CMBS

  • Five-point plan

    EU securitisation reform package mooted

    AFME has published a position paper that outlines a five-point plan to revive the securitisation market in the EU. Entitled ‘EU Securitisation back on track’, the paper describes the different ways that securitisation can be used as a tool to support EU growth and strategic objectives, identifies the regulatory hurdles that currently impede its impact and outlines a package .......

    News 6 June 2024

  • Job swaps weekly: WTW appoints experienced leader from SMBC

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees WTW appointing a head of alternative credit insurance, financial solutions, from Sumitomo Mitsui Banking Corporation (SMBC). Elsewhere, Gowling WLG has lured a Toronto-based industry veteran as partner to head up its new structured finance and securitisation group, while Barings has hired an md and global head of fund and asset level .......

    Market Moves 31 May 2024

  • Italian NPL volumes hit three-year low

    Market updates and sector developments

    Italian NPL volumes last quarter hit their lowest point since 2021, according to Scope Ratings. Volumes were down 19% on the 2022-2023 average.

    March 2024 was particularly poor, with volumes down 36% compared to March 2023 and 2022 - despite the total number of transactions (44) being higher (2022 and 2023 saw 41 and 43 deals respectively).

    Over .......

    Market Moves 30 May 2024

  • GACS 2.0 ABS 'better positioned' than GACS 1.0

    Market updates and sector developments

    GACS 2.0 NPL securitisations appear to be better positioned than GACS 1.0 securitisations, both from an asset side perspective - in terms of greater accuracy of original business plans, better collateralisation and healthier performance - and from a structural perspective, in terms of higher levels of conversion rates and hedging status. A new Morningstar DBRS commentary suggests that this .......

    Market Moves 24 May 2024

  • Job swaps weekly: McCarthy Denning appoints CTLA-focused partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees McCarthy Denning hiring a former Greenberg Traurig shareholder as a securitisation-focused partner. Elsewhere, Sumitomo Mitsui Finance and Leasing (SMFL) has promoted a long-standing structured finance and corporate banking executive to head up its New York branch, while Offit Kurman has snapped up a former Greenspoon Marder partner as principal.

    Helena Nathanson .......

    Market Moves 24 May 2024

  • Transition finance: Mobilising capital - video

    Morningstar Sustainalytics' Begum Gursoy speaks to SCI about...

    .......

    News Analysis 23 May 2024

  • Picking up the PACE

    Consumer protection measures bring benefits

    The property assessed clean energy (PACE) ABS market could be set for a renaissance, following progress in bolstering consumer protection measures. Nevertheless, C-PACE activity continues to far outweigh that of the R-PACE sector (SCI 20 January 2023).

    “We refer to it as PACE 2.0. We’ve built in many consumer protections, including making sure borrowers have the ability .......

    News Analysis 22 May 2024

  • Agile framework

    PRA and FCA publish new UK securitisation rules

    Last month, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published policy statements and the new securitisation rules. Together, both UK regulators have triggered the countdown to 1 November 2024 when the new UK securitisation framework will come into force.

    Structurally, both policy statements thoroughly acknowledge industry feedback (following consultation processes that occurred last year) .......

    News Analysis 21 May 2024

  • CFPB alleges student loan servicing failings

    Market updates and sector developments

    The CFPB has taken action against the National Collegiate Student Loan Trusts (NCSLT) and Pennsylvania Higher Education Assistance Agency (PHEAA) for multi-year servicing failures, alleging that the defendants failed to respond to borrowers seeking relief from student loan payments, including during the Covid-19 national emergency. The CFPB has filed proposed stipulated final judgments, which - if entered by the .......

    Market Moves 10 May 2024

  • Job swaps weekly: Western Alliance Trust elevates CLO expert to president and ceo

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Western Alliance Trust Company appointing a new president and ceo with a background in CLOs, levered loans and securities custody. Elsewhere, Aon has hired an executive md of capital advisory, while Eversheds Sutherland has snapped up a Clifford Chance veteran as a capital-markets-focused partner.

    Western Alliance Trust has promoted md .......

    Market Moves 10 May 2024

  • Job swaps weekly: Ashurst lures Fried Frank trio

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Ashurst hiring three structured products professionals, including a partner, from Fried Frank. Elsewhere, Capital Four’s US ceo has left the firm after three years, while HFW has appointed two executives from Norton Rose Fulbright to its global shipping and export finance practice.

    Ashurst has made three appointments to its US structured products, derivatives and .......

    Market Moves 3 May 2024

  • PRA and FCA confirm new UK securitisation rules

    Market updates and sector developments

    The Financial Conduct Authority’s (FCA) and Prudential Regulation Authority (PRA) have published policy statements on new securitisation rules. Alongside the UK Treasury’s draft statutory instrument on securitisation, which was published last week, the changes will come into force on 1 November and will replace EU securitisation regulations.

    The PRA’s statement was published alongside the Securitisation Instrument 2024 section of the PRA Rulebook.

    The .......

    Market Moves 2 May 2024

  • UK bridging loan RMBS market primed for growth

    Enquiries around publicly rated deals rise as lenders eye more diverse sources of funding

    Enquiries into European bridging loan RMBS securitisations are on the rise, with industry sources anticipating the UK will develop into the leading market for new issuance. With the US market leading the way, a shift from private to public could open the asset class up to new investors.

    “We’ve had a number of enquiries on the feasibility of .......

    News Analysis 30 April 2024

  • ATLAS attracts MassMutual commitment

    Market updates and sector developments

    MassMutual has become a minority equity owner in ATLAS SP Partners and a capital partner to the ATLAS platform. As part of the multi-billion-dollar commitment, MassMutual has also agreed to invest in Apollo’s asset-backed finance (ABF) franchise.

    These investments will allow MassMutual to access predominately investment-grade, asset-backed credit originated by ATLAS SP and across the broader Apollo ecosystem, .......

    Market Moves 26 April 2024

  • Job swaps weekly: Cheyne Capital snaps up SRT veteran

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Cheyne Capital hiring an SRT veteran who recently left their role at Barclays. Elsewhere, Wilmington Trust has made changes to its global capital markets leadership team, while a risk transfer specialist has left their position at The D. E. Shaw Group ahead of taking up a new role.

    Cheyne Capital .......

    Market Moves 26 April 2024

  • Final FCA, PRA rules 'imminent'

    Market updates and sector developments

    HM Treasury has published a draft statutory instrument that outlines the next steps in the process of replacing the onshored EU legislative regime for securitisation with its own rules under the broader ‘Smarter Regulatory Framework’ (SRF). The draft Securitisation (Amendment) Regulations 2024 (Amending SI) will repeal the EU Securitisation Regulation on 1 November, implying that the new regime – including .......

    Market Moves 24 April 2024

  • Job swaps weekly: ELFA names Rinaldi as CLO investor committee co-chair

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees the European Leveraged Finance Association (ELFA) appoint a TwentyFour Asset Management portfolio manager as co-chair of its CLO investor committee. Elsewhere, CBRE has named its new ceo of Germany, while Hometap has hired a new director of structured products.

    Elena Rinaldi has taken over from Emeric Chenebaux as the new .......

    Market Moves 19 April 2024

  • Job swaps weekly: A&O Shearman promotes two securitisation lawyers to partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees A&O Shearman announcing two new securitisation partners in its first wave of post-merger partner promotions, while an existing A&O partner leaves for Kirkland & Ellis. Elsewhere, Paul Hastings has lured two securitisation specialists from Weil Gotshal & Manges, while Campbells has added a partner in its Hong Kong practice.

    Allen .......

    Market Moves 12 April 2024

  • 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
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