CMBS

  • Rock-solid July for primary ABS market

    Low volatility and strong investor appetite lure new issuers

    The primary ABS market remained robust in July despite the typical summer slowdown, with strong issuance and investor demand across various sectors, according to monthly European and UK factsheets monitored by SCI.

    Amundi’s portfolio managers observed significant activity in July, particularly among new ABS issuers capitalising on the relatively low market volatility and high investor appetite. “These transactions .......

    News 20 August 2024

  • Job swaps weekly: New Cayman structured finance chief for Maples

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Maples and Calder naming a new head of its Cayman Islands structured finance practice. Elsewhere, Scotiabank has staffed up for the launch of its new Houston-based mortgage capital markets business, while an ex-Stout md and co-lead of structured credit has taken up a C-suite role at Unifi Asset Management.

    Maples .......

    Market Moves 16 August 2024

  • Data centre securitisation: Growing in waves - video

    S&P Global Ratings' Jie Liang speaks to SCI about data centre securitisation

    Jie Liang, sector lead in S&P Global Ratings’ structured finance esoteric ABS group, speaks to SCI's Simon Boughey about data centre securitisation. Liang discusses the use of proxy data to achieve ratings in the asset class, the extent to which investors are prepared to accept ratings derived from these methodologies, whether there are any signs that the growth data centre .......

    News Analysis 14 August 2024

  • JHG bolsters private credit capabilities

    Market updates and sector developments

    Janus Henderson Group has entered into a definitive agreement to acquire a majority stake in Victory Park Capital Advisors (VPC). With a nearly two decade-long track record of providing customised private credit solutions to both established and emerging businesses, VPC complements Janus Henderson’s securitised credit franchise and expertise in public ABS markets.

    Founded in 2007 by Richard Levy .......

    Market Moves 12 August 2024

  • Job swaps weekly: Blackstone names new head of international at BXCI

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Blackstone appointing a new head of international for Blackstone Credit & Insurance (BXCI). Elsewhere, Paul Hastings has lured a structured finance partner from Weil, Gotshal & Manges, while Milbank has added a number of Latham & Watkins professionals to its alternative investments team, including a new partner.

    Blackstone has named .......

    Market Moves 9 August 2024

  • Australian ABS branches out

    IFM Investors' Wanigasekera shares insights on growth and diversification in Australian ABS market

    Diversification and growing interest from global investors are fueling innovation in the Australian ABS market, according to Hiran Wanigasekera, co-head of diversified credit and debt investments at IFM Investors. 

    Since 2021, IFM Investors, with approximately €6bn in securitised assets, has significantly diversified its focus from primarily RMBS to a broader range of ABS. "We have expanded a lot .......

    News Analysis 7 August 2024

  • BNPP set to acquire AXA IM

    Market updates and sector developments

    AXA has entered into exclusive negotiations to sell its asset manager AXA Investment Managers (AXA IM) to BNP Paribas for cash proceeds of €5.1bn. Under the terms of the proposed transaction, AXA and BNP Paribas would also enter into a long-term strategic partnership, under which BNP Paribas would provide investment management services to AXA.

    Additionally, AXA would receive .......

    Market Moves 1 August 2024

  • Ears pricked

    Interest returning to CRE market as conditions improve

    Alternative real estate investors say securitisation is set to remain a key tool to increase market share amid persistent interest rate challenges.

    In particular, CRE lending is poised to become a primary focus, as .......

    News 30 July 2024

  • Job swaps weekly: Proskauer lures A&O Shearman co-head of global banking

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Proskauer Rose snapping up two A&O Shearman partners for its global finance practice. Elsewhere, Womble Bond Dickinson has added a Latin America-focused partner to advise on capital markets and structured finance, while Anchor Health Properties has lured a structured finance-focused senior vice president.

    Philip Bowden has left his role as .......

    Market Moves 19 July 2024

  • Job swaps weekly: Newmark snaps up industry veteran

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Newmark hiring an experienced executive as md on its UK and EMEA debt and structured finance team. Elsewhere, i80 Group has hired a former Wells Fargo ABF and securitisation director, while law firm Cappelli RCCD has promoted a securitisation and structured finance specialist to partner.

    Debt advisory veteran Steve Williamson .......

    Market Moves 12 July 2024

  • Job swaps weekly: Medalist names Buccola as head of structured credit

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Medalist Partners appointing a former Cantor Fitzgerald senior executive as partner and head of structured credit. Elsewhere, the EIF has named a new head of securitisation, while Davis Polk has promoted six – including two securitisation specialists – to partner.

    Medalist Partners has appointed James Buccola as partner and head .......

    Market Moves 5 July 2024

  • Job swaps weekly: Crescent promotes three to senior leadership team

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Crescent Capital Group bolstering its senior management team with a number of promotions. Elsewhere, S&P Global Ratings has named a successor to president Martina L Cheung, who is to be promoted to president and ceo of S&P Global, while Man Group has hired a credit-risk-sharing-focused head of structuring.

    Crescent Capital .......

    Market Moves 28 June 2024

  • Northern green light

    Norwegian securitisation to benefit from 'plug-and-play' scenario

    The EEA’s long-awaited passage of the EU Securitisation Regulation should finally open the door for Norway’s securitisation market (SCI 14 June). Indeed, the jurisdiction is expected to hit the ground running. 

    Markus Nilssen, partner at BAHR, explains: “Banks here are exposed to higher capital requirements than elsewhere in Europe; for example, a 4.5% systemic risk buffer on .......

    News Analysis 28 June 2024

  • SCI In Conversation Podcast: Chris Hentemann, 400 Capital Management

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Chris Hentemann, managing partner and chief investment officer of 400 Capital Management, about where he sees value today. Hentemann discusses the types of assets and regions of issuance that are of most interest; the attraction to France, Iberia, and northern Europe; the extent to which .......

    News Analysis 26 June 2024

  • Stairway to securitisation

    Alternative lenders taking UK forward flow market by storm

    Forward flow transactions continue to rise in popularity, with the private market serving as both a useful tool for existing participants in the structured finance market and a gateway into securitisation for a growing number of alternative lenders in the UK.

    “Over the last few years, we’ve seen this funding product become more and more popular,” says Sarah .......

    News Analysis 24 June 2024

  • FHFA approves second mortgage pilot

    Market updates and sector developments

    The FHFA has provided conditional approval for Freddie Mac to engage in a limited pilot to purchase certain single-family closed-end second mortgages (SCI 14 May). The aim of the pilot is to explore whether such a product effectively advances Freddie Mac’s statutory purposes and benefits borrowers, particularly in rural and underserved communities.

    The conditional approval of the pilot .......

    Market Moves 24 June 2024

  • Job swaps weekly: Fitch appoints successor to outgoing Murray

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Fitch Ratings appointing a successor to outgoing BRM head for structured finance Douglas Murray. Elsewhere, Barings has hired a BlackRock director to lead European real estate debt portfolio management, while King & Spalding has rehired two structured finance partners who left the firm for Milbank last year.

    Fitch Ratings has promoted .......

    Market Moves 21 June 2024

  • Double trouble

    Senior UK CMBS noteholders face losses after property sale

    The full write-down of the outstanding balance of the class B to E notes and a partial loss on the class A notes issued by Elizabeth Finance 2018 is anticipated on the October IPD, marking the first post-crisis loss on a triple-A rated (at closing) European CMBS tranche. The move comes after the special servicer Mount Street accepted a .......

    News 20 June 2024

  • Special situations

    Jean-Francois Leclerc and Carlo Perri of Polar Asset Managem...

    Q: Can you give us some background to SRT at Polar?
    CP: Polar has been investing in SRTs since the mid-2010s and more broadly in structured credit for over 15 years. Historically, we have focused on what we call ‘special situations’ - new issuers, new asset classes, innovative structures and difficult market conditions.

    Last year we added JF Leclerc .......

    The Structured Credit Interview 18 June 2024

  • Norway gets SecReg green light

    Market updates and sector developments

    The EU Securitisation Regulation was incorporated into the EEA Agreement on 12 June and it is widely expected that the rules will come into force in Norway on 1 January 2025. The regulation covers both true sale and synthetic securitisations, as well as rules on STS securitisations. 

    Legislative rules implementing the Securitisation Regulation in Norwegian law have already .......

    Market Moves 14 June 2024

  • Job swaps weekly: Guy Carpenter lures Schnieders to lead new division

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Guy Carpenter launching a new capital and advisory group with the hiring of an industry veteran from Teneo Holdings. Elsewhere, Dentons has rehired a structured finance specialist from NuBridge Commercial Lending as partner, while McCarthy Denning has appointed a real-estate-focused structured finance specialist as partner.

    Guy Carpenter has hired Alexander .......

    Market Moves 14 June 2024
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