CMBS

  • Inside job

    Internal ESG assessments and SPOs favoured

    Second-party opinions (SPOs) are growing in importance as climate credit risks and sustainable impact efforts continue to converge. At the same time, although rating agency ESG criteria have developed extensively alongside regulation, many securitisation market participants still rely on internal ESG performance assessments and scoring.

    “We treat a second-party opinion how we’d treat an opinion from any other .......

    News Analysis 26 January 2024

  • Job swaps weekly: Permira Credit promotes pair to lead expansion

    People moves and key promotions in securitisation

    This week’s round-up of securitisation job swaps sees Permira Credit appoint two new co-heads to lead the firm’s expansion. Elsewhere, Hildene Capital Management has snapped up a Jefferies executive as head of capital markets, while Axonic Capital has promoted its head of credit to the newly created role of co-cio. 

    David Hirschmann and Ariadna Stefanescu have been appointed .......

    Market Moves 19 January 2024

  • IFC, SG team up on sustainable finance

    Market updates and sector developments

    Societe Generale and IFC have signed a Collaboration Framework Agreement to accelerate efforts on sustainable finance in developing countries, as part of both institutions' shared ambition to contribute to the UN Sustainable Development Goals (SDGs) and a strong commitment to the environmental transition and sustainability.

    As part of this agreement, the two institutions aim to further develop wide-ranging .......

    Market Moves 19 January 2024

  • SCI In Conversation podcast: Andrew South and Alastair Bigley, S&P Global Ratings

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, SCI's deputy editor Kenny Wastell speaks to S&P Global Ratings’ md and head of EMEA structured finance research Andrew South and Alastair Bigley, md and sector lead for European RMBS, about the year ahead. The ratings agency recently published its European Structured Finance Outlook for 2024, forecasting that issuance in Europe could .......

    News Analysis 16 January 2024

  • Job swaps weekly: All change at Voya as new ceo announced

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Voya Investment Management announce a successor to retiring ceo Christine Hurtsellers. Elsewhere, Greystone has snapped up an industry veteran as senior md for structured finance, while Slate Asset Management has promoted two executives to md in Chicago and Frankfurt.

    Matt Toms is to take over as ceo at Voya Investment .......

    Market Moves 12 January 2024

  • Reaching for the Starz

    Future of European CRE CLO market contemplated

    Despite no new issuance since Starz Realty Capital’s debut in 2021 (SCI 9 December 2021), the underlying message from those closest to the European CRE CLO market is simple: it’s better than the headlines are making it seem. With just one public deal closed in Europe thus far, CRE CLOs still stand up as a strong funding tool .......

    Talking Point 8 January 2024

  • Job swaps weekly: Greenberg Traurig appoints three new partners from Seward & Kissel

    People moves and key promotions in securitisation

    The first weekly roundup of securitisation job swaps of 2024 sees Greenberg Traurig appointing a trio of structured finance specialists as partners. Elsewhere, Obra Capital has hired two senior investment executives from AllianceBernstein and RiverRock Funds, while Stout’s md and co-lead of structured credit leaves the firm for a new project.

    Kalyan Das has joined Greenberg Traurig, along .......

    Market Moves 5 January 2024

  • Communication skills

    CRE loan-on-loan financing a 'relationship-oriented business'

    Speakers on the loan-on-loan financing panels at SCI’s inaugural European CRE Finance Seminar last month stressed the importance of a good working relationship between lender and borrower. They also noted that “capital is king” for banks, pointing to securitisation as an effective way to lower RWA treatment for such lending.

    Commercial real estate loan-on-loan financing is a relationship-oriented .......

    Talking Point 22 December 2023

  • Basel banks

    Banks forced away from loans and into low RWA assets in 2024

    An unintended consequence of the implementation of Basel III endgame rules in the US is that banks will be forced into more capital efficient agency MBS at the expense of loans, according to Mohib Karzai, head of agency MBS trading at JP Morgan.

    Talking Point 20 December 2023

  • Job swaps weekly: Reed Smith poaches Linklaters' Drury

    People moves and key promotions in securitisation

    This final weekly roundup of securitisation job swaps of 2023 sees Reed Smith snapping up a Linklaters partner and structured finance specialist. Elsewhere, ARIA Commodities has lured a Deutsche Bank veteran as head of structured trade finance, while CBRE has made two senior promotions in its European team.

    Linklaters veteran Mark Drury has joined Reed Smith as a .......

    Market Moves 18 December 2023

  • Basel 3 'roadmap', reporting ITS published

    Market updates and sector developments

    The EBA has published its roadmap on the so-called Banking Package, which implements the final Basel 3 reforms in the EU. The roadmap aims to strengthen the prudential framework, as well as ensure an international level playing field. It also seeks to provide clarity on how it will develop the mandates implementing the legislation and finalise the most significant .......

    Market Moves 14 December 2023

  • Generating traction in a stalled market

    Matteo Cidonio, managing partner at GWM Group, answers SCI's...

    Q: The past couple of years have been a very difficult period for the CRE market globally. You recently said there are opportunities for investors who target the right real estate categories and more specifically segments, even in the current market. What would you see as being the top segments in Europe currently, and why?
    A: Commercial real estate has .......

    The Structured Credit Interview 11 December 2023

  • Job swaps weekly: EU finance ministers choose Calviño for EIB

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Nadia Calviño chosen to become head of the European Investment Bank (EIB). Elsewhere, the Structured Finance Association welcomes seven industry leaders to its new board of directors, while a Mayer Brown partner and structured finance specialist has joined Jones Day as partner in its London office.

    Spain’s deputy prime minister .......

    Market Moves 8 December 2023

  • Job swaps weekly: Sirius execs join forces to launch Karis

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees the launch of a new real estate debt advisory firm, Karis Capital UK, led by a number of outgoing Sirius Group executives. Elsewhere, Invesco has lured a Munich-based Patrizia director to its EMEA structured debt finance team, while Sumitomo Mitsui Banking Corporation (SMBC) has appointed a Clifford Chance senior associate as .......

    Market Moves 1 December 2023

  • Positioned for quality and liquidity

    Kate Galustian, lead portfolio manager for BlackRock Senior...

    Q: When you announced BlackRock Senior Securitised Fund (SCI 20 November), BlackRock stated that this new vehicle will predominantly invest across continental Europe and the UK. To what extent was that driven by current opportunities specific to that geographic market, and could you provide an outline as to what those are?
    A: The fund was designed in collaboration with .......

    The Structured Credit Interview 30 November 2023

  • Rules of conflict

    Final SEC "conflict of interest" ruling offers crumbs of comfort

    The SEC’s final “conflict of interest” ruling, designated Rule 192 and released at the beginning of this week (SCI 29 November), waters down some of the most onerous restrictions but still represents a serious imposition for securitized markets participants, say those in the field.

    The new rule prohibits so-called “securitization participants” from engaging in “conflicted transactions” during the life of an .......

    News 30 November 2023

  • SIFMA calls for STC framework

    Market updates and sector developments

    A new SIFMA blog highlights three actions that will mitigate what the association calls the “perverse incentives” created by the lack of appropriate risk-sensitivity of the SEC-SA framework, under the US Basel 3 Endgame (B3E) proposal. The blog describes the proposal as “the most restrictive approach to set capital requirements for banks’ securitisation exposures in the developed world”.

    As .......

    Market Moves 29 November 2023

  • Job swaps weekly: EverBank lures Forbright's Walsh

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees EverBank hiring a senior Forbright Bank executive as head of structured real estate finance. Elsewhere, National Australia Bank (NAB) has made two senior promotions within its securitisation teams in Melbourne and New York, while Piraeus Bank has elevated an Athens-based director to the role of senior director, head of securitisations and transaction structuring.

    EverBank, .......

    Market Moves 24 November 2023

  • Hotel upgrades

    Uplift in fortune seen for lodging CMBS

    The lodging sector is one of the few bright spots in the US CMBS landscape. This Premium Content article uncovers the reasons why.

    The US lodging sector has enjoyed an uplift in fortunes over the past 18 months, with pent-up demand from holidaymakers driving a post-Covid recovery. Despite a slight uptick in delinquencies in recent months, sector-specific metrics ......

    News Analysis 21 November 2023

  • Global goals

    Chris Whitcombe, head of European and US ABS at Challenger I...

    Q: Challenger IM recently launched its first securitisation-only investment fund – the Challenger IM Global ABS Fund (SCI 1 November). What makes now the right time?
    A: At Challenger IM, we manage assets for leading global and Australian institutions. We have been actively investing in ABS since 2005, including the private ABS market for the last decade. So, although .......

    The Structured Credit Interview 20 November 2023

  • BlackRock launches Article 8 ABS fund

    Market updates and sector developments

    BlackRock has launched the BlackRock Senior Securitised Fund (BSSF), its new flagship securitisation fund, in the existing BlackRock Specialist Strategies Fund range. The firm says that BSSF is designed to meet the strong demand for securitised assets from both institutional and wealth clients seeking to diversify their fixed income exposures. Clients have demonstrated a desire for the diversification benefits, .......

    Market Moves 20 November 2023
×