Complete news archive
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ESG Seminar line-up finalised
Securitisation awards to debut
SCI’s 2nd Annual ESG Securitisation Seminar is taking place in-person on 25 April at the offices of Clifford Chance in London. Chaired by Pemberton Capital Advisors’ Naomi Prasad, the event will cover the latest regulatory developments, key trends and emerging opportunities within the sustainable securitisation market.
The seminar begins with a pair of panels exploring ESG regulatory .......
News 21 April 2023
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Surge in refi SLABS predicted
Sector developments and company hires
Surge in refi SLABS predicted
Market Moves 20 April 2023
The US Supreme Court is expected to render its decision regarding the legality of President Biden’s student loan forgiveness programme (SCI 31 August 2022) by the end of June. A resolution will provide borrowers with more clarity about their federal student loan debt balances and obligations - which is anticipated to spark further refinance .......
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Cautious optimism
Moody's Analytics Chief Economist Mark Zandi shares his views
SCI talked with Moody’s Analytics Chief Economist Mark Zandi ahead of his economic outlook keynote at Information Management Network’s 12th Annual Investors Conference on CLOs & Leveraged Loans in New York on April 17-18, 2023.
In general, the financial market mood is one of caution, but there is also room for some optimism, especially in the CLO .......
Talking Point 18 April 2023
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DDEs surveyed
'More favourable' outcomes for participating CLOs
Fitch has examined the holding outcomes of two leveraged loan issuers - MLN US HoldCo (Mitel) and Envision Healthcare - that underwent out-of-court restructurings last year. The analysis finds that recovery outcomes vary widely across CLOs, with more favourable outcomes achieved for CLOs that participated in the restructurings.
Indeed, CLO vintages as old as 2017 were able to .......
News 17 April 2023
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'Meaningful' layoff exposure for TAMI CMBS leases
Sector developments and company hires
‘Meaningful’ layoff exposure for TAMI CMBS leases
Market Moves 17 April 2023
KBRA has identified 266 US CMBS lease exposures to 45 large companies that have recently announced combined layoffs of 216,905 white-collar employees. The rating agency focused on companies announcing layoffs of at least 1,000 employees from 2022 through mid-March 2023, among the universe of nearly 5,700 office and mixed-use properties in CMBS 2.0 .......
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SCI Start the Week - 17 April
A review of SCI's latest content
Last week's news and analysis
Benchmarking commitments
Importance of private securitisation to real economy underlined
Canadian wave continues
CIBC debuts synthetic securitisation
CLO pros take volatility in their stride
IMN European CLOs and Leveraged Loans conference recap
SPV structures eyed
US SPV CRT prospects raisedFor all of last week’s stories including .......
News 17 April 2023
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Risk advisory appointment inked
Sector developments and company hires
Risk advisory appointment inked
Market Moves 14 April 2023
African Risk Capacity (ARC) has selected Gallagher Re as its reinsurance broker and risk advisor. The appointment includes the placement of portfolio cover in the reinsurance and capital markets, and the provision of strategic advisory for sustainable growth and portfolio diversification. The design of alternative risk transfer mechanisms, such as ILS, is a core component of .......
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Capital solutions head poached
Sector developments and company hires
Capital solutions head poached
Howden CAP has appointed Colin Reddy as md, head of financial institutions and advisory, based in London. He will leverage his industry expertise to provide clients with balance sheet and regulatory advisory solutions, while deepening Howden CAP’s existing structuring expertise.Reddy has over 20 years’ experience in financial services and joins Howden CAP from Mizuho .......
Market Moves 12 April 2023
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Cross Point tapped for CLO expertise
Sector developments and company hires
Cross Point tapped for CLO expertise
Performance Trust Capital Partners has formed a new CLO trading desk, with the addition of members from the Cross Point Capital team led by Jared Gogek and Alex Navin. The group will expand Performance Trust's presence in credit products by adding in-house expertise in CLOs.Gogek and Navin were co-presidents and managing partners .......
Market Moves 11 April 2023
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Benchmarking commitments
Importance of private securitisation to real economy underlined
Over 70% of European private cash securitisations fund sellers in the EU and over 68% directly fund the real economy, according to the latest European Benchmarking Exercise (EBE) report. Further, 88% of all transactions by volume were undertaken by sellers with ratings of triple-B and below at inception, with 95.4% of transactions achieving investment grade ratings - demonstrating that private cash securitisations provide a .......
News 11 April 2023
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CLO pros take volatility in their stride
IMN European CLOs and Leveraged Loans conference recap
The mood was constructive at the IMN 10th Annual Investors’ Conference on European CLOs and Leveraged Loans held in London on 4 April, but many market participants - notably investors - seemed to be in wait-and-see mode.
The panels:
European CLO Market Outlook
News 11 April 2023
Michael Brown, Partner and Head of Structuring and Analytics, Pearl Diver Capital
Luis Leon Carsi, Managing Director .......
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Libor laggards
Most US CLOs yet to transition from Libor with less than 90 days to go
Only 19% of US CLOs rated by S&P have transitioned to SOFR, leaving less than three months for the remainder to do so before the deadline of June 30, according to a report by the rating agency this week.
While it’s not impossible for the bulk of deals to make this transition in under 12 weeks, it is clearly leaving until the .......
News 7 April 2023
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AssuredIM, Sound Point create CLO powerhouse
Sector developments and company hires
AssuredIM, Sound Point create CLO powerhouse
Market Moves 6 April 2023
Assured Guaranty has announced an agreement with Sound Point Capital Management, pursuant to which Assured Guaranty will contribute its entire equity interest in Assured Investment Management and - with certain exceptions - its related asset management entities to Sound Point. In addition, US insurers Assured Guaranty Municipal Corp and Assured Guaranty Corp will engage .......
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Securitising shared ownership
RMBS plugging gap left by end of Help to Buy scheme
Growth in the UK shared ownership housing sector is fuelling a spike in interest in new RMBS products, as the government-backed Help to Buy equity loan scheme draws to a close. The final deadline for the government scheme – intended to facilitate home ownership among borrowers with steady incomes but limited ability to raise substantial deposits – passed at .......
News Analysis 6 April 2023