CMBS

  • Job swaps round-up - 27 October

    Australia

    RMS has hired Pierre Wiart as md to its Sydney office, working on client relationships and market development. He was previously principal at Convergence Partners in Sydney.

    EMEA

    Goldman Sachs has hired Alex Snow as md to its structured finance division. He was also previously md at RBS in structured finance.

    North America

    Axis Capital has hired Brad Livingstone .......

    Job Swaps 27 October 2017

  • Libor replacement a "steep challenge"

    A transition to a replacement reference rate away from Libor by 2021 will be a "steep challenge" within structured finance documentation, according to S&P. The rating agency says the ultimate impact will depend on a number of factors, including whether current IBORs will be maintained for existing transactions until final maturity or whether existing transactions need to shift benchmarks.

    There .......

    News 24 October 2017

  • ABS rating effect explored

    Rating changes can have a significant impact on an ABS bond's price and value. While investors are less reliant on ratings than they were before the financial crisis, rating agencies continue to play a significant role in bond pricing.

    An analysis by TwentyFour Asset Management of the 10-year Portugal sovereign bond reveals that larger rating changes correlate to larger spread .......

    News 24 October 2017

  • Job swaps round-up - 20 October

    Australia

    Baker McKenzie has recruited Duncan McGrath as a partner in its corporate group in Sydney. McGrath was previously a partner at Gilbert + Tobin, where he established and headed the firm's DCM and securitisation practice. His experience includes leveraged and general finance, peer-to-peer lending, insolvency and restructuring, blockchain and smart contracts.

    EMEA

    Orchard Global Asset Management has hired Shawn .......

    Job Swaps 20 October 2017

  • Swap downgrades 'justified, necessary'

    Fitch downgraded Deutsche Bank's ratings last month, stating that the bank is no longer a suitable counterparty for top rated securitisations. While the downgrade was prompted by issues relating to that bank specifically, other bank downgrades could - and, it is argued, should - follow.

    Deutsche Bank's long-term issuer default rating (IDR) was downgraded from single-A minus to triple-B plus .......

    News Analysis 20 October 2017

  • Job swaps round-up - 13 October

    Acquisition

    Navient has entered into an agreement to acquire online student lender Earnest for US$155m in cash. Earnest will continue to operate under its current brand and be led by its current management team. Navient has suspended its remaining share repurchase programme through year-end 2018 to allocate capital towards growing its education lending business and building book value. Closing of .......

    Job Swaps 13 October 2017

  • Treasury report supports securitisation

    The US Treasury has released a report recommending a number of regulatory changes that could make it easier for companies to issue and invest in securitisations. The second in a series on boosting the US financial system, the report stresses the importance of securitisation to a strong economy and suggests repealing elements of the Dodd-Frank Act and lightening other regulatory .......

    News 9 October 2017

  • C-PACE lender breaks new ground

    Greenworks Lending has privately placed the first rated securitisation of purely commercial PACE assets. While the firm intends to tap the market again in the near future, potentially with a public C-PACE deal, the present emphasis is on origination of high quality assets by meeting the needs of commercial real estate property owners.

    Greenworks Lending's US$75m ABS was arranged by .......

    News Analysis 9 October 2017

  • Job swaps round-up - 6 October

    North America

    Roy Guthrie is to succeed JP McNeill - who is transitioning into a long-term strategy role as vice-chairman of the board - as chairman and ceo of Renovate America. Among his previous roles, Guthrie served as cfo and evp of Discover Financial Services and as president and ceo of various Citigroup businesses. Renovate America has also appointed Ari .......

    Job Swaps 6 October 2017

  • Trustee role rewritten by court?

    A ruling by the UK High Court could have significant implications for trustees, potentially redefining their role in securitisation. The court's ruling confirms that a trustee cannot outsource decision making and must take responsibility for exercising the discretion that deal documents allow them, although questions do remain.

    GLAS Trust Corporation was brought into the Fairhold Securitisation (FHSL 2006-1) as a .......

    News Analysis 29 September 2017

  • Toys R Us CMBS exposure gauged

    Toys R Us filed for chapter 11 bankruptcy protection this week. Several US CMBS loans are exposed to the retailer, although no store closures have been announced.

    The company filed for bankruptcy protection in an attempt to resolve US$400m of debt maturing next year. The majority of its stores remain profitable and the company says the filing will not affect .......

    News 21 September 2017

  • Merger to impact SFR volumes

    Starwood Waypoint Homes and Invitation Homes recently announced plans to merge, creating the largest single-family rental company in the US (SCI 11 August). The firms have also stated their intention to go public, a move that is likely to impact their securitisation strategy and potentially curtail issuance in the broader SFR RMBS market.

    The merger will create the largest REIT .......

    News Analysis 21 September 2017

  • Job swaps round-up - 15 September

    EMEA

    Golden Tree Asset Management has opened an office in Sydney, hiring Russell Taylor as md to lead the office. Taylor was most recently md at JPMorgan where he was head of institutional sales for Australia and New Zealand. He worked at the bank for 30 years in a number of roles, including across credit derivatives, structured credit, securitisation, loans .......

    Job Swaps 15 September 2017

  • Debut conduit CMBS launched

    Stonemont Financial Group has sponsored its inaugural CMBS, backed by a portfolio of office, industrial, retail and bank branch properties across 20 US states. The US$800m CMBS conduit, dubbed Stonemont Portfolio Trust 2017-STONE (see SCI's deal pipeline), is collateralised by a two-year, floating-rate, interest-only mortgage loan securing 94 properties and a leasehold interest in one property.

    Proceeds of .......

    News 8 September 2017

  • Job swaps round-up - 8 September

    EMEA

    Tiger Risk UK has hired Michael Wade as a non-executive chair of TigerRisk Capital Markets and Advisory UK. He is also the Crown representative for insurance at the UK cabinet office and advisor to the Chancellor of the Exchequer on issues relating to Insurance Linked Securities (ILS).

    Beechbrook Capital has hired Jon Petty to the role of associate director .......

    Job Swaps 8 September 2017

  • CMBS split loans on the rise

    Pari-passu loans are increasing as a percentage of US conduit CMBS transactions. A recent Deutsche Bank analysis suggests that there are now 500 split loans in CMBS 2.0 deals and while split conduit loans can be of high quality, some investors prefer loan diversity over overlap.

    Split loans can reduce diversification across a CMBS portfolio, particularly when individual portions of .......

    News 7 September 2017

  • Euro secondary returns

    The European securitisation secondary market is beginning to return to life after the summer.

    August saw the usual seasonal lull in terms of trading volumes in ABS/MBS, but the buying bias remained across the board. Consequently, secondary spreads were flat to slightly tighter month on month.

    CLO volumes saw less of a dip and from time to time, especially around .......

    SCIWire 7 September 2017

  • Job swaps round-up - 1 September

    EMEA

    Credit Suisse has hired Constantin Hulst as a CLO structurer to its European CLO origination team in London, reporting to Michael Malek, head of European CLO structuring. Hulst was previously at BNP Paribas, where he was an analyst and structurer in the CLO team.

    North America

    Allianz Global Investors has hired Mona Mahajan as its new US investment strategist. She .......

    Job Swaps 1 September 2017

  • Direct issuance achieves CMBS firsts

    The recent US single-asset/single-borrower CMBS from the Shidler Group - HMH Trust 2017-NSS (see SCI's primary issuance database) - debuted a new direct issuance model, at least post the financial crisis. The transaction features several innovations, including a unique risk retention structure and extra borrower control.

    Proceeds from the US$204m transaction were used by the Shidler Group to .......

    News Analysis 1 September 2017

  • Hurricane Harvey impact weighed

    While the picture is not yet clear in terms of the total damage inflicted by Hurricane Harvey, it looks set to impact several sectors across securitisation. RMBS and CMBS appear likely to be most affected, along with credit risk transfer transactions and potentially auto ABS.

    CMBS 2.0 transactions are set to be most affected, with Morgan Stanley estimating that 241 .......

    News 1 September 2017

  • Job swaps round-up - 25 August

    EMEA

    Fitch has appointed Marjan van der Weijden as global group head of structured finance and covered bonds, based in London. She has been with Fitch for 18 years and most recently served as head of EMEA structured finance since 2010. The agency has also appointed Kevin Duignan as global group head for financial institutions, based in New York. He .......

    Job Swaps 25 August 2017
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