CMBS
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Team building
Brian Roelke, president and cio of Kuvare Insurance Services, answers SCI's questions
Q: What were the motivations behind the launch of Kuvare Insurance Services’ new third-party asset management business (SCI 8 February)?
The Structured Credit Interview 2 March 2022
A: Unlike a lot of entrants into this space, Kuvare Insurance Services (KIS) started as an insurance-focused asset manager, as all of our activities today are focused on our affiliated insurance balance sheets. The announcement of the new platform signifies .......
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Pemberton hires head of new CLO platform
Sector developments and company hires
Pemberton, the alternative credit specialist, has announced the appointment of Rob Reynolds as head of its new CLO platform. The new CLO platform, which is subject to FCA UK regulatory approval, compliments existing lines of strategic focus. Reynolds will lead its expansion into the European CLO market, using his European CLO and leveraged loan markets expertise to build the new business .......
Market Moves 1 March 2022
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ERCF final rule published
Sector developments and company hires
The FHFA has published a final rule that amends the Enterprise Regulatory Capital Framework (ERCF) by refining the prescribed leverage buffer amount and risk-based capital treatment of retained credit risk transfer (CRT) exposures for Fannie Mae and Freddie Mac. The amendments reflect the feedback the FHFA received last year and aim to advance its mission of ensuring the enterprises are .......
Market Moves 28 February 2022
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TEAK wins CIFC philanthropic support
Sector developments and company hires
CIFC Asset Management has unveiled the second annual donation made on behalf of the CLO Initiative for Change, its philanthropic programme in connection with CLOs issued by CIFC. In support of educating and empowering students to reach their full potential regardless of financial means, CIFC has partnered with the deal parties of its latest CLO - CIFC Funding 2022-II – .......
Market Moves 24 February 2022
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Drifting wider
European ABS/MBS market update
The European ABS/MBS primary market continued to be impacted by macro volatility last week. However, while spreads drifted wider, the few deals that were done still generally managed to attract healthy investor demand.
“The market has been very calm in the past few weeks,” notes one European ABS/MBS trader. “Spreads have without a doubt widened, however not at .......
News 21 February 2022
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Greater progression
Sector developments and company hires
Maples Group has announced the hire of two new structured finance professionals, expanding its offering in its London and Jersey offices. Emma Tighe will join the firm in its London office as vp, having spent more than 14 years working in structured finance and most recently serving as relationship manager on the US Bank CLO team. Tighe has expertise across .......
Market Moves 17 February 2022
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Continued growth
Sector developments and company hires
Briarcliffe has made two more new appointments as it continues the expansion of its private credit business. Kyle Abel joins the firm as new head of GP advisory from First Avenue, where he served as md and US head of project management. Additionally, Robert Molina has been promoted to head of origination, having previously worked as md of GP advisory, .......
Market Moves 16 February 2022
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Comfort break
Motorway service area CMBS yet another blow to WBS
Late last year Goldman Sachs issued Highways 2021, a £262m CMBS backed by a single loan secured by eight UK motorway service area properties. The transaction mirrored Welcome Break’s 1997 £321m bond issue, which represented the UK’s first whole business securitisation. Such a structural shift represents yet another nail in the coffin of the whole business securitisation sector, following a .......
News Analysis 16 February 2022
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HKMC inks infrastructure MoUs
Sector developments and company hires
HKMC inks infrastructure MoUs
Market Moves 11 February 2022
The Hong Kong Mortgage Corporation (HKMC) has signed a memorandum of understanding on an infrastructure loans framework with 14 partner banks. The MoUs set out the principal terms for potential infrastructure loan cooperation between the HKMC and the partner banks on both primary participation and secondary sale bases, including the loan selection criteria, mode of participation .......
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Increasing allocation
Innovation, transparency attracting institutional investors
The majority of institutional investors polled in a recent Aeon Investments survey have increased their allocation to structured credit investments across different asset classes over the past 18 months. When asked why there is growing interest in structured credit investment vehicles, the top three reasons were given as greater innovation in the sector, an improving regulatory environment and greater .......
News Analysis 11 February 2022
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Agencies win 'valid-when-made' cases
Sector developments and company hires
Agencies win ‘valid-when-made’ cases
The US OCC and FDIC yesterday received favourable court rulings in cases challenging their ‘valid-when-made’ rules. In each case, the plaintiffs were three states – California, Illinois and New York – challenging the validity of the rulemakings.The states' attorney generals alleged that both federal agencies violated the Administrative Procedure Act. In particular, the plaintiffs .......
Market Moves 9 February 2022
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CIP, Whitecroft partner for infrastructure SRT
Sector developments and company hires
Copenhagen Infrastructure Partners (CIP) is marketing its inaugural debt fund – the CI Green Credit Fund I (CI GCF I) – having secured €320m in seed capital. Targeting a size of €1bn, the fund will provide private project finance debt with subordinated risk characteristics supporting renewable energy projects globally.
Focus will be on green- and brownfield projects in offshore wind, .......
Market Moves 7 February 2022
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Big business
Strategic shift favours alternative credit M&A activity
The alternative credit industry might be at an inflection point in its development, with a decisive change anticipated in M&A activity in terms of the dominant acquirer from a financial to strategic buyer. Such a transition would inevitably benefit leading alternative credit managers.
“After five years of real and incredible growth in alternative credit acquisitions, we have witnessed .......
News Analysis 3 February 2022
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Team expansion
Sector developments and company hires
Apollo has beefed up its Asia Pacific business, with the addition of Anthony Hermann as a partner and head of Asia Pacific credit, based in Sydney. Together with fellow new hires mds Vidyasagar Pulavarti and Julian Longstaff, he will be responsible for building and expanding the firm’s yield business across the APAC region.
Hermann was previously executive general manager, global .......
Market Moves 2 February 2022
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Maltese SME guarantee inked
Sector developments and company hires
Bank of Valletta and the EIB Group have renewed their partnership to support the business needs of SMEs in Malta. Under this new agreement, the bank will provide an additional €28m to Maltese SMEs on favourable terms and with long tenors over the next two years.
The favourable conditions on the loans are achieved through risk transfer, implemented by combining .......
Market Moves 1 February 2022
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Impact investor acquired
Sector developments and company hires
M&G is set to acquire a majority stake in impact investor responsAbility Investments. Headquartered in Zurich, responsAbility has invested more than US$11bn in private assets across emerging markets since it was founded in 2003 and currently has approximately US$3.7bn of assets under management (as at year-end 2021).
The acquisition is in line with M&G’s strategy to grow its sustainable investment .......
Market Moves 28 January 2022
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Inflection Point?
European ABS/MBS market update
The European ABS/MBS primary market has been hit by macro volatility this week. While the previous week saw healthy investor demand and firm pricing (SCI 21 January), the current tense backdrop of central banks unwinding and major geopolitical tensions, appears to have affected spreads.
“The primary market has generally been very volatile this week,” notes one ABS/MBS .......
News 28 January 2022
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Multi-family moves
SitusAMC Insights speaks up on the US multi-family market
Senior director and head of SitusAMC Insights Peter Muoio and svp Jennifer Rasmussen give their views on the multi-family scene and CMBS market heading into 2022
Q. What is the current picture in the multi-family MBS market and how do you expect it to look in 2022?
PM: The apartment market is in good shape fundamentally with strong investor interest. Investors see .......
The Structured Credit Interview 27 January 2022
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New hires
Sector developments and company hires
Greystone has announced several new senior hires as it continues to grow its CMBS platform. Jared Noordyk and Natalie Grainger will be joining the firm as head of securitisation and cco, respectively, and will report to head of CMBS, Rich Highfield Noordyk will join the firm from SitusAMC, where he served in a senior role for its CRE Advisory group working .......
Market Moves 26 January 2022
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New members
Sector developments and company hires
DBRS Morningstar has appointed two new independent non-executive members to its board of directors – Joseph M. Donovan and Katherine L. Frey. Both industry veterans, Donovan presently serves in similar roles on the board of directors at STORE capital and Trip Rail Holdings. Frey previously held role of md at Moody’s, and before this worked on municipal finance, derivatives and .......
Market Moves 24 January 2022
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Primary primary
European ABS/MBS market update
Focus remained on the primary market in European ABS/MBS this week. Another swathe of new issues on offer meant secondary had to again take a back seat.
Five deals priced on the week. All were RMBS and all met with healthy investor demand ensuring support for continued tight levels throughout the stack.
Yesterday saw two deals print – Elstree Funding .......
News 21 January 2022