RMBS

  • EBRD appoints Greece, Cyprus lead

    Company hires and sector developments

    EBRD hires NPL vet

    The EBRD has appointed Andreea Moraru to lead its operations in Greece and Cyprus from November, following the retirement of the current holder of the role, Sabina Dziurman. Based in Athens, Moraru will continue the EBRD’s efforts to support the private sector in the two countries, improve competitiveness and strengthen the regional integration of the local .......

    Market Moves 4 July 2019

  • Pre-summer rush

    European ABS market update

    Activity levels are currently high across the European ABS/MBS and CLO markets and that looks set to continue.

    “It’s very busy in both primary and secondary,” confirms one trader. “It feels like the usual rush before the summer holidays, but we’re also feeling the effects of pent-up issuance from the quiet first quarter. We’re seeing lots of new .......

    Market Reports 3 July 2019

  • CLO firm boosts research team

    Company hires and sector developments

    CEDE made public

    AIR Worldwide has published its Catastrophe Exposure Data Exchange (CEDE) database schema publicly. The aim is to facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and to encourage additional analytics on a greater number of exposures. In addition, AIR is actively supporting the ModEx Open Exposure Data Format (OED) by freely providing .......

    Market Moves 2 July 2019

  • ReoCo impact assessed

    Company hires and sector developments

    CMIP acquisition

    Investcorp Credit Management US has entered into a definitive interest purchase agreement to acquire a majority ownership interest in CM Investment Partners (CMIP), the investment adviser to CM Finance, through its purchase of the respective equity positions held by certain funds managed by Cyrus Capital Partners and Stifel Venture Corp, and newly issued interests in CMIP. .......

    Market Moves 28 June 2019

  • Increasing diversity

    Competition, TFS exit driving UK RMBS volume

    The UK mortgage market is furiously price competitive, with ring-fenced high street banks crowding out challenger banks and non-bank lenders. At the same time, the concurrence of TFS refinancing and call dates of outstanding transactions is increasing the diversity of the UK RMBS sector.

    Bank of England’s ring-fencing requirements – in force since January – have resulted in large banks .......

    News Analysis 28 June 2019

  • Compliance challenges

    STS requirements raise regulatory liability concerns

    The securitisation market now appears to be embracing the new Securitisation Regulation and adapting to the regime, following uncertainty over technical standards in Q1. Nevertheless, market participants are still grappling with practical challenges, whose solution remains elusive.

    According to Salim Nathoo, partner at Allen & Overy: “Filling in the CRE and residential templates is hard because it’s not .......

    News Analysis 28 June 2019

  • GSE reform study released

    Sector developments and company hires

    Private credit double announced

    Solar Capital Partners has hired two senior private credit investment professionals. Eric Herr joins as a partner, to help lead investment origination across the firm's multi-credit strategy platform. Most recently, he served as an md of loan originations at NewStar Financial and previously worked at Churchill Financial, GE Antares and GE Commercial Finance. Eduard .......

    Market Moves 27 June 2019

  • CMBS auditing upset

    Sector developments and company hires

    Auditing issue

    The JUNO (ECLIPSE 2007-2) CMBS failed to file its financial statements for 2017, together with its annual return by 21 June, as required by the Companies Registration Office (see SCI’s CMBS loan events database). The issuer has a further 28 days to submit its audited financial statements, but its auditors have advised that they cannot .......

    Market Moves 26 June 2019

  • 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
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