CMBS

  • '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

  • Risk advisory appointment inked

    Sector developments and company hires

    Risk advisory appointment inked
    African Risk Capacity (ARC) has selected Gallagher Re as its reinsurance broker and risk advisor. The appointment includes the placement of portfolio cover in the reinsurance and capital markets, and the provision of strategic advisory for sustainable growth and portfolio diversification. The design of alternative risk transfer mechanisms, such as ILS, is a core component of .......

    Market Moves 14 April 2023

  • Cross Point tapped for CLO expertise

    Sector developments and company hires

    Cross Point tapped for CLO expertise
    Performance Trust Capital Partners has formed a new CLO trading desk, with the addition of members from the Cross Point Capital team led by Jared Gogek and Alex Navin. The group will expand Performance Trust's presence in credit products by adding in-house expertise in CLOs.

    Gogek and Navin were co-presidents and managing partners .......

    Market Moves 11 April 2023

  • Benchmarking commitments

    Importance of private securitisation to real economy underlined

    Over 70% of European private cash securitisations fund sellers in the EU and over 68% directly fund the real economy, according to the latest European Benchmarking Exercise (EBE) report. Further, 88% of all transactions by volume were undertaken by sellers with ratings of triple-B and below at inception, with 95.4% of transactions achieving investment grade ratings - demonstrating that private cash securitisations provide a .......

    News 11 April 2023

  • AssuredIM, Sound Point create CLO powerhouse

    Sector developments and company hires

    AssuredIM, Sound Point create CLO powerhouse
    Assured Guaranty has announced an agreement with Sound Point Capital Management, pursuant to which Assured Guaranty will contribute its entire equity interest in Assured Investment Management and - with certain exceptions - its related asset management entities to Sound Point. In addition, US insurers Assured Guaranty Municipal Corp and Assured Guaranty Corp will engage .......

    Market Moves 6 April 2023

  • UCI's sustainable finance strategy supported

    Sector developments and company hires

    UCI’s sustainable finance strategy supported
    The EIB Group and Instituto de Crédito Oficial (ICO) have disclosed their participation in UCI’s recent RMBS Green Prado XI, which was partially preplaced last month (see SCI’s ABS Markets Daily – 23 March). Under the transaction, the two organisations aim to promote the renovation and construction of homes using sustainable criteria in Spain .......

    Market Moves 4 April 2023

  • Enpal backed for Germany's first solar ABS

    Sector developments and company hires

    Enpal backed for Germany’s first solar ABS 
    Renewable energy company Enpal has secured €356m from Citi and M&G to fund a warehouse facility for Germany’s first residential solar securitisation. The deal will provide Enpal customers access to financing for around 12,500 photovoltaic systems spanning energy storage and electric vehicle charging.

    Citi has made a senior debt commitment of €300m to .......

    Market Moves 30 March 2023

  • Refinancing plans

    European CMBS noteholder scrutiny to increase

    Concerns over European CMBS refinancing risk continue to climb, amplified by recent bank liquidity issues (SCI 31 January). Against this backdrop, noteholders are expected to increase their scrutiny of servicer standards, the right to modify without noteholder consent and borrower-friendly structures.

    “The last few years were golden years for real estate investors on the equity and the .......

    News Analysis 30 March 2023

  • HPC buys into L Catterton to support credit strategy

    Sector developments and company hires

    HPC buys into L Catterton to support credit strategy
    Hunter Point Capital (HPC) has acquired a minority stake in L Catterton to support the launch of the consumer-focused private equity firm’s new credit strategies. In recent months, L Catterton has launched platforms dedicated to impact investing and private credit, as well as a renminbi-denominated growth capital fund.

    HPC co-founder .......

    Market Moves 29 March 2023

  • Swedish auto lease ABS debuts

    Sector developments and company hires

    Swedish auto lease ABS debuts
    Volkswagen Financial Services has closed its inaugural Swedish auto lease ABS. Dubbed VCL Master Sweden Compartment 1, the Skr9.1bn transaction is backed by a diversified pool of receivables representing over 40,000 leasing contracts extended to corporates and individuals in Sweden by Volkswagen Finans Sverige (VFS).

    In a private placement, the Aaa/AAA/AAA rated (Moody’s/ DBRS .......

    Market Moves 27 March 2023

  • Long-term viability of QT questioned

    Sector developments and company hires

    Long-term viability of QT questioned
    US banks borrowed a record amount over the last week, demonstrating the extent to which they are under pressure and also, say analysts, raising questions about the long-term viability of QT. The US Fed released its balance sheet on 22 March and it shows that banks borrowed US$152.9bn during this period, US$11.9bn of which was .......

    Market Moves 24 March 2023

  • Arrow closes second credit opps fund

    Sector developments and company hires

    Arrow closes second credit opps fund 
    Arrow Global Group has held a final close for its second credit opportunities fund - ACO II – at a hard cap of €2.75bn, surpassing its target of €2.5bn. The strategy focuses on the European non-performing loan market and attracted commitments from institutional investors spanning Europe, the US, the APAC region and the Middle .......

    Market Moves 23 March 2023

  • AlbaCore, FSI strategic partnership inked

    Sector developments and company hires

    AlbaCore, FSI strategic partnership inked
    Australian asset manager First Sentier Investors (FSI) has acquired a majority stake in UK-headquartered private debt firm AlbaCore Capital Group. The move is intended to diversify FSI’s portfolio across new asset classes and geographies. Completion of the strategic partnership is targeted for 3Q23, pending regulatory approvals.

    The deal is the latest in a trend .......

    Market Moves 21 March 2023

  • Credit Suisse AT1 write-downs 'rip up rules'

    Sector developments and company hires

    Credit Suisse AT1 write-downs ‘rip up rules’
    UBS has agreed to acquire Credit Suisse, creating a business with more than US$5trn in total invested assets and supporting the bank’s growth ambitions in the Americas and Asia, while adding scale to its business in Europe. Under the terms of the all-share transaction, Credit Suisse shareholders will receive one UBS share for .......

    Market Moves 20 March 2023

  • Gryphon acquired in APAC expansion move

    Sector developments and company hires

    Gryphon acquired in APAC expansion move
    Barings has agreed to wholly acquire Australian structured finance manager Gryphon Capital Investments, in order to accelerate its expansion into the Asia Pacific region. The deal will also enable Gryphon to grow its investment platform by increasing its access to capital, Barings says.

    Gryphon will be integrated into Barings' structured finance team, though .......

    Market Moves 17 March 2023

  • ACC servicing transferred post default

    Sector developments and company hires

    ACC servicing transferred post default
    RAC Asset Holdings – the transferor and undivided trust interest beneficiary of the collateral underlying the ACC Trust 2019-2, ACC Trust 2021-1 and ACC Trust 2022-1 auto ABS (SCI 8 March) – has filed for Chapter 7 bankruptcy in the US Bankruptcy Court for the District of Delaware. The servicer for the securitisations, RAC .......

    Market Moves 16 March 2023

  • EU authorities call for improved climate data

    Sector developments and company hires

    EU authorities call for improved climate data
    ESMA, in collaboration with the EBA, EIOPA and the ECB, has disclosed that it is working towards enhancing disclosure standards for securitised assets by including new, proportionate and targeted climate change-related information. At the same time, the ESAs and the ECB are also calling on issuers, sponsors and originators of such assets at .......

    Market Moves 14 March 2023

  • ICE merger challenged on 'competitive harm'

    Sector developments and company hires

    ICE merger challenged on ‘competitive harm’
    The US FTC is seeking to block the proposed merger between Intercontinental Exchange (ICE) and its top competitor, Black Knight (SCI 5 May 2022). The regulator claims that the merger would drive up costs, reduce innovation and reduce lenders’ choices for tools necessary to generate and service mortgages.

    ICE owns the dominant .......

    Market Moves 10 March 2023

  • Hybrid stop-loss deal closed

    Sector developments and company hires

    Hybrid stop-loss deal closed
    Swiss Re has closed its second hybrid bank financing and ILS transaction (SCI 22 April 2022). Building on the firm’s first innovative hybrid transaction from April last year, the latest multi-year stop-loss transaction provides Swiss Re with US$700m in underwriting protection for the financial years of 2023 to 2027, as it continues to pursue profitable .......

    Market Moves 8 March 2023

  • SEC-SA and the death of public securitisation

    Adam Croskery, head of debt financing and structuring at Arr...

    In the early 2010s, I was a mortgage structurer at the forefront of the birth of NC2.0 (the non-conforming 2.0 sector). Even before then, I rated RMBS transactions at a major rating agency. If anyone should be a cheerleader for public securitisations, it’s me.

    There is no doubt that public transactions are academically appealing (if somewhat exhausting) to .......

    Talking Point 8 March 2023

  • BREP default an 'inflection point'?

    Sector developments and company hires

    BREP default an ‘inflection point’?
    A senior loan EOD has occurred in connection with Finnish single-loan CMBS FROSN-2018, after Blackstone Real Estate Partners failed to repay the loan on 1 March (SCI ABS Markets Daily - 2 March). The episode marks one of the first high-profile securitisation defaults of the current cycle.

    The FROSN-2018 loan had been granted .......

    Market Moves 6 March 2023
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