CMBS

  • Real estate finance platform formed

    Market updates and sector developments

    Blue Owl Capital has launched a real estate finance strategy with the acquisition of Prima Capital Advisors for the aggregate consideration of US$170m. Jesse Hom, previously global head of real estate credit at GIC, will join Blue Owl to lead the newly created strategy as cio, reporting directly to Marc Zahr, co-president of Blue Owl and head of real .......

    Market Moves 11 April 2024

  • Skills gap?

    Lack of specialist SRT talent on the market

    The SRT sector is in a period of flux, with many new issuers and new investors entering the market (SCI 28 March). Although supply and demand dynamics are expected to find equilibrium in time, for the moment, there appears to be a skills gap among some players on the buy-side.

    One long-standing SRT investor points out that the .......

    News Analysis 10 April 2024

  • Blue Owl to form insurance solutions unit

    Market updates and sector developments

    Blue Owl Capital has entered into a definitive purchase agreement to acquire Kuvare Insurance Services (doing business as Kuvare Asset Management) (KAM) for US$750m. Separately, Blue Owl has made a long-term investment in Kuvare, purchasing US$250m of preferred equity. This investment is intended to create alignment between Blue Owl and Kuvare and provides growth capital to Kuvare’s insurance companies, each .......

    Market Moves 4 April 2024

  • EARN unveils 'strategic transformation'

    Market updates and sector developments

    The board of trustees of Ellington Residential Mortgage REIT (EARN) has unanimously approved a strategic transformation of its investment strategy to focus on corporate CLOs. The company intends to build upon its current US$44m CLO portfolio, with an emphasis on secondary CLO mezzanine debt and equity tranches.

    In connection with its strategic transformation, EARN has decided to revoke .......

    Market Moves 2 April 2024

  • Job swaps weekly: ARMOUR reveals successors to Gruber

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees ARMOUR Residential REIT announce successors to outgoing cio Mark Gruber. Elsewhere, Palliser Capital has hired a securitisation veteran as chair of its US division, while Simmons & Simmons has appointed a new London-based partner in its financial markets practice.

    ARMOUR Residential REIT has promoted Sergey Losyev and Desmond Macauley to co-cios, .......

    Market Moves 22 March 2024

  • Job swaps weekly: Newmark launches Paris office with raft of senior hires

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Newmark Group appointing two commercial real estate veterans from JLL and CBRE to head up its new Paris office. Elsewhere, Obra Capital has hired an entire team from Pangea Mortgage Capital as part of its launch of Obra Real Estate, while Barclays has named a new head of principal funding and .......

    Market Moves 15 March 2024

  • Vintage matters

    Adam Castle, partner and portfolio manager at Lord Abbett, answers SCI's questions

    Q: When did Lord Abbett begin investing in securitised products? Was there a specific driver behind its decision to enter the market?
    A: Lord Abbett has been a multi-sector fixed income investor since the 1970s and we started investing in securitised products in the early 1990s, so the firm has a long history of evaluating opportunities in a wide range .......

    The Structured Credit Interview 14 March 2024

  • CLO strategic partnership inked

    Market updates and sector developments

    Global alternative asset manager Sagard has begun laying the groundwork to expand its presence in the US CLO market through a new strategic partnership with US CLO manager HalseyPoint. As part of this partnership, Sagard will acquire a 40% stake in the HalseyPoint CLO platform, which will now go by new co-branded platform name Sagard|HalseyPoint.

    Upon completion of the .......

    Market Moves 13 March 2024

  • Relaunched CMU prioritises securitisation

    Market updates and sector developments

    The ECB Governing Council has agreed a new roadmap for advancing the Capital Markets Union (CMU), with the aim of making full use of Europe’s capital markets to mobilise the private investment necessary to fund the green and digital transitions, and to enhance the EU’s productivity and competitiveness in a shifting geopolitical landscape. The statement places the .......

    Market Moves 12 March 2024

  • Job swaps weekly: Cadwalader appoints former FDIC deputy general counsel as partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Cadwalader appoint an industry veteran as a New-York-based partner. Elsewhere, Willkie Farr & Gallagher has snapped up a Katten Muchin Rosenman partner for its energy transactions and structured finance team, while Paul Hastings has lured a McDermott Will & Emery partner to its real estate team.

    Cadwalader has recruited former .......

    Market Moves 8 March 2024

  • SCI In Conversation Podcast: Ruhi Patil, Dentons

    We discuss the hottest topics in securitisation today...

    In this special International Women's Day episode of the SCI In Conversation podcast, SCI deputy editor Kenny Wastell speaks to Ruhi Patil, a counsel in Dentons' London office, about gender diversity and inclusion in the structured finance industry. Patil discusses her personal experiences of attitudes towards diversity and inclusion; the roles that allies can play in tackling the challenges; .......

    News Analysis 8 March 2024

  • Develop, advance and retain

    IWD 2024: Inclusion in structured finance

    Diversity is a cornerstone of the practice of securitisation, but the same cannot be said for the make-up of securitisation practices worldwide. To mark 2024’s International Women’s Day, Claudia Lewis highlights the need to acknowledge the often-overlooked intersectional challenges many women face on top of those of gender.

    The theme of this year’s International Women’s Day celebration, ‘Inspiring .......

    News Analysis 8 March 2024

  • Job swaps weekly: Starwood to draft in Blackstone exec as president

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Starwood Capital Group appoint a new president, as Jeffrey Dishner prepares to transition to a new role. Elsewhere, Siepe has added two structured finance professionals to its leadership team, while Accunia Credit Management has rehired a former senior portfolio manager as head of investments.

    Jonathan Pollack is set to join .......

    Market Moves 1 March 2024

  • NRA loans on the rise

    Market updates and sector developments

    Non-recoverable advance (NRA) determinations impacted US$2.7bn of US CMBS loans last year, representing an eye-watering 130% increase from year-end 2022, according to KBRA. NRA determinations can help limit potential losses if advances and interest on servicing advances are at risk of not being recovered upon asset resolution - a risk that rises in environments with declining or uncertain commercial .......

    Market Moves 26 February 2024

  • Landmark DFC facility inked

    Market updates and sector developments

    Fintech provider StoneCo has obtained a landmark commitment of US$467.5m from the US International Development Finance Corporation (DFC) in the form of a revolving securitisation facility. The facility - which has a final maturity of seven years and a six-month availability period - finances the acquisition of up to US$14bn accounts receivables due by over 20 Brazilian financial institutions .......

    Market Moves 23 February 2024

  • Job swaps weekly: Allen & Overy lures five from Milbank

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Allen & Overy hiring five structured finance professionals from Milbank, including a new partner, ahead of its merger with Shearman & Sterling. Elsewhere, Howden CAP has appointed a new head of execution to its tax and contingent risks team, while Winston & Strawn has added a transactions partner to its New .......

    Market Moves 23 February 2024

  • Record breakers

    SRT benefiting from 'greater public awareness'

    SRT issuance volumes reached another record last year, as new funded investors entered the market and bank interest in synthetic securitisation increased. At the same time, the sector continues to benefit from support by regulatory bodies, which bodes well for the future.

    Robert Bradbury, head of structured credit execution and advisory at Alvarez & Marsal, identifies four key themes .......

    News Analysis 19 February 2024

  • Job swaps weekly: Hogan Lovells adds dozens from Orrick

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Hogan Lovells snapping up a hoard of Italy-based finance and M&A lawyers from Orrick, including a number of securitisation partners. Elsewhere, First Eagle Alternative Credit (FEAC) has revealed its leadership transition plan, as its president prepares to leave the firm early next year, while Newmark has appointed a UK- and Europe-focused .......

    Market Moves 16 February 2024

  • Job swaps weekly: Interpath poaches four from EY

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Interpath Advisory hiring four senior professionals from EY, including a securitisation-focused md. Elsewhere, Sumitomo Mitsui Banking Corporation (SMBC) has hired a new md and deputy head of Asia Pacific to oversee structured lending and private wealth, while Natixis has appointed a Paris-based global head of securitised product trading and expanded its real .......

    Market Moves 9 February 2024

  • Non-traditional use

    CMBS temporary housing challenges highlighted

    Some landlords grappling with elevated office and lodging property vacancies in New York City are turning to alternative sources of revenue. The special servicer on the US$77m 315 West 36th Street loan (securitised in the BMARK 2018-B3 and COMM 2018-COR3 CMBS transactions), for instance, last month reported that the borrower is in discussion with city officials to lease the .......

    News 8 February 2024

  • Break in the clouds

    2024 investment opportunities eyed across Europe

    With brighter skies forecast for 2024 as some normalcy returns to the European economy, several interesting pockets of investment opportunities are opening up in the structured finance market. Indeed, the outlook for European ABS in the year ahead is markedly more hopeful than 12 months ago – with interesting opportunities for investors in the French, Italian and UK structured .......

    News Analysis 8 February 2024
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