers
SCI catches up with Jonas Bäcklund, ceo of Revel Partners, to analyse suggestion on how regulatory tweaks could bolster growth to the European SRT market.
The conversation comes as Mario Draghi, former president of the European Central Bank, emphasised this week the need for a well-functioning securitisation market to address Europe’s investment gaps in infrastructure and sustainable projects. .......
News Analysis 13 September 2024