CMBS
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Hitting the mark
Pan-European logistics CMBS prepped
Blackstone is in the market with a €292.79m pan-European CMBS secured by 89 logistics and industrial assets. Dubbed Arrow CMBS 2018, the transaction is the first European post-financial crisis CMBS with a large French asset exposure.
The deal, which is expected to repay on or before 22 November 2023, securitises a 95% interest of a €308.2m senior commercial .......
News 23 October 2018
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CLOs in demand
Quarterly SCI data update
Analysis of SCI's databases underlines the significant demand for CLO paper seen in 3Q18, in both primary and secondary markets. Meanwhile, a bias towards Northern European jurisdictions is evident in capital relief trade volumes.
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News Analysis 23 October 2018
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Market moves update
Company hires and sector developments in structured finance
[b]Acquisition[/b]
[b]Miller[/b] is to acquire the independent London market (re)insurance broker[i], Alston Gayler and Co[/i], currently majority owned by Nelson Holdings Limited. The transaction will bolster Miller’s offering to clients and strengthen its position as a leading London wholesale and specialist broking platform. The transaction is subject to regulatory approval and financial terms were not disclosed.
[b]UK[/b]
Market Moves 23 October 2018
Premium Content
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Latest SCI podcast now live
SCI podcast episode two has been released
SCI’s latest podcast is now live. This month the team discuss the African Development Bank’s Room2Run CRT, how fintech is affecting MPL ABS and the changing use of credit derivatives.
The AfDB’s Room2Run deal, scheduled to close imminently, has shaken up the CRT sector, emphatically underlining that issuers do not have to be European and assets do not have to be .......
News 18 October 2018
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Second wave
Synthetic CRE transactions launched
Santander and NatWest have completed two commercial real estate risk transfer transactions and the market is expecting another CRE deal in 4Q18. This marks the second wave of synthetic CRE transactions, following the first wave last year, with the issuance of three transactions by Santander, Lloyds and Barclays (see SCI’s capital relief trades database). The second synthetic CRE .......
News Analysis 15 October 2018
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Market moves update
OFS equity investment
OFS Credit Company has disclosed that it has invested in the equity tranches of 19 CLOs, 17 of which have a reinvestment period ending in 2022 or beyond, for a total cost of US$43.6m (US$53.4m principal amount). The move follows OFS Credit’s IPO, which closed on 10 October and resulted in net proceeds of US$50m. OFS Capital .......
Market Moves 15 October 2018
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Market moves - 12 October
Company hires and sector developments in structured finance
Cliff edge concerns
ISDA has published a paper highlighting widespread concerns in Europe that the UK may withdraw from the EU without a withdrawal agreement under Article 50 of the Treaty on European Union and without any transition, or implementation period, to allow market participants time to adjust. The paper sets out why a ‘no deal’ scenario has the potential .......
Market Moves 12 October 2018
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Market moves - 5 October
New hires and company developments in the structured finance sector
Europe
Apollo Global Management has named Brigitte Posch md, head of emerging markets in London. She was previously global head of emerging markets corporate credit at Barings Asset Management.
Reed Smith has hired Kevin-Paul Deveau as a partner to its financial industry group in London. Deveau joins from Dechert and will focus on advising lenders, general partners, ......
Market Moves 5 October 2018Premium Content
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Market moves - 28 September
The latest hires and company developments in the structured finance market
Canadian pension partnership
Canada Pension Plan Investment Board (CPPIB) announced today that its wholly-owned subsidiary, CPPIB Credit Investments, is broadening its portfolio through new investments in equity tranches of CLOs alongside experienced CLO asset managers. CPPIB Credit’s initial partnership in CLO equity investing will be with Sound Point Capital Management based in New York. CPPIB Credit will invest US$285mn in a .......
Market Moves 28 September 2018
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US CMBS 'not fixed'
Wave of CMBS litigation may arise from systemic sector problems
US CMBS litigation is currently in the spotlight, with one of the largest ever US fraud investigations looking at a potential conspiracy by employees of Morgan Management (SCI 8 June) to fraudulently obtain US$167.5m of loans, some of which back a number of CMBS transactions. Unfortunately, cases such as these may only become more frequent, with a range of .......
News Analysis 26 September 2018
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Market moves - 21 September
All the latest company developments and new hires in the structured finance sector
Acquisitions
HPS Investment Partners has acquired Tålamod Asset Management. HPS will retain Tålamod's investment team and other employees based in Dallas, while Andersen Fisher, founder and managing member of Tålamod, will join HPS as md. Kyle Mapes and Jay Steen will join HPS as executive directors, after joining Tålamod in 2008. All employees of Tålamod will become HPS employees .......
Market Moves 21 September 2018
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SCI Start the week - 17 September
A look at the major activity in structured finance over the past seven days
Pipeline
ABS is still dominating the pipeline, with several deals coming from the auto space.
These include: US$534.032m ARI Fleet Lease Trust 2018-B, US$1.362bn GM Financial Automobile Leasing 2018-3, US$327.87m Navistar Financial Dealer Note Master Owner Trust II 2018-1, US$407.83m Prestige Auto Receivables Trust 2018-1
In non-auto ABS there are also a number of transactions waiting to price: US$809.93m CNH .......
News 17 September 2018
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Market moves - 14 September
New hires and company developments in the structured finance sector
CDS ETF Launched
Tabula has launched a European CDS ETF which offers passive exposure to European credit through an index tracking the corporate CDS market.
CMBS downgrade review
Moody’s has placed on review for downgrade all the notes in the UK CMBS Housing Association notes issued by Finance for Residential Social Housing (FRESH), affecting approximately £932m .......
Market Moves 14 September 2018
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Market moves - 7 September
New hires and company developments in the structured finance industry
CRT expert wanted
Banca IMI is hiring a senior risk transfer solutions structure for its Milan office. The bank wants a candidate with experience in capital markets and investment banking with a top tier Italian or European investment bank, consultancy firm, rating agency, fund or asset manager and ideally with experience of origination activities and analysis experience of tier one .......
Market Moves 7 September 2018
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Increased obligations weighed
ESMA outlines expanded reporting requirements
ESMA last month published final draft technical standards on the new reporting requirements to be implemented under the Securitisation Regulation (SCI 24 August). The standards - released ahead of the 1 January deadline - are set to usher in new levels of due diligence required on the part of the seller, meaning investors will expect more information to .......
News Analysis 6 September 2018
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Market moves - 31 August
The latest hires and company developments in the structured finance market
Acquisition
Moody’s Corp is set to acquire all outstanding shares of Reis in an all-cash transaction valued at approximately US$278m. By combining Reis’s extensive data with Moody’s Analytics’ specialised capabilities, the firm aims to enhance analytical practices in the CRE market and contribute to the efficiency and liquidity of capital flows. Under the terms of the merger agreement, .......
Market Moves 31 August 2018
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CMBS rating questioned
RA queries top rating on Elizabeth Finance 2018
The provisional triple-A rating from DBRS on the senior notes of the £90.707m UK CMBS, Elizabeth Finance 2018, is ‘not supported’ by the transaction. This is according to a recent comment from Fitch which queries the validity of the rating, especially because repayments from refinancing borrowers will be repaid to note classes on a pro-rata basis.
S&P and DBRS recently .......
News 24 August 2018
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Market moves - 24 August
The week's structured finance hires and company developments, all in one place.
Consent solicitation
NN Bank has issued a consent solicitation seeking investor approval for the early redemption of the Hypenn 3 Dutch RMBS, of which the class A1 tranche has already been redeemed. The class A2 tranche has an outstanding balance of €467m and a FORD of 17 June 2020, according to Rabobank credit analysts. Together with Hypenn 3, NN Bank’s Arena 2014-2 .......
Market Moves 24 August 2018
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Market moves - 17 August
Company developments and new hires in the structured finance sector
Acquisitions
Vistra has completed the acquisition of the corporate services business of Deutsche Bank’s global transaction banking division. The corporate services business will now be rebranded under the Vistra umbrella. The acquisition broadens the company’s presence in seven of the existing locations across Europe, the Cayman Islands and Mauritius, providing further scale and expertise in these jurisdictions and involves management .......
Market Moves 17 August 2018
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Market moves - 10 August
Company developments and new hires in the structured finance sector
CDOs transferred
Dock Street Capital Management has replaced Deerfield Capital Management as collateral manager of the Knollwood CDO and Mid Ocean CBO 2001-1 transactions. Moody’s has confirmed that the move will not impact its ratings on any of the notes issued by the issuers. For more CDO manager transfers, see SCI’s database.Effective 2 August, Highland Capital Management .......
News 10 August 2018
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Market moves - 3 August
Company developments and new hires in the structured finance sector
Acquisitions
News 3 August 2018
Savills Investment Management is set to acquire a 25% interest in DRC Capital. In addition, the partners of DRC have granted Savills Investment Management a call option to acquire the remaining 75% interest in DRC on the third anniversary of the completion of the initial transaction. Dale Lattanzio, ceo and managing partner of DRC, will join the board of Savills .......