CMBS
-
Lineage lines up
UK cold storage CMBS debuts
Lineage Logistics Holdings is in the market with a CMBS backed by 14 temperature-controlled and ambient storage industrial properties located throughout the UK. Dubbed Cold Finance, the deal securitises a £282.8m floating-rate senior loan advanced to four borrowers - Wisbech Propco, Real Estate Gloucester, Harley International Properties and Yearsley Group - ultimately owned by Lineage.
The loan refinances .......
News 3 June 2019
-
Bank bulks up commodities expertise
Company hires and sector developments
Bank bulks out commodities unit
Credit Agricole has hired Aude Sauty de Chalon as director, structured commodity finance, EMEA. She was previously deputy head of commodity and structured finance at ICBC, London. The firm has also hired Badia Taleb-Nehlil as ed, structured commodity finance at the same bank and both hires are based in London.
Verification agent expands
Market Moves 3 June 2019
-
Morgan indicted
CMBS properties to be forfeited upon conviction
The US Attorney’s Office for the Western District of New York has issued a 114-count superseding indictment charging Robert Morgan, Frank Giacobbe, Todd Morgan and Michael Tremiti with conspiracy to commit wire fraud and bank fraud in a US$500m mortgage fraud scheme. KBRA has identified 11 CMBS loans with an unpaid principal balance of US$264.4m that are secured by properties .......
News 30 May 2019
-
Co-cio and liquid markets head appointed
Company hires and sector developments
Credit expert poached
Crestline Investors has appointed Michael Aingorn as an md, based in New York and reporting to Keith Williams, managing partner - credit strategies. Aingorn was previously a partner at American Industrial Partners, where he helped launch the firm's credit opportunities strategy focused on investing in North American-based middle-market industrial companies. Prior to AIP, he worked at BTG .......
Market Moves 24 May 2019
-
Enforcement incentive?
CMBS 2.0 downgrade 'likely'
While a loan event of default has occurred on the Maroon loan backing Elizabeth Finance 2018-1, performance of the portfolio backing the loan is still stable. Despite this, some suggest that the ratings outlook on the transaction is unlikely to be favourable and add that senior noteholders may be incentivised to push the servicer to sell the underlying properties .......
News Analysis 23 May 2019
-
Positive performance prompts upgrades
Sector developments and company hires
Director hired to rebranded CLO platform
DFG Investment Advisers has hired John Hwang as a director and senior credit analyst on its leveraged credit team, responsible for analysing below-investment grade credit with a focus on leveraged loans for the Vibrant CLO platform. Hwang has 18 years of experience in the financial services industry and was previously an svp at Crescent .......
Market Moves 22 May 2019
-
UK CMBS loan defaults
Company hires and sector developments
Euro CMBS 2.0 default
Elizabeth Finance 2018 has become the second European CMBS 2.0 deal to suffer a loan EOD, after the Maroon Properties were valued at £86m - a decrease of £18.7m from the initial valuation in November 2017 – triggering an LTV covenant breach. Based on the updated valuation, the Maroon LTV is 77.7%, whereas the Maroon obligors .......
Market Moves 20 May 2019
-
CLO director nabbed
Company hires and sector developments
Europe
Hermes Investment Management has hired Kevin Roche as a director for private debt and CLOs. Reporting to the head of direct lending, Laura Vaughan, Rochewill be based in London and will work across the private debt platform. He was previously a director at Allied Irish Banks, where he was responsible for delivering leveraged finance loans to mid-market private .......
Market Moves 17 May 2019
-
CMBS sees prompt prepayment
Company hires and sector developments
Auction platform
Mortgage Capital Trading has launched Trade Auction Manager (TAM) to enable more efficient bidding of TBA MBS used by lenders to hedge their open mortgage pipelines. The browser-based software module is accessible via MCTlive!, the company’s capital markets platform. TAM digitises a formerly manual communication process to confirm time-sensitive TBA trades that were once largely phone-based .......
Market Moves 16 May 2019
-
Senior appointments abound
Company hires and sector developments
Acquisition
Priority Income Fund has completed its acquisition of Stira Alcentra Global Credit Fund (SAGC), after the latter’s shareholders approved the transaction at a special meeting on 6 May. The exchange ratio at which common shares of SAGC were converted to common shares of Priority was based on the applicable class of SAGC shares and Priority’s most recent estimated net .......
Market Moves 14 May 2019
-
SCI Start the week - 13 May
A review of securitisation activity over the past seven days
Transaction of the week
Last week saw an unusual Irish CMBS hit the European pipeline, from debut issuer Finance Ireland. Dubbed Pembroke Property Finance, the €228.6m transaction is backed by 139 loans on 244 seasoned small CRE loans located across Ireland and originated by Finance Ireland Credit Solutions.
Finance Ireland is jointly owned by the Ireland Strategic Investment Fund, Pimco .......
News 13 May 2019
-
Irish debut CMBS prepped
Flurry of European ABS hit pipeline
A rush of European securitisations have hit the pipeline, across asset classes and jurisdictions. These include a debut Irish CMBS and an inaugural Italian STS-compliant transaction.
Finance Ireland is marketing it first CMBS, dubbed Pembroke Property Finance. It is a €228.6m transaction backed by 139 loans on 244 seasoned small CRE loans located across Ireland and originated by Finance Ireland Credit Solutions.
News 10 May 2019
-
STS 'not enough' for European ABS revival
Securitisation 'needs to be used more' as funding tool
At the start of last year, BNP Paribas Asset Management hired Michel Fryszman as its new head of structured finance to oversee three UCITS funds, each investing in securitisations and loan portfolios. While the funds have a fairly broad remit with regard to asset class, historical performance data is a key metric meaning first-time CLO managers are given a wide berth and .......
News Analysis 3 May 2019
-
Rating agency appoints new SF head
Company hires and sector developments
Bank bulks up
Macquarie has appointed Carolyn Porretta md, structured finance and real estate, based in London. She was previously head of portfolio services, investment portfolio management at AIG, where she was responsible for managing structured products and CRE debt in EMEA.
RA hires new SF head
Scope Ratings has hired David Bergman as its new .......
Market Moves 3 May 2019
-
First SOFR-indexed MBS tranche inked
Sector developments and company hires
Claims predictability to improve?
Market Moves 2 May 2019
The Florida legislature last month passed a bill to reform the requirements for the assignment of benefits of claims for residential and commercial property insurance, which could improve the predictability of claims and losses for Florida catastrophe bonds. According to a recent Cadwalader client memo, assignment of benefits in Florida has been a concern for the .......
-
Single-source solution
Pat Jackson, ceo and founder of Sabal Capital Partners, answers SCI's questions
Q: How and when did Sabal Capital Partners become involved in the securitisation market?
The Structured Credit Interview 2 May 2019
A: I founded Sabal Capital Partners in February 2009, with the aim of focusing on the aftermath of the financial crisis and buying distressed commercial real estate debt. By 2014, we had purchased US$8.4bn of debt, representing approximately 5,000 loans. In the process, we’d built up a .......
-
SFR issuer prepays class F notes
Sector developments and company hires
EMEA
Market Moves 30 April 2019
Alantra has reinforced its portfolio advisory capabilities with the addition of six senior professionals in Lisbon (Ana Almeida, as a director), London (Jim Fadel, md; Robin Michaels, director; and Meena Evans, vp), Madrid (Valerie Castro, director) and Milan (Renato Limuti, md). The firm has also hired former Carnegie md Sebastian Hougaard as an md in the Nordics, establishing its .......
-
Rating agency names managing director
Sector developments and company hires
EMEA
Scope has named Guillaume Jolivet as md. He joins the firm’s management board, alongside Torsten Hinrichs, coo of the Scope Group. With more than 18 years of experience in credit analysis and ratings, Jolivet joined Scope in 2013 and held several senior positions at Moody’s and UBS before that.New York University’s Stern School of Business finance professor .......
Market Moves 25 April 2019
-
Risk transfer round-up - 18 April
CRT sector developments and deal news
Credit Suisse is believed to be readying a corporate capital relief trade from its Elvetia programme that is expected to close in June. The Swiss lender’s previous Elvetia trade closed in November last year (SCI 30 November 2018).
Another risk transfer transaction that is reportedly in the pipeline for this year is a commercial real estate deal from Raiffeisen. ......
News 18 April 2019Premium Content
-
BMF administration order filed
Sector developments and company hires
BMF 6 tender
Market Moves 16 April 2019
An application for an administration order in respect of Business Mortgage Finance 6 was presented in the London High Court of Justice last week, with a return date of 18 April. The application was presented by Greencoat Investments, which is understood to be in the process of carrying out a tender process for the acquisition of certain .......
-
Firm bulks out CRE capability
Sector developments and company hires
Board directors appointed
ISDA has appointed three new board directors and re-elected ten others. The three new directors are, Erik Tim Mueller, ceo, Eurex Clearing, Andrew Ng, group executive, head of treasury and markets, DBS Bank and Shigeru Nonomura, md, co-Head of rates trading, global markets Japan, Nomura Securities.
CMBS head hired
Natixis has recruited Andrew Taylor as md and .......
Market Moves 11 April 2019