Complete news archive
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Seeds of evolution
illimity's Lionetti answers SCI's questions
Tech-focused Italian banking group illimity recently announced the structuring of two new loan securitisation programmes to support SMEs and agricultural businesses in Italy, following on from the launch of its first securitisation programme last year. Claudia Lewis speaks to Fabiano Lionetti, head of investment banking at the bank, about its partnership with alternative-finance-focused fintech advisor Crescitalia and the evolution of .......
The Structured Credit Interview 12 September 2024
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Strength on several fronts
Ninety One's Barua answers SCI's questions
New issuance CLO volumes are on course to challenge previous full-year records and the market is well-positioned to weather any recessionary fears, according to Rondeep Barua, securitised products analyst at Ninety One. Barua speaks to Camilla Vitanza about the asset class’s prospects and anticipated trends for the rest of the year
Q: How would you summarise 2024 so .......
The Structured Credit Interview 11 September 2024
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Called to the Barr
CRT still makes sense for US banks despite slimmed down B3E
News Analysis 10 September 2024
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Off to a flier
Busy week points to standout September for European and Australian ABS and MBS
As the third quarter of 2024 winds down, September is shaping up to be a standout month for the European and Australian ABS and MBS markets. According to a recent JP Morgan report, the ABS market roared back to life in the first week of the month, following a volatile August marked by recession risks and central bank uncertainty.
News 10 September 2024
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New partnership
Market moves and sector developments
GP stakes firm Armen and Chorus Capital (Chorus) have announced a strategic partnership. As part of the partnership, Armen will acquire a 16% minority equity stake in Chorus Capital. The transaction – which is targeted to close by the end of the month – represents the third investment by Armen GP Stakes Fund I and its first in the .......
Market Moves 10 September 2024
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Secret Revolution
How will the US regional bank market develop?
The US CRT market is slowly absorbing volumes and experiencing increased growth from unexpected players. Regional bank deals may herald how the jurisdiction will develop.
Pinnacle Financial Partners and Valley National Bank entered the market last month with deals referencing mortgage and auto loan assets, respectively (SCI 29 July and 29 July). Both banks have below .......
News Analysis 10 September 2024
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TGIF terminated as WBS manager
Market updates and sector developments
The control party for TGIF Funding Series 2017-1 has declared a manager termination event, following the failure of the manager - TGI Friday’s (TGIF) - to furnish a report of the independent auditors or back-up manager summarising the findings of certain agreed-upon procedures within a certain time period. The move represents the first instance of a manager termination event for .......
Market Moves 6 September 2024
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Lofty heights
SRT market update
LOFT 2024-1, the latest issuance from Deutsche Bank’s established leveraged loans SRT programme, is set to close this month.
While SCI understands that the deal has a similar structure to its predecessor, distinctions include a different tranching and a tighter spreads (in line with recent market developments).
The deal references 0-18% of a portfolio, split between a .......
SRT Market Update 6 September 2024
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Oh Canada
SRT market update
Toronto Dominion is reportedly back in market with a repeat issuance of its inaugural trade and programme, which closed in February last year.
Like 2023’s deal (TD CRT), the underlying portfolio is backed Canadian and US high yield corporate loans, described as “below IG”. The spread is expected to land at plus 1050bp - 100bp tighter than the previous iteration. The .......
SRT Market Update 6 September 2024
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Job swaps weekly: The 'Art' of launching
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees two industry veterans join forces to launch Art Capital, a structured finance advisory business. Elsewhere, Citi has boosted its Oceania operation with a new head of asset-backed securitisation, while Cushman & Wakefield has hired a head of capital markets for the Americas from Five Horizons Partners.
Stuart Blieschke and Tim .......
Market Moves 6 September 2024
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Region' new heights
Key themes from SCI's recent regional banks webinar
Activity in the US CRT market is picking up, though it is yet to reach the levels that many market participants expected at the start of the year. With a number of regional US banks turning to the space, SCI’s Kenny Wastell hosted prominent industry professionals for a webinar on the challenges and opportunities presented.
The impermanence of .......
News Analysis 5 September 2024
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MV Credit acquisition agreed
Market updates and sector developments
Clearlake Capital Group is set to acquire pan-European private credit specialist MV Credit from Natixis Investment Managers. Founded in 2000 and headquartered in London, MV Credit has US$5.1bn in assets under management and provides tailored fund solutions to investors across senior direct lending, subordinated direct lending, hybrid and CLO strategies.
MV Credit has deployed more than US$11bn since .......
Market Moves 3 September 2024
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SCI In Conversation Podcast: Mike Nowakowski, Conning
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Mike Nowakowski, md and head of structured products at Conning, about esoteric ABS and both the agency and non-agency MBS markets. Nowakowski discusses what attracts him to the esoteric space; the type of esoterics that currently offer the most value; potential upcoming tailwinds .......
News Analysis 3 September 2024
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Job swaps weekly: Norton Rose Fulbright adds Paris-based partner
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Norton Rose Fulbright adding a partner to its banking and finance practice in Paris. Elsewhere, CBRE has lured a new executive director to its European debt and structured finance team from Rothesay, while Alantra has appointed a structured-finance-focused senior advisor.
Norton Rose Fulbright has strengthened its banking and finance practice .......
Market Moves 30 August 2024
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Backup power
Fallout from Gedesco deal could have positive impact on wider market
Servicer defaults can happen, and when they do it is important to keep operations running smoothly. However, this isn’t always possible, such as in the case of Gedesco, where broader struggles were at play.
Commentary from Morningstar DBRS earlier in August took a deeper look into the circumstances surrounding the servicer’s default in the Gedesco Trade Receivables 2020-1 .......
News Analysis 29 August 2024
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CLO manager corner: Antares Capital
Katzenstein and Pitke discuss the firm's liquid credit platform and plans for the future
Antares Capital’s liquid credit platform, which launched last year and today is a BSL CLO issuance platform, is a “natural extension” of its private credit CLO platform, allowing the company to offer a broader opportunity set of products to clients, according to the firm.
Speaking about its business plan, Seth Katzenstein, head of liquid credit at Antares tells .......
The Structured Credit Interview 28 August 2024
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New programme
SCI catches up with Mike Strevens, head of structured guaran...
Central to the British Business Bank’s debt financing activities is the ENABLE Guarantee programme, which aims to increase SME lending capacity among specialist UK banks. The guarantee is structured as an unfunded SRT with the most senior part of the SME reference portfolio protected and the first loss/junior portions and a vertical slice of the remaining portfolio retained by the originator. .......
News Analysis 28 August 2024
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Gearing up
SRT Market Update
Heading into the autumn months, the SRT market is gearing up for a bustling end to the year, in spite of the volatility seen earlier this month. While the timelines for a couple of European transactions have been extended, Canadian and US bank activity is picking up pace.
Following a dramatic start to August, with a significant volatility .......
SRT Market Update 23 August 2024