CMBS
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Project finance risk transfer completed
Santander has completed a synthetic risk transfer securitisation, transferring risk on a €2.3bn portfolio of loans originated in Spain and other EU countries. Scope Ratings has rated the transaction triple-A.
The synthetic project finance CLO references a portfolio of 241 loans originated by Banco Santander. The deed was executed yesterday, 21 December.
Scope has rated the €1.514m A tranche at .......
News 22 December 2017
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Embracing a tactical approach
David Moffitt, head of tactical investment opportunities at LibreMax Capital, answers SCI's questions
Q: How and when did LibreMax Capital become involved in the securitisation market?
The Structured Credit Interview 22 December 2017
A: LibreMax Capital was established in October 2010 by founding cio Greg Lippmann and founding president Fred Brettschneider, who previously worked at Deutsche Bank and Credit Suisse together. The firm - which focuses exclusively on .......
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Broad-based recovery underlined
The global securitisation markets continued their broad-based recovery in 2017, with total issuance reaching about US$850bn-equivalent through November, an increase of 27% over the approximately US$667bn-equivalent recorded in full-year 2016. Volumes have been supported by economic growth and more market participants embracing securitised products in order to diversify funding sources and add yield.
The US recorded US$478bn in new issue securitisation volume .......
News Analysis 20 December 2017
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Job swaps round-up - 15 December
North America
Angelo, Gordon has promoted Josh Baumgarten and Adam Schwartz to the roles of co-cio, active 1 January, 2018. Baumgarten is currently deputy cio at the firm while Schwartz is currently head of the company's real estate group in the US and Europe. Michael Gordon will continue in his role of ceo and co-cio.
Lee Shaiman has been hired as .......
Job Swaps 15 December 2017
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Debussy trigger breach eyed
DBRS has downgraded its rating on the Debussy DTC class A notes to double-B (low) from triple-B (low) and placed the deal under review with negative implications. The move reflects the imminent decrease in credit characteristics of the UK CMBS, due to Toys 'R' Us's (TRU) proposed company voluntary arrangement (CVA), which could result in the transaction suffering an ICR .......
News 14 December 2017
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Riding the refinancing wave
The US CMBS market appears to have successfully addressed the challenges posed this year by the peak of the refinancing wall and the implementation of risk retention rules. Against this backdrop, single-asset/single-borrower (SASB) transactions posted record issuance volumes, as new investors entered the sector to fund risk retention.
Low interest rates and a competitive commercial real estate lending environment have .......
News Analysis 13 December 2017
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Job swaps round-up - 8 December
EMEA
Clayton Euro Risk has announced that Tony Ward, ceo and president, and Simon Collingridge, client solutions and strategic delivery director, are leaving the company to pursue other business opportunities.
CMS has hired Neil Hamilton as partner to its capital markets and derivatives team in London. He joins from Jones Day where he was also partner and boosts the team to .......
Job Swaps 8 December 2017
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Record post-crisis CRE CLO prepped
Blackstone Mortgage Trust (BXMT), a Blackstone-owned REIT, is marketing an inaugural US$1bn CRE CLO. Dubbed BXMT 2017-FL1, the transaction is the largest CRE CLO since the crisis and will initially be backed by 31 equally-sized non-controlling interests that are collateralised by 71 properties.
Moody's and KBRA have assigned provisional ratings of Aaa/AAA to the US$530m class A notes. Only KBRA .......
News 6 December 2017
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Job swaps round-up - 1 December
EMEA
CBRE has hired Paul Coates as executive director and head of debt and structured finance EMEA. He will report to Richard Dakin, md of CBRE Capital Advisors. Coates was previously md, head of UK real estate finance at RBS.
North America
THL Credit co-ceo Christopher Flynn has been named sole ceo of the firm, following the resignation of co-ceo .......
Job Swaps 1 December 2017
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Euro ABS/MBS stable
The European ABS/MBS secondary market continues to remain stable.
"It's been a sporadically active month - our total volumes and flows indicate November is the busiest since July," says one trader. "However, market tone is still strong and we're not seeing any areas of weakness."
As a result, the trader says: "Secondary spreads remain well-supported, so we continue to steadily .......
SCIWire 30 November 2017
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Fresh blow adds to CMBS retail woes
The retail sector's well-publicised woes are affecting both primary and secondary CMBS. While the high retail concentration in outstanding US CMBS continues to concern the market, the retreat of lenders from the retail space means that now even healthy malls are struggling to attract financing.
Large-scale store closures by retailers such as JC Penney, Macy's and Sears have become a .......
News Analysis 29 November 2017
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Job swaps round-up - 24 November
EMEA
Alvin Wong has been hired as director at United Overseas Bank (UOB). Previously he was svp at DBS bank where he was involved in structured finance and securitisation transactions.
North America
Ally Financial has hired Josh Wilsusen as md for public policy and government affairs. Wilsusen was previously at Morgan Stanley where he was executive director of government relations and .......
Job Swaps 24 November 2017
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UK CMBS prices tight
Taurus 2017-2 UK, a rare single-loan UK CMBS (SCI 17 November), has priced. All offered tranches were well covered and final spread levels were set below initial price talk and at the tighter end of guidance, although concerns have also been raised.
Initial price talk for the £164.48m senior A tranche, rated triple-A by Fitch and DBRS, was in the .......
News 24 November 2017
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Mixed portfolio SRT printed
NatWest has originated a capital relief trade dubbed Nightingale Securities 2017-1. Unusually, the £390.2m CLN references a mixed portfolio of asset classes. It is also the first DBRS-rated synthetic securitisation for the RBS Group.
The synthetic securitisation, structured in the form of a financial guarantee (SCI 18 April), was priced in the typical 9%-12% range for these trades. It features .......
News Analysis 21 November 2017
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Job swaps round-up - 17 November
EMEA
CSC has hired Jonathan Hanly as md to its Ireland office, Hinnerk Koch as md to its Luxembourg office and Aline Sternberg as head of transaction services in the UK. Hanly has previous executive leadership roles with the Intertrust Group, SFM Europe and RBS. Koch has significant experience in the alternative finance and securitisation markets in Luxembourg, having spent .......
Job Swaps 17 November 2017
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UK CMBS could signal turning point
Bank of America Merrill Lynch is marketing a Blackstone-sponsored UK CMBS - the first European conduit CMBS since early last year - signalling a possible turning point for the asset class and a potential surge in issuance. Dubbed Taurus 2017-2, the £347.929m transaction is backed by a single floating-rate loan, which is secured by a portfolio of 127 predominantly logistics .......
News Analysis 17 November 2017
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Job swaps round-up - 10 November
EMEA
Ares Management has hired Rory McHugh as md. McHugh was previously md, head of alternative finance, specialist lenders and fintech at RBS. Prior to that he was head of structured finance derivatives and automated treasury solutions also at RBS.
Scope has founded Scope Investor Services to support institutional investors in the selection of fund managers and investment vehicles across .......
Job Swaps 10 November 2017
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Las Vegas SASB CMBS prepped
Caesars Entertainment Operating Company emerged from bankruptcy last month. The restructuring of its affairs has resulted in the preparation of a CMBS, which is now marketing.
The US$1.6bn Caesars Palace Las Vegas Trust 2017-VICI CMBS (see SCI's deal pipeline) has been provisionally rated by both S&P and Kroll Bond Rating Agency. The collateral is a five-year, fixed-rate interest-only .......
News 8 November 2017
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Job swaps round-up - 3 November
EMEA
The Carlyle Group is set to reorganise its executive leadership, effective from 1 January 2018. Deputy cio Kewsong Lee and president/coo Glenn Youngkin will replace David Rubenstein and William Conway as co-ceos of the firm, while deputy cio Peter Clare will become co-cio alongside current cio Conway, with the trio also joining the board of directors. Rubenstein and Conway .......
Job Swaps 3 November 2017
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Online retail drives CRE growth
Industrial logistics space outperformed office, retail, apartment and light industrial space in terms of supply, demand, occupancy and rent growth in 1H17, notes Morningstar Credit Ratings. Online retailers such as Amazon have been central to the industrial sector emerging as the leader of growth in CRE.
Amazon's industrial space backs US$2.41bn in CMBS. The company's fulfilment network, comprised of fulfilment .......
News 31 October 2017
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Euro secondary strengthens
Levels continue to strengthen across the European securitisation secondary market.
October has been another month of more of the same and November looks unlikely to differ in the short term as technicals still hold sway and volumes remain relatively light. Demand continues to outstrip supply with holders unwilling to release seemingly ever-improving paper and other participants, especially dealers, very keen .......
SCIWire 31 October 2017