CMBS

  • UBP launches new fixed income fund

    Sector developments and company hires

    Union Bancaire Privée (UBP), the Geneva-headquartered private bank, has launched a new fixed-income strategy spanning high-yield bonds, subordinated debt and securitised credit. The fund, named UBAM Strategic Income, will seek a double-B rating risk profile and target an average return of 7% per annum across its lifespan.

    UBAM Strategic Income, which will invest in CLOs in addition to .......

    Market Moves 20 June 2023

  • FCA urged to address 'regulatory redundancies'

    Sector developments and company hires

    FCA urged to address ‘regulatory redundancies’
    The Managed Funds Association (MFA) has submitted a letter to the UK FCA, proposing improvements to the country’s regulatory framework for securitisations that would expand capital investment in the UK and optimise risk management on behalf of UK investors. The letter encourages the FCA to “address regulatory redundancies” and enhance compatibility with the rules .......

    Market Moves 15 June 2023

  • Walker steps up to global credit head

    Sector developments and company hires

    Walker steps up to global credit head
    Aon has established a new global credit team structure within its Reinsurance Solutions unit, appointing Ben Walker as head of global credit. The global credit team now combines Reinsurance Solutions’ existing mortgage, trade credit, structured credit and political risk and surety businesses to form one global function.

    The aim is to facilitate .......

    Market Moves 14 June 2023

  • Compliance issues

    'Compelling case' for reform of Article 5

    A new AFME report finds that investors are likely to interpret ambiguous provisions under Article 5 of the Securitisation Regulation in the EU and UK conservatively - and, in doing so, will assume disproportionately high costs to the business. The report identifies key challenges relating to compliance with investor due-diligence requirements and suggests potential strategies to overcome them.

    News 14 June 2023

  • Stonepeak eyes structured solutions

    Sector developments and company hires

    Stonepeak eyes structured solutions
    Michael Leitner has joined Stonepeak as a senior md. Based in the firm’s New York office, he will help lead the continued buildout of Stonepeak’s credit investing capabilities. The firm believes there is a clear opportunity to leverage its broader platform and institutional knowledge to support the growth of the infrastructure marketplace through investments in credit .......

    Market Moves 2 June 2023

  • Perfect storm?

    SFR squeeze as costs rise and rents fall

    The US single-family rental (SFR) securitisation market is facing the most challenging conditions since the launch of the first transaction in the sector 10 years ago. The space is experiencing a perfect storm of declining rental rates, house price volatility and high inflation.

    “We've been seeing increasing headwinds towards the sector,” says Akshay Maheshwari, a senior director on .......

    News Analysis 31 May 2023

  • Sun King supported via solar ABS

    Sector developments and company hires

    Sun King supported via solar ABS
    British International Investment (BII), the UK’s development finance institution (DFI), and Stanbic Bank Kenya have unveiled commitments to off-grid solar energy company Sun King via a US$130m-equivalent securitisation and a joint US$20m working capital facility. These commitments will enable the purchase of more inventory - such as solar home systems and solar lanterns - and .......

    Market Moves 31 May 2023

  • ESG impact disclosure RTS inked

    Sector developments and company hires

    ESG impact disclosure RTS inked
    The three European Supervisory Authorities (ESAs) have jointly submitted to the European Commission draft RTS on ESG impact disclosures for STS securitisations under the Securitisation Regulation (SECR). The amended SECR introduced new optional disclosure provisions related to the principal adverse impacts (PAIs) on sustainability factors of the assets financed by the underlying exposures for both .......

    Market Moves 26 May 2023

  • Estimating exposures

    Italian real estate climate risks gauged

    Geographic diversification may be the only saving grace for Italian RMBS and CMBS transactions as the physical impacts of climate change infringe on properties across the country. With temperatures set to breach the 1.5 degree limit within the next five years, considering European real estate exposure to flooding and landslide risk is becoming ever more urgent.

    New research .......

    News 23 May 2023

  • CLO heavyweight to lead combined platform

    Sector developments and company hires

    CLO heavyweight to lead combined platform
    Sound Point Capital Management has appointed Gunther Stein as head and cio of its US performing credit and CLO platform. The move follows Sound Point’s recently announced agreement to acquire Assured Investment Management, the institutional asset management business of Assured Guaranty that was formerly known as BlueMountain Capital Management (SCI 6 April).

    Market Moves 19 May 2023

  • Unfinished business

    ESMA review offers opportunity to increase ABS transparency

    NPL Markets, the loan trading and analytics platform, has called for increased data transparency in the European private securitisation market, despite resistance from some market participants. The development comes as ESMA conducts its review of mandatory investor disclosure templates in response to a request from the European Commission last year (SCI 15 November 2022).

    “Transparency is paramount,” .......

    News Analysis 17 May 2023

  • AG acquisition creates credit powerhouse

    Sector developments and company hires

    AG acquisition creates credit powerhouse
    TPG is set to acquire Angelo Gordon in a cash and equity transaction valued at approximately US$2.7bn, based on TPG’s share price as of 12 May, including an estimated US$970m in cash and up to 62.5 million common units of the TPG Operating Group and restricted stock units of TPG. The transaction also includes an .......

    Market Moves 16 May 2023

  • International affair

    Opportunity for foreign investors in Chinese ABS?

    Misunderstanding could mean missed opportunity for investors as China’s unique securitisation market continues to grow and mature. Despite divergence from global norms, there may be room for more foreign investors to capitalise on the robust credit performance seen across the sector.

    "The large and diverse Chinese securitisation market has become a mature funding channel for various types of .......

    News Analysis 15 May 2023

  • Meeting of worlds

    Opportunities for ABS originators as private and syndicated debt markets converge

    Private credit transactions are playing an increasingly prominent role in the structured finance landscape, owing to the continued global growth of the direct lending space. The trend is being reinforced by high-profile entrants into private debt, as banks and asset managers look to diversify into new asset classes.

    “Structured credit has not really played a significant role in .......

    News Analysis 12 May 2023

  • Rapid rise in defaults for Gedesco TRS

    Sector developments and company hires

    Rapid rise in defaults for Gedesco TRS
    The ratings on €191.8m of notes issued by Gedesco Trade Receivables 2020-1 have been downgraded in light of the significant and rapid increase in defaults observed in March, following the start of the securitisation’s amortisation phase in January. Specifically, Moody's states that most obligors have reportedly stopped paying and recoveries are likely to .......

    Market Moves 9 May 2023

  • Prytania hires business development md for US and Canada

    Sector developments and company hires

    Prytania hires business development md for US and Canada

    London-headquartered Prytania Asset Management has appointed former Schultze Asset Management executive Angela Lui as managing director to head up business development activity across the US and Canada. The appointment comes seven months after private equity group Nile Capital Group Holdings acquired a minority stake in Prytania ( Market Moves 4 May 2023

  • Don't compare

    Collaboration key to ESG progress

    Comparison may be the thief of all ESG-joy for the securitisation market, as attendees at SCI’s 2nd Annual ESG Securitisation Seminar this week reflected on how far the industry has come since the inaugural ESG issuance seven years ago. Different financial sectors adopt different definitions for ESG and thus also face different challenges. However, given such differences, more praise .......

    Talking Point 28 April 2023

  • Aegon AM buys CLOs, inks partnership

    Sector developments and company hires

    Aegon AM buys CLOs, inks partnership
    NIBC is set to sell its European CLO management activities to Aegon Asset Management, further accelerating its strategy to streamline its business model and focus on asset-backed financing. The sale comprises NIBC's North Westerly CLO platform in its entirety - including the NIBC CLO team, collateral management of three outstanding CLOs with assets under .......

    Market Moves 27 April 2023

  • ACC ratings on watch downgrade

    Sector developments and company hires

    ACC ratings on watch downgrade
    KBRA has revised five ACC watch developing placements to watch downgrade, following notification by Wilmington Trust - the trustee for three American Car Center (ACC) Trust securitisations - that collections for payment to the ABS noteholders were not received on the 20 April payment date from the servicer, Westlake Portfolio Management (WPM). However, on 21 .......

    Market Moves 24 April 2023

  • Surge in refi SLABS predicted

    Sector developments and company hires

    Surge in refi SLABS predicted
    The US Supreme Court is expected to render its decision regarding the legality of President Biden’s student loan forgiveness programme (SCI 31 August 2022) by the end of June. A resolution will provide borrowers with more clarity about their federal student loan debt balances and obligations - which is anticipated to spark further refinance .......

    Market Moves 20 April 2023

  • 'Meaningful' layoff exposure for TAMI CMBS leases

    Sector developments and company hires

    ‘Meaningful’ layoff exposure for TAMI CMBS leases
    KBRA has identified 266 US CMBS lease exposures to 45 large companies that have recently announced combined layoffs of 216,905 white-collar employees. The rating agency focused on companies announcing layoffs of at least 1,000 employees from 2022 through mid-March 2023, among the universe of nearly 5,700 office and mixed-use properties in CMBS 2.0 .......

    Market Moves 17 April 2023
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