RMBS

  • 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

  • Barclays inks 'strategic' credit card sale

    Market updates and sector developments

    Barclays Bank Delaware (BBDE) has entered into an agreement with insurance accounts managed by Blackstone’s asset-based finance group to sell approximately US$1.1bn of currently outstanding credit card receivables in relation to a defined set of Barclays-branded credit card accounts in the US. This is the first in a series of activities Barclays plans to conduct to reduce its RWAs .......

    Market Moves 28 February 2024

  • Budding partnerships

    Hope for newcomers to tap opportunities in US private-label RMBS

    Fitch and subsidiary dv01 launched a new RMBS presale platform in February with the intention of boosting access to data and luring more investors to US RMBS, including the private-label securities (PLS) market. The tool, named Interactive RMBS Presale Report, is the first in a pipeline of projects born out of Fitch’s acquisition of the structured-finance-focused loan-level data and .......

    News Analysis 28 February 2024

  • Landmark DFC facility inked

    Market updates and sector developments

    Fintech provider StoneCo has obtained a landmark commitment of US$467.5m from the US International Development Finance Corporation (DFC) in the form of a revolving securitisation facility. The facility - which has a final maturity of seven years and a six-month availability period - finances the acquisition of up to US$14bn accounts receivables due by over 20 Brazilian financial institutions .......

    Market Moves 23 February 2024

  • Job swaps weekly: Allen & Overy lures five from Milbank

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Allen & Overy hiring five structured finance professionals from Milbank, including a new partner, ahead of its merger with Shearman & Sterling. Elsewhere, Howden CAP has appointed a new head of execution to its tax and contingent risks team, while Winston & Strawn has added a transactions partner to its New .......

    Market Moves 23 February 2024

  • CLO 'stress indicator' launched

    Market updates and sector developments

    KopenTech has launched a multifactor measure designed to enhance the monitoring of secondary CLO market conditions. Called the K-Indicator, the tool combines five key factors: the did-not-trade (DNT) rate; colour rate; same-day BWIC rate; triple-A average traded price level; and triple-A average price talk deviation from colour (PTDC). Derived from analysing CLO BWIC volumes and granular CUSIP-level pricing data, .......

    Market Moves 21 February 2024

  • Record breakers

    SRT benefiting from 'greater public awareness'

    SRT issuance volumes reached another record last year, as new funded investors entered the market and bank interest in synthetic securitisation increased. At the same time, the sector continues to benefit from support by regulatory bodies, which bodes well for the future.

    Robert Bradbury, head of structured credit execution and advisory at Alvarez & Marsal, identifies four key themes .......

    News Analysis 19 February 2024

  • Job swaps weekly: Hogan Lovells adds dozens from Orrick

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Hogan Lovells snapping up a hoard of Italy-based finance and M&A lawyers from Orrick, including a number of securitisation partners. Elsewhere, First Eagle Alternative Credit (FEAC) has revealed its leadership transition plan, as its president prepares to leave the firm early next year, while Newmark has appointed a UK- and Europe-focused .......

    Market Moves 16 February 2024

  • Job swaps weekly: Interpath poaches four from EY

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Interpath Advisory hiring four senior professionals from EY, including a securitisation-focused md. Elsewhere, Sumitomo Mitsui Banking Corporation (SMBC) has hired a new md and deputy head of Asia Pacific to oversee structured lending and private wealth, while Natixis has appointed a Paris-based global head of securitised product trading and expanded its real .......

    Market Moves 9 February 2024

  • Break in the clouds

    2024 investment opportunities eyed across Europe

    With brighter skies forecast for 2024 as some normalcy returns to the European economy, several interesting pockets of investment opportunities are opening up in the structured finance market. Indeed, the outlook for European ABS in the year ahead is markedly more hopeful than 12 months ago – with interesting opportunities for investors in the French, Italian and UK structured .......

    News Analysis 8 February 2024

  • FCA review spells uncertainty for UK auto ABS

    Market updates and sector developments

    The UK FCA last month announced a review of the historical commission structures across several auto lenders in the UK, with a warning that should widespread misconduct be found, appropriate redress measures will be taken to compensate customers. While the overall credit risk profile of UK auto ABS transactions is unlikely to be negatively affected, the investigation exposes the .......

    Market Moves 6 February 2024

  • Job swaps weekly: M&G lures new cio from Allianz GI

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees M&G Investments snap up a new private markets cio from Allianz Global Investors. Elsewhere, a London-based partner at Allen & Overy leaves the firm after 28 years, while Canopius bids to enhance its SRT business by appointing a new head of structured credit.

    M&G Investments has appointed Allianz Global Investors' .......

    Market Moves 2 February 2024

  • Mortgage modelling

    Agency MBS could 'exacerbate' financial crises

    Conventional wisdom holds that by fostering diversification and creating a ‘safe’ asset in the form of MBS, securitisation will reduce risk and enhance liquidity, thereby mitigating financial crises. A new Federal Reserve Finance and Economics Discussion Series paper suggests, however, that government-sponsored securitisation - somewhat counterintuitively - is more likely to exacerbate the severity and frequency of financial crises. .......

    News 1 February 2024

  • B note bonanza

    GSE CRT benefitting from 'bullish technical'

    The GSE credit risk transfer market posted one of the highest daily trading volumes on record last Thursday (25 January) at US$910m, exceeding the prior daily trading record of US$895m reached in March 2020. While the latter was driven primarily by the unwinding of levered positions, the former followed Fannie Mae’s strong CAS 24-R01 print (SCI 26 January).

    News 29 January 2024

  • Job swaps weekly: Dechert rings the changes in US securitisation group

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Dechert make two appointments to its US asset finance and securitisation team, including the appointment of a new head. Elsewhere, Fried Frank has appointed a structured finance expert as a London-based partner, while TCW Group has appointed a former Brigade Capital Management partner to lead its newly formed asset-backed finance (ABF) .......

    Market Moves 26 January 2024

  • Inside job

    Internal ESG assessments and SPOs favoured

    Second-party opinions (SPOs) are growing in importance as climate credit risks and sustainable impact efforts continue to converge. At the same time, although rating agency ESG criteria have developed extensively alongside regulation, many securitisation market participants still rely on internal ESG performance assessments and scoring.

    “We treat a second-party opinion how we’d treat an opinion from any other .......

    News Analysis 26 January 2024

  • TCW launches ABF business

    Market updates and sector developments

    The TCW Group has launched a dedicated asset-backed finance (ABF) business that will be anchored with over US$1bn in capital commitments from TCW, partners and affiliates. Dylan Ross has joined the firm as md and portfolio manager to lead the asset-backed finance investment efforts.

    Ross brings to TCW almost 20 years of experience in alternative credit investing with .......

    Market Moves 26 January 2024

  • GSEs get set for social MBS

    Market updates and sector developments

    Fannie Mae and Freddie Mac have unveiled a new iteration of their social scores, rebranding them as ‘Mission Index Scores’, which will serve as the basis for future social-labeled agency MBS. As part of the move, the GSEs have launched Single-Family Social Bond Frameworks and intend to begin disclosing new impact reporting metrics for investors.

    Compared to the .......

    Market Moves 24 January 2024

  • Building momentum

    Chinese consumer ABS market tipped for growth

    Chinese securitisation issuance posted a 7% decline in volumes last year. However, backed by solid mortgage originations, vehicle sales and foreign investor interest, China could well be on its way to long-term growth if its structured finance market can stay afloat.

    After seeing the market’s first triple-A rated consumer ABS last year, the consumer segment is likely to .......

    News 24 January 2024

  • Job swaps weekly: Permira Credit promotes pair to lead expansion

    People moves and key promotions in securitisation

    This week’s round-up of securitisation job swaps sees Permira Credit appoint two new co-heads to lead the firm’s expansion. Elsewhere, Hildene Capital Management has snapped up a Jefferies executive as head of capital markets, while Axonic Capital has promoted its head of credit to the newly created role of co-cio. 

    David Hirschmann and Ariadna Stefanescu have been appointed .......

    Market Moves 19 January 2024

  • IFC, SG team up on sustainable finance

    Market updates and sector developments

    Societe Generale and IFC have signed a Collaboration Framework Agreement to accelerate efforts on sustainable finance in developing countries, as part of both institutions' shared ambition to contribute to the UN Sustainable Development Goals (SDGs) and a strong commitment to the environmental transition and sustainability.

    As part of this agreement, the two institutions aim to further develop wide-ranging .......

    Market Moves 19 January 2024
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