ABS

  • Capital call debut

    SFF securitisation could mark 'the beginning of a new market'

    Goldman Sachs is in the market with what is believed to be the first publicly-rated cash capital call securitisation - the US$475m Capital Street Master Trust Series 2024-1. Synthetic capital call securitisations have been more widely issued to date (see SCI’s CRT Deal Database), but the growing use of ratings in the fund finance market and increasing investor .......

    News Analysis 10 October 2024

  • Flexible financing

    Apollo warehouse loan facility rated

    Further details have emerged regarding the transaction at the core of the recent strategic financing collaboration between Apollo Global Management and BNP Paribas (SCI 27 September). The resultant borrower vehicle, AGF WHCO 2-A Trust, entered into a senior secured revolving loan facility collateralised by warehouse loan obligations originated by ATLAS SP.

    “This trade is very .......

    News 8 October 2024

  • Job swaps weekly: Blackstone lures two new partners

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Blackstone adding two new partners to its infrastructure and asset-based credit platforms. Elsewhere, ING has hired an industry veteran as head of asset securitisation for wholesale banking in APAC, while Castlelake has strengthened its existing European leadership with the appointment of a new partner.

    Blackstone is expanding its infrastructure and .......

    Market Moves 4 October 2024

  • Different beats

    European ABS slows as Australian market surges, marking contrasting dynamics.

    ABS activity in Europe slowed during the final week of September, while Australia experienced a surge in issuance in the same period, according to figures issued by JP Morgan research strategists. While in Europe the slowdown offers a welcome breather after a hectic month, the acceleration in Australia highlights a sharp – although potentially temporary – contrast between the .......

    News 4 October 2024

  • Rating reverberations

    S&P's revised RMBS criteria and Fitch's growing infl...

    Recent updates to S&P's rating criteria in Australia are reshaping the landscape for RMBS, sparking discussions among Aussie investors about the evolving standards for credit ratings. As S&P aligns its regional methodology with its global framework, the implications for the structured finance market are becoming clearer.

    S&P's revised criteria, detailed in its report named Global Methodology and Assumptions: .......

    News Analysis 3 October 2024

  • CNI boost

    European data centre ABS poised for growth

    The UK's data centre sector recently received a major boost, with the government last month officially designating it as critical national infrastructure (CNI). The move has sparked anticipation of further data centre securitisation issuance, following the debut European deal, Vantage Data Centres UK 2024-1 (SCI ABS Markets Daily - 30 April).

    “The UK government’s designation of data .......

    News 2 October 2024

  • Private securitisations grow

    Latest EBE report highlights market expansion

    Over 67% of European private cash securitisations fund sellers in the EU and over 74% directly fund the real economy, according to the latest European Benchmarking Exercise (EBE) report. The latest report provides aggregated transaction-level data on over 500 securitisation positions gathered from 12 banks across six countries during 2H23, covering €79bn of reported financing volumes and an estimated .......

    News 30 September 2024

  • Resilient tapestry

    Maddi Rowlatt at Challenger navigates the dynamic ABS and MB...

    The ABS and MBS landscape continues to be dynamic and resilient, supported by strong investor demand and favourable macroeconomic conditions. In this swiftly changing market, Maddi Rowlatt, portfolio manager overseeing UK, European, and US ABS at Challenger, closely monitors broader macroeconomic and geopolitical risks that could affect performance.

    With cautious optimism, she notes: “The market has benefited from .......

    News Analysis 27 September 2024

  • ABF push

    Apollo, BNP Paribas ink strategic collaboration

    Apollo last week unveiled a US$5bn strategic financing and capital markets collaboration with BNP Paribas, as it seeks to expand its securitisation and asset-backed finance operations, including ATLAS SP Partners. The deal signals a surge in activity in the private credit market, marked by a growing trend of partnerships between banks and non-bank entities adapting to meet the demand .......

    News 27 September 2024

  • Job swaps weekly: Toorak and Merchants parent names new coo

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Roemanu hire a former Finance of America Home Improvement president as its new coo. Elsewhere, Redding Ridge Asset Management has elevated a senior director to ceo in order to lead its CLO management businesses globally, while Cushman & Wakefield has appointed a co-head of EMEA equity, debt and structured finance.

    Market Moves 27 September 2024

  • C-PACE renaissance

    Carlyle, North Bridge partnership highlights opportunity

    Carlyle last week announced a minority investment in North Bridge, a real estate financing provider, to support the origination of up to US$1bn in C-PACE loans. This landmark partnership represents the largest collaboration between a C-PACE originator and a private credit firm, underscoring the rapid evolution of this emerging asset class.

    “It’s a really interesting partnership that leverages .......

    News 26 September 2024

  • Endgame resistance

    B3E implementation hits another bump in the road

    The Basel 3 Endgame has hit another bump in the road. A re-proposal from the Fed (SCI 10 September) has been met with resistance from at least three of five FDIC directors opposing the suggested measures.

    It seems something of a ‘kumbaya’ moment in US politics, with Democrat Rohit Chopra joining the two Republican board members in .......

    News 24 September 2024

  • Digital milestone

    Inside KKR and NetCo's landmark infrastructure deal

    The recent KKR-NetCo deal marks a significant milestone for Italy, as it introduced securitisation technology for the first time to attract institutional investors to infrastructure financing. The securitisation tranche facilitated KKR’s acquisition of NetCo, Telecom Italia's (TIM) fixed-line network, and its integration with FiberCop by syndicating a portion of the financing.

    A&O Shearman, legal advisor to the financial .......

    News Analysis 24 September 2024

  • Job swaps weekly: EIF exclusive

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees SCI exclusively reveal that the European Investment Fund’s chief investment officer is retiring from his role after almost three decades with the fund. Elsewhere, Performance Trust Capital Partners has poached three executives from Pagaya, while ELFA announces its ceo is to step down from her role.

    Alessandro Tappi is to .......

    Market Moves 20 September 2024

  • Resilience amidst volatility

    European and UK ABS and MBS markets displayed resilience in August, despite widespread volatility.

    The European and UK ABS and MBS markets in August demonstrated resilience in the face of volatility, according to monthly European and UK factsheets monitored by SCI.

    August saw widespread volatility, which notably affected both primary and secondary markets. According to TwentyFour AM Momentum Bond Fund’s managers, despite this turbulence, primary markets demonstrated resilience, especially in the UK .......

    News 20 September 2024

  • Renewables prioritised

    Coventry's PACE, solar efforts gain momentum

    Coventry Structured Investments, a Los Angeles-based asset management firm specialising in niche debt and equity solutions, is set to purchase up to US$600m in residential solar loans under a forward-flow agreement with Almika Renewable Finance. The agreement reinforces Coventry’s prioritisation of renewables as key growth areas over the next six to 18 months, including the roll-out of its own .......

    News Analysis 20 September 2024

  • Breaking regulatory chains

    Calls for reform intensify as industry pushes to fuel growth and fund Europe's green transition

    The European securitisation market is “far too small and illiquid,” according to a recent report from True Sale International (TSI) and the Association of German Banks (BdB). The scale of the challenges could be having a negative impact on vital innovation across the continent’s economy.

    The report, titled ‘A strong, competitive Europe: unlocking the potential of securitisation’, underscores .......

    News Analysis 19 September 2024

  • Set for take-off?

    Increased volumes, improving fundamentals boost aircraft ABS

    A handful of US aircraft ABS worth US$2.87bn have priced so far this month, taking the total number of deals printed this year to eight. With improving fundamentals post-pandemic, the sector stands out when compared to railcar and container ABS.

    Indeed, aircraft ABS currently offers the highest yield among the three asset classes, driving analysts’ preference towards this .......

    News 19 September 2024

  • Records to fall

    European and Australian ABS markets approach post-crisis issuance records amidst autumn surge

    Primary markets in Europe and Australia are showing significant momentum as we head into autumn. According to research strategists at JPMorgan, YTD issuance totals in both regions are nearing post-crisis records.

    Europe’s YTD issuance stands at €71.5bn, with Australia at €32.9bn, just shy of their respective post-crisis records of €76.5bn and €33.

    This has led the bank’s .......

    News 18 September 2024

  • Prodigal student standards

    Standard and Prodigy announce US$24m student loan partnership

    Standard Bank has announced a US$24m funding partnership with Prodigy Finance to support African students intending to pursue postgraduate studies at international universities. The partnership includes US$22m from Standard Bank, with additional first-loss protection provided by Allan and Gill Gray Philanthropies. 

    Prodigy Finance, which provides flexible loans to international postgraduate students, will use Standard Bank's funding to expand .......

    News 13 September 2024

  • Silver lining

    Optimism around strong growth in RMBS and ABS at S&P conference

    Market participants shared widespread optimism at S&P Global Ratings' European Structured Finance conference, buoyed by robust growth and the resilience of the European and UK ABS and MBS markets. Despite global economic challenges, issuance in these markets is experiencing strong momentum, performing even more favourably than 2023.

    Panellists and attendees at the event noted that the primary beneficiaries .......

    News 13 September 2024
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