ABS
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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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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
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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
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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
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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
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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
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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
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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
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FHFA approves second mortgage pilot
Market updates and sector developments
The FHFA has provided conditional approval for Freddie Mac to engage in a limited pilot to purchase certain single-family closed-end second mortgages (SCI 14 May). The aim of the pilot is to explore whether such a product effectively advances Freddie Mac’s statutory purposes and benefits borrowers, particularly in rural and underserved communities.
The conditional approval of the pilot .......
Market Moves 24 June 2024
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Stairway to securitisation
Alternative lenders taking UK forward flow market by storm
Forward flow transactions continue to rise in popularity, with the private market serving as both a useful tool for existing participants in the structured finance market and a gateway into securitisation for a growing number of alternative lenders in the UK.
“Over the last few years, we’ve seen this funding product become more and more popular,” says Sarah .......
News Analysis 24 June 2024
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Growing up fast
CEE SRT benefitting from breadth and depth
The Central and Eastern Europe (CEE) SRT market is on the cusp of maturity, benefitting from a clear regulatory framework and increasing issuer and investor interest. Indeed, auto and consumer loan portfolios, for example, are being referenced sooner than is usual for a developing synthetic securitisation market.
“Before Covid, there was some sporadic activity [in the CEE region], .......
News Analysis 24 June 2024
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Job swaps weekly: Fitch appoints successor to outgoing Murray
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Fitch Ratings appointing a successor to outgoing BRM head for structured finance Douglas Murray. Elsewhere, Barings has hired a BlackRock director to lead European real estate debt portfolio management, while King & Spalding has rehired two structured finance partners who left the firm for Milbank last year.
Fitch Ratings has promoted .......
Market Moves 21 June 2024
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Bereft of banks
MBS languishes as the market waits for the banks and the Fed
Like many in the US ABS market, portfolio manager Brendan Doucette is waiting for the Federal Reserve to issue new guidance on Basel III Endgame (B3E).
He runs a US$1.5bn book at Boston-based GW&K Investment Management, 90% composed of agency .......
The Structured Credit Interview 19 June 2024
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Embracing diversity
Regulators urged to recognise importance of internal models
Recent proposals regarding the application of the revised Basel 3 standards in the UK and the US favour the standardised approach and include strict restrictions on the use of internal models for calculating regulatory capital. A new paper from PGGM outlines the firm’s concerns that such standardised risk weights oversimplify the diversity in the real world and could disincentivise .......
Talking Point 19 June 2024
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Special situations
Jean-Francois Leclerc and Carlo Perri of Polar Asset Managem...
Q: Can you give us some background to SRT at Polar?
CP: Polar has been investing in SRTs since the mid-2010s and more broadly in structured credit for over 15 years. Historically, we have focused on what we call ‘special situations’ - new issuers, new asset classes, innovative structures and difficult market conditions.Last year we added JF Leclerc .......
The Structured Credit Interview 18 June 2024
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Private credit JV formed
Market updates and sector developments
Stifel Financial Corp and Lord Abbett have formed a substantial leveraged lending joint venture, which compliments the existing capabilities of both firms. Called SBLA Private Credit, the JV will focus on both new issue and existing loans to small and mid-sized portfolio companies of financial sponsors.
SBLA Private Credit brings together two of the industry’s most established brands, .......
Market Moves 17 June 2024
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Norway gets SecReg green light
Market updates and sector developments
The EU Securitisation Regulation was incorporated into the EEA Agreement on 12 June and it is widely expected that the rules will come into force in Norway on 1 January 2025. The regulation covers both true sale and synthetic securitisations, as well as rules on STS securitisations.
Legislative rules implementing the Securitisation Regulation in Norwegian law have already .......
Market Moves 14 June 2024