CLOs

  • NPL forward flow sale agreed

    Sector developments and company hires

    NPL forward flow sale agreed
    NPL Markets has acted as advisor to UniCredit on the sale of a portfolio of Italian non-performing unsecured loans with a claim value of approximately €90m to a vehicle managed by Kruk and to Credit Factor. Concurrently, the forward flows of Italian consumer loans that will be classified as bad loans in 2023 and 2024, .......

    Market Moves 23 December 2022

  • Survey suggests improved sentiment

    Sector developments and company hires

    Survey suggests improved sentiment
    KBRA has published the results of its December survey of European structured finance investors, which was conducted to gauge their views and expectations regarding the market. The report reveals a more positive picture than the rating agency’s previous investor survey from June.

    “While many challenges remain for the European securitisation sector, sentiment for the market .......

    Market Moves 9 December 2022

  • Selective positioning

    Loan refi, liquidity needs to provide private credit opportunities

    The European CLO market faces a number of challenges next year, including constrained loan supply, potential loan defaults and downgrades, and a squeeze on equity arbitrage. Against this backdrop, loan refinancing and borrower liquidity needs are set to provide opportunities for private credit investors.

    European CLO new issue activity is expected to remain robust heading into 1Q23, which will .......

    News Analysis 8 December 2022

  • BWIC template released

    Sector developments and company hires

    BWIC template released

    Real estate standards organisation MISMO has released a BWIC standard template aimed at facilitating the bidding process for MBS between mortgage originators and dealers. The standard has achieved ‘candidate recommendation’ status, .......

    Market Moves 6 December 2022

  • Marble Point acquisition agreed

    Sector developments and company hires

    Marble Point acquisition agreed

     

    Market Moves 2 December 2022

  • RWA overhaul mooted under Basel 3.1

    Sector developments and company hires

    RWA overhaul mooted under Basel 3.1

     

    The PRA has released a consultation paper on the UK implementation of Basel 3.1 rules, Market Moves 1 December 2022

  • Fitch launches new ESG ratings

    Sector developments and company hires

    Sustainable Fitch has launched new ESG Ratings for global labelled structured bonds and covered bonds. The news follows its opening of ESG Ratings, Data & Analysis for North American, UK, and European corporates and financial institutions earlier this year. The latest addition will see Sustainable Fitch offering entity ratings, framework ratings, and .......

    Market Moves 29 November 2022

  • Unrepresentative 'synthetic' Libor mooted

    Sector developments and company hires

    Unrepresentative ‘synthetic’ Libor mooted

     

    The UK FCA has published a consultation on a proposal to require - using its powers .......

    Market Moves 25 November 2022

  • ESG activation consortium launched

    Sector developments and company hires

    ESG activation consortium launched
    Dexai-Etica Artificiale, Establecimiento Financiero de Crédito, European DataWarehouse (EDW), Hypoport, Unión de Créditos Inmobiliarios, Università Ca’ Foscari Venezia and Woonnu have launched the ‘Engage for ESG Activation Investments’ (ENGAGE) project, which .......

    Market Moves 17 November 2022

  • Conflict of interest charge settled

    Sector developments and company hires

    Conflict of interest charge settled

     

    The US SEC has charged .......

    Market Moves 15 November 2022

  • Liquidity event shows ABS 'did its job'

    Sector developments and company hires

    Liquidity event shows ABS ‘did its job’

     

    The volume of European ABS and CLO bonds listed on BWICs between the UK government’s ‘mini-budget’ announcement .......

    Market Moves 14 November 2022

  • Alternatives ESG disclosure template launched

    Sector developments and company hires

    Alternatives ESG disclosure template launched

     

    A group of leading alternative asset managers and industry bodies in the private and broadly .......

    Market Moves 10 November 2022

  • Irish, UK NPE disposals inked

    Sector developments and company hires

    Irish, UK NPE disposals inked

     

    The Bank of Ireland has reached agreements to dispose of portfolios of Irish and UK non-performing exposures, through two .......

    Market Moves 9 November 2022

  • Call for Och 'feud' to end

    Sector developments and company hires

    Call for Och ‘feud’ to end
    Sculptor Capital Management’s independent board members and Jimmy Levin, the firm’s current cio and ceo, have issued statements in response to a recent court filing related to a dispute brought by former chairman and ceo Daniel Och. The filing mentions a “personal issue” from Levin’s past, which was thoroughly reviewed at the time and .......

    Market Moves 3 November 2022

  • Stress-testing resilience

    Climate-change risk assessment approach debuts

    Scope has introduced a stress-testing methodology to assess climate-change impacts on securitisations. The objective is to help gauge the resilience of a transaction to transition and physical risks.

    “We have introduced a quantitative and scenario-based stress-testing approach to assessing climate change impacts on the credit risk of securitisation transactions. The climate-change scenarios identified offer a range of outcomes for .......

    News 2 November 2022

  • Euro CLO footprint established

    Sector developments and company hires

    Euro CLO footprint established

     

    Cross Ocean Partners has completed Bosphorus .......

    Market Moves 2 November 2022

  • Chinese CMBS 'structural deficiencies' eyed

    Sector developments and company hires

    Chinese CMBS ‘structural deficiencies’ eyed
    The recent near-default of a Chinese CMBS issued by Yango Group - together with the two previous defaults of PKU TechPark and Hongbo Exhibition Center - expose several structural deficiencies in Chinese CMBS transactions, according to Fitch. Such deficiencies include low DSCR and collateral quality - due to weak underlying cashflow - limited protection through .......

    Market Moves 31 October 2022

  • Apollo, PIMCO set to acquire Credit Suisse SPG

    Sector developments and company hires

    Apollo, PIMCO set to acquire Credit Suisse SPG
    Credit Suisse has unveiled its new strategy and transformation plan, following a strategic review of the bank’s businesses (SCI 28 July). The bank says it is taking “extensive measures” to deliver a more integrated business model, with the goal of creating value for shareholders.

    Over the next three years, Credit .......

    Market Moves 28 October 2022

  • Irish reperforming RMBS stress tested

    Sector developments and company hires

    Irish reperforming RMBS stress tested
    S&P has conducted a scenario analysis of seven of the Irish reperforming RMBS it rates, to investigate the impact of the rising cost of living, since legacy mortgage loans are particularly vulnerable to rate increases as the borrowers in these transactions predominantly (94%) pay variable interest rates. The combination of an expected increase in debt .......

    Market Moves 26 October 2022

  • NPL guidelines released

    Sector developments and company hires

    NPL guidelines released
    The European Commission last week published voluntary guidelines on best execution processes for non-performing loan sales in the secondary market. The guidelines define practices across the seven stages of an NPL transaction – from portfolio selection through to post-closing obligations – and cover unsecured and secured portfolios. Debitos notes that the objective is to accelerate the development and .......

    Market Moves 24 October 2022

  • Conservative approach

    Aeon Investments ceo Oumar Diallo and coo Ben Churchill answer SCI's questions

    Q: Aeon recently announced the closing of its first commercial real estate CLO warehouse (SCI 12 October) with Credit Suisse. Could you provide some background to the decision to become a CRE CLO issuer?
    OD: We’re active across the real estate spectrum and seek relative value opportunities in the UK and Europe.

    The European CRE CLO market has .......

    The Structured Credit Interview 21 October 2022
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