ABS
-
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
-
Job swaps weekly: Chatham AM appoints four for new CLO management team
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Chatham Asset Management establishing a CLO management business with four key hires. Elsewhere, Freddie Mac has selected a new ceo, while Arini has named a CLO portfolio manager to replace Evangeline Lim, who is retiring from the industry.
Chatham Asset Management has established a CLO management business - called CTM Asset Management – with .......
Market Moves 13 September 2024
-
Seeds of evolution
illimity's Lionetti answers SCI's questions
Tech-focused Italian banking group illimity recently announced the structuring of two new loan securitisation programmes to support SMEs and agricultural businesses in Italy, following on from the launch of its first securitisation programme last year. Claudia Lewis speaks to Fabiano Lionetti, head of investment banking at the bank, about its partnership with alternative-finance-focused fintech advisor Crescitalia and the evolution of .......
The Structured Credit Interview 12 September 2024
-
Off to a flier
Busy week points to standout September for European and Australian ABS and MBS
As the third quarter of 2024 winds down, September is shaping up to be a standout month for the European and Australian ABS and MBS markets. According to a recent JP Morgan report, the ABS market roared back to life in the first week of the month, following a volatile August marked by recession risks and central bank uncertainty.
News 10 September 2024
-
TGIF terminated as WBS manager
Market updates and sector developments
The control party for TGIF Funding Series 2017-1 has declared a manager termination event, following the failure of the manager - TGI Friday’s (TGIF) - to furnish a report of the independent auditors or back-up manager summarising the findings of certain agreed-upon procedures within a certain time period. The move represents the first instance of a manager termination event for .......
Market Moves 6 September 2024
-
Job swaps weekly: The 'Art' of launching
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees two industry veterans join forces to launch Art Capital, a structured finance advisory business. Elsewhere, Citi has boosted its Oceania operation with a new head of asset-backed securitisation, while Cushman & Wakefield has hired a head of capital markets for the Americas from Five Horizons Partners.
Stuart Blieschke and Tim .......
Market Moves 6 September 2024
-
SCI In Conversation Podcast: Mike Nowakowski, Conning
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Mike Nowakowski, md and head of structured products at Conning, about esoteric ABS and both the agency and non-agency MBS markets. Nowakowski discusses what attracts him to the esoteric space; the type of esoterics that currently offer the most value; potential upcoming tailwinds .......
News Analysis 3 September 2024
-
Job swaps weekly: Norton Rose Fulbright adds Paris-based partner
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Norton Rose Fulbright adding a partner to its banking and finance practice in Paris. Elsewhere, CBRE has lured a new executive director to its European debt and structured finance team from Rothesay, while Alantra has appointed a structured-finance-focused senior advisor.
Norton Rose Fulbright has strengthened its banking and finance practice .......
Market Moves 30 August 2024
-
Backup power
Fallout from Gedesco deal could have positive impact on wider market
Servicer defaults can happen, and when they do it is important to keep operations running smoothly. However, this isn’t always possible, such as in the case of Gedesco, where broader struggles were at play.
Commentary from Morningstar DBRS earlier in August took a deeper look into the circumstances surrounding the servicer’s default in the Gedesco Trade Receivables 2020-1 .......
News Analysis 29 August 2024
-
-
Gearing up
SRT Market Update
Heading into the autumn months, the SRT market is gearing up for a bustling end to the year, in spite of the volatility seen earlier this month. While the timelines for a couple of European transactions have been extended, Canadian and US bank activity is picking up pace.
Following a dramatic start to August, with a significant volatility .......
SRT Market Update 23 August 2024
-
Diverging markets?
SRT investor-issuer relationships evolving
A common gripe among SRT practitioners is that the flood of new investors to the sector has suppressed spreads. However, some believe it has impacted investor-issuer relationship dynamics too.
According to one market participant, this difference in relationships is particularly pronounced between European deals and the deals which have recently been issued in the US. “While the main .......
News Analysis 23 August 2024
-
Job swaps weekly: Texas Capital bags sales and trading MD
People moves and key promotions in securitisation
A quiet week for securitisation job swaps ahead of the UK’s August bank holiday. Nordea Asset Management is expanding its private credit presence in the Nordic region, while Texas Capital has beefed up its securitisation and whole loan capabilities.
Texas Capital Securities has recruited Craig Meltzer as md, sales and trading, based in New York. He focuses on securitisations .......
Market Moves 23 August 2024
-
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
....... 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