RMBS

  • Forward-mortgage first prepped

    Global investor markets 'unique' RMBS

    Blackstone is marketing an inaugural, US$264.5m forward-mortgage RMBS featuring unique collateral characteristics pertaining to underwriting and property concentration. Dubbed FWD 2019-INV1, the transaction is backed by 1,724 first-lien, fixed-rate investment-purpose mortgages, originated mostly by Finance of America.

    The collateral comprises residential mortgage loans secured by non-owner-occupied properties, with 58.7% of the mortgages backed by single-family residences, 9.2% planned-unit .......

    News 26 June 2019

  • Chinese law firm nabs SF expert

    Sector developments and company hires

    China

    Han Kun has hired Li Huhuan as partner to the firm’s Shanghai office. Huhuan focuses his practice on asset securitization, insurance fund management, and mergers and acquisitions.  Prior to joining Han Kun, Huhuan practiced with several well-known PRC law firms for more than eleven years. 

    Industry body rebrand

    The Structured Finance Industry Group (SFIG) has .......

    Market Moves 21 June 2019

  • Irish exit

    Re-performing loan RMBS marketing

    An Irish re-performing loan RMBS has hit the market. The €336.56m Shamrock Residential 2019-1 is backed by owner-occupied (accounting for 92.98% of the pool) and buy-to-let loans that are currently in the mortgage book of Lone Star Funds, which acquired them in 2015.

    The transaction securitises 1,711 loan parts originated by Bank of Scotland (Ireland) (accounting for 33.5% .......

    News 20 June 2019

  • Securitised products head retires

    Sector developments and company hires

    Bank SPG head retires

    Lloyds Bank is making several changes to leadership positions in its North America business, to boost services provided to clients in the region focused on Lloyds Bank’s US-UK gateway. Parker Russell, head of the US securitised products group (SPG), has decided to retire after eleven years with the group and a finance career spanning over thirty .......

    Market Moves 19 June 2019

  • Ratings slip-up leads to downgrade

    Company hires and sector developments

    Acquisitions

    PERILS has acquired Toronto-based Catastrophe Indices & Quantification (CatIQ), a provider of catastrophe loss and exposure information in Canada. CatIQ will continue to be managed day-to-day by Joel Baker, ceo and founder, while md Laura Twidle will continue to lead the CatIQ team. The firm will also maintain its 11-member advisory board, which includes senior representatives from .......

    Market Moves 18 June 2019

  • Risk firm in international ILS hiring spree

    Sector developments and company hires

    BD appointed

    IHS Markit has appointed Sandrine Markham director, business development for Debtdomain in EMEA and APAC, reporting to Patricia Tessier, md and co-head of loan platforms at the firm. With more than 20 years’ experience in financial data and financial technology, Markham played a transformational role at Debtdomain from start-up to becoming a leading loan syndication platform in EMEA. .......

    Market Moves 17 June 2019

  • 2018 best post-crisis year for Australia

    RMBS dominates but unsecured ABS growing

    2018 was the best year for Australian securitisation activity since the financial crisis and while issuance is dominated by RMBS, unsecured credit is expected to grow. This was according to panellists at Global ABS who also commented that, although much of the issuance is in AUD, firms may look to issue in other currencies once they have reached a .......

    News 14 June 2019

  • Law firm expands SF expertise

    Company hires and sector developments

    Clean energy firm names cfo

    Renew Financial has named Mary Kathryn Lynch cfo, having previously served as the firm’s evp of finance and leading its capital markets team in executing three rated securitisations in 2017 and 2018. She has 10 years of experience in the clean energy industry, working with Sunrun and VoteSolar. Prior to that, she worked at UBS, .......

    Market Moves 14 June 2019

  • Releasing potential?

    Equity release mortgages generating interest

    Expectations for the return of meaningful equity release mortgage (ERM) securitisation volumes remain high. Life insurance companies could play a significant role in the development of the sector, as both issuers and investors.

    Jack Kahan, senior md at KBRA, describes the current environment for new ERM originations as a “perfect storm”. He cites a combination of demographics – .......

    News Analysis 13 June 2019

  • Slow but steady

    Sentiment around STS warms, although issuance forecasts remain muted, say Global ABS panellists.

    Extention of the STS regime to more asset classes would benefit the European ABS market, according to panellists at Global ABS today. They also shared muted optimism about the next six months for the sector, predicting steady but slow growth.

    Salim Nathoo, partner, Allen & Overy, highlighted that the Securitisation Regulation is an extra step issuers have to go through, .......

    News 12 June 2019

  • CLO firm boosts originations expertise

    Company hires and sector developments

    CLO firm boosts originations team

    Monroe Capital has expanded its direct originations team with the addition of seven experienced investment professionals: David Fischer and Nick McDearis in the firm’s Atlanta office; Dan Letizia and Tommy Ryan in its Chicago office; and Jack Bernstein in the New York office. In particular, Fischer and McDearis have been named mds and will co-lead .......

    Market Moves 12 June 2019

  • Advisor boosts SF expertise

    Sector developments and company hires

    Acquisitions

    Greensill has acquired receivables securitisation specialist Finacity which will now become a wholly-owned part of Greensill. The move comes shortly after Softbank invested US$800m in Greensill. Finacity’s ceo, Adrian Katz, will continue in his role under Greensill’s ownership.

    Advisor, broker boosts structured finance expertise

    finnCap Group has expanded its debt advisory team with two senior new hires. The enlarged team .......

    Market Moves 11 June 2019

  • Europe sees 1Q issuance dip

    Sector developments and company hires

    ABS vet nabbed

    Angelo, Gordon & Co has hired Sunil Kothari as md, responsible for originating and executing on residential and consumer debt investment opportunities across Europe. Kothari reports to TJ Durkin, co-head of structured credit at Angelo Gordon. Kothari most recently served as evp, pm at PIMCO Europe, where he was head of the European ABS and covered bond desks .......

    Market Moves 10 June 2019

  • Livestock first inked

    Sector developments and company hires

    Australian livestock deal debuts

    StockCo has launched the first securitisation warehouse transaction in Australia consisting of financing receivables primarily secured by livestock. The transaction has been completed with Goldman Sachs and the facility will be available for three years and will be able initially to accommodate up to US$150m of livestock receivables subject to pre-agreed eligibility criteria, and .......

    Market Moves 7 June 2019

  • MRT potential

    Reinsurer opportunities eyed

    The mortgage risk transfer (MRT) programme in the US has the potential to rival natural catastrophe reinsurance, given the significant capacity required by insureds and insurance firms’ appetite for diversification. Until now, the most common way that reinsurers have entered the space is via the GSE credit risk transfer aggregate excess of loss programmes, but other opportunities are emerging.

    News Analysis 6 June 2019

  • 'Significant divergence' in Libor preparations

    Libor transition still 'choice rather than necessity' for some firms

    There are still a “number” of firms in the UK that view the transition from Libor to a new reference rate a choice, rather than a necessity, according to the responses from a request for information published by the UK's financial regulators. The regulators also found that there is “significant divergence” in the way certain UK firms are managing the .......

    News 5 June 2019

  • New P2P platform rules announced

    Sector developments and company hires

    ABS facility expands

    Amigo Holdings has increased its securitisation facility to £300m. It has a three-year term and is set to close on Thursday. The company intends to use drawdowns from the facility for general corporate purposes and the potential repayment of indebtedness. The facility, which has a minimum three-year term and amortises thereafter, will have a funding .......

    Market Moves 5 June 2019

  • Option boost?

    Conditions ripe for UK RMBS calls

    Ten UK RMBS transactions have call dates during the remainder of the year and the refinancing of these deals should boost issuance volumes (SCI 18 January). However, while the incentives and conditions for exercising these calls are present, funding issues could raise obstacles.

    The deals with 2019 call dates comprise: Hawksmoor Mortgages 2016-1 and 2016-2, and Thrones .......

    News 5 June 2019

  • Easing up

    European ABS market update

    Activity levels have been high across European ABS/MBS and CLOs of late, but appear to be easing up ahead of the Global ABS conference next week.

    “It’s been pretty busy in both primary and secondary over the past couple of weeks,” says one trader. “We’ve seen a lot of new deals being priced in the run up to .......

    Market Reports 5 June 2019

  • Agri-linked note prepped

    Company hires and sector developments

    Agri-linked note prepped

    The African Development Bank has approved a €100m partial credit guarantee (PCG) to African Agriculture Impact Investments (Mauritius) to develop commercial agriculture in Africa. The company will leverage the PCG to catalyse additional financing from international pension funds through an agri-linked note to facilitate investments in sustainable farmland and agricultural infrastructure across Africa. It will .......

    Market Moves 4 June 2019

  • Bank bulks up commodities expertise

    Company hires and sector developments

    Bank bulks out commodities unit

    Credit Agricole has hired Aude Sauty de Chalon as director, structured commodity finance, EMEA. She was previously deputy head of commodity and structured finance at ICBC, London. The firm has also hired Badia Taleb-Nehlil as ed, structured commodity finance at the same bank and both hires are based in London.

    Verification agent expands

    Market Moves 3 June 2019

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