Complete news archive
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More multifamily
Workforce housing in focus amid affordability crisis
Increased focus by Fannie Mae and Freddie Mac on targeted affordable housing appears to be yielding powerful results among both borrowers and lenders. Addressing supply issues requires the development of new properties, as well as renovating the existing stock, however.
A significant issue in the US affordable housing crisis is supply, especially at the lowest income levels. For .......
News Analysis 4 May 2022
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New CAS, tighter spreads
Fannie prints fifth CAS of 2022
Fannie Mae priced CAS 2022-R05, its fifth CAS of the year, this afternoon, the GSE reported.
The $952m four tranche note references a pool of close to 127,000 single family loans with unpaid principal balance of $38.5bn. This is a high LTV deal, with LTVs between 80% and 97%, which were acquired between May 2021 and July 2021.
The $292.9m M-1 was priced .......
News 3 May 2022
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Consolidation considerations
CLO manager acquisition activity set to continue
CLO manager consolidation is expected to continue, following a marked rise in acquisition activity in Q1 this year. However, the trend could be challenging for new entrants going forward and potentially increase exposure to obligor overlap risk.
“I think a lot of it is pent-up demand from the pandemic,” explains Russ Thomas, a director in US structured finance at Fitch. .......
News Analysis 3 May 2022
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UHNW securitisation under scrutiny
Sector developments and company hires
UHNW securitisation under scrutiny
Market Moves 3 May 2022
Pomerantz has filed a class action lawsuit against Credit Suisse Group and certain of its officers in the US District Court for the Eastern District of New York, on behalf of purchasers of Credit Suisse securities between 19 March 2021 and 25 March 2022 inclusive. The case seeks to recover damages caused by the defendants’ alleged violations .......
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CAS continuity
Fifth CAS of 2022 in the market
Fannie Mae is in the market with another CAS REMIC deal, designated CAS 2022-R05, according to reports.
Wells Fargo and Bank of America are the lead managers. Barclays, Citi, Morgan Stanley and StoneX are co-managers.
This is the fifth CAS deal of 2022 - a year in which there is expected to be record-breaking CRT issuance. Fannie and Freddie Mac are expected to .......
News 29 April 2022
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MSCI and MarketAxess collaborate
Sector developments and company hires
MSCI has announced its entry into a strategic collaboration with MarketAxess to establish new portfolio analytics solutions and fixed income indexes. The two firms hope to improve the fixed income investment process, empower investors, and drive innovation through their collaboration by developing portfolio optimisation, trading, and analytics tools. The collaboration will rely on MarketAxess’ fixed income indexes and AI-informed pricing .......
Market Moves 29 April 2022
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A buyer's market
European ABS/MBS market update
Following a flurry of deal announcements (SCI 22 April 2022), the primary European and UK ABS/MBS markets were extensively testing investor demand during the week. With so many deals to absorb, deal performance has been disparate.
In a context of large volumes of paper, UK RMBS transactions were playing a central role with four transactions hitting the market. On .......
News Analysis 29 April 2022
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Another Algonquin
BMO brings SRT trade referencing NA corporate loans
Bank of Montreal is back in the market with another SRT trade priced off its Algonquin platform, designated Algonquin Series 2022-2.
It is only two weeks since the borrower priced and settled Algonquin Series 2022-1,which was the first transaction through this platform since January 2020.
It is used to securitize mid-sized US and Canadian secured and unsecured corporate loans.
The notes are issued .......
News 28 April 2022
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Annaly Capital Management to sell middle market lending portfolio
Annaly Capital Management has announced its entry into an agreement to sell its middle market lending portfolio to the global alternative investment manager, Ares Capital Management. The US$2.4bn transaction represents Annaly’s middle market assets across the balance sheet of primarily first and second lien loans in defensive, counter-cyclical industries, as well as assets managed for third parties. The transaction offers .......
Market Moves 27 April 2022
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The Importance of ESG in credit ratings
Matthew Mitchell, senior director at S&P Global Ratings, explains why ESG is becoming an increasingly important factor when it comes to credit ratings of all types
That is why S&P Global Ratings recently announced it will publish ESG credit indicators for structured finance transactions to increase the transparency of how these factors influence its credit rating analysis. The ESG credit indicators .......
Talking Point 26 April 2022
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Transatlantic hurdles
CLO managers aim to overcome infrastructure issues
CLO managers are increasingly tapping transatlantic opportunities. However, risk retention financing and transparency requirements can be challenging.
“It tends to be firms that have experience in one market or the other, because they already have some of the structuring expertise and infrastructure necessary to undertake a CLO transaction,” explains Alex Martin, finance partner at Latham & Watkins.
News 22 April 2022
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Fasten your safety belts
Aircraft ABS set for further turbulence
The fallout from the Ukraine crisis is likely to affect the entire aircraft ABS market, rather than simply those deals with exposure to Russian assets. This Premium Content article outlines why the sector is bracing for a bumpy ride.
The Russia-Ukraine conflict has exposed fault lines in the aircraft ABS market that participants had hitherto tended to .......
News Analysis 22 April 2022
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Ex-employees resurrect Highland
Sector developments and company hires
Ex-employees resurrect Highland
A trio of former senior Highland Capital Management portfolio managers have resurrected the firm under a new moniker, Highland ERA Management. Patrick Daugherty – who was partner, senior CLO portfolio manager and head of distressed/special situations at Highland – is partnering with ex-Highland team members Kevin Rourke and Niles Chura in the venture.Through a sub-advisory .......
Market Moves 22 April 2022
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Full steam ahead
European ABS/MBS market update
With seven deals marketing, the European and UK primary ABS/MBS markets are set for bustling days ahead. While the market remained relatively unmoved either side of the Easter break, this strong surge in deals all scheduled for next week will certainly test investors’ appetite.
“With so many deals being announced, the doors are clearly open,” notes one European .......
News 22 April 2022