Complete news archive
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Sixth Street establishes structured products business
Sector developments and company hires
Sixth Street has announced the formation of a dedicated structured products business to further enhance its capabilities as a strategic capital partner and solutions provider at scale. Sixth Street structured products builds upon the firm’s existing expertise and will focus on asset and platform investing and origination across finance markets, including commercial and residential mortgages, renewables and energy finance, consumer .......
Market Moves 29 March 2022
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How can I manage a thriving CLO platform?
Dana Carey, cio, MidOcean Credit Partners, explains that managing a successful CLO platform is like assembling a jigsaw puzzle – there are many complex pieces that need to fit together for it to create an efficient, effective and cohesive final product.
In a universe of more than 100 CLO managers, since the financial crisis, few have done much to differentiate .......
Talking Point 28 March 2022
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SCI Start the Week - 28 March
A review of SCI's latest content
NPL awards open
News 28 March 2022
The submissions period has opened for SCI’s inaugural NPL Securitisation Awards, covering the European non-performing loan securitisation market. The qualifying period is the 12 months to 31 March 2022.
Nominations should be received by 3 May. Winners will be announced at SCI’s NPL Securitisation Seminar, in Milan on 27 June.
Click here for more information on the award categories and .......
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Secondary CLO equity fund launched
Sector developments and company hires
Accunia Credit Management has launched a CLO equity fund called King’s Garden. The firm is targeting an IRR of at least 15% over the fund’s lifespan by investing in CLO equity tranches in the secondary market.
The new strategy completes Accunia’s credit product suite aimed at family offices and ultra high net-worth individuals. The firm says it will start deploying .......
Market Moves 25 March 2022
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Ratings cap?
Risks in BNPL-backed securitisations weighed
The buy now, pay later (BNPL) market is growing rapidly, matched by an evolving regulatory environment. While issuance of securitisations backed by BNPL assets is expected to rise in Europe over the coming years, such transactions will bring their own analytical challenges.
BNPL is a form of consumer credit, whereby goods and services are paid for in instalments .......
News Analysis 25 March 2022
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Lumpy SOFR
New Libor bill fails to clear up potential Libor versus SOFR mismatch
The signing of the Adjustable Rate Libor Bill (H.R.4616) into law eight days ago introduces important clarity into the Libor transition process, but the structured finance market is very far from out of the woods yet.
The bill creates a safe harbour for contracts lacking a specfied replacement rate for Libor and directs the Federal Reserve, when necessary, to determine a new .......
News 23 March 2022
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Window of opportunity
European ABS/MBS market update
This week is seeing clear evidence of a pickup in activity in the European and UK ABS/MBS primary markets. In what feels like an intermediate period of opportunity for issuers, the announcement of a flurry of transactions should test investor appetite and overall market conditions.
“After a period that saw huge levels of issuance for covered bonds, our .......
News 23 March 2022
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Wrapped ratings upgraded
Sector developments and company hires
Moody's has upgraded the ratings of 148 classes of US structured finance securities wrapped by Assured Guaranty Municipal (AGM), Assured Guaranty (AGC) and their affiliated insurance operating companies, as well as one class of US securities wrapped by AGM. The securities impacted include certain RMBS and ABS notes. The move follows Moody's upgrade of the insurance financial strength (IFS) .......
Market Moves 23 March 2022
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Inequitable frameworks
Data analyses demonstrate punitive ABS treatment
AFME has published two independent data analyses, undertaken by Risk Control, in response to the European Commission’s call for advice regarding bank and insurance prudential capital treatment and the liquidity coverage ratio (LCR). Both reports demonstrate that the current European regulatory framework is disproportionately punitive for securitisation.
One of the Risk Control analyses examines the relative risk of .......
News Analysis 22 March 2022
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STACR three
Freddie Mac completes Q1 CRT borrowing
Freddie Mac issued a US$1.8bn high LTV STACR transaction late on Friday via Bank of America and Nomura.
The bond, designated STACR 2022-HQA1, is the first high LTV deal that Freddie Mac has sold in 2022. It references loans put on in 3Q21 and completes Freddie’s credit risk transfer business for this quarter.
The GSE plans to .......
News 21 March 2022
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Thoughtful approach
Olivier Renault, md, head of risk sharing strategy at Pember...
Q: You joined Pemberton at the beginning of December to establish the firm’s new risk sharing strategy (SCI 1 December 2021). Can you provide some background to this move?
The Structured Credit Interview 21 March 2022
A: The aim of the risk sharing strategy is to leverage Pemberton’s strengths: we have significant origination and credit capabilities, with eight offices across Europe. Although the strategy is global .......
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SCI Start the Week - 21 March
A review of SCI's latest content
Last week's news and analysis
News 21 March 2022
Choice offering
Rob Reynolds, md and head of CLOs at Pemberton Asset Management, talks to SCI
Full stack guarantee launched
Millenium bank executes SRT
Room to run?
MDB CRT challenges persist
Some stabilisation
European ABS/MBS market update
Synthetic RMBS unveiled
Unicredit reveals capital relief trade
What makes an efficient CLO manager?
Phil Raciti, head of performing credit and a portfolio manager at .......
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Risk transfer round up-21 March
CRT sector developments and deal news
Santander is believed to be readying a synthetic securitisation backed by Portuguese corporate loans. The bank’s last such transaction was finalized last year and was called Castelo (SCI 4 August 2021).
....... News 21 March 2022
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Equitable Holdings subsidiary to acquire CarVal Investors
Sector developments and company hires
Equitable Holdings has announced the acquisition of CarVal Investors by its subsidiary, AllianceBernstein. The agreement to acquire the global private alternative investment manager with US$14.3bn in AUM falls in line with Equitable Holdings’ strategy to further its differentiated business model and increase returns. CarVal focuses on opportunistic and distressed credit, as well as renewable energy infrastructure, speciality finance, and transportation .......
Market Moves 18 March 2022
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Barrow Hanley closes inaugural CLO equity fund
Sector developments and company hires
Barrow Hanley Global Investors has closed on its inaugural CLO equity fund – the Barrow Hanley CLO Fund I LP. The fund will be managed by the existing alternative credit team and follows the aims of the firm’s strategic partner, Perpetual Limited, to expand the product offering at Barrow Hanley. Perpetual, alongside employees at Barrow Hanley, have invested 35% of .......
Market Moves 17 March 2022