ABS
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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
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MCC secures synthetic
Italian SME counter-guarantee deployed
The EIF is set to counter-guarantee a portfolio of 5,652 operations backed by the Guarantee Fund for SMEs, which is managed by Mediocredito Centrale (MCC) on behalf of the Italian Ministry of Economic Development. The total portfolio amount corresponds to €3.2bn of funding, including a direct guarantee from the Fund of €2.8bn.
Under this synthetic securitisation of secured .......
News 23 December 2021
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From strength to strength
Landmark year for Aussie securitisation
With A$48.79bn publicly placed across 64 individual transactions in 2021, the Australian securitisation market has reached a post-financial crisis issuance high. Record volumes, combined with the entrance of a series of new issuers and programmes - in a market driven by the non-bank sector - all point to continued growth.
“Perhaps the most interesting aspect, or at least .......
News Analysis 23 December 2021
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Double first for the EIB
EGF, first loss guarantee debuts
The EIB Group has closed the first synthetic securitisation backed by the European Guarantee Fund (EGF), an instrument set up by the EIB Group together with EU Member States to mitigate the economic consequences of the Covid pandemic (SCI 27 May 2020). The transaction is also the first whereby the EIB Group has invested in the junior tranche .......
News 22 December 2021
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Nephila taps LBR vehicle
Sector developments and company hires
Nephila taps LBR vehicle
Nephila Capital has funded its newly launched Syndicate 2358, which focuses on short- to medium-term insurance business lines, with capital provided through Lloyd’s London Bridge Risk PCC vehicle. The transaction provides reinsurance capital from a diverse group of investors, including four pension funds, to support underwriting beginning with the 2022 Year of Account.Nephila has .......
Market Moves 21 December 2021
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Crucial conclusions
EBE highlights importance of securitisation to the real economy
A new joint study by AFME, European DataWarehouse and True Sale International demonstrates that the private cash securitisation market is a crucial element in the funding of the real economy across Europe. Data collated in the report shows that over 80% of private cash securitisations by volume fund sellers in the UK and the EU, and over 70% to .......
News Analysis 21 December 2021
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RFC issued on non-sequential amortisation
Sector developments and company hires
RFC issued on non-sequential amortisation
Market Moves 20 December 2021
The EBA has launched a public consultation on draft regulatory technical standards (RTS) specifying and, where relevant, calibrating the minimum performance-related triggers for STS synthetic securitisations that feature non-sequential amortisation. For the purpose of standardisation, the amended securitisation regulation sets out that sequential amortisation shall be applied to all tranches of STS synthetic securitisations. However, .......
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Greek SRT finalised
Alpha Bank closes capital relief trade
Alpha Bank has completed a €145m synthetic securitisation that references a €1.9bn portfolio of Greek corporate and SME loans. The transaction is the third Greek significant risk transfer trade and the first Greek SRT involving multiple investors.
Indeed, CRC, Anacap and the EBRD all invested in the deal. The EBRD put down €10m of credit protection, but CRC bought the .......
News 20 December 2021