Complete news archive
-
-
Arnold & Porter hires new partner
Sector developments and company hires
Arnold & Porter welcomes a new partner to its corporate and finance practice in New York in a move to bolster its offering to lenders and borrowers. Scott Berson joins the firm from Norton Rose Fulbright, with more than 25 years of experience across both secured and unsecured financings. Berson holds expertise on receivables-based transactions across different industries and products .......
Market Moves 24 May 2022
-
-
Wilmington Trust adds new hires
Sector developments and company hires
Wilmington Trust has announced a further expansion to its CLO and loan administration division with three new senior hires. Michael Mooneyham, Ryan Murray, and Madhura Swadi all join the firm in an effort to boost the development of client relationships and increase innovation across the team. They will each join the firm as vps, with Mooneyham and Murrary leading the .......
Market Moves 23 May 2022
-
SCI Start the Week - 23 May
A review of SCI's latest content
Last week's news and analysis
News 23 May 2022
Accelerating change
NPL ABS evolution gathers pace
Accountability required
Further transparency needed for ESG CLOs
Capital boost
European banks ready for cycle turn
Climate countdown
Green SRT challenges highlighted
Complex picture
European ABS/MBS market update
Fannie prints fifth CIRT of 2022
CIRT and ACIS ride high
Juicy CRT
Historical wides entice fast money
New path
Mexican securitisation marks firsts for StepStone
Prepare for take-off
If .......
-
Fannie prints fifth CIRT of 2022
CIRT and ACIS ride high
Fannie Mae has completed its fifth CIRT transaction of 2022, designated CIRT 2022-5, the GSE announced today (May 20).
The deal transferred $733m of mortgage credit risk to 22 insurers and reinsurers.
There are around 67,700 single family mortgages in the covered loan pool with an unpaid principal balance of close to $21bn. All loans in the pool were high LTV mortgages, with .......
News 20 May 2022
-
Complex picture
European ABS/MBS market update
With two deals being pulled in the space of a week, the European ABS/MBS markets are facing thorny times. The current complex environment and volatility is set to hinder issuance in the short term.
Last Friday, HSBC announced it had to pull its UK student accommodation CMBS transaction – HXGN CMBS Finance 2022-1 – due to “exceptional market .......
News 20 May 2022
-
Climate countdown
Green SRT challenges highlighted
A green synthetic securitisation framework remains lacking, despite the current regulatory focus on ESG. This Premium Content article explores why.
Green lending targets in use-of-proceeds synthetic securitisations are expected to become more of an obligation going forward, but such a change should be accompanied by clear parameters and consequences for failing to satisfy that obligation. Nevertheless, a framework for ......
News Analysis 20 May 2022Premium Content
-
Accelerating change
NPL ABS evolution gathers pace
Regulatory change in the European non-performing loan securitisation market has picked up speed over the last month, with the publication of the EBA’s final draft risk retention regulatory technical standards (RTS) (SCI 13 April) and the launch of an EBA consultation on draft implementing technical standards (ITS) in connection with NPL data templates (SCI 17 May). However, .......
News Analysis 19 May 2022
-
Stonehill announces leadership additions
Sector developments and company hires
Stonehill is set to expand its commercial lending business with four new senior executive hires to its leadership team. Daniel Siegel, Greg Koenig, Nisu Mehta, and Taylor Pike each join Stonehill from Ardent with several decades of real estate business shared between them. The firm hopes the new hires will assist in widening its product offering across all real estate .......
Market Moves 19 May 2022
-
-
Time for the European CRE CLO to prepare for take-off
If all indicator lights hold true, then the European CRE CLO market is primed and ready for take-off, explains Iain Balkwill, partner at Reed Smith.
Indeed, if this market manages to follow the same eye-watering trajectory of growth experienced in the United States, then not only are we in for a majestic ride but this could be truly transformational for .......
Talking Point 19 May 2022
-
Juicy CRT
Historical wides entice fast money
Spread levels in GSE CRT securities at the bottom end of the capital stack are now so cheap relative to comparable ABS assets that they are attracting attention from hedge fund and private equity money, say analysts.
Five-year B2 notes are currently priced close to 1100bp over SOFR, more than twice the levels at which high yield ABS .......
News Analysis 18 May 2022
-
Principles-based cybersecurity approach urged
Sector developments and company hires
The SFA has responded to the US SEC’s proposed new rules to enhance and standardise disclosures made by public companies regarding cybersecurity risk management, strategy, governance and incident reporting. The association believes the proposed rule to be focused almost exclusively on corporate registrants, ignoring the extensive fundamental and technical differences between the potential impact of cybersecurity risks and incidents .......
Market Moves 17 May 2022
-
Transportation investment platform founded
Sector developments and company hires
Onex has established a new platform focused on investing in transportation-related assets used for land, air, marine and industrial applications. The strategy will involve investments in hard assets with long lives, contractual cashflows and an element of inflation protection.
The firm has recruited Wes Dick to lead the strategy as md and head of Onex Transportation Partners, based in San .......
Market Moves 16 May 2022
-
-
Accountability required
Further transparency needed for ESG CLOs
CLOs are said to be the perfect vehicle for ESG selection criteria, due to the nature of the asset class. However, calls for further transparency continue.
“We are seeing every manager committed to apply ESG to every transaction – which means they need to comply to strict reporting. Since last year, we have seen deals coming in with positive screening, as .......
News Analysis 16 May 2022
-
SCI Start the Week - 16 May
A review of SCI's latest content
Last week's news and analysis
Better bid
REO online auctions gaining traction
PIMCO push
Kruzel hire suggests new SRT focus
Reinsurance resurge
The CRT reinsurance market takes larger share of risk
Risk transfer expansion
MUFG finalises synthetic securitisation
Servicer strategies
BNPL affordability dynamic eyed
Stagflation risks disclosed
Airlines at risk from inflationFor all of last week’s stories including ‘Market moves’ and ‘Risk transfer round-up’ click here.
SCI .......
News 16 May 2022
-
New path
Mexican securitisation marks firsts for StepStone
Global private markets firm StepStone has structured a US$102.5m public offering of a securitised portfolio of direct loans via Certificados Bursátiles Fiduciarios on Mexico’s BIVA stock exchange earlier this year. Significantly, the transaction represents the first securitisation in Mexico of a portfolio of direct loans granted to North American companies, as well as the first time that StepStone acted .......
News 16 May 2022
-
Reinsurance resurgence
The CRT reinsurance market takes larger share of risk
Mortgage reinsurance through the ACIS and CIRT programmes is becoming an increasingly important part of the GSE CRT landscape as the capital markets programmes have suffered volatile market conditions in 2022, note onlookers.
When the GSEs unveiled CRT in 2013, the capital markets platforms (CAS for Fannie and STACR for Freddie) absorbed about 75% of the risk sold to the private sector .......
News Analysis 13 May 2022
-
Better bid
REO online auctions gaining traction
The three most active US CMBS special servicers sold 125 commercial real estate assets via online auctions in 2020 and 2021, with sale proceeds on average achieving 103% of the most recent appraised value and 122% of the minimum reserve price, according to a new Fitch study. The findings show that assets sold in 2021 on average achieved 109% .......
News 12 May 2022