Capital Relief Trades
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Magnetar mooted
Illinois-based investor denies buying Merchants Bank SRT
Magnetar Capital, an Illinois-based asset manager, has denied strong rumours that it was the buyer of the SRT from Merchants Bank of Indiana, reported last Friday.
Well-placed market sources had suggested that it had been the investor, but Magnetar says otherwise.
The firm was founded in 2005 and had $12.6bn AUM on 31/12/2022. It has over 200 employees in Evanston, Illinois, Houston, Texas, .......
News 3 April 2023
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Merchants joins the party
Brand new US SRT deal from Merchants Bank of Indiana
Merchants Bank of Indiana, a subsidiary of Merchants Bancorpt, headquartered in Carmel, Indiana, has become the latest US regional to issue a SRT trade, it has been discovered.
The bank, which had $9.7bn in assets of March 2022, has sold a $158m face value credit linked note (CLN) due May 26 2028.
This deal represents a securitization of a $1.3bn reference pool of healthcare commercial .......
News 31 March 2023
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Enpal backed for Germany's first solar ABS
Sector developments and company hires
Enpal backed for Germany’s first solar ABS
Renewable energy company Enpal has secured €356m from Citi and M&G to fund a warehouse facility for Germany’s first residential solar securitisation. The deal will provide Enpal customers access to financing for around 12,500 photovoltaic systems spanning energy storage and electric vehicle charging.Citi has made a senior debt commitment of €300m to .......
Market Moves 30 March 2023
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Fair winds
CRT issuance hits all-time record
CRT issuance volumes broke all-time records last year and the pipeline continues to build. The only potential blots on the horizon are the regulatory pause in the US and the fallout from the collapse of Credit Suisse and Silicon Valley Bank, as this Premium Content article suggests.
Capital relief trade issuance broke all-time records last year with ......
News Analysis 30 March 2023Premium Content
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Swedish auto lease ABS debuts
Sector developments and company hires
Swedish auto lease ABS debuts
Volkswagen Financial Services has closed its inaugural Swedish auto lease ABS. Dubbed VCL Master Sweden Compartment 1, the Skr9.1bn transaction is backed by a diversified pool of receivables representing over 40,000 leasing contracts extended to corporates and individuals in Sweden by Volkswagen Finans Sverige (VFS).In a private placement, the Aaa/AAA/AAA rated (Moody’s/ DBRS .......
Market Moves 27 March 2023
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Regionals roughed up
US tier one banks set for new dawn in SRT market while regionals suffer
As US regional banks have been battered in recent days, the SRT market for larger institutions might be looking up.
Indeed, suggest sources, JP Morgan Chase is poised to issue a smallish SRT trade to test out the waters. Sources add that US regulators are seemingly about to adapt a more beneficent attitude towards the mechanism than has been the case for .......
News Analysis 22 March 2023
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AlbaCore, FSI strategic partnership inked
Sector developments and company hires
AlbaCore, FSI strategic partnership inked
Australian asset manager First Sentier Investors (FSI) has acquired a majority stake in UK-headquartered private debt firm AlbaCore Capital Group. The move is intended to diversify FSI’s portfolio across new asset classes and geographies. Completion of the strategic partnership is targeted for 3Q23, pending regulatory approvals.The deal is the latest in a trend .......
Market Moves 21 March 2023
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ACC servicing transferred post default
Sector developments and company hires
ACC servicing transferred post default
Market Moves 16 March 2023
RAC Asset Holdings – the transferor and undivided trust interest beneficiary of the collateral underlying the ACC Trust 2019-2, ACC Trust 2021-1 and ACC Trust 2022-1 auto ABS (SCI 8 March) – has filed for Chapter 7 bankruptcy in the US Bankruptcy Court for the District of Delaware. The servicer for the securitisations, RAC .......
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Regional bank CLNs on watch amid SVB fallout
Sector developments and company hires
Regional bank CLNs on watch amid SVB fallout
Market Moves 15 March 2023
KBRA has placed on watch developing 78 ratings from three CLN transactions issued by Western Alliance Bank (WAB) and one issued by Pacific Western Bank (PWB), following the rating agency’s placement of each institution’s senior unsecured rating on watch developing. The move comes amid a period of stress for WAB and PWB, .......
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ICE merger challenged on 'competitive harm'
Sector developments and company hires
ICE merger challenged on ‘competitive harm’
The US FTC is seeking to block the proposed merger between Intercontinental Exchange (ICE) and its top competitor, Black Knight (SCI 5 May 2022). The regulator claims that the merger would drive up costs, reduce innovation and reduce lenders’ choices for tools necessary to generate and service mortgages.ICE owns the dominant .......
Market Moves 10 March 2023
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