ABS
-
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
Top structured finance law firm Reed Smith has a developed esoteric practice, but is looking to beef up even more, says newcomer Jeffrey Stern.
“This is one of the focuses within the structured finance practice, and I expect to .......
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
....... 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
Job swaps weekly: Newmark snaps up industry veteran
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Newmark hiring an experienced executive as md on its UK and EMEA debt and structured finance team. Elsewhere, i80 Group has hired a former Wells Fargo ABF and securitisation director, while law firm Cappelli RCCD has promoted a securitisation and structured finance specialist to partner.
Debt advisory veteran Steve Williamson .......
Market Moves 12 July 2024
Job swaps weekly: Medalist names Buccola as head of structured credit
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Medalist Partners appointing a former Cantor Fitzgerald senior executive as partner and head of structured credit. Elsewhere, the EIF has named a new head of securitisation, while Davis Polk has promoted six – including two securitisation specialists – to partner.
Medalist Partners has appointed James Buccola as partner and head .......
Market Moves 5 July 2024
New kid on the block
European data centre ABS now reality as region claims growing share of capital investment
Data centre ABS is to take the EMEA region by storm, as investment in the sector continues to climb and issuers seek out means of optimising financing and unlocking capital. Following the success of inaugural European issuance from industry giant Vantage Data Centers, further data centre securitisations are more than likely, according to research from Linklaters.
2024 marks .......
News Analysis 2 July 2024
Job swaps weekly: Crescent promotes three to senior leadership team
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Crescent Capital Group bolstering its senior management team with a number of promotions. Elsewhere, S&P Global Ratings has named a successor to president Martina L Cheung, who is to be promoted to president and ceo of S&P Global, while Man Group has hired a credit-risk-sharing-focused head of structuring.
Crescent Capital .......
Market Moves 28 June 2024
Northern green light
Norwegian securitisation to benefit from 'plug-and-play' scenario
The EEA’s long-awaited passage of the EU Securitisation Regulation should finally open the door for Norway’s securitisation market (SCI 14 June). Indeed, the jurisdiction is expected to hit the ground running.
Markus Nilssen, partner at BAHR, explains: “Banks here are exposed to higher capital requirements than elsewhere in Europe; for example, a 4.5% systemic risk buffer on .......
News Analysis 28 June 2024
CEE it to believe it
Three major talking points from SCI's Emerging Europe SRT Seminar in Warsaw
Over 100 SRT practitioners gathered in the Polish capital for SCI’s inaugural Emerging Europe SRT Seminar last week. Panellists spoke about their excitement for the market, barriers to entry for new players and everyone’s favourite villain - regulations.
- A booming market
“Since Covid and somebody in the Kremlin, who shall remain nameless, Europe was forced .......
Talking Point 27 June 2024
SCI In Conversation Podcast: Chris Hentemann, 400 Capital Management
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Chris Hentemann, managing partner and chief investment officer of 400 Capital Management, about where he sees value today. Hentemann discusses the types of assets and regions of issuance that are of most interest; the attraction to France, Iberia, and northern Europe; the extent to which .......
News Analysis 26 June 2024