Complete news archive
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SCI NPL Securitisation Awards: Arranger of the Year
Winner: Morgan Stanley
A leading position in the public and private markets, combined with a strong link to innovation ensured Morgan Stanley is awarded SCI’s European NPL Securitisation Arranger of the Year.
According to SCI data, there were 19 public securitisations involving non-performing or reperforming loans during the awards period of March 2021 to March 2022. Of those deals, Morgan .......
News 29 June 2022
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SCI NPL Securitisation Awards: Advisor of the Year
Winner: Alantra
Alantra Credit and Portfolio Advisory (CPA) has won the Advisor of the Year category in SCI’s NPL Securitisation Awards, after demonstrating significant innovation across the European non-performing loan landscape over the last year. Indeed, Alantra has successfully established itself as the leading advisory services group in the sector, with a roster of clients that includes many of the .......
News 29 June 2022
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SCI NPL Securitisation Awards: Servicer of the Year
Winner: Intrum
Intrum boasts a presence in 24 European non-performing loan markets and a collection capacity in 160 partner countries, providing it with the broadest geographical reach in the credit management services industry. With revenues amounting to Skr17.8bn in 2021 and around 80,000 clients, the firm is SCI’s Servicer of the Year in recognition of its market-leading business.
“Over .......
News 29 June 2022
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SCI NPL Securitisation Awards: Investor of the Year
Winner: Cerberus Capital Management
In recognition of its resources, relationships and scale, Cerberus Capital Management has won the Investor of the Year category in SCI’s NPL Securitisation Awards. The firm has garnered significant industry acclaim for helping financial institutions address large non-performing loan portfolios as a long-term strategic partner.
One standout example during the awards period is the sale by Alpha .......
News 28 June 2022
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SCI NPL Securitisation Awards: Issuer of the Year
Winner: Intesa Sanpaolo
Intesa Sanpaolo has won the Issuer of the Year category in SCI’s NPL Securitisation Awards. Intesa has confirmed its leadership in the non-performing loan space through pioneering execution and innovative solutions over the awards period.
De-risking was the first pillar of the Italian lender’s business plan, through which the Group aimed to reduce the level of gross .......
News 28 June 2022
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SCI NPL Securitisation Awards: Innovation of the Year
Winner: Retiro Mortgage Securities
Innovation in securitisation doesn’t always represent an overt major leap forward; much like the market itself, nuance is often the key. The seemingly simple advance of structuring a 144A deal and making it the first European non-performing loan securitisation readily accessible to US investors has won Innovation of the Year as hopefully the precursor to a vastly expanded .......
News 28 June 2022
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SCI NPL Securitisation Awards: Transaction of the Year
Winner: Project Galaxy
Project Galaxy has won the Transaction of the Year category in SCI’s NPL Securitisation Awards. The deal marks the second largest rated EMEA NPE securitisation, with €10.8bn in gross book value (GBV). Project Galaxy is also the first public securitisation in the Green Market from the deal’s originator, Alpha Bank, as well as its first transaction enrolled in the .......
News 28 June 2022
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Chain reaction
US container and railcar ABS examined
Global supply chain issues could continue to support US container and railcar ABS. However, as this Premium Content article shows, both markets are facing challenges on other fronts.
As with most other US esoteric ABS sectors, the container and railcar markets suffered when Covid-19 first hit. However, the more broadly driven - though pandemic exacerbated - global .......
News Analysis 27 June 2022
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Suit filed over alleged CMBS fraud
Sector developments and company hires
Suit filed over alleged CMBS fraud
Market Moves 27 June 2022
Kasowitz Benson Torres, as counsel to investment vehicles associated with Carl Icahn, has filed a complaint in Nevada state court against Rialto Capital Advisors for breach of contract and fraud. The case is in connection with Rialto’s servicing of a CMBS trust (COMM 2012-CR4) secured by the Prizm Outlets mall in Primm, Nevada, which .......
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Cost of living concerns
Inflation pressures to push up UK RMBS arrears
The cost of living is increasing at a rate not seen for decades, as consumer price inflation is on the rise and monetary policy tightens in response. Due to elevated levels of inflation, arrears in UK RMBS transactions are expected to increase over the coming 12 months.
“Most people expect some level of deterioration on asset performance towards .......
News Analysis 27 June 2022
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SCI Start the Week - 27 June
A review of SCI's latest content
Last week's news and analysis
Changing the paradigm
De-risking NPLs and democratising fixed income through digital securitisation
Corporate SRT finalised
Credit Agricole prices capital relief trade
ESG evolution
European CLO docs continue to evolve
NPL ABS line-up finalised
European NPL Securitisation Awards to debut
Quantifi considers
Quantifi founder Q&A on 20th anniversary of firm
Stable outlook persists
Moody's maintains stable default outlookFor all of last week’s stories .......
News 27 June 2022
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Quantifi considers
Quantifi founder Q&A on 20th anniversary of firm
Quantifi, the provider of risk, analytics and trading solutions, recently celebrated its 20th anniversary. Founder and ceo Rohan Douglas started the firm from his attic in New Jersey in 2002, after prior senior credit derivatives research positions at Citigroup and Salomon.
Structured credit has been at the heart of what Quantifi does and SCI caught up with Rohan to talk about the changes .......
The Structured Credit Interview 24 June 2022
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PineBridge sub-advised CLO ETF unveiled
Sector developments and company hires
VanEck has launched an actively managed CLO ETF, dubbed CLOI, which is sub-advised by PineBridge Investments. The fund aims to invest at least 80% of its total assets in investment grade-rated debt tranches CLOs of any maturity.
The fund intends to invest primarily in CLO securities that are US dollar denominated, although it has the ability to invest up to .......
Market Moves 23 June 2022
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ESG evolution
European CLO docs continue to evolve
European CLO documentation continues to evolve with the increasing inclusion of ESG policies (SCI passim). Positive screening language and ESG score integration are gaining momentum, despite data and disclosure challenges.
“The European CLO market is at the start of its ESG journey and Europe has been at the forefront of this. Nearly all new European CLOs issued today .......
News Analysis 23 June 2022
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Changing the paradigm
John Pellew, principal, distribution and securitisation at A...
In isolation and in the absence of mitigating factors, non-performing loan and distressed assets are inherently high-risk investments, but that’s not the whole story.
While it’s true that we are dealing with defaulted loans and distressed assets, these assets are not sold in isolation or single units, and they are not sold because they have no value. They .......
Talking Point 23 June 2022
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USS launches maiden ABS mandate
Sector developments and company hires
Universities Superannuation Scheme (USS), the UK’s largest private pension scheme by way of assets, has launched its first mandate investing in ABS. Likely to exceed £1bn over the next couple of years, USS’s first ABS mandate will focus on investment grade publicly-listed securities.
The move comes a year after USS Investment Management (USSIM), the wholly owned investment management .......
Market Moves 22 June 2022
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