ABS
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Remarkable restructuring
Re-tranched NPL ABS set to benefit from GACS
Intesa Sanpaolo last month completed the first restructuring of an Italian non-performing loan securitisation seeking to benefit from the GACS guarantee. Dubbed Penelope SPV, the deal also marks another first for Italian NPL transactions as, at the time of the assignment of ratings, some properties had already been acquired by the associated ReoCo.
“Penelope SPV is unusual because .......
News Analysis 25 January 2022
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New members
Sector developments and company hires
DBRS Morningstar has appointed two new independent non-executive members to its board of directors – Joseph M. Donovan and Katherine L. Frey. Both industry veterans, Donovan presently serves in similar roles on the board of directors at STORE capital and Trip Rail Holdings. Frey previously held role of md at Moody’s, and before this worked on municipal finance, derivatives and .......
Market Moves 24 January 2022
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Primary primary
European ABS/MBS market update
Focus remained on the primary market in European ABS/MBS this week. Another swathe of new issues on offer meant secondary had to again take a back seat.
Five deals priced on the week. All were RMBS and all met with healthy investor demand ensuring support for continued tight levels throughout the stack.
Yesterday saw two deals print – Elstree Funding .......
News 21 January 2022
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Community-focused RMBS prepped
Sector developments and company hires
Community-focused RMBS prepped
Change Lending is in the market with its inaugural RMBS – the US$297.26m CHNGE Mortgage Trust 2022-1. Change is certified by the US Treasury as a Community Development Financial Institution (CDFI). As such, the firm is required to lend at least 60% of its production to certain target markets, including low-income borrowers or other underserved communities.
The .......
Market Moves 21 January 2022
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Junior tranche guaranteed
Sector developments and company hires
Junior tranche guaranteed
The EIB Group and Banco BPM have joined forces to support the working capital requirements and investments of Italian SMEs hit by the Covid economic crisis. In the first operation of this type in Italy, the EIB and the EIF will provide a guarantee of €91m on a junior tranche of a synthetic securitisation that references a portfolio of .......
Market Moves 20 January 2022
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SME mission
Alain Godard, EIF chief executive, discusses Europe's post-C...
Q: What are the ways in which the EIF utilises securitisation to further its mission?
A: Central to the EIF’s mandate is, of course, our support to SMEs across Europe. There are naturally many ways or various instruments to achieve that, including securitisation.By facilitating the execution of securitisation transactions, we provide guarantees to banks and financial institutions, allowing .......
The Structured Credit Interview 19 January 2022
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Same as ever?
Davis+Gilbert partner Joseph Cioffi reflects on the performa...
The pandemic has been a surprising boon to the subprime auto ABS market, due to supply issues that have raised collateral values and a potent mix of government support and private actions that have bridged consumers through financial distress. The pandemic’s persistence is now calling into question how long favourable conditions may continue and what normalisation will look like. .......
Talking Point 18 January 2022
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New leadership
Sector developments and company hires
Crestbridge has appointed Martin Lambert as its new head of UK operations following the retirement of former boss Paul Windsor. Lambert will join the firm with more than 30 years of experience in the field, having most recently served as partner at Grant Thornton. Based in London, Lambert will work as part of the senior leadership team to continue its .......
Market Moves 17 January 2022
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Strong start
European ABS/MBS market update
European ABS/MBS got fully underway for 2022 over the past week. Both primary and secondary markets saw strong execution and a building pipeline.
The first two new issues of the year are due to price today – Dutch BTL RMBS Jubilee Place 3 and UK non-conforming RMBS Tower Bridge Funding 2022-1. The former saw its class A spread .......
News 14 January 2022
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Navient agrees multi-state settlement
Sector developments and company hires
Navient agrees multi-state settlement
Navient has reached agreements with 39 US state attorneys general to provide relief totaling US$1.85bn to resolve their multi-state litigation and investigations in connection with allegations of unfair and deceptive student loan servicing practices and abuses in originating predatory student loans. In the agreements, Navient expressly denies violating any law - including consumer-protection laws - or causing .......
Market Moves 14 January 2022
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Texas rising
New Texas Capital broker dealer eyes securitization
Texas Capital Bank has launched a broker dealer subsidiary, which is expected to extend its reach to the securitization market before the end of this year, says the Dallas-based bank.
“The way we’re thinking is that securitization would be the logical extension of our business. It would not be surprising to see us as the co-manager or even a lead manager on .......
News 13 January 2022
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Greek NPL JV agreed
Sector developments and company hires
Mount Street Group has received regulatory approval from the Bank of Greece to form a strategic partnership with Technical Olympic, a real estate, construction, shipping and investment group. The joint venture is effectuated through Technical Olympic’s subsidiary, PFC Premier Finance Corporation (Cyprus), and will pursue investment and co-investment non-performing loan opportunities in the real estate, shipping, infrastructure, renewable energy, hospitality .......
Market Moves 13 January 2022
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New partnership
Sector developments and company hires
Morningstar has announced the enhancement of its DealView product with the inclusion of climate risk data through partnership with property climate risk data provider, ClimateCheck. The firm’s subsidiary, Morningstar Credit Information and Analytics, will incorporate the new feature alongside its existing in-depth commercial real estate analytics to enhance existing efforts to inform investors on natural risk factors in their CMBS transactions. .......
Market Moves 11 January 2022
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New moves
Sector developments and company hires
EMEA
Ashurst is set to further expand its European securitisation team with the appointment of new global capital markets partner, Agathe Motte. Motte will join the law firm in Paris from Linklaters, where she advised French and European banks, corporates, and funds on structured finance deals. She brings extensive experience in both domestic and multijurisdictional securitisation transactions, in a variety .......
Market Moves 10 January 2022
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SCI Forum: does the STS regime work?
Our expert responds to readers' questions
Is STS doing what it is designed to do for the securitisation market?
Daniel Hill, partner at Allen & Overy, gives his view
The STS regime, introduced in the EU for traditional securitisations on 1 January 2019 (and then for synthetic securitisations in April 2021), aimed at increasing issuances, widening the securitisation investor base and cementing securitisation at the centre of the European .......
Talking Point 7 January 2022
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Atalaya to return (update)
$232m Atalaya equipment leasing securitization to be followed by annual repeats
The debut securitization of equipment leasing assets last month from Atalaya Capital Management is the first deal in what are due to be annual visits to this market, says md and head of equipment leasing Rana Mitra.
“More deals are planned. This was an important strategic consideration for us in the timing of the deal late last year. Clearly market reception was .......
News Analysis 6 January 2022
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Angel Oak hits up MILNs
In the third and final in our series of EOY interviews with...
Colin McBurnette handles RMBS allocation for Angel Oak, and in 2021 he expanded the footprint of his portfolio into the mortgage insurance-linked note market for the first time.
Heading into March 2020, Angel Oak had zero dollars in total MI exposure in its flagship Angel Oak Multi Strategy Income Fund (ANGIX), but this year it climbed to a peak of $400m. The fund will continue .......
Talking Point 3 January 2022
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Decision notice issued against BlueCrest
Sector developments and company hires
Decision notice issued against BlueCrest
The UK FCA has published a decision notice against BlueCrest Capital Management (UK) (BCMUK) setting out its decision to impose a financial penalty of £40.81m on the firm. BCMUK has elected to refer the case directly to the Upper Tribunal, which will determine the appropriate action, if any, for the FCA to take.The .......
Market Moves 24 December 2021