RMBS
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Spanish RPL RMBS prepped
Transaction resecuritises paid-off SRF loans
Barclays and Natwest are lead managers on a €518m reperforming Spanish RMBS, featuring legacy mortgages previously securitised under the recently paid-off SRF RMBS transactions and other loans owned by CarVal, bought from Blackstone earlier this year. Dubbed Miravet 2019-1, the transaction is being sold by Odiel Asset Co and comprises 10,171 residential mortgages originated by Catalunya Banc, Caixa Catalunya, Caixa .......
News 15 November 2019
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Meaningful progress
Non-agency eMortgage securitisation on the cards
Meaningful progress in the origination and subsequent securitisation of eMortgages in the US non-agency mortgage market is expected over the next 12 months. Although only a small percentage of GSE production currently uses this technology, the push for increased operational efficiency is expected to drive greater acceptance of it across the industry.
The motivations for many lenders - .......
News Analysis 15 November 2019
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ERLS returns
Lone Star prints Irish NPL RMBS
Lone Star has priced its latest Irish non-performing loan RMBS at the same levels as its previous ERLS deal from July. Dubbed European Residential Loan Securitisation 2019-NPL2, the deal is backed by mortgages from the €1.34bn Project Glas portfolio acquired from Permanent TSB in 2018.
Rated by DBRS and Moody’s, the transaction consists of A/A2 rated class A .......
News 15 November 2019
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ESG initiative launched
Sector developments and company hires
Alt heads named test
Allianz Global Investors has unveiled leadership changes that will take effect on 1 January 2020. Global head of distribution Tobias Pross and global head of alternatives Deborah Zurkow will succeed Andreas Utermann as ceo and global head of investments respectively. Utermann will remain at the firm on an advisory basis for the first half of next .......
Market Moves 13 November 2019
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MPL ABS breaches liquidity covenant
Sector developments and company hires
EMEA
Market Moves 8 November 2019
BTIG has established a fixed income credit division in London to service clients across EMEA. The team is led by Michael Carley, md and head of European fixed income credit, who joined BTIG in New York last year. Bobby Dziedziech (director and senior high-yield and distressed trader), Laurent Jastrow (director and senior distressed sales trader and sourcing specialist), Noah .......
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Counter suit filed over servicing system
Sector developments and company hires
Servicing system suit
Market Moves 7 November 2019
PennyMac Financial Services has filed a counter suit against Black Knight, alleging that Black Knight uses its market-dominating LoanSphere MSP mortgage servicing system to engage in unfair business tactics that both entrap its licensees and create barriers to entry that stifle competition. PennyMac is seeking to enjoin Black Knight’s wrongful practices and recover actual and statutory damages. .......
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Pursuing illiquidity premia
Corbin Capital ceo Tracy McHale Stuart and cio Craig Bergstrom answer SCI's questions
Q: How and when did Corbin Capital become involved in the securitisation market?
TMS: We’ve been involved in the securitised markets for roughly 13 years.In the early 2000s, the returns in structured credit were so compressed and we didn’t like the leverage profile required to generate our expected return targets, so we kept away. Then in 2007, we .......
The Structured Credit Interview 6 November 2019
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CMBS md recruited
Sector developments and company hires
North America
Incapital has appointed William White as md, CMBS. Based in Boca Raton, he will report to co-heads of fixed income George Holstead and Laura Elliot. White was previously md and head of CMBS trading at Raymond James, and before that worked at Wachovia Capital Markets and Bank of America Securities.Ropes & Gray has promoted 16 attorneys .......
Market Moves 6 November 2019
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NPL ABS inked
Sector developments and company hires
Eminent domain mods introduced
Market Moves 5 November 2019
To address the heightened risk to borrowers and investors of a multifamily property located in King County being taken by eminent domain (SCI 14 October), Fannie Mae has introduced a prospective modification to its multifamily loan and security agreement and its MBS prospectus for new transactions with properties located in the county. These modifications provide .......
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SCI Capital Relief Trades Awards 2019
Credit Insurer of the Year: Arch Capital Group
Arch Capital Group Ltd (ACGL) is SCI’s Credit Insurer of the Year in recognition of its position as global leader in mortgage credit risk transfer and the completion of a first-of-its-kind transaction with ING. With US$300bn of assets under cover already, the firm has significant capacity in place to grow its presence further.
Based in Bermuda, ACGL had .......
News 4 November 2019
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RFC issued on disclosures
Sector developments and company hires
CDO transfer
CVP CLO Manager has resigned as investment manager to the CVP Cascade CLO-1 and CLO-2 transactions. It has been replaced by Barings. For more CDO manager transfers, see SCI’s database.Defeasance surge
Market Moves 1 November 2019
US CMBS 2.0 defeasance volume at end-3Q19 totalled US$10.89bn across 694 loans, exceeding the 2018 full-year total of US$10.88bn across 620 loans, according to Fitch. .......
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SCI Capital Relief Trades Awards 2019
Law Firm of the Year: Clifford Chance
Clifford Chance has been involved in the capital relief trades market from the beginning and the past year has underscored the firm’s dominance and influence across all sectors of the CRT business.
Explaining the firm's dominance in this sector, partner Jessica Littlewood says: "We have always been very active in this market, even before the financial crisis. In the aftermath .......
News 1 November 2019
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GARC deal expected
Sector developments and company hires
EMEA
Florent Trouiller has joined Norton Rose Fulbright as a partner in its Luxembourg office. Trouiller practises tax law, with a particular focus on cross-border private equity and real estate investments and securitisation transactions. He was previously a partner at Dechert and before that spent 10 years at Allen & Overy in Luxembourg.GARC deal expected
Market Moves 31 October 2019
Intesa Sanpaolo has acquired .......
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Niche programme
Unusual UK BTL RMBS marketing
Goldman Sachs is in the market with an unusual UK buy-to-let RMBS secured by properties owned primarily by residents of the Republic of Ireland. The mortgages backing the £111.82m Banna RMBS transaction were originated by KBC Bank Ireland and its IIB Finance and Premier Homeloans subsidiaries between 1991 and 2009.
The loans were originated under a niche programme .......
News 31 October 2019
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SCI Capital Relief Trades Awards 2019
Transaction of the Year: Syon Securities 2019
Lloyds Banking Group’s synthetic UK RMBS Syon Securities 2019 was motivated by prudent risk management as part of the bank’s broader plan to support the UK economy, rather than potential regulatory capital benefits. However, Syon’s innovative use of a capital relief structure to achieve those risk transfer aims, combined with the deal’s scalability for the issuer and repeatability for .......
News 28 October 2019
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Overcoming stigma
Opportunities eyed in land banking
One sector that continues to be underserved by financial institutions post-crisis is land banking. As such, it offers opportunity for investors that can overcome the stigma associated with the space.
“There aren’t many active financing providers in the land banking space,” confirms Craig Bergstrom, cio at Corbin Capital Partners. “Consequently, yields across the sector represent a premium to .......
News 28 October 2019
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CMBS refi inked
Sector developments and company hires
CLO firm names IR head
Pemberton has hired Cary Gibson to the role of director and head of investor relations. Gibson was previously head of business development at Sand Grove Capital Management.
CMBS refi inked
Sabal Capital Partners has closed a US$70m refinancing of 17 low-LTV multifamily assets located in the Bronx borough of New York, 15 of which were originally .......
Market Moves 25 October 2019
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CRR amendments for NPEs recommended
Sector developments and company hires
CRR amendment opinion published
The EBA has published an opinion on the regulatory treatment of securitisations of non-performing exposures (NPEs), recommending various amendments to the Capital Requirements Regulation (CRR) as well as to the Securitisation Regulation to remove the identified constraints. The opinion is addressed at the European Commission and contributes to the objectives of the Council of the EU’s .......
Market Moves 24 October 2019
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Scalable and repeatable
MSR securitisation on the cards?
A securitisation at some point in the future - and given market conditions conducive to such a securitisation, which do not exist today - is part of BSI Financial Services’ game plan. The firm recently expanded its GSE MSR operations to include purchasing MSRs for newly originated Ginnie Mae-eligible performing loans.
“We have created a scalable and repeatable .......
News 24 October 2019
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GACS structured
Mortgage NPL ABS prepped
UniCredit is in the market with a non-performing loan securitisation that references €6bn - in gross book value terms - of secured and unsecured residential mortgages. Dubbed Prisma SPV, the transaction is an unusual NPL ABS, given the underlying assets and is the first transaction to be completed following the most recent renewal of GACS.
Rated by Moody’s and Scope, .......
News 23 October 2019
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Firm files Chapter 11
Company hires and sector developments
Chapter 11 filing
Highland Capital Management LP (HCMLP) has commenced voluntary Chapter 11 proceedings, citing a judgment that is being sought against it in connection with the defunct Crusader fund. Although Highland Capital Management disputes the underlying claims and believes it acted in the interest of investors, entry of the judgment in its maximum potential amount could result .......
Market Moves 22 October 2019