RMBS
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RFC on agency second mortgage product
Market updates and sector developments
The FHFA has issued a notice of a proposed new product from Freddie Mac to begin purchasing single-family closed-end second mortgages on properties for which it already holds the first mortgage. The proposal allows for the assets to be securitised into guaranteed non-deliverable MBS pools and for credit risk transfer opportunities to be evaluated in subsequent phases.
In .......
Market Moves 17 April 2024
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Job swaps weekly: A&O Shearman promotes two securitisation lawyers to partner
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees A&O Shearman announcing two new securitisation partners in its first wave of post-merger partner promotions, while an existing A&O partner leaves for Kirkland & Ellis. Elsewhere, Paul Hastings has lured two securitisation specialists from Weil Gotshal & Manges, while Campbells has added a partner in its Hong Kong practice.
Allen .......
Market Moves 12 April 2024
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Real estate finance platform formed
Market updates and sector developments
Blue Owl Capital has launched a real estate finance strategy with the acquisition of Prima Capital Advisors for the aggregate consideration of US$170m. Jesse Hom, previously global head of real estate credit at GIC, will join Blue Owl to lead the newly created strategy as cio, reporting directly to Marc Zahr, co-president of Blue Owl and head of real .......
Market Moves 11 April 2024
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Wake-up call?
NCSLT decision spurs documentation improvements
The Third Circuit’s decision last month that the National Collegiate Master Student Loan Trusts (NCSLT) are ‘covered persons’ under the Consumer Financial Protection Act (CFPA) (SCI 22 March) could potentially impact securitised products beyond the student loan ABS sector. The extent of the trusts' liability has not yet been settled, but moves to improve securitisation deal documentation are .......
News 8 April 2024
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SRT Monthly - March 2024
First significant wave of transactions of the year
Issuance overview
SRT Market Update 5 April 2024
During March, the SRT market experienced its first significant wave of transactions of the year (see SCI’s Capital Relief Trades Database). The sector saw longstanding programmes issue - such as CRAFT (Deutsche Bank) and Chakra (Standard Chartered) - as well as seasoned issuers, including Santander (with the Ducati trade) and BNP Paribas, come to the fore .......
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Blue Owl to form insurance solutions unit
Market updates and sector developments
Blue Owl Capital has entered into a definitive purchase agreement to acquire Kuvare Insurance Services (doing business as Kuvare Asset Management) (KAM) for US$750m. Separately, Blue Owl has made a long-term investment in Kuvare, purchasing US$250m of preferred equity. This investment is intended to create alignment between Blue Owl and Kuvare and provides growth capital to Kuvare’s insurance companies, each .......
Market Moves 4 April 2024
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EARN unveils 'strategic transformation'
Market updates and sector developments
The board of trustees of Ellington Residential Mortgage REIT (EARN) has unanimously approved a strategic transformation of its investment strategy to focus on corporate CLOs. The company intends to build upon its current US$44m CLO portfolio, with an emphasis on secondary CLO mezzanine debt and equity tranches.
In connection with its strategic transformation, EARN has decided to revoke .......
Market Moves 2 April 2024
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SCI In Conversation Podcast: John Beacham, Toorak Capital Partners
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to John Beacham, founder and CEO of Toorak Capital Partners, about residential transition loan (RTL) securitisations. Beacham discusses the significance of being the first firm to close a rated RTL securitisation, which it achieved in February, the prospects for the year ahead, and more.
News Analysis 27 March 2024
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NCSLT found to be 'covered persons'
Market updates and sector developments
In a case involving the CFPB and the National Collegiate Master Student Loan Trust (NCSLT), the Third Circuit has found that statutory trusts used to handle securitisations are considered ‘covered persons’ for purposes of the Consumer Financial Protection Act (CFPA) and thus are subject to CFPB jurisdiction. According to a recent Cadwalader memo, this effectively means that the trusts would .......
Market Moves 22 March 2024
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Job swaps weekly: ARMOUR reveals successors to Gruber
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees ARMOUR Residential REIT announce successors to outgoing cio Mark Gruber. Elsewhere, Palliser Capital has hired a securitisation veteran as chair of its US division, while Simmons & Simmons has appointed a new London-based partner in its financial markets practice.
ARMOUR Residential REIT has promoted Sergey Losyev and Desmond Macauley to co-cios, .......
Market Moves 22 March 2024
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Motor finance review sparks RWA optimisation
Market updates and sector developments
Close Brothers has unveiled plans to strengthen its capital position by optimising RWAs, including by reducing RWA growth by approximately £1bn through a combination of selective loan book growth, partnerships and significant risk transfer of assets related to its Motor Finance business through securitisations. The move comes amid the UK FCA’s review of the motor finance industry (SCI 6 .......
Market Moves 20 March 2024
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Job swaps weekly: Newmark launches Paris office with raft of senior hires
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Newmark Group appointing two commercial real estate veterans from JLL and CBRE to head up its new Paris office. Elsewhere, Obra Capital has hired an entire team from Pangea Mortgage Capital as part of its launch of Obra Real Estate, while Barclays has named a new head of principal funding and .......
Market Moves 15 March 2024
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Relaunched CMU prioritises securitisation
Market updates and sector developments
The ECB Governing Council has agreed a new roadmap for advancing the Capital Markets Union (CMU), with the aim of making full use of Europe’s capital markets to mobilise the private investment necessary to fund the green and digital transitions, and to enhance the EU’s productivity and competitiveness in a shifting geopolitical landscape. The statement places the .......
Market Moves 12 March 2024
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Job swaps weekly: Cadwalader appoints former FDIC deputy general counsel as partner
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Cadwalader appoint an industry veteran as a New-York-based partner. Elsewhere, Willkie Farr & Gallagher has snapped up a Katten Muchin Rosenman partner for its energy transactions and structured finance team, while Paul Hastings has lured a McDermott Will & Emery partner to its real estate team.
Cadwalader has recruited former .......
Market Moves 8 March 2024
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SCI In Conversation Podcast: Ruhi Patil, Dentons
We discuss the hottest topics in securitisation today...
In this special International Women's Day episode of the SCI In Conversation podcast, SCI deputy editor Kenny Wastell speaks to Ruhi Patil, a counsel in Dentons' London office, about gender diversity and inclusion in the structured finance industry. Patil discusses her personal experiences of attitudes towards diversity and inclusion; the roles that allies can play in tackling the challenges; .......
News Analysis 8 March 2024
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Develop, advance and retain
IWD 2024: Inclusion in structured finance
Diversity is a cornerstone of the practice of securitisation, but the same cannot be said for the make-up of securitisation practices worldwide. To mark 2024’s International Women’s Day, Claudia Lewis highlights the need to acknowledge the often-overlooked intersectional challenges many women face on top of those of gender.
The theme of this year’s International Women’s Day celebration, ‘Inspiring .......
News Analysis 8 March 2024
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Job swaps weekly: Starwood to draft in Blackstone exec as president
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Starwood Capital Group appoint a new president, as Jeffrey Dishner prepares to transition to a new role. Elsewhere, Siepe has added two structured finance professionals to its leadership team, while Accunia Credit Management has rehired a former senior portfolio manager as head of investments.
Jonathan Pollack is set to join .......
Market Moves 1 March 2024
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It's a CIRT
First CIRT of 2024 for Fannie
Fannie Mae has completed its first CIRT deal of 2024, the GSE announced today (March 1).
The deal, designated CIRT 2024-L1, transferred US$355.6m of single-family mortgage risk to 24 reinsurance firms.
Market Moves 1 March 2024
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Toorak debut
New asset class gets first time rating
Toorak Capital Partners has closed the inaugural rated securitization of residential transition loans, it announced yesterday (February 29).
Designated Toorak 2024-RRTL1, the US$240m trade consists of five tranches, rated low A to low B.
There is also an unrated P tranche.
It was underwritten by Morgan Stanley, which was also an initial purchaser alongside Deutsche, JP Morgan, Performance Capital Trust Partners and KKR Capital .......
News 1 March 2024
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CEE momentum
EIB inks pair of green transition deals
The EIB Group this week executed two synthetic securitisations that support the green transition, one in Austria and the other in Bulgaria. The move comes amid a ramping-up of SRT activity in the Central and Eastern Europe region by the EIF (SCI 10 January).
Cyril du Boispean, investment officer at the EIF, confirms that the fund’s investments .......
News 1 March 2024