ABS

  • The social struggle

    More data needed to tackle 'socialwashing'

    Concerns around ‘socialwashing’ remain, despite recent advances in defining social securitisations. This Premium Content article investigates why the ‘social’ side of ESG securitisation is more complex than its ‘green’ cousin.

    The European social securitisation sector is lagging behind the green securitisation sector, in terms of both standardisation and the availability of qualitative data. Despite advancements in defining ......

    News Analysis 17 May 2023

    Premium Content

  • AG acquisition creates credit powerhouse

    Sector developments and company hires

    AG acquisition creates credit powerhouse
    TPG is set to acquire Angelo Gordon in a cash and equity transaction valued at approximately US$2.7bn, based on TPG’s share price as of 12 May, including an estimated US$970m in cash and up to 62.5 million common units of the TPG Operating Group and restricted stock units of TPG. The transaction also includes an .......

    Market Moves 16 May 2023

  • International affair

    Opportunity for foreign investors in Chinese ABS?

    Misunderstanding could mean missed opportunity for investors as China’s unique securitisation market continues to grow and mature. Despite divergence from global norms, there may be room for more foreign investors to capitalise on the robust credit performance seen across the sector.

    "The large and diverse Chinese securitisation market has become a mature funding channel for various types of .......

    News Analysis 15 May 2023

  • Meeting of worlds

    Opportunities for ABS originators as private and syndicated debt markets converge

    Private credit transactions are playing an increasingly prominent role in the structured finance landscape, owing to the continued global growth of the direct lending space. The trend is being reinforced by high-profile entrants into private debt, as banks and asset managers look to diversify into new asset classes.

    “Structured credit has not really played a significant role in .......

    News Analysis 12 May 2023

  • A European ecosystem

    Continental solar ABS primed for growth

    Continental solar ABS is primed for growth as governments and consumers seek energy independence. This Premium Content article investigates.

    Europe could soon see its first public solar securitisation, after renewable energy firm Enpal announced a €356m warehousing facility to finance more than 12,500 photovoltaic (PV) systems in Germany (SCI 30 March). The continent’s solar ABS market has .......

    News Analysis 11 May 2023

  • Rapid rise in defaults for Gedesco TRS

    Sector developments and company hires

    Rapid rise in defaults for Gedesco TRS
    The ratings on €191.8m of notes issued by Gedesco Trade Receivables 2020-1 have been downgraded in light of the significant and rapid increase in defaults observed in March, following the start of the securitisation’s amortisation phase in January. Specifically, Moody's states that most obligors have reportedly stopped paying and recoveries are likely to .......

    Market Moves 9 May 2023

  • Prytania hires business development md for US and Canada

    Sector developments and company hires

    Prytania hires business development md for US and Canada

    London-headquartered Prytania Asset Management has appointed former Schultze Asset Management executive Angela Lui as managing director to head up business development activity across the US and Canada. The appointment comes seven months after private equity group Nile Capital Group Holdings acquired a minority stake in Prytania ( Market Moves 4 May 2023

  • Latest SRTx fixings released

    Index values indicate widening spreads but volatility and liquidity outlooks trend towards neutral

    The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. The most significant changes in the index values since April’s fixings (SCI 5 April) are that – against a backdrop of global bank volatility – spreads have continued to widen across all segments, though volatility and liquidity indexes have trended towards more neutral levels.

    News 3 May 2023

  • Don't compare

    Collaboration key to ESG progress

    Comparison may be the thief of all ESG-joy for the securitisation market, as attendees at SCI’s 2nd Annual ESG Securitisation Seminar this week reflected on how far the industry has come since the inaugural ESG issuance seven years ago. Different financial sectors adopt different definitions for ESG and thus also face different challenges. However, given such differences, more praise .......

    Talking Point 28 April 2023

  • SCI In Conversation podcast: Seth Painter, Antares Capital

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, Seth Painter, head of structured products at Antares Capital in New York, discusses the development the CLO middle market space and its importance to the funding of the direct lending business at Antares. While the traditional BSL market has been in the doldrums, the middle market space is on fire.

    The episode can be .......

    News 27 April 2023

  • Aegon AM buys CLOs, inks partnership

    Sector developments and company hires

    Aegon AM buys CLOs, inks partnership
    NIBC is set to sell its European CLO management activities to Aegon Asset Management, further accelerating its strategy to streamline its business model and focus on asset-backed financing. The sale comprises NIBC's North Westerly CLO platform in its entirety - including the NIBC CLO team, collateral management of three outstanding CLOs with assets under .......

    Market Moves 27 April 2023

  • The iceman cometh?

    Signs of a thaw emerging in US CRT

    The recent Merchants Bank of Indiana deal could herald a thaw in the US capital relief trades market, as this Premium Content article outlines.

    While the European significant risk transfer market has enjoyed two successive record-breaking years of issuance, the US market has been in a new ice age. While there has been the occasional deal from ......

    News Analysis 27 April 2023

    Premium Content

  • SES RTS a 'sensible result'

    Sector developments and company hires

    SES RTS a ‘sensible result’
    The EBA has published its final draft RTS specifying the determination by originator institutions of the exposure value of synthetic excess spread (SES). These draft RTS clarify the calculation of the components that should be included in this exposure value, taking into account the relevant losses expected to be covered by SES.

    The components .......

    Market Moves 26 April 2023

  • Waiting game?

    Short-term pain could spell long-term gain for Indian ABS

    Indian securitisation volumes are climbing back up towards pre-pandemic levels, as the burgeoning middle class fuels growth in consumer loans. Despite short-term concerns surrounding the impact on issuance levels of the upcoming HDFC and HDFC Bank merger – representing the largest-ever amalgamation in Indian corporate history - it may prove to be a further driver in the development of .......

    News Analysis 24 April 2023

  • ACC ratings on watch downgrade

    Sector developments and company hires

    ACC ratings on watch downgrade
    KBRA has revised five ACC watch developing placements to watch downgrade, following notification by Wilmington Trust - the trustee for three American Car Center (ACC) Trust securitisations - that collections for payment to the ABS noteholders were not received on the 20 April payment date from the servicer, Westlake Portfolio Management (WPM). However, on 21 .......

    Market Moves 24 April 2023

  • RFC issued on synthetic STS criteria

    Sector developments and company hires

    RFC issued on synthetic STS criteria
    The EBA has launched a public consultation on its draft guidelines on the criteria related to simplicity, standardisation and transparency and additional specific criteria for on-balance sheet securitisations. The aim is to ensure a harmonised interpretation of STS criteria, in alignment with the EBA guidelines for traditional securitisations.

    With the introduction of STS .......

    Market Moves 21 April 2023

  • Surge in refi SLABS predicted

    Sector developments and company hires

    Surge in refi SLABS predicted
    The US Supreme Court is expected to render its decision regarding the legality of President Biden’s student loan forgiveness programme (SCI 31 August 2022) by the end of June. A resolution will provide borrowers with more clarity about their federal student loan debt balances and obligations - which is anticipated to spark further refinance .......

    Market Moves 20 April 2023

  • 'Meaningful' layoff exposure for TAMI CMBS leases

    Sector developments and company hires

    ‘Meaningful’ layoff exposure for TAMI CMBS leases
    KBRA has identified 266 US CMBS lease exposures to 45 large companies that have recently announced combined layoffs of 216,905 white-collar employees. The rating agency focused on companies announcing layoffs of at least 1,000 employees from 2022 through mid-March 2023, among the universe of nearly 5,700 office and mixed-use properties in CMBS 2.0 .......

    Market Moves 17 April 2023

  • Risk advisory appointment inked

    Sector developments and company hires

    Risk advisory appointment inked
    African Risk Capacity (ARC) has selected Gallagher Re as its reinsurance broker and risk advisor. The appointment includes the placement of portfolio cover in the reinsurance and capital markets, and the provision of strategic advisory for sustainable growth and portfolio diversification. The design of alternative risk transfer mechanisms, such as ILS, is a core component of .......

    Market Moves 14 April 2023

  • Capital solutions head poached

    Sector developments and company hires

    Capital solutions head poached
    Howden CAP has appointed Colin Reddy as md, head of financial institutions and advisory, based in London. He will leverage his industry expertise to provide clients with balance sheet and regulatory advisory solutions, while deepening Howden CAP’s existing structuring expertise.

    Reddy has over 20 years’ experience in financial services and joins Howden CAP from Mizuho .......

    Market Moves 12 April 2023

  • Cross Point tapped for CLO expertise

    Sector developments and company hires

    Cross Point tapped for CLO expertise
    Performance Trust Capital Partners has formed a new CLO trading desk, with the addition of members from the Cross Point Capital team led by Jared Gogek and Alex Navin. The group will expand Performance Trust's presence in credit products by adding in-house expertise in CLOs.

    Gogek and Navin were co-presidents and managing partners .......

    Market Moves 11 April 2023
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