CMBS
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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
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BWIC boom
Quarterly SCI data update
The first quarter of a year is usually quieter than the previous quarter and, for the most part, 1Q19 saw reduced activity over 4Q18 (SCI 24 January 2019). The notable exception was CLO secondary markets, where BWIC volumes boomed for the second quarter in a row, according to SCI data.
....... News Analysis 11 April 2019
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European bank in major restructure
Company hires and sector developments
COO hired
Trepp has appointed Luis Amador as coo, reporting to ceo, Annemarie DiCola. Amador was recently md at Moody's Analytics, responsible for structured finance financial engineering, product management, content production, and advisory teams, providing the fixed income marketplace advanced analytics, data, credit models, and portfolio monitoring products while also performing advisory, valuation, and consulting services across sectors.
Energy and .......
Market Moves 9 April 2019
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On the up?
CRE CLO market growth set to continue
After a buoyant CRE CDO market all but vanished following the financial crisis, it has only recently returned in the form of CRE CLOs with issuance growing from almost nothing three years ago, to just under US$14bn last year. While the basic structure of CRE CLOs shares some similarities with the pre-crisis structure, it has some notable differences that should help .......
News Analysis 8 April 2019
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GSE reforms proposed
Sector developments and company hires
Debt service reserve guarantee provided
Assured Guaranty (Europe) plc (AGE) has issued a £135m, five-year Debt Service Reserve (DSR) Guarantee to benefit Dwr Cymru (Financing) Limited and Dwr Cymru Cyfyngedig, both companies forming part of the Welsh Water group. The guarantee provided by AGE will replace the existing liquidity facilities provided by banks within the Welsh Water group’s securitisation structure. .......
Market Moves 1 April 2019
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Irish BTL RMBS launched
Company hires and sector developments
Irish BTL RMBS launched
Bank of Ireland has mandated a new Irish buy-to-let RMBS deal. Dubbed Mulcair Securities, the €358m transaction securitises a legacy BTL loan portfolio that was originated by the Bank of Ireland, ICS Building Society and Bank of Ireland Mortgage Bank. The rationale behind the deal is to offload non-performing exposures from the seller’s balance sheet (according to .......
Market Moves 29 March 2019
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'Constant demand'
UK firms hiring across range of SF roles
Hiring in the UK structured finance space has been buoyant in the last 12 months, with recruitment across a range of roles and asset classes. While there has been a slight slowdown in the first quarter of this year, hiring is expected to pick up after March, once bonuses have been delivered.
Angel Valchev, consultant at Michael Page, comments that .......
News Analysis 28 March 2019
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Picking up pace
European ABS market update
European ABS secondary market activity has been relatively subdued so far this week. However, the primary market appears to be picking up pace, with a pair of CMBS in focus and a new UK RMBS mandated.
“Given the lack of new issuance this year, we are expecting the two CMBS currently in the market – Kanaal CMBS Finance 2019 [ Market Reports 28 March 2019
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Noteholders exposed?
Concerns raised over recent French CMBS
Bank of America Merrill Lynch (BAML) is marketing a €249.6m European CMBS. Dubbed Taurus 2019-1 FR, it is backed by 206 predominantly office properties located throughout France, let by Electricite de France (EDF).
The transaction has been provisionally rated by KBRA, DBRS and Moody’s as AAA/AAA/Aaa on the €135.3m class A notes (with IPTs at three-month Euribor plus 100/110bp), AA/AA(low)/Aa3 .......
News 27 March 2019
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CRT credit event
Company hires and sector developments
CRT credit event
HSBC’s Metrix series 2015-1 CLN has suffered another credit event. The issuer received a credit event notice confirming that a bankruptcy credit event occurred on 15 March with respect to a reference entity that is believed to be Interserve, which was recently sold out of administration after shareholders rejected a rescue deal for the company. .......
Market Moves 27 March 2019
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Purchase option to be exercised
Sector developments and company hires
EMEA
Market Moves 22 March 2019
Capzanine has appointed Renaud Tourmente as head of business development, effective from 6 May 2019. Tourmente will join the firm as partner and will be part of its executive committee. In this newly created role, he will support the firm’s international development, pursue the diversification of its debt products and contribute to strengthening relationships with its investors. He brings .......
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Majority stake acquired
Sector developments and company hires
Balance sheet normalisation
Market Moves 21 March 2019
The US Fed has confirmed it intends to continue to allow its holdings of agency debt and agency MBS to decline, consistent with the aim of holding primarily Treasury securities in the longer run. Beginning in October 2019, principal payments received from agency debt and agency MBS will be reinvested in Treasury securities, subject to a maximum .......
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Double Dutch
Office and retail exposure on offer
Goldman Sachs is in the market with a Dutch CMBS secured by 17 predominantly office and retail assets. Dubbed Kanaal CMBS Finance 2019, the €278.35m transaction is backed by two uncrossed limited recourse, first-lien mortgage loans - the €138m Maxima loan and the €140.3m Big Six loan - sponsored by Marathon Asset Management and Castlelake respectively.
The Big .......
News 20 March 2019
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Private credit firm launched
Sector developments and company hires
Firm launch
AGL Credit Management has launched, with Peter Gleysteen serving as ceo and cio, and Thomas Lee serving as non-executive chairman. AGL is a private credit investment firm specialising in innovative actively managed credit solutions based on bank loans and aims to build a leading CLO franchise. The firm’s institutional investment partners include a subsidiary of the .......
Market Moves 18 March 2019
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Benchmark Sonia deal prepped
Unique UK RMBS transaction adds momentum to IBOR transition
The first third party hedged UK RMBS with Sonia-linked notes has been prepped by Principality Building Society. The £523.08m transaction, dubbed Friary 5, is a static cash securitisation of residential mortgage loans to 4,472 borrowers in the UK.
The transaction is unique in using Sonia as a reference rate for the note coupons, rather than sterling Libor. As a result, on ......
News 15 March 2019Premium Content
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Bright spot
European ABS market update
De Lage Landen’s newly mandated UK equipment lease ABS represents a bright spot in an otherwise “dull” European securitisation market. Both primary and secondary activity appear muted so far this week.
Investor meetings for the £410m DLL UK Equipment Finance 2019-1 were set for yesterday and today. “The DLL deal is a bit different and brings some much-needed .......
Market Reports 12 March 2019
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R-PACE rulemaking proposals outlined
Sector developments and company hires
Credit line secured
Foundation Home Loans has entered into a new £350m warehouse credit line with National Australia Bank to support the origination of new mortgages. The lender has also extended an existing warehouse, funded by Natixis and SMBC, by £100m.
ILS
Descartes Underwriting has hired Edern Le Roux as head of ILS and cat modelling. .......
Market Moves 11 March 2019
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Inaugural Italian CRE deal in the works
Italian assets 'well-suited' to securitisation
A Maltese first time issuer, Polymath & Boffin, is preparing a €166m securitisation, referencing a pool of Italian CRE loans valued at approximately €300m. Dubbed Polymath & Boffin REMS Italian Real Estate Securitization, the transaction is backed by a diverse portfolio of 58 Italian mainly-commercial properties, with four classed as unlikely to pay (UTP).
Global Access Capital is .......
News Analysis 11 March 2019
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Merger opposed
Company hires and sector developments
Astra case development
Judge Jennifer Frisch of the Minnesota District Court, Second Judicial District, has denied Goldman Sachs’ motion to dismiss the claims asserted against it by Kasowitz Benson Torres, on behalf of its client, Astra Asset Management, seeking termination of the Abacus 2006-10 synthetic CDO. The case is proceeding with discovery, with trial scheduled for October .......
Market Moves 8 March 2019
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Control rights
Synthetic CRE investors gain comfort
Investors in risk transfer transactions referencing commercial real estate loans have become more comfortable with fewer control rights, following the inclusion of replenishment in the second wave of CRE capital relief trades last year. However, demand for greater control over such portfolios may arise if banks bring lumpier assets to market.
According to David Wainer, partner at Allen & Overy: ......
News Analysis 8 March 2019Premium Content
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CDS reforms proposed
Company hires and sector developments
Australia
Mortgage House has hired Steven Mixter as head of securitisation and structured finance. He was previously head of funding at Latitude Financial Services, responsible for maintaining its securitisation funding programmes.
CDS reform proposal
An ISDA working group has been discussing proposals to amend the 2014 ISDA Credit Derivatives Definitions to address issues relating to narrowly tailored credit events (NTCEs). NTCEs are arrangements with .......
Market Moves 7 March 2019