Complete news archive
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Exclusive mandate
RCQ associates point to high demand for CRT specialists
Structured credit head-hunters RCQ Associates (RCQ) have an exclusive mandate to help boost Bank of Montreal’s (BMO) CRT department in Toronto as North American issuers ready themselves for a busy second half of the year.
Edward James, founding director of RCQ, says: “We’re conducting an international search for people looking to make that move in Toronto. .......
News 3 May 2024
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Funded vs unfunded divide
SRT Market Update
This week investors and market insiders have highlighted a debate and disagreements regarding the future of unfunded SRT deals.
Commenting on the matter, one SRT investor notes: “The UK regulator doesn’t seem to like unfunded deals – it doesn’t ban them, but it makes them very complex. Doing an unfunded deal requires you to look abroad.”
Another investor .......
SRT Market Update 3 May 2024
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Job swaps weekly: Ashurst lures Fried Frank trio
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Ashurst hiring three structured products professionals, including a partner, from Fried Frank. Elsewhere, Capital Four’s US ceo has left the firm after three years, while HFW has appointed two executives from Norton Rose Fulbright to its global shipping and export finance practice.
Ashurst has made three appointments to its US structured products, derivatives and .......
Market Moves 3 May 2024
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PRA and FCA confirm new UK securitisation rules
Market updates and sector developments
The Financial Conduct Authority’s (FCA) and Prudential Regulation Authority (PRA) have published policy statements on new securitisation rules. Alongside the UK Treasury’s draft statutory instrument on securitisation, which was published last week, the changes will come into force on 1 November and will replace EU securitisation regulations.
The PRA’s statement was published alongside the Securitisation Instrument 2024 section of the PRA Rulebook.
The .......
Market Moves 2 May 2024
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GSE results, tender
Profits up at both GSEs
Fannie Mae profits climbed 10.3% in Q1 to US$4.3bn, despite a 11.4% decline in acquisitions of single-family mortgages, according to its earnings call this week. The GSE also recorded a $180m benefit for credit losses in Q1 after taking a US$116m provision for credit losses in Q4 2023. There was a US$155m provision for losses in the multi-family business due to higher .......
News 1 May 2024
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Double down
ASRS goes big in SRT in new mandate with AXA
Arizona State Retirement System (ASRS) will double its investment in SRT through its new US$400m mandate to AXA IM Alts, announced last week.
The US pension fund has been participating in risk sharing investments since 2019 through a partnership .......
News Analysis 30 April 2024
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European CLO new issuance soars in Q1
Primary new issuance reaches highest level since Russia's invasion of Ukraine
European CLO primary new issuance has reached the highest level since the Russian invasion of Ukraine two years ago, which led to steep rises in inflation and central bank base rates.
The aggregate value of European deals reached €11.35bn in the first quarter of 2024, according to SCI data, the highest figure since the €12.97bn of new issuance .......
News Analysis 30 April 2024
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UK bridging loan RMBS market primed for growth
Enquiries around publicly rated deals rise as lenders eye more diverse sources of funding
Enquiries into European bridging loan RMBS securitisations are on the rise, with industry sources anticipating the UK will develop into the leading market for new issuance. With the US market leading the way, a shift from private to public could open the asset class up to new investors.
“We’ve had a number of enquiries on the feasibility of .......
News Analysis 30 April 2024
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ATLAS attracts MassMutual commitment
Market updates and sector developments
MassMutual has become a minority equity owner in ATLAS SP Partners and a capital partner to the ATLAS platform. As part of the multi-billion-dollar commitment, MassMutual has also agreed to invest in Apollo’s asset-backed finance (ABF) franchise.
These investments will allow MassMutual to access predominately investment-grade, asset-backed credit originated by ATLAS SP and across the broader Apollo ecosystem, .......
Market Moves 26 April 2024
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Fresh mandate
Frank Benhamou joins Cheyne Capital
Cheyne Capital has announced that Frank Benhamou has joined the firm as Portfolio Manager for its Risk Transfer strategy. The announcement followed the news that the London-based firm was re-entering the SRT market, having previously been active from 2004-2018.
Prior to joining Cheyne, Benhamou spent 17 years at Barclays where, inter alia, he set up and led the .......
News 26 April 2024
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Job swaps weekly: Cheyne Capital snaps up SRT veteran
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Cheyne Capital hiring an SRT veteran who recently left their role at Barclays. Elsewhere, Wilmington Trust has made changes to its global capital markets leadership team, while a risk transfer specialist has left their position at The D. E. Shaw Group ahead of taking up a new role.
Cheyne Capital .......
Market Moves 26 April 2024
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Opening up
LatAm SRT activity gaining traction
SRT activity in Latin America is gaining traction, with three deals now completed - including two in the last 12 months - and more on the horizon. Multilateral development banks (MDBs) are playing a crucial role in opening up the region.
Edmund Parker, partner at law firm Mayer Brown, has worked on multiple Latin American synthetic securitisations. He .......
News Analysis 26 April 2024
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Italian mortgage disposal inked
Market updates and sector developments
Barclays Bank Ireland is set to dispose of its performing Italian mortgage portfolio via a securitisation. Funds and accounts managed by GoldenTree Asset Management have entered into a commitment letter under which they will purchase certain notes to be issued by a newly incorporated entity, Miltonia Mortgage Finance, to which the portfolio is expected to be transferred. Upon completion, .......
Market Moves 25 April 2024
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Final FCA, PRA rules 'imminent'
Market updates and sector developments
HM Treasury has published a draft statutory instrument that outlines the next steps in the process of replacing the onshored EU legislative regime for securitisation with its own rules under the broader ‘Smarter Regulatory Framework’ (SRF). The draft Securitisation (Amendment) Regulations 2024 (Amending SI) will repeal the EU Securitisation Regulation on 1 November, implying that the new regime – including .......
Market Moves 24 April 2024
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FFELP loan 'waivers' proposed
Market updates and sector developments
The US Department of Education last week published a notice of proposed rulemaking (NPR) in the Federal Register regarding debt relief for certain federal student loans, including certain FFELP loans held by ABS trusts. Comments on the proposals are due by 17 May and the department aims to finalise the rules in time to start delivering relief this autumn.
Market Moves 22 April 2024
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SCI Start the Week - 22 April 2024
A review of SCI's latest content
*CRT Awards 2024*
The submissions period for SCI’s 2024 Capital Relief Trades Awards closes on 31 May. Apply now to secure your chance to be recognised and celebrated by the SRT industry at a gala black-tie dinner at RIBA HQ!
Qualifying period: 1 July 2023 to 30 June 2024.
Award winners are decided through a two-step process, the .......
News 22 April 2024