ABS

  • CLO analytics firm eyes private credit

    Market updates and sector developments

    Siepe has raised US$30m in a Series B funding round led by WestCap, which will drive a multi-product roadmap, including the expansion of the firm’s AI and machine learning capabilities. In conjunction with the new funding, Siepe has appointed Mark Schultis – who joined the firm as an advisor in October 2023 – as president.

    The Siepe team .......

    Market Moves 22 August 2024

  • Rock-solid July for primary ABS market

    Low volatility and strong investor appetite lure new issuers

    The primary ABS market remained robust in July despite the typical summer slowdown, with strong issuance and investor demand across various sectors, according to monthly European and UK factsheets monitored by SCI.

    Amundi’s portfolio managers observed significant activity in July, particularly among new ABS issuers capitalising on the relatively low market volatility and high investor appetite. “These transactions .......

    News 20 August 2024

  • Job swaps weekly: New Cayman structured finance chief for Maples

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Maples and Calder naming a new head of its Cayman Islands structured finance practice. Elsewhere, Scotiabank has staffed up for the launch of its new Houston-based mortgage capital markets business, while an ex-Stout md and co-lead of structured credit has taken up a C-suite role at Unifi Asset Management.

    Maples .......

    Market Moves 16 August 2024

  • Data centre securitisation: Growing in waves - video

    S&P Global Ratings' Jie Liang speaks to SCI about data centre securitisation

    Jie Liang, sector lead in S&P Global Ratings’ structured finance esoteric ABS group, speaks to SCI's Simon Boughey about data centre securitisation. Liang discusses the use of proxy data to achieve ratings in the asset class, the extent to which investors are prepared to accept ratings derived from these methodologies, whether there are any signs that the growth data centre .......

    News Analysis 14 August 2024

  • Solera MBO boosts auto finance platform

    Market updates and sector developments

    Obra Capital has partnered with the Solera Auto Finance (SAF) team in a management buyout from Solera Corp. SAF will be rebranded as Arra Finance and by combining the company’s skills with Obra’s existing structuring and credit expertise, the aim is to jointly work with securitisation market participants and forward flow purchasers to create highly rated assets.

    SAF .......

    Market Moves 13 August 2024

  • JHG bolsters private credit capabilities

    Market updates and sector developments

    Janus Henderson Group has entered into a definitive agreement to acquire a majority stake in Victory Park Capital Advisors (VPC). With a nearly two decade-long track record of providing customised private credit solutions to both established and emerging businesses, VPC complements Janus Henderson’s securitised credit franchise and expertise in public ABS markets.

    Founded in 2007 by Richard Levy .......

    Market Moves 12 August 2024

  • Job swaps weekly: Blackstone names new head of international at BXCI

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Blackstone appointing a new head of international for Blackstone Credit & Insurance (BXCI). Elsewhere, Paul Hastings has lured a structured finance partner from Weil, Gotshal & Manges, while Milbank has added a number of Latham & Watkins professionals to its alternative investments team, including a new partner.

    Blackstone has named .......

    Market Moves 9 August 2024

  • Angel in ETFs

    Angel Oak's active structured credit ETF takes off

    The Structured Credit Interview 7 August 2024

  • In its prime

    Debutants boost auto CLN volumes

    US$1.36bn across four prime auto loan CLN issuances has been placed so far this year, according to JPMorgan figures. The transactions have included debut deals, as well as repeat issuance from Santander.

    Indeed, Santander’s latest auto CLN – June’s US$239m SBCLN 2024-A - represents its seventh from the series. The bank is already considered the market benchmark, primarily .......

    News 7 August 2024

  • Australian ABS branches out

    IFM Investors' Wanigasekera shares insights on growth and diversification in Australian ABS market

    Diversification and growing interest from global investors are fueling innovation in the Australian ABS market, according to Hiran Wanigasekera, co-head of diversified credit and debt investments at IFM Investors. 

    Since 2021, IFM Investors, with approximately €6bn in securitised assets, has significantly diversified its focus from primarily RMBS to a broader range of ABS. "We have expanded a lot .......

    News Analysis 7 August 2024

  • Esoteric excellence

    Reed Smith doubling down on esoterics

    The Structured Credit Interview 6 August 2024

  • Job swaps weekly: DWS boosts alts franchise

    People moves and key promotions in securitisation

    Market Moves 2 August 2024

  • BNPP set to acquire AXA IM

    Market updates and sector developments

    AXA has entered into exclusive negotiations to sell its asset manager AXA Investment Managers (AXA IM) to BNP Paribas for cash proceeds of €5.1bn. Under the terms of the proposed transaction, AXA and BNP Paribas would also enter into a long-term strategic partnership, under which BNP Paribas would provide investment management services to AXA.

    Additionally, AXA would receive .......

    Market Moves 1 August 2024

  • Ears pricked

    Interest returning to CRE market as conditions improve

    Alternative real estate investors say securitisation is set to remain a key tool to increase market share amid persistent interest rate challenges.

    In particular, CRE lending is poised to become a primary focus, as .......

    News 30 July 2024

  • WAM understatement hits FFELP SLABS

    Market updates and sector developments

    Moody's has placed 12 tranches from nine FFELP student loan securitisations administered by Nelnet and 61 tranches from 11 FFELP ABS serviced by Nelnet on review for downgrade. The rating actions follow Nelnet's disclosure of a collateral data reporting approach that appears to have understated the remaining term of loans in Income-based Repayment Plans (IBR).

    Nelnet last week .......

    Market Moves 29 July 2024

  • Job swaps weekly: Reed Smith snaffles top hire

    People moves and key promotions in securitisation

    Market Moves 26 July 2024

  • In recovery

    Recovery ABS is increasingly big business, despite caveats

    Over US$2bn of recovery ABS has been issued so far this year, and though 2024 issuance is unlikely to surpass the record US$20bn seen in 2022, the market is flourishing as more and more states pass the necessary legislation.

    New York, for example, passed laws permitting issuance of recovery bonds last month, which now await only the signature .......

    News Analysis 19 July 2024

  • Job swaps weekly: Proskauer lures A&O Shearman co-head of global banking

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Proskauer Rose snapping up two A&O Shearman partners for its global finance practice. Elsewhere, Womble Bond Dickinson has added a Latin America-focused partner to advise on capital markets and structured finance, while Anchor Health Properties has lured a structured finance-focused senior vice president.

    Philip Bowden has left his role as .......

    Market Moves 19 July 2024

  • Speeding ticket

    Rate of EV development compounds declining residual values and increased credit risk in auto ABS

    Declining residual values of fully electric vehicles (BEV) and plug-in hybrids (PHEV) is leading to increased credit risk in auto ABS pools, according to a report by S&P Global Ratings. With BEVs also performing significantly worse than PHEVs, the agency is adjusting its analytical approach, with separate considerations and concentration limits for each technology.

    “Electric vehicle technology is .......

    News Analysis 18 July 2024

  • Esoteric ABS: Fragmenting industry - video

    Revere Capital's Gary Miller speaks to SCI about esoteric ABS

    Gary Miller, head of Revere Capital’s specialty finance team, speaks to SCI’s Simon Boughey about some of the latest developments in esoteric ABS. Miller discusses the types of asset classes that currently appeal to him, how those asset class types have changed over the years, the likely short-term growth areas, and more.

    .......

    News Analysis 17 July 2024

  • Expect new issuers

    SRT market update

    A notable trend during the first half of the year has been the growth and surge in cash SRT transactions. While market sources report a combination of factors accounting for such uptick in true-sale trades, both originator and investor demand has been particularly strong in Italy.

    Commenting on the uptick experienced in cash SRTs, one ABS/MBS trader points to favourable .......

    SRT Market Update 12 July 2024
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