CLOs
-
CLOs retain top ranking
Quarterly SCI data update
CLOs remained the top asset class in terms of deal count for European and US new issuance in 4Q18, according to SCI data - although the numbers are down on those posted in Q3 (SCI 23 October 2018), reflecting market volatility in the final quarter of the year. In contrast, CLO BWIC volumes rose in both regions.
.......
News Analysis 24 January 2019
-
Alt investor boosts global presence
Sector developments and company hires
Europe
Palamon has hired Aqib Kadar as director of tax and structured finance. Kadar was previously at PwC where he was a director in M&A tax.
Global
Värde Partners has appointed Elena Lieskovska and Haseeb Malik to partner, and promoted Brad Bauer to deputy cio. Based in London and Singapore respectively, Lieskovska is head of European .......
Market Moves 24 January 2019
-
Slow start
European ABS and CLO market update
The European ABS market is experiencing its “slowest start to a year since 2011” as STS and Brexit uncertainty dampen primary activity. Attention is being focused on secondary trading and CLO issuance.
“CLOs have started the year fairly well,” says one portfolio manager. “The latest St Paul’s CLO has just been announced, and there are a few more already in .......
Market Reports 23 January 2019
-
Two depart at ILS firm
Sector developments and company hires
Europe
M&G Investments has appointed Vincent Charles-Gervais as portfolio manager within its ABS division. Charles-Gervais will report to James King, head of ABS portfolio management, and will be based in London. Charles-Gervais has 15 years’ experience in structured and alternative credit and joins from ICG where he was a portfolio manager for ICG alternative credit. Prior to that .......
Market Moves 22 January 2019
-
Pepper up
European ABS market update
European secondary market activity is picking up, following a quiet start to the year. However, the new issue pipeline remains sparse, with only four CLO managers lining up deals.
“We’re not hearing of anything imminent,” confirms one portfolio manager. “There is talk of a UK master trust issuer potentially tapping the market – it already delivers to .......
Market Reports 22 January 2019
-
Latest SCI podcast available
SCI podcast episode four is now live
SCI’s latest podcast is now live. This month the team round up asset class performance from 2018 and look ahead to the expectations for 2019.
2018 was a landmark year, with US new issue supply outpacing maturing debt for the first time since 2007. Furthermore, while non-mortgage ABS and structured credit have had positive net issuance since 2014, last year .......
News 21 January 2019
-
CRT growth continues
Tighter pricing trend points to expanding market
The year 2018 saw a flurry of capital relief trades referencing various asset classes that were priced at tighter levels compared to previous years. Such activity is a reflection of the good performance of the underlying collateral and increased investor allocations in the market, suggesting a growth trend that is set to continue in 2019.
According to James ......
News Analysis 18 January 2019Premium Content
-
Innovative ILS transaction launched
Sector developments and company hires
Auto ILS closed
AlphaCat Managers has securitised a non-standard passenger auto insurance portfolio. “This innovative transaction creates new ILS market opportunities in securitizing broader classes of insurance risk. We look forward to working with more MGAs and insurers. "The bilateral transaction comprises a private placement of two tranches of notes: a US$6.67m senior note and a US$3.33m junior .......
Market Moves 18 January 2019
-
Redemption relief?
RMBS calls could boost European supply
The European securitisation pipeline remains all but empty as regulatory uncertainty continues to hamper new issuance activity. Upcoming optional redemption dates could provide a much-needed source of supply, however, with the potential restructuring of the Towd Point Mortgage Funding 2016-Granite1, 2 and 3 deals leading the way.
Approximately €21.2bn of outstanding post-crisis European RMBS transactions will hit their .......
News Analysis 18 January 2019
-
Global investor promotes duo
Sector development and company hires
Europe
Martin Munte has been named director, investor relations at CVC Credit Partners in London. He was previously director, sales for Germany, Austria and Luxembourg at BlueBay Asset Management.
Zenith Service has recruited Maria Bianca Mascheroni as head of SPVs corporate department, based in Milan. She is tasked with coordinating and supervising all of the corporate activities .......
Market Moves 17 January 2019
-
Risk retention for Japan?
Sector developments and company hires
ILS
Sarah Demerling has joined Walkers Bermuda as a partner in the firm's corporate, finance and funds group. With more than 17 years' experience in the financial services industry in Bermuda, Demerling adds asset management, investment funds and ILS expertise to the practice. She was previously client director at Estera Services (Bermuda) and before that a partner at Appleby in .......
Market Moves 16 January 2019
-
STS-compliant ABS issuance to be 'higher than expected'
Lack of certainty continues around areas of Securitisation Regulation
The EU Securitisation Regulation came into force as of 1 January this year, despite several parts of the legislation not yet having been finalised and amid concerns that market participants may lack the necessary infrastructure to adequately comply. Despite this, it is thought that there will be more STS-compliant transactions issued at the start of 2019 than expected, with many .......
News Analysis 16 January 2019
-
Agency launches new Euro office
Company hires and sector developments
Europe
Alantra has hired James Fadel as md. He was previously head of structured finance advisory at Deloitte.
DBRS has opened a new office in Madrid, making this its third European office - it is already up and running with analysts having relocated to Madrid from the London office. It will assign ratings to serve market participants looking for expertise .......
Market Moves 14 January 2019
-
Solar equity ABS launched
Sector developments and company hires
Acquisitions
American Mortgage Consultants (AMC) has acquired Meridian Asset Services, (Meridian), joining two of the premier service providers in the residential secondary mortgage market. The transaction will unite Meridian’s leading collateral, curative and title QC capabilities with AMC’s third-party review services and technology to support rated private-label securitisation transactions, due diligence and quality control. Meridian will operate as .......
Market Moves 11 January 2019
-
US firms see flurry of hires
Sector developments and company hires
US
Bay Crest Partners has bolstered its fixed income business with a trio of senior hires: Tadeusz (Ted) Jachowicz, Jatin Dewanwala and Greg Hackett. Jachowicz and Dewanwala previously ran Metacapital Management's structured credit effort, including portfolios of ABS, CMBS and RMBS. Hackett joins Bay Crest following five years at RBC, where he headed the firm's CMBS and CRE .......
Market Moves 10 January 2019
-
Freddie Mac launches debut reinsurance deal
Company hires and sector developments
Acquisitions
doBank has acquired 85% of NPL servicer Altamira Asset Management from entities affiliated with funds managed by Apollo Global Management, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority, following a competitive sales process. The shareholding involved in the sale may be increased to 100%, should Santander - holder of the remaining 15% interest in the .......
Market Moves 7 January 2019
-
SCI Start the Week - 7 January
A review of securitisation activity over the past seven days
Transaction of the week
Santander has launched an unusual synthetic securitisation of auto loans, dubbed Santander Consumer Spain Synthetic Auto 2018-1. The transaction comprises a €60.6m twelve-year CLN that references a €1.01bn portfolio of Spanish auto loans paying Euribor plus 8.90%.
Synthetic securitisations of granular, consumer portfolios are uncommon, as the structures are typically used for concentrated, non-granular portfolios. This .......
News 7 January 2019
-
Pair promoted
Sector developments and company hires
UK
TwentyFour Asset Management has appointed two new partners from within its portfolio management team. Felipe Villarroel, a portfolio manager on the multi-sector Bond team, and Douglas Charleston, a portfolio manager for the firm’s asset-backed securities funds, will become partners early in 1Q19. Prior to joining TwentyFour, Charleston was an associate director in asset-backed solutions at Lloyds.
...... Market Moves 4 January 2019Premium Content
-
Global finance partner hired
Sector developments and company hires
NPL transactions
IFIS NPL, has purchased an NPL portfolio totalling €1.16bn in gross book value from Monte dei Paschi di Siena. The portfolio acquired includes over 83,000 debtors with 16% comprised of consumer loans. The remaining 84% consists of unsecured small ticket banking NPLs.
JPMorgan and Mediobanca are co-arrangers on a cash securitisation of Italian NPLs worth approximately €2.541m. Dubbed Belvedere .......
Market Moves 2 January 2019
-
Synthetic slew
CRT issuances hit before year-end
A slew of synthetic securitisations have hit the market before year-end. The risk transfer issuances include a trio of EIF financial guarantees, one of which is supported by blockchain technology, and a pair of Colonnade deals.
The blockchain transaction – which marks the first time a corporate loan securitisation has been executed via distributed ledger technology in the .......
News 21 December 2018
-
Inaugural post-crisis CLO prepped
Sector developments and company hires
CLO manager comeback
AIG is marketing its first BSL CLO since the financial crisis, totalling US$503.15m. Dubbed AIG CLO 2018-1, the transaction is provisionally rated by Morningstar as triple-A on the US$296.5m class A notes. It does not have ratings on the rest of the notes.
Fairhold development
Fairhold Securitisation Limited has issued a notice that the new respondents, as .......
Market Moves 21 December 2018