CLOs

  • Cyberattack scenarios weighed

    Sector developments and company hires

    Cyberattack scenarios weighed
    S&P reports that it has seen more credit-relevant cyber events in the last six months than in the previous six years, including the first structured finance transaction reporting an operational disruption following a ransomware attack on the originator and servicer (SCI 28 May). The rating agency says it has explored several hypothetical scenarios to identify areas .......

    Market Moves 8 September 2021

  • SFDR to spur Article 8 CLOs

    Sector developments and company hires

    SFDR to spur Article 8 CLOs
    CLOs may soon be structured as Article 8 funds under the EU Sustainable Finance Disclosure Regulation (SFDR), as part of the rotation of capital towards assets that promote ESG objectives, according to White & Case. The firm notes in a recent client memo that Article 8 funds that invest in CLOs are already emerging and .......

    Market Moves 7 September 2021

  • CLO control equity fund closed

    Sector developments and company hires

    CLO control equity fund closed
    Lakemore Partners has successfully closed Aquatine IV at US$400m, due to strong investor demand. Aquatine IV is Lakemore’s fourth CLO fund within the Aquatine platform, which invests in control equity positions in US CLOs. Investors in the fund comprise a diverse group of institutional investors, representing private banks, fund of funds, insurance companies, family offices .......

    Market Moves 26 August 2021

  • APAC ILS issuance on the rise

    Sector developments and company hires

    APAC ILS issuance on the rise
    Continued efforts from Asia Pacific reinsurers to source alternative capital through the ILS market is anticipated, following on the heels of the seven catastrophe bonds that were issued using Singapore-domiciled vehicles through July. Indeed, the first Hong Kong-domiciled catastrophe bond is being prepped.

    The Singapore cat bonds issued in 2021 comprise: Security First .......

    Market Moves 20 August 2021

  • Corporate, PF businesses bolstered

    Sector developments and company hires

    Corporate, PF businesses bolstered
    KBRA has enhanced its corporate and project finance businesses by forming new sector teams to focus on the intersection of infrastructure, energy, renewables and middle market lending. The aim of the sector-focused teams is to meet demand for KBRA’s thought leadership across these segments.

    Andrew Giudici, senior md and global head of corporate, project and .......

    Market Moves 18 August 2021

  • Bullish sentiment

    CLO, loan opportunity set to continue outperforming

    The global CLO market is now pushing US$1trn in outstandings. Against this backdrop, both CLOs and the underlying loans are expected to outperform, as investors continue seeking higher risk-adjusted returns.

    Mohamed Seif, co-founder and md of Lakemore Partners, notes that growth and demand in the US CLO market is being driven by a number of factors. First, CLOs .......

    News Analysis 17 August 2021

  • DSW CMBS exposure gauged

    Sector developments and company hires

    DSW CMBS exposure gauged
    KBRA Credit Profile (KCP) has published a special report on CMBS exposure to footwear retailer Designer Brands, owner of the Designer Shoe Warehouse (DSW) store chain. The company reported EBITDA of negative US$316m in its fiscal year 2020, as sales plummeted in the wake of the Covid-19 pandemic. The company returned to profitability in 1Q21 after .......

    Market Moves 13 August 2021

  • Equity ownership

    Dan Norman, md at Lakemore Partners, discusses his plans to...

    Q: Tell us about your new role at Lakemore Partners (SCI 4 August)?
    A: I joined the team in March this year and I am very happy to be part of Lakemore’s global expansion. We are in the process of building a US business and the primary steps are to build a US and global product distribution system for .......

    The Structured Credit Interview 12 August 2021

  • Pretium strengthens resi credit capabilities

    Sector developments and company hires

    Pretium strengthens resi credit capabilities
    Sarah Kong, Andrew Miller and Peter Morreale have joined Pretium as mds, based in New York. Kong will be responsible for mortgage whole loan trading at Pretium and joins from Goldman Sachs, where she spent 15 years in the firm's mortgage business. Miller was previously at Fortress Investment Group and will be responsible for the .......

    Market Moves 4 August 2021

  • BTL issuer acquired

    Sector developments and company hires

    BTL issuer acquired
    Starling Bank has acquired specialist buy-to-let mortgage lender Fleet Mortgages in a £50m cash and share deal. To date, Fleet Mortgages has originated £2.3bn of mortgages and experienced zero credit losses. It currently has circa £1.75bn of mortgages under management and has executed nine RMBS.

    Starling will become the sole funder of future originations, with Fleet .......

    Market Moves 29 July 2021

  • Risk on

    Lower quality credit outperforms

    The first half of 2021 has been universally positive for below-investment grade credit markets and for alternative credit funds. Indeed, stressed and distressed corporate credit generated the highest returns.

    “If you fell asleep at the end of 2019 and woke up mid-way through 2021, you would look back and say these performance numbers don’t look too bad. Credit .......

    News 28 July 2021

  • Consistent opportunities

    European CLOs still offering value

    Notwithstanding a slight and short-lived wobble last week as a result of macro volatility, the European CLO market has remained the model of consistency over the past few months with technicals dominating fundamentals. That consistency has provided opportunities throughout the capital structure – not least at the top of the stack, with heavy primary volume keeping CLO triple-A spreads .......

    News 28 July 2021

  • New CLO committee to tackle 'greenwashing'

    Sector developments and company hires

    New CLO committee to tackle ‘greenwashing’
    The European Leveraged Finance Association (ELFA) has created a new committee to establish industry best practice and serve investors in the CLO market. The CLO Investor Committee will provide a forum for members to identify CLO investors’ requirements, facilitate discussion on general market progress and key issues, and contribute to the regulatory dialogue on .......

    Market Moves 15 July 2021

  • ILS efforts beefed up

    Sector developments and company hires

    ILS efforts beefed up
    AXIS Capital Holdings has appointed Chris Caponigro as global head of AXIS ILS, as its third-party capital unit has been rebranded. Caponigro will oversee the company’s activities related to third-party capital under management, supporting ILS efforts across its reinsurance and insurance segments. He will report to AXIS Re ceo Steve Arora and be based out of .......

    Market Moves 14 July 2021

  • EU monetary policy to reflect carbon transition

    Sector developments and company hires

    EU monetary policy to reflect carbon transition
    The ECB has published its new monetary policy strategy, which includes what it describes as “an ambitious climate-related action plan”. The central bank states that climate change has profound implications for price stability through its impact on the structure and cyclical dynamics of the economy and the financial system.

    As such, it .......

    Market Moves 9 July 2021

  • Sustainable finance strategy unveiled

    Sector developments and company hires

    Sustainable finance strategy unveiled
    The European Commission has adopted a number of measures in connection with sustainable finance. First, a new Sustainable Finance Strategy sets out several initiatives to tackle climate change, as well as increase investment in the EU's transition towards a sustainable economy.

    The strategy includes six sets of actions: extend the sustainable finance toolbox to facilitate .......

    Market Moves 7 July 2021

  • NPL facility inked

    Sector developments and company hires

    NPL facility inked
    Together Financial Services has launched a new £96.2m securitisation vehicle called Brooks Asset Backed Securitisation 1 (BABS), which matures in 2026. The facility consists of a varied pool of residential and commercial purpose non-performing loans, previously funded within the senior borrower group. Consistent with its wider securitisation programme, Together will continue to service and manage the loans .......

    Market Moves 6 July 2021

  • Italian SME ABS first finalised

    Sector developments and company hires

    Italian SME ABS first finalised
    Banca Carige and Banca del Monte di Lucca have completed Lanterna Finance 2021, the first Italian SME ABS backed by loans fully guaranteed by the Italian government. The up to €30,000 unsecured loans have been originated based on the ‘Liquidity decree’, converted into law on 5 June 2020, and are fully guaranteed by the Central .......

    Market Moves 30 June 2021

  • Finish line

    ESMA designates securitisation repositories

    ESMA has announced the European DataWarehouse (EDW) and SecRep as the EU’s official securitisation repositories. The decision addresses an important element of the disclosure framework under the Securitisation Regulation that was long left open. More saliently, originators of synthetic securitisations will now have to submit data to the repositories as part of the new ESMA rules, albeit there is .......

    News Analysis 29 June 2021

  • Volatility hedge

    Bart Bakx, head of ABS and mortgages at NN Investment Partne...

    Q: Do you believe private credit will take on a more significant role in investor portfolios in 2021? If so, which factors are driving this forward?
    A: We see that many investors are undertaking searches and these are increasing towards private credit. Looking for opportunities to allocate, investors seek alternatives in the private market space in view of continued volatility .......

    The Structured Credit Interview 25 June 2021

  • Generali debuts green cat bond

    Sector developments and company hires

    Generali debuts green cat bond
    Assicurazioni Generali has priced an innovative catastrophe bond. Dubbed Lion III Re, the €200m ILS has a number of sustainable finance features.

    First, Generali freed up €28.1m in capital as a result of the protection provided by Lion III Re, which will be allocated to eligible projects as defined by Generali’s Green ILS Framework. .......

    Market Moves 21 June 2021
×