ABS
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NCSLT found to be 'covered persons'
Market updates and sector developments
In a case involving the CFPB and the National Collegiate Master Student Loan Trust (NCSLT), the Third Circuit has found that statutory trusts used to handle securitisations are considered ‘covered persons’ for purposes of the Consumer Financial Protection Act (CFPA) and thus are subject to CFPB jurisdiction. According to a recent Cadwalader memo, this effectively means that the trusts would .......
Market Moves 22 March 2024
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Job swaps weekly: ARMOUR reveals successors to Gruber
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees ARMOUR Residential REIT announce successors to outgoing cio Mark Gruber. Elsewhere, Palliser Capital has hired a securitisation veteran as chair of its US division, while Simmons & Simmons has appointed a new London-based partner in its financial markets practice.
ARMOUR Residential REIT has promoted Sergey Losyev and Desmond Macauley to co-cios, .......
Market Moves 22 March 2024
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Motor finance review sparks RWA optimisation
Market updates and sector developments
Close Brothers has unveiled plans to strengthen its capital position by optimising RWAs, including by reducing RWA growth by approximately £1bn through a combination of selective loan book growth, partnerships and significant risk transfer of assets related to its Motor Finance business through securitisations. The move comes amid the UK FCA’s review of the motor finance industry (SCI 6 .......
Market Moves 20 March 2024
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Tale of two markets
SRT Market Update
The outlook for the US SRT market currently appears to be mixed, with some banks reportedly waiting for the outcome of November’s presidential election before completing trades. Across the pond, meanwhile, Santander’s Portuguese subsidiary Totta is understood to be prepping a transaction for Q2.
Sources tell SCI that the Totta deal is likely to reference a granular portfolio .......
SRT Market Update 15 March 2024
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Job swaps weekly: Newmark launches Paris office with raft of senior hires
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Newmark Group appointing two commercial real estate veterans from JLL and CBRE to head up its new Paris office. Elsewhere, Obra Capital has hired an entire team from Pangea Mortgage Capital as part of its launch of Obra Real Estate, while Barclays has named a new head of principal funding and .......
Market Moves 15 March 2024
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Vintage matters
Adam Castle, partner and portfolio manager at Lord Abbett, answers SCI's questions
Q: When did Lord Abbett begin investing in securitised products? Was there a specific driver behind its decision to enter the market?
The Structured Credit Interview 14 March 2024
A: Lord Abbett has been a multi-sector fixed income investor since the 1970s and we started investing in securitised products in the early 1990s, so the firm has a long history of evaluating opportunities in a wide range .......
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Constructive engagement
What it takes to close a debut SRT trade
Completing an SRT transaction from a first-time issuer takes time and resources, but investors are incentivised to participate in such trades for the diversification benefits. Nevertheless, first-time issuers should be prepared to work constructively with investors to ensure a smooth execution.
Kaikobad Kakalia, cio at Chorus Capital, says his firm takes into account both the primary objective of .......
News Analysis 13 March 2024
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Relaunched CMU prioritises securitisation
Market updates and sector developments
The ECB Governing Council has agreed a new roadmap for advancing the Capital Markets Union (CMU), with the aim of making full use of Europe’s capital markets to mobilise the private investment necessary to fund the green and digital transitions, and to enhance the EU’s productivity and competitiveness in a shifting geopolitical landscape. The statement places the .......
Market Moves 12 March 2024
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Growth expectations
Alastair Pickett, co-portfolio manager of Chenavari's risk sharing strategy, answers SCI's questions
Q: As the team prepares to launch a new fund around its risk sharing strategy within the next few months, can you give us some background to SRT at Chenavari?
The Structured Credit Interview 12 March 2024
A: Our risk sharing business sits alongside and is complementary to our private credit investment strategy, through which we cover both portfolio acquisitions and warehouse financing extended to our non-bank .......
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SCI In Conversation Podcast: Ruhi Patil, Dentons
We discuss the hottest topics in securitisation today...
In this special International Women's Day episode of the SCI In Conversation podcast, SCI deputy editor Kenny Wastell speaks to Ruhi Patil, a counsel in Dentons' London office, about gender diversity and inclusion in the structured finance industry. Patil discusses her personal experiences of attitudes towards diversity and inclusion; the roles that allies can play in tackling the challenges; .......
News Analysis 8 March 2024
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Develop, advance and retain
IWD 2024: Inclusion in structured finance
Diversity is a cornerstone of the practice of securitisation, but the same cannot be said for the make-up of securitisation practices worldwide. To mark 2024’s International Women’s Day, Claudia Lewis highlights the need to acknowledge the often-overlooked intersectional challenges many women face on top of those of gender.
The theme of this year’s International Women’s Day celebration, ‘Inspiring .......
News Analysis 8 March 2024
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Latest SRTx fixings released
Index values indicate expectations of rising volatility and...
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. There has been some incremental tightening in the spread indexes in the large corporate category compared with February’s fixings (SCI 5 February). Volatility indexes have risen, reflecting more volatile conditions in the broader capital markets.
SRTx Spread Indexes have modestly tightened in the .......
News 6 March 2024
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US SRT: Igniting issuance – video
PIMCO's Mark Kruzel speaks to SCI about the changing landscape in the US SRT market
....... News Analysis 6 March 2024
Ares forms equipment financing shop
Market updates and sector developments
Ares Alternative Credit has launched Ansley Park Capital, a newly-formed lending and specialty finance company that delivers full spectrum, customised financing solutions for essential-use, large-ticket equipment. Ansley Park’s management team and integrated operating platform were acquired from BciCapital, the equipment finance business of City National Bank of Florida.
Ansley Park will offer scaled, flexible equipment-based capital solutions ranging .......
Market Moves 5 March 2024
Greater visibility?
SRT Market Update
As the last month of Q1 begins, a number of banks are expected to close SRT trades imminently. Consequently, more clarity is likely to emerge around where spreads are heading.
“Generally, there is not a lot of new information coming out of the SRT market. However, we are definitely getting to the point where trades are starting to price, .......
SRT Market Update 1 March 2024
CEE momentum
EIB inks pair of green transition deals
The EIB Group this week executed two synthetic securitisations that support the green transition, one in Austria and the other in Bulgaria. The move comes amid a ramping-up of SRT activity in the Central and Eastern Europe region by the EIF (SCI 10 January).
Cyril du Boispean, investment officer at the EIF, confirms that the fund’s investments .......
News 1 March 2024
US SRT: Unblocking uncertainty – video
Clifford Chance's Gareth Old speaks to SCI about recent developments in the US SRT market
....... News Analysis 29 February 2024
Barclays inks 'strategic' credit card sale
Market updates and sector developments
Barclays Bank Delaware (BBDE) has entered into an agreement with insurance accounts managed by Blackstone’s asset-based finance group to sell approximately US$1.1bn of currently outstanding credit card receivables in relation to a defined set of Barclays-branded credit card accounts in the US. This is the first in a series of activities Barclays plans to conduct to reduce its RWAs .......
Market Moves 28 February 2024
Bank bonanza
GSIBs, super regionals and regionals to line up for SRT
Between 10 and 30 US banks will be regular issuers in the SRT market, and there also is likely to be a few smaller deals from banks outside this main group, according to a speaker at the SFA conference in Las Vegas today.
News 28 February 2024
Endgame alarm
Speakers at SFA mull the chances of re-proposal of Basel Endgame
There is only a 30% chance that the highly controversial US bank capital rules known as the Basel III endgame will be re-proposed, said a speaker today at the Structured Finance Association (SFA) conference in Las Vegas.
This gives a .......
News 27 February 2024