CMBS

  • 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

  • Community-focused RMBS prepped

    Sector developments and company hires

    Community-focused RMBS prepped

    Change Lending is in the market with its inaugural RMBS – the US$297.26m CHNGE Mortgage Trust 2022-1. Change is certified by the US Treasury as a Community Development Financial Institution (CDFI). As such, the firm is required to lend at least 60% of its production to certain target markets, including low-income borrowers or other underserved communities.

    The .......

    Market Moves 21 January 2022

  • Junior tranche guaranteed

    Sector developments and company hires

    Junior tranche guaranteed

    The EIB Group and Banco BPM have joined forces to support the working capital requirements and investments of Italian SMEs hit by the Covid economic crisis. In the first operation of this type in Italy, the EIB and the EIF will provide a guarantee of €91m on a junior tranche of a synthetic securitisation that references a portfolio of .......

    Market Moves 20 January 2022

  • CREFC takeaways

    Certain types of mall and certain types of hotel excite worry

    While the overall tone at the CREFC conference last week in Miami was “bullish”, concern remains about pockets of assets within the CMBS space, say attendees.

    It is, however, insufficiently specific to say that the retail mall or hotel markets are problem areas. Rather, only certain segments of these broad asset classes face ratings action, they add.

    “Retail as an overall asset class .......

    News Analysis 19 January 2022

  • UniCredit unveils ARTS

    Sector developments and company hires

    UniCredit, in cooperation with the EIB Group, has finalised a new synthetic securitisation under its Asset Risk Transfer Sharing (ARTS) programme. The transaction references a circa €2bn portfolio of Italian SME and mid-cap loans, with the EIF guaranteeing the mezzanine tranche, which is counter-guaranteed by the EIB. The capital freed up by the operation will be used to deploy €720m .......

    Market Moves 18 January 2022

  • New leadership

    Sector developments and company hires

    Crestbridge has appointed Martin Lambert as its new head of UK operations following the retirement of former boss Paul Windsor. Lambert will join the firm with more than 30 years of experience in the field, having most recently served as partner at Grant Thornton. Based in London, Lambert will work as part of the senior leadership team to continue its .......

    Market Moves 17 January 2022

  • Strong start

    European ABS/MBS market update

    European ABS/MBS got fully underway for 2022 over the past week. Both primary and secondary markets saw strong execution and a building pipeline.

    The first two new issues of the year are due to price today – Dutch BTL RMBS Jubilee Place 3 and UK non-conforming RMBS Tower Bridge Funding 2022-1. The former saw its class A spread .......

    News 14 January 2022

  • Navient agrees multi-state settlement

    Sector developments and company hires

    Navient agrees multi-state settlement

    Navient has reached agreements with 39 US state attorneys general to provide relief totaling US$1.85bn to resolve their multi-state litigation and investigations in connection with allegations of unfair and deceptive student loan servicing practices and abuses in originating predatory student loans. In the agreements, Navient expressly denies violating any law - including consumer-protection laws - or causing .......

    Market Moves 14 January 2022

  • Greek NPL JV agreed

    Sector developments and company hires

    Mount Street Group has received regulatory approval from the Bank of Greece to form a strategic partnership with Technical Olympic, a real estate, construction, shipping and investment group. The joint venture is effectuated through Technical Olympic’s subsidiary, PFC Premier Finance Corporation (Cyprus), and will pursue investment and co-investment non-performing loan opportunities in the real estate, shipping, infrastructure, renewable energy, hospitality .......

    Market Moves 13 January 2022

  • JBBB ETF launched

    Sector developments and company hires

    Janus Henderson has launched the Janus Henderson B-BBB CLO ETF for US investors. The ETF is the first to focus on providing exposure to B-BBB rated CLOs and will be managed by portfolio managers John Kerschner and Nick Childs, with Jessica Shill serving as associate portfolio manager. The launch of JBBB follows the launch of the Janus Henderson AAA CLO .......

    Market Moves 12 January 2022

  • New partnership

    Sector developments and company hires

    Morningstar has announced the enhancement of its DealView product with the inclusion of climate risk data through partnership with property climate risk data provider, ClimateCheck. The firm’s subsidiary, Morningstar Credit Information and Analytics, will incorporate the new feature alongside its existing in-depth commercial real estate analytics to enhance existing efforts to inform investors on natural risk factors in their CMBS transactions. .......

    Market Moves 11 January 2022

  • New moves

    Sector developments and company hires

    EMEA

    Ashurst is set to further expand its European securitisation team with the appointment of new global capital markets partner, Agathe Motte. Motte will join the law firm in Paris from Linklaters, where she advised French and European banks, corporates, and funds on structured finance deals. She brings extensive experience in both domestic and multijurisdictional securitisation transactions, in a variety .......

    Market Moves 10 January 2022

  • Decision notice issued against BlueCrest

    Sector developments and company hires

    Decision notice issued against BlueCrest
    The UK FCA has published a decision notice against BlueCrest Capital Management (UK) (BCMUK) setting out its decision to impose a financial penalty of £40.81m on the firm. BCMUK has elected to refer the case directly to the Upper Tribunal, which will determine the appropriate action, if any, for the FCA to take.

    The .......

    Market Moves 24 December 2021

  • On the rebound

    Pandemic-driven CMBS bifurcation to persist

    European CMBS issuance is expected to continue rebounding in 2022, on the back of strong volumes of nearly €6bn this year. However, collateral composition of new transactions, as well as the performance of existing deals will likely reflect the pandemic-driven bifurcation of the commercial real estate markets.

    “CMBS will be an area that will be increasingly busy over .......

    News Analysis 23 December 2021

  • From strength to strength

    Landmark year for Aussie securitisation

    With A$48.79bn publicly placed across 64 individual transactions in 2021, the Australian securitisation market has reached a post-financial crisis issuance high. Record volumes, combined with the entrance of a series of new issuers and programmes - in a market driven by the non-bank sector - all point to continued growth.

    “Perhaps the most interesting aspect, or at least .......

    News Analysis 23 December 2021

  • Turning tides

    WeWork CMBS winners, losers highlighted

    WeWork is set for a “strong comeback” this year, according to a new Morningstar Credit Information & Analytics (MCIA) report that analyses the company’s post-pandemic performance and its impact on the US CMBS market. The study assessed seven properties – four ‘losers’ that lost WeWork as a tenant at the start of 2021 and three ‘winners’, where WeWork may .......

    News 22 December 2021

  • Nephila taps LBR vehicle

    Sector developments and company hires

    Nephila taps LBR vehicle
    Nephila Capital has funded its newly launched Syndicate 2358, which focuses on short- to medium-term insurance business lines, with capital provided through Lloyd’s London Bridge Risk PCC vehicle. The transaction provides reinsurance capital from a diverse group of investors, including four pension funds, to support underwriting beginning with the 2022 Year of Account.

    Nephila has .......

    Market Moves 21 December 2021

  • Spanish private debt fund wins EIF backing

    Sector developments and company hires

    Spanish private debt fund wins EIF backing
    Beka Finance has formed a private debt management unit, dubbed Beka Credit, which it hopes will help consolidate the firm’s growth and leadership position in the alternatives market. The unit is already preparing to launch its first private debt fund, with which it expects to raise around €250m.

    The Luxembourg-based vehicle will .......

    Market Moves 17 December 2021

  • UK review released

    HMT 'broadly supportive' of securitisation market

    The UK government has published its report on the review of the securitisation regulation (SCI 28 June), which outlines specific areas of the regime that HM Treasury may revisit to ensure it “best delivers” for the UK securitisation market. The report appears to be broadly supportive of the industry - although notably isn’t supportive of extending the public .......

    News 14 December 2021

  • Year-end?

    European ABS/MBS market update

    With primary European ABS/MBS market activity fading further away, year-end feels awfully close. As a result, focus is already being directed on the upcoming new year.

    “I think it is fair to say that we have hardly looked at any potential trades this week,” says one European ABS/MBS trader. “As is appropriate for this time of year, there .......

    News 10 December 2021

  • Climate risk analytics firms acquired

    Sector developments and company hires

    Climate risk analytics firms acquired
    Intercontinental Exchange has acquired risQ and Level 11 Analytics, which deploy data-driven technologies for managing climate change risk. RisQ and Level 11 Analytics leverage a variety of advanced geospatial mapping systems and provide extensive expertise in analysing and joining vast amounts of disparate public, corporate and third-party data sources.

    This data is integrated and .......

    Market Moves 9 December 2021
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