Complete news archive
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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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NPL ABS line-up finalised
European NPL Securitisation Awards to debut
SCI’s 4th Annual NPL Securitisation Seminar is taking place in-person on 27 June at Centro Congressi Stelline in Milan, Italy. Hosted by Orrick, the event focuses on how securitisation is being embraced by policymakers as a way of helping European banks de-risk and optimise their balance sheets.
The seminar begins with an overview of how the Covid-19 .......
News 20 June 2022
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SCI Start the Week - 20 June
A review of SCI's latest content
FREE SCI special issue
Published for IMN’s Global ABS 2022 – includes recent news, premium content and a profile of Santander’s Steve Gandy. Download here.Last week's news and analysis
News 20 June 2022
Are the foundations changing?
James Smallwood of Allen & Overy examines European CLO structures
Goodbye and good luck
Steve Gandy, md at Santander, reflects on a 30-year career in securitisation
Risk transfer return
European CRE .......
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European CLO structures: Are the foundations changing?
James Smallwood, senior associate at Allen & Overy, examines whether the foundations are changing for European CLO structures
What's in a name? Or, more appropriately for CLOs, what's in a number? And while there are many important numbers and figures in a CLO transaction (obviously), here and in particular, I'm referring to some pretty low digits – one, two and .......
Talking Point 16 June 2022
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EIOPA consults on securitisation review
Sector developments and company hires
EIOPA has published a consultation paper in response to the European Commission’s call for advice (CfA) to the joint committee (JC) of the European Supervisory Authorities (ESAs) regarding a review of the securitisation prudential framework (SCI 28 October 2021). Under the CfA, the Commission sought the assistance of the JC to assess the recent performance of the rules on capital .......
Market Moves 16 June 2022
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Industry CLO e-trading platform unveiled
Sector developments and company hires
Citi and Bank of America, joined by Credit Suisse, Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo and Moody’s Analytics, have launched Octaura Holdings. The objective of the company is to create the first open-market electronic trading platform for syndicated loans and CLOs.
Built in collaboration with software development platform Genesis Global, Octaura aims to provide comprehensive trading solutions with natively .......
Market Moves 14 June 2022
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Goodbye and good luck
Steve Gandy, md at Santander, reflects on a 30-year career in securitisation ahead of his retirement
Asked about the day after his forthcoming retirement, Steve Gandy, md at Santander, mildly remarks that a ‘’friend will take us out for curry, including my grandson. I’m then off to Germany to see my daughter and then back to the UK, where we will sell the house and head for the US.’’
Gandy’s unremarkable statements draw a .......
The Structured Credit Interview 14 June 2022
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SCI Start the Week - 13 June
A review of SCI's latest content
Last week's news and analysis
Doing the right things
BCMGlobal Mortgage Services answers SCI's questions
Fannie's six
GSE prints 6th CAS deal of 2022
Goodbye convention?
Demand for inclusive credit scoring intensifies
Migrating transactions
'Seamless' switch for CLO domiciles
Open house
European CRE lending continues to diversify
Opportunity knocks
Debut RPL ABS could be first of many
Risk transfer reboot
Synthetic CRE issuance picks upFor all of last .......
News 13 June 2022
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Aon hires new strategic growth leader
Sector developments and company hires
Aon has named Joanna Parsons as strategic growth leader of UK capital advisory within the firm’s reinsurance solutions business, reporting to Ben Love, UK strategic growth leader for reinsurance solutions. In her new role, Parsons will help clients to understand the value of different growth, capital and reinsurance strategies, including in the securitisation space. Based in London, Parsons joins Aon from .......
Market Moves 10 June 2022
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Doing the right things
Mark Davies, md, BCMGlobal Mortgage Services, answers SCI's questions
Q: How and when did BCMGlobal become involved in the securitisation market?
A: BCMGlobal services £3.2bn of securitised loans, totalling 23,000 borrowers, across circa 25 portfolios and 10 securitisation programmes. We act as a standby servicer for £7.1bn of securitised loans for 17 clients across 47 transactions. Our loan portfolios are domiciled and secured in the UK and Ireland.Provider Profile 9 June 2022
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Migrating transactions
'Seamless' switch for CLO domiciles
The switch from the Cayman Islands to alternative domiciles, following the European Commission’s listing of the jurisdiction on the EU AML list, appears to have been painless for most CLOs. This Premium Content article investigates.
The European Commission’s blacklisting of the Cayman Islands earlier this year has triggered the migration of many CLOs to alternative domiciles. Overall, the switch ......
News Analysis 9 June 2022Premium Content
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Opportunity knocks
Debut RPL ABS could be first of many
The first publicly rated European unsecured reperforming loan ABS hit the market in April. With Covid-induced moratoriums limiting the supply of non-performing loans, further such transactions could emerge, as debt purchasers with excess liquidity seek to deploy capital.
Dubbed Wolf Receivables Financing, the transaction represents Lowell Financial’s debut public securitisation and is also the first UK RPL ABS .......
News Analysis 8 June 2022
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Open house
European CRE lending continues to diversify
A combination of growth in specialist lenders and the tightening of commercial real estate lending standards triggered by the Covid-19 pandemic represents an opportunity for European securitisation investors. In particular, CRE ABS deals offer a significant premium and momentum over more traditional CMBS transactions from well-established sponsors.
“Against a backdrop of record CMBS issuance, I feel that a .......
News Analysis 8 June 2022