CMBS

  • Highland trio launch new firm

    Sector developments and company hires

    Highland trio launch new firm
    Ex-Highland Capital Management executives Mark Okada, Jack Yang and Trey Parker have launched Sycamore Tree Capital Partners, an asset management firm specialising in private and alternative credit. Okada will serve as ceo, Yang will serve as president and head of business development, and Parker will serve as cio. John Muse and Ken Hersh are strategic .......

    Market Moves 20 November 2020

  • APAC capital advisory formed

    Sector developments and company hires

    APAC capital advisory formed
    Aon has launched an Asia Pacific Capital Advisory unit to deliver a holistic approach to capital optimisation for re/insurers. The initiative follows Aon’s launch of similar units in the UK and US.

    At the same time, actuary Seewon Oh has joined the unit from Smartkarma Innovations, where she was an analyst researching the insurance sector across Asia Pacific. .......

    Market Moves 18 November 2020

  • Maturity wall eyed

    Mall loans face financing difficulties

    US CMBS mall delinquencies have reached approximately US$9.65bn across 93 non-defeased loans secured by regional malls and large anchored retail assets, according to a new DBRS Morningstar analysis. The overall delinquency rate for this cohort of loans is 18.7%, with circa 69.8% of the balance within the 2011-2014 vintage, including the largest delinquent loan – the Mall of America .......

    News 18 November 2020

  • CRE data initiative launched

    Sector developments and company hires

    CRE data initiative launched
    Moody's Analytics has formed a new partnership with The Business School (formerly Cass) at City, University of London, to build a database of loan-level commercial real estate information covering the UK and Europe. The initiative will extend The Business School's UK CRE lending survey under the Moody’s Analytics Data Alliance framework. By participating in this initiative, lenders .......

    Market Moves 17 November 2020

  • Transition revamp?

    Legacy language amendments remain challenging

    Standard Libor fallback language has been agreed and adopted by some new transactions ahead of the benchmark transition next year (SCI passim). However, language amendments for legacy transactions remains challenging.

    “Government agencies have been pretty clear on the fact that Libor will not be extended. For several years now, new transactions have been printed with satisfactory fallback language. .......

    News Analysis 13 November 2020

  • Shortfalls hitting rated CMBS notes

    Sector developments and company hires

    Shortfalls hitting rated CMBS notes
    KBRA reports that over 85% (225) of the 263 deals in its rated US conduit CMBS universe have been impacted by interest shortfalls to varying degrees. Prior to the coronavirus pandemic, shortfalls occurred in just over 40% (110) of the transactions, as of February 2020.

    “The increase is not surprising, as interest shortfalls are .......

    Market Moves 12 November 2020

  • Hertz in line with settlement plan

    Sector developments and company hires

    Hertz in line with settlement plan
    Fitch reports that Hertz had disposed of nearly 170,000 non-program vehicles (NPVs) over the past five months, which is in line with its bankruptcy settlement plan. These dispositions amounted to approximately US$3.3bn of proceeds, with a combined net book value (NBV) of US$2.8bn. Per the Hertz Vehicle Financing II liquidation event, these sales proceeds .......

    Market Moves 6 November 2020

  • Synthetic CMBS eyed

    Pension funds target CRE CRTs

    Pension funds are targeting synthetic securitisations of commercial real estate loans, despite the challenges of the Coronavirus crisis (SCI 9 July). However, going forward, portfolio composition will be key for real money investors.

    According to Chris Redmond, head of manager research at Willis Towers Watson: “Since mid-July, the screamingly cheap has gone and so now we are .......

    News Analysis 6 November 2020

  • CLO library launched

    Sector developments and company hires

    CLO library launched
    Semeris has today launched a document library called Semeris Docs for CLOs. The service initially covers European CLO documents and summaries on over 75 transactions, which will continue to grow and see a US CLO library launched in 1Q21.

    Semeris Docs is built on NLP (natural language processing) and the latest AI techniques, combined with human .......

    Market Moves 4 November 2020

  • Strategic partnership expanded

    Sector developments and company hires

    Strategic partnership expanded
    Pretium has entered into an expanded strategic partnership with American Equity Investment Life Insurance Company (AEL), building upon AEL's prior investment commitments with the firm and increasing total commitments to US$1bn, with pre-agreed terms for expansion to US$2.25bn. The investments will initially be primarily deployed into attractive residential credit assets sourced and managed by Pretium.

    In .......

    Market Moves 3 November 2020

  • ESG philosophy

    Andrew Lennox, senior portfolio manager at the international...

    Q: How and when did the international business of Federated Hermes become involved in the securitisation market?
    A: The Federated Hermes European structured credit team consists of senior portfolio manager Stephane Michel, me and two analysts covering the universe of ABS and CLOs. I arrived at the firm 2.5 years ago.

    One of the attractions of moving to work .......

    The Structured Credit Interview 2 November 2020

  • UKML shareholder consultation continues

    Sector developments and company hires

    UKML shareholder consultation continues
    The board of UK Mortgages (UKML) has completed the strategic review that it commenced following the withdrawal of proposals by M&G Investment Management (MAGIM) (SCI 14 August). The review has identified two potential options that will provide a clear path to the company’s objectives of enhanced liquidity, as well as a narrowing and removal of .......

    Market Moves 30 October 2020

  • Pan-European logistics CMBS prepped

    Sector developments and company hires

    Pan-European logistics CMBS prepped
    Blackstone Real Estate Partners is in the market with a €318.6m single-loan pan-European CMBS. Dubbed Pearl Finance 2020, the transaction is secured by 61 predominantly last-mile logistics assets across Denmark, Finland, France, Germany, Ireland and the Netherlands.

    The assets are valued by Cushman & Wakefield at €576.9m, as of 31 July 2020. Portfolio occupancy currently .......

    Market Moves 28 October 2020

  • AMCO deal completed

    Sector developments and company hires

    AMCO deal completed
    Monte dei Paschi di Siena has completed an innovative €4bn limited-recourse financing in favour of the Italian Ministry of Economy and Finance’s AMCO vehicle, according to the new regulatory provisions introduced by the ‘Milleproroghe Decree’. Under the securitisation, a portfolio of non-performing and unlikely-to-pay exposures will be transferred to AMCO - via the HydraM SPV - as .......

    Market Moves 26 October 2020

  • Environmental risk score rolled out

    Sector developments and company hires

    CMBS environmental risk score rolled out
    Trepp has implemented a new data integration with Risk Management Solutions (RMS) that aims to help evaluate and manage global risk from natural and man-made catastrophes. The solution provides an environmental risk score for properties backing CMBS loans, ranging from one to five, that measure the likelihood of property damage and business interruption from .......

    Market Moves 23 October 2020

  • Leasing ABS inked

    Sector developments and company hires

    Leasing ABS inked
    The EIB and the EIF have provided Alba Leasing with €490m via an SME securitisation financing operation. Alba Leasing has undertaken to double this, increasing the total amount available to €980m for projects across all economic sectors, with a particular focus on environmental investments (for which 20% of the resources have been reserved).

    The EIB Group has subscribed .......

    Market Moves 20 October 2020

  • MPL platform ends note programme

    Sector developments and company hires

    MPL platform ends note programme
    LendingClub is winding down its retail note programme and has ceased accepting new accounts. The platform says it is no longer ‘economically practical’ to continue offering notes as it moves towards becoming a full-spectrum fintech bank. PeerIQ notes that the move is unsurprising, given that the programme exposed LendingClub to potential conflicts of interest and .......

    Market Moves 12 October 2020

  • US CLO recovery continues

    Sector developments and company hires

    US CLO recovery continues
    US CLO OC cushions are continuing to recover, according to the latest quarterly US manager report from JPMorgan CLO research.

    It says: “In the upcoming final quarterly October payment (majority of CLOs), we estimate as much as circa 92% equity will pay a cashflow compared to circa 89% in July and circa 40% during the GFC. .......

    Market Moves 9 October 2020

  • Direct access

    For-profit social housing provider debuts

    Deutsche Bank is in the market with an unusual UK CMBS. Dubbed Sage AR Funding No. 1, the £220m transaction is sponsored by a for-profit social housing provider owned by Blackstone.

    “It is quite an unusual deal because it is not common for a registered provider of social housing to access the capital market directly. This used to .......

    News 9 October 2020

  • Litigation finance fund formed

    Sector developments and company hires

    Litigation finance fund formed
    Tetragon and its diversified alternative asset management business TFG Asset Management have entered into an agreement with Brandon Baer to invest in his newly-created company, Contingency Capital. The company – which is expected to formally launch on 1 November - is a multi-product global asset management business that will sponsor and manage litigation finance-related investment funds.

    Baer .......

    Market Moves 8 October 2020

  • Structured finance solutions

    Contributed thought leadership by Ocorian

    Sonal Patel, md, head of sales - Americas, Bermuda and Caribbean, and Sinead McIntosh, business development director at Ocorian, a global leader in corporate and fiduciary services, fund administration and capital markets, highlight how structured finance solutions are coming to the fore across securitisation markets

    Q: How is the securitisation industry responding to the Covid-19 fallout and .......

    Talking Point 7 October 2020
×