CMBS
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Job swaps weekly: CBRE names new debt and structured finance president
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees CBRE appointing a successor to its outgoing US debt and structured finance president, Rachel Vinson. Elsewhere, the Structured Finance Association has appointed two industry veterans to its policy team, while Aon has recruited senior members in its structured credit solutions and reinsurance solutions teams.
CBRE has promoted James Millon to president .......
Market Moves 22 September 2023
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RFC issued on CMBS methodology
Market updates and sector developments
Scope is calling for comments on a proposal to update its CRE loan and CMBS rating methodology. The proposed changes are expected to affect existing ratings assigned by the agency by up to two notches on the upside and four notches on the downside.
Most notably, the proposal introduces a scoring framework for determining assumptions and the rateability .......
Market Moves 21 September 2023
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Rhapsody in retail
CMBS offers liquidity for non-mall retail borrowers
Since the restrictions imposed by the Covid 19 pandemic and probably before, the US commercial real estate (CRE) sector has by and large been in the doldrums. But experienced CRE investors can find value and remain funded by a combination of traditional bank loans and CMBS financing.
Gary Rappaport is nothing if not experienced: he has been a CRE investor in the .......
The Structured Credit Interview 19 September 2023
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BXCI to offer 'one-stop solution'
Market updates and sector developments
Blackstone has integrated its market-leading corporate credit, asset-based finance and insurance groups into a single new unit, named Blackstone Credit & Insurance (BXCI). Credit and insurance is Blackstone’s fastest-growing segment – more than doubling to US$295bn in assets under management over the last three years.
The new structure is designed to further accelerate growth by creating a more .......
Market Moves 15 September 2023
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Job swaps weekly: M&G poaches Pimco's Scott
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees M&G Investments luring a former Barclays structured finance veteran from Pimco to take on the role of director. Elsewhere, Avenue One has added senior hires to its real estate capital partnerships and alternative capital partnerships teams, while Pinsent Masons has hired a new securitisation partner.
M&G Investments has appointed Pimco .......
Market Moves 15 September 2023
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Job swaps weekly: Pretium snaps up Morgan Stanley coo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Pretium snap up a long-serving Morgan Stanley coo, as it looks to continue its acquisitive growth strategy. Elsewhere, Société Générale CIB has lured a new head of EMEA CLOs from Credit Suisse, while Annaly Capital Management has appointed two industry veterans as independent board members.
Residential real estate and structured .......
Market Moves 8 September 2023
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Energy performance regulations yet to impact RMBS
Market updates and sector developments
Climate transition risks linked to changes in energy-efficiency performance regulations are having a limited impact on the European RMBS market, according to research by S&P Global. The view is the result of a scenario analysis conducted by S&P of properties in England, Wales, Ireland, France and the Netherlands with energy performance certificate ratings of F and G.
The agency acknowledges that, should .......
Market Moves 7 September 2023
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GLAS strengthens European footprint
Market updates and sector developments
GLAS SAS is set to acquire Paris-based asset management and trust business Pristine, subject to regulatory approval and customary closing conditions. This is GLAS’s first acquisition as it seeks to strengthen its European footprint and fast-track global expansion.
Established in 2016, Pristine provides fund structuring and management services to both international and domestic institutions with the primary purpose .......
Market Moves 1 September 2023
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Job swaps weekly: All change at Tikehau
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Tikehau Capital making a number of promotions, including the appointment of a new president of Tikehau IM and a new head of structured credit. Elsewhere, Way Capital has snapped up a new head of agency finance from First Foundations, while CBRE has poached two structured finance executives from Greystone & Co.
Market Moves 1 September 2023
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European CRE debt faces €93bn funding gap
Market updates and sector developments
Updated AEW research shows an estimated European commercial real estate debt funding gap (DFG) of €93bn, representing the shortfall between the original amount of secured CRE debt originated in 2018-2021 and the amount available for refinance at loan maturity for the 2023-2026 period across all four property sectors in France, Germany, Italy, Netherlands, Spain and the UK (SCI .......
Market Moves 31 August 2023
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Expenses review
Addressing rising operating costs in Euro CMBS
A recent S&P review of European CMBS transactions has revealed a consistent increase in operating costs, both on an absolute (per square-foot) and relative basis (as a percentage of revenue). Consequently, the rating agency argues that the current challenging macro environment demands a stronger focus on property expenses.
Reasons for the rise in European CMBS expenses are threefold, with .......
News 29 August 2023
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Capital blues
Securitisation set to become more costly for US banks
US regulators appear set to march in the opposite direction to their European counterparts with regard to the capital treatment of securitisation. The 1,087-page document released on 27 July as part of the Basel 3 Endgame by the Federal Reserve, the FDIC and the OCC (SCI 28 July) proposes increasing the so-called p-factor from 0.5 to 1.0, News Analysis 29 August 2023
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Job swaps weekly: Stream of hires at Flowcarbon
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees carbon fintech business Flowcarbon bulk up its structured finance muscles with a promotion and two new hires. Elsewhere, Atom Bank has appointed a former Arrow Global ceo as chair designate, while Bespoke Real Estate Advisers has promoted a founding member to chief investment officer.
Flowcarbon has promoted Martin Kessler to .......
Market Moves 25 August 2023
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Securitisation exempt from private fund rule
Market updates and sector developments
The US SEC has determined that securitised assets funds, including CLOs, are exempt from its Private Fund Advisers Rule. The new rules aim to protect private fund investors by increasing transparency, competition and efficiency in the private funds market. To enhance transparency, the rules will require private fund advisers registered with the Commission to provide investors with quarterly statements - .......
Market Moves 25 August 2023
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Janus Henderson rounds out securitisation ETF suite
Market updates and sector developments
Janus Henderson is preparing the launch of a new fund that the firm says will complete its suite of securitisation-focused ETFs and enable it to invest in almost all of the US securitised market. The US$253.3bn asset manager filed a preliminary registration statement with SEC for Janus Henderson Securitized Income Exchange Traded Fund on Friday.
The new ETF’s objective is to “seek .......
Market Moves 21 August 2023
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Job swaps weekly: TCW snaps up American Century securitisation head
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees TCW Group appoint a successor to its recently departed global co-head of securitised products. Elsewhere, ARC Ratings has hired a European industry veteran as non-executive director, while Guy Carpenter has appointed a senior marketing and business development executive as md.
Los Angeles-headquartered asset manager TCW has appointed American Century Investments’ Peter Van Gelderen as .......
Market Moves 18 August 2023
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Fine-tuning UK securitisation
FCA and PRA take pragmatic approach to post-Brexit regulations
The FCA’s consultation on UK securitisation regulations suggests there will be some welcome changes to retained regulations ‘onshored’ post-Brexit. But the British government is unlikely to secure the bonfire of regulations it set out to achieve.
The FCA published its plans last week (SCI 7 August), two weeks after the PRA released its consultation and less than a .......
News Analysis 15 August 2023
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Job swaps weekly: New faces for Newmark
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Newmark Group making a number of senior appointments to its debt and structured finance team. Elsewhere, Helaba has hired a former Deutsche Bank md to lead its asset finance team, while CRED iQ has appointed a new head of data and analytics.
Commercial real estate manager Newmark has made three senior appointments in its .......
Market Moves 11 August 2023
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Innovative financing inked for Deutsche Bahn
Market updates and sector developments
The EIB and HypoVereinsbank are providing credit lines totalling up to more than €2bn to Deutsche Bahn for the procurement of 90 new trains for the Munich S-Bahn. Deutsche Bahn will receive financing for the new vehicles from Bayerische Eisenbahngesellschaft (BEG), which plans, finances and controls the regional and S-Bahn traffic in Bavaria on behalf of the Bavarian Ministry .......
Market Moves 3 August 2023
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Risk transfer round-up - 3 August
The week's CRT developments and deal news
Market news
News 3 August 2023
Risk Control has received funding from the MDB Challenge Fund for two projects with the objective of helping Multilateral Development Banks (MDBs) build on the recommendations of the G20’s Independent Review of MDB Capital Adequacy Frameworks (CAF). One of the projects will deliver analysis to support MDB risk transfer, creating insights and technical tools for balance sheet optimisation .......
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Groundbreaking cannabis CMBS closed
Market updates and sector developments
Groundbreaking cannabis CMBS closed
Market Moves 2 August 2023
Pelorus Capital Group has closed PCG 2023-1, the first-ever securitisation backed by cannabis-linked real estate assets. The firm retained a third of the US$70m offering, selling US$45m of bonds, which it says attracted a range of institutional investors and hedge funds that were “drawn to the high yield and growth of the businesses”. The single-tranche CMBS .......