CMBS
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Mortgage partnership announced
Sector hires and company developments
Euro credit team bulks up
CIFC has hired Anders Samuelsen from Muzinich as it continues to build its European team. Samuelsen, who began his career as a credit portfolio manager at Saxo Privatbank in Denmark, will be based in London, and joins as vp, focusing on northern Europe. CIFC has also announced the hire of Aidan Reynolds, from .......
Market Moves 25 November 2019
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SCI Start the week - 25 November
A review of securitisation activity over the past seven days
Transaction of the week
Alpha Bank is set to securitise a €12bn mixed portfolio of retail secured and unsecured loans, mortgage and wholesale non-performing loans in 1H20. Dubbed Project Galaxy, the transaction protects shareholders from dilution and is one of the first to utilise the Greek government's Hercules asset protection scheme (HAPS) (SCI 11 October).
Alpha .......
News 25 November 2019
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FRTB consultation launched
Sector developments and company hires
APAC poll highlights key risks
More than 80% of market participants polled by Moody’s at its recent Asia Pacific Structured Finance Conference in Singapore identified slowing global economic growth as posing a key risk for the Asia Pacific finance sector in 2020. In particular, 54% of respondents said that trade tensions were the biggest threat to Asia Pacific economies next year – .......
Market Moves 22 November 2019
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Ceo retires
Sector developments and company hires
Capital markets head appointed
23 Capital has hired Sreesha Vaman as md, head of capital markets. 23 Capital is a capital and solutions provider focused on the sports, music and entertainment sectors. Vaman has more than 15 years of experience across the finance, investment banking, sports and entertainment landscape and is joining the team’s New York office with .......
Market Moves 21 November 2019
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Legal firm beefs up
Sector developments and company hires
GSE capital rule eyed
The FHFA plans to re-propose the entire regulation on capital requirements for Fannie Mae and Freddie Mac sometime next year, stating that the 2018 capital rule was proposed before it began the process of retaining capital at the GSEs as a first step towards ending their conservatorships. The agency says that the new rule will be .......
Market Moves 20 November 2019
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Structured credit head announced
Sector developments and company hires
Acquisition finalised
Artex has completed the acquisition of Horseshoe Insurance Services Holdings. This acquisition significantly strengthens its ILS operations and furthers the company’s goal to become the best service provider to the world’s risk capital. Horseshoe will become the global brand of ILS services for Artex, which will operate as one global team across multiple jurisdictions. Andre Perez and his .......
Market Moves 18 November 2019
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SME programmes launched
EIF supports two inaugural funding initiatives
The EIF has for the first time provided funding support for a German online SME lending platform. In another first, the EIF has announced a funding guarantee to support lending to French cooperatives.
German online lending platform creditshelf has launched a diversified closed-ended private debt fund, with €30m being provided by the EIF. It will have a target size will be up .......
News 18 November 2019
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Morgan loan prepays
Sector developments and company hires
Coupon swaps planned
The New York Fed's open market trading desk plans to conduct four small value agency RMBS coupon swap operations on 19 and 21 November. On these days, the desk intends to swap out of three unsettled December TBA positions – 30-year UMBS 3% coupon, 15-year UMBS 2.5% coupon and 30-year Ginnie Mae II 3.5% coupon – for .......
Market Moves 15 November 2019
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ESG initiative launched
Sector developments and company hires
Alt heads named test
Allianz Global Investors has unveiled leadership changes that will take effect on 1 January 2020. Global head of distribution Tobias Pross and global head of alternatives Deborah Zurkow will succeed Andreas Utermann as ceo and global head of investments respectively. Utermann will remain at the firm on an advisory basis for the first half of next .......
Market Moves 13 November 2019
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MPL ABS breaches liquidity covenant
Sector developments and company hires
EMEA
Market Moves 8 November 2019
BTIG has established a fixed income credit division in London to service clients across EMEA. The team is led by Michael Carley, md and head of European fixed income credit, who joined BTIG in New York last year. Bobby Dziedziech (director and senior high-yield and distressed trader), Laurent Jastrow (director and senior distressed sales trader and sourcing specialist), Noah .......
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Pursuing illiquidity premia
Corbin Capital ceo Tracy McHale Stuart and cio Craig Bergstrom answer SCI's questions
Q: How and when did Corbin Capital become involved in the securitisation market?
TMS: We’ve been involved in the securitised markets for roughly 13 years.In the early 2000s, the returns in structured credit were so compressed and we didn’t like the leverage profile required to generate our expected return targets, so we kept away. Then in 2007, we .......
The Structured Credit Interview 6 November 2019
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CMBS md recruited
Sector developments and company hires
North America
Incapital has appointed William White as md, CMBS. Based in Boca Raton, he will report to co-heads of fixed income George Holstead and Laura Elliot. White was previously md and head of CMBS trading at Raymond James, and before that worked at Wachovia Capital Markets and Bank of America Securities.Ropes & Gray has promoted 16 attorneys .......
Market Moves 6 November 2019
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NPL ABS inked
Sector developments and company hires
Eminent domain mods introduced
Market Moves 5 November 2019
To address the heightened risk to borrowers and investors of a multifamily property located in King County being taken by eminent domain (SCI 14 October), Fannie Mae has introduced a prospective modification to its multifamily loan and security agreement and its MBS prospectus for new transactions with properties located in the county. These modifications provide .......
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RFC issued on disclosures
Sector developments and company hires
CDO transfer
CVP CLO Manager has resigned as investment manager to the CVP Cascade CLO-1 and CLO-2 transactions. It has been replaced by Barings. For more CDO manager transfers, see SCI’s database.Defeasance surge
Market Moves 1 November 2019
US CMBS 2.0 defeasance volume at end-3Q19 totalled US$10.89bn across 694 loans, exceeding the 2018 full-year total of US$10.88bn across 620 loans, according to Fitch. .......
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Abacus case settled
Sector developments and company hires
Abacus case settled
Market Moves 29 October 2019
Judge Jennifer Frisch of the Minnesota District Court has terminated the Abacus 2006-10 case (SCI 2 August), after the parties filed a stipulated proposed order resolving Astra Asset Management’s claim against Goldman Sachs. Astra had alleged an EOD and asked the trustee to employ a trust instruction proceeding to confirm Goldman’s violations and to solicit a .......
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Multifamily CRT debuts
DUS, MCIRT programmes complemented
Fannie Mae has priced its first credit risk transfer transaction referencing a pool of multifamily loans. Dubbed Multifamily Connecticut Avenue Securities (MCAS) Series 2019-01, the landmark US$472.7m securitisation complements the GSE’s Delegated Underwriting and Servicing (DUS) and Multifamily Credit Insurance Risk Transfer (MCIRT) programmes.
The reference pool for MCAS 2019-01 consists of approximately 340 multifamily mortgage loans with .......
News 25 October 2019
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CRR amendments for NPEs recommended
Sector developments and company hires
CRR amendment opinion published
The EBA has published an opinion on the regulatory treatment of securitisations of non-performing exposures (NPEs), recommending various amendments to the Capital Requirements Regulation (CRR) as well as to the Securitisation Regulation to remove the identified constraints. The opinion is addressed at the European Commission and contributes to the objectives of the Council of the EU’s .......
Market Moves 24 October 2019
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CRE CRT inked
Innovative financial guarantee debuts
Raiffeisen has completed an approximately €95m unfunded financial guarantee that references a €1.2bn portfolio of Austrian, German, Czech and Slovak commercial real estate loans. Dubbed Roof CRE 2019, the significant risk transfer trade differs from previous Roof transactions, given that it combines assets booked in different units of the bank.
Oliver Fuerst, head of active credit management at .......
News 24 October 2019
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Firm files Chapter 11
Company hires and sector developments
Chapter 11 filing
Highland Capital Management LP (HCMLP) has commenced voluntary Chapter 11 proceedings, citing a judgment that is being sought against it in connection with the defunct Crusader fund. Although Highland Capital Management disputes the underlying claims and believes it acted in the interest of investors, entry of the judgment in its maximum potential amount could result .......
Market Moves 22 October 2019
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RTS draft published
Sector developments and company hires
The European Commission has published the Delegated Regulation on Regulatory Technical Standards (RTS) regarding the disclosure requirements in the Securitisation Regulation, detailing what information has to be disclosed by the sellers of European securitisations. Rabobank’s structured finance analysts comment that, although this new regulation does not contain much new information, the arrival of the act marks an important step .......
Market Moves 18 October 2019
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ESG scores launched
New scoring system has "limited" credit rating impact
Fitch has introduced new ESG Relevance scores for structured finance and covered bonds, which communicate how material an ESG factor is to a credit decision. The agency has assigned elevated scores to approximately 18% of structured finance and covered bond transactions and programmes, although these will have limited impact as a key driver but “widespread resonance” as a credit .......
News Analysis 18 October 2019