Complete news archive
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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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SCI Start the Week - 18 March 2024
A review of SCI's latest content
Last week's news and analysis
News 18 March 2024
CLO strategic partnership inked
Sagard partners with HalseyPoint, while Obra launches RE platform
Constructive engagement
What it takes to close a debut SRT trade
Growth expectations
Alastair Pickett, co-portfolio manager of Chenavari's risk sharing strategy, answers SCI's questions
Relaunched CMU prioritises securitisation
New roadmap plus updates .......
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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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CLO strategic partnership inked
Market updates and sector developments
Global alternative asset manager Sagard has begun laying the groundwork to expand its presence in the US CLO market through a new strategic partnership with US CLO manager HalseyPoint. As part of this partnership, Sagard will acquire a 40% stake in the HalseyPoint CLO platform, which will now go by new co-branded platform name Sagard|HalseyPoint.
Upon completion of the .......
Market Moves 13 March 2024
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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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Job swaps weekly: Cadwalader appoints former FDIC deputy general counsel as partner
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Cadwalader appoint an industry veteran as a New-York-based partner. Elsewhere, Willkie Farr & Gallagher has snapped up a Katten Muchin Rosenman partner for its energy transactions and structured finance team, while Paul Hastings has lured a McDermott Will & Emery partner to its real estate team.
Cadwalader has recruited former .......
Market Moves 8 March 2024
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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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Unlocking potential
Embrace neurodiversity to drive success in securitisation
Neurodiversity is gaining more recognition as a crucial component in the pursuit of gender diversity and inclusion in structured finance. This year’s theme of ‘inspiring inclusion’ for International Women’s Day underscores the imperative to address the hidden challenges women face on top of gender.
The rising numbers of later-life diagnosis of Attention Deficit Hyperactivity Disorder (ADHD) and Autism .......
Talking Point 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
Mark Kruzel, senior vice president for bank capital markets at PIMCO, speaks to SCI's Simon Boughey about the changing landscape in the US SRT market. Kruzel discusses the opportunities for investors working with banks, why the market is taking off now after a number of false starts, what factors are attracting regional US banks to the SRT space, and .......
News Analysis 6 March 2024
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Barclays to hit up risk transfer
UK lender looks to offload risk from US card business
Barclays Bank is to use “selective risk transfer” to reduce an increase in risk weighted assets (RWA) due to a migration of portfolio to an internal risk-based model (IRB) calculation of capital adequacy, the UK bank said in its Q4 earnings report at the end of last month.
News 6 March 2024
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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
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SRT buyer
Pension fund reputed to snap up US Bank deal
A pension fund has bought the synthetic securitization of US corporate loans from US Bank which was reported to be in the market last week, according to market rumours.
The transaction has a US$2.5bn reference pool of investment grade corporate loans, add sources.
It was reportedly priced at a spread of 5.75%, which has raised a few eyebrows in the market.
This is at .......
News 4 March 2024
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SCI Start the Week - 4 March 2024
A review of SCI's latest content
Last week's news and analysis
News 4 March 2024
Bank bonanza
GSIBs, super regionals and regionals to line up for SRT
Barclays inks 'strategic' credit card sale
Updates on UK bank’s US move, a low-LTV CRT and a Pretium investment
Budding partnerships
Hope for newcomers to tap opportunities in US private-label RMBS
CEE momentum
EIB .......