RMBS

  • Cross Point tapped for CLO expertise

    Sector developments and company hires

    Cross Point tapped for CLO expertise
    Performance Trust Capital Partners has formed a new CLO trading desk, with the addition of members from the Cross Point Capital team led by Jared Gogek and Alex Navin. The group will expand Performance Trust's presence in credit products by adding in-house expertise in CLOs.

    Gogek and Navin were co-presidents and managing partners .......

    Market Moves 11 April 2023

  • Benchmarking commitments

    Importance of private securitisation to real economy underlined

    Over 70% of European private cash securitisations fund sellers in the EU and over 68% directly fund the real economy, according to the latest European Benchmarking Exercise (EBE) report. Further, 88% of all transactions by volume were undertaken by sellers with ratings of triple-B and below at inception, with 95.4% of transactions achieving investment grade ratings - demonstrating that private cash securitisations provide a .......

    News 11 April 2023

  • AssuredIM, Sound Point create CLO powerhouse

    Sector developments and company hires

    AssuredIM, Sound Point create CLO powerhouse
    Assured Guaranty has announced an agreement with Sound Point Capital Management, pursuant to which Assured Guaranty will contribute its entire equity interest in Assured Investment Management and - with certain exceptions - its related asset management entities to Sound Point. In addition, US insurers Assured Guaranty Municipal Corp and Assured Guaranty Corp will engage .......

    Market Moves 6 April 2023

  • Securitising shared ownership

    RMBS plugging gap left by end of Help to Buy scheme

    Growth in the UK shared ownership housing sector is fuelling a spike in interest in new RMBS products, as the government-backed Help to Buy equity loan scheme draws to a close. The final deadline for the government scheme – intended to facilitate home ownership among borrowers with steady incomes but limited ability to raise substantial deposits – passed at .......

    News Analysis 6 April 2023

  • UCI's sustainable finance strategy supported

    Sector developments and company hires

    UCI’s sustainable finance strategy supported
    The EIB Group and Instituto de Crédito Oficial (ICO) have disclosed their participation in UCI’s recent RMBS Green Prado XI, which was partially preplaced last month (see SCI’s ABS Markets Daily – 23 March). Under the transaction, the two organisations aim to promote the renovation and construction of homes using sustainable criteria in Spain .......

    Market Moves 4 April 2023

  • 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 2023

    Premium Content

  • On the wing

    Gryphon to expand into new areas of structured finance post-acquisition

    Australian asset manager Gryphon Capital Investments will look to expand its remit beyond RMBS, following its recent acquisition by Barings (SCI 17 March). The transaction will also enable Barings to accelerate the buildout of its structured finance presence in the Asia Pacific region.

    “One of the key segments that’s emerging, where there is a lot of movement .......

    News 28 March 2023

  • 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

  • Long-term viability of QT questioned

    Sector developments and company hires

    Long-term viability of QT questioned
    US banks borrowed a record amount over the last week, demonstrating the extent to which they are under pressure and also, say analysts, raising questions about the long-term viability of QT. The US Fed released its balance sheet on 22 March and it shows that banks borrowed US$152.9bn during this period, US$11.9bn of which was .......

    Market Moves 24 March 2023

  • 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

  • Credit Suisse AT1 write-downs 'rip up rules'

    Sector developments and company hires

    Credit Suisse AT1 write-downs ‘rip up rules’
    UBS has agreed to acquire Credit Suisse, creating a business with more than US$5trn in total invested assets and supporting the bank’s growth ambitions in the Americas and Asia, while adding scale to its business in Europe. Under the terms of the all-share transaction, Credit Suisse shareholders will receive one UBS share for .......

    Market Moves 20 March 2023

  • Ringfencing the problem

    Fed's SVB response calms RMBS nerves

    The US Fed's swift response to Silicon Valley Bank's (SVB) collapse has calmed nerves in the US securitisation market. Although some volatility remains in the RMBS sector, conditions may stabilise further once the Fed announces its rate decision later this week.

    "It is important to be clear about what the Fed isn’t doing. It is not buying paper. .......

    News 20 March 2023

  • Gryphon acquired in APAC expansion move

    Sector developments and company hires

    Gryphon acquired in APAC expansion move
    Barings has agreed to wholly acquire Australian structured finance manager Gryphon Capital Investments, in order to accelerate its expansion into the Asia Pacific region. The deal will also enable Gryphon to grow its investment platform by increasing its access to capital, Barings says.

    Gryphon will be integrated into Barings' structured finance team, though .......

    Market Moves 17 March 2023

  • ACC servicing transferred post default

    Sector developments and company hires

    ACC servicing transferred post default
    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 .......

    Market Moves 16 March 2023

  • EU authorities call for improved climate data

    Sector developments and company hires

    EU authorities call for improved climate data
    ESMA, in collaboration with the EBA, EIOPA and the ECB, has disclosed that it is working towards enhancing disclosure standards for securitised assets by including new, proportionate and targeted climate change-related information. At the same time, the ESAs and the ECB are also calling on issuers, sponsors and originators of such assets at .......

    Market Moves 14 March 2023

  • Seeking standardisation

    Call for consistent EPC ratings as demand for green RMBS grows

    A lack of standardisation in EPC ratings across Europe could prove detrimental to the continued growth of the green RMBS market. As efforts are made across Europe to reach lofty net neutrality targets laid out in the European Green Deal for 2050, EPC ratings are set to play an increasingly important role in credit ratings analysis as more environmentally .......

    News 13 March 2023

  • SVB failure liquidity-driven

    Outsized, unhedged MBS holdings behind bank run

    Securitisation analysts have been quick to emphasise that the collapse on 10 March of Silicon Valley Bank (SVB), which marks the largest bank failure since the financial crisis, is not a credit story and that the broad US banking system remains well-capitalised. Indeed, there are some very specific circumstances surrounding SVB’s demise, with rising interest rates – and the .......

    News 13 March 2023

  • 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

  • Hybrid stop-loss deal closed

    Sector developments and company hires

    Hybrid stop-loss deal closed
    Swiss Re has closed its second hybrid bank financing and ILS transaction (SCI 22 April 2022). Building on the firm’s first innovative hybrid transaction from April last year, the latest multi-year stop-loss transaction provides Swiss Re with US$700m in underwriting protection for the financial years of 2023 to 2027, as it continues to pursue profitable .......

    Market Moves 8 March 2023

  • SEC-SA and the death of public securitisation

    Adam Croskery, head of debt financing and structuring at Arr...

    In the early 2010s, I was a mortgage structurer at the forefront of the birth of NC2.0 (the non-conforming 2.0 sector). Even before then, I rated RMBS transactions at a major rating agency. If anyone should be a cheerleader for public securitisations, it’s me.

    There is no doubt that public transactions are academically appealing (if somewhat exhausting) to .......

    Talking Point 8 March 2023

  • BREP default an 'inflection point'?

    Sector developments and company hires

    BREP default an ‘inflection point’?
    A senior loan EOD has occurred in connection with Finnish single-loan CMBS FROSN-2018, after Blackstone Real Estate Partners failed to repay the loan on 1 March (SCI ABS Markets Daily - 2 March). The episode marks one of the first high-profile securitisation defaults of the current cycle.

    The FROSN-2018 loan had been granted .......

    Market Moves 6 March 2023
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