Complete news archive
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August RMBS surge surprises experts
Unseasonably high activity defies market volatility and summer slowdown
In an unexpected twist, the typically quiet international primary market in August has burst into activity, with two UK RMBS and two Australian RMBS deals making notable strides. According to a recent JP Morgan report, this surprising surge of activity has unfolded despite the prevailing market volatility and the customary summer slowdown.
JP Morgan's research strategists point out .......
Market Moves 12 August 2024
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Job swaps weekly: Blackstone names new head of international at BXCI
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Blackstone appointing a new head of international for Blackstone Credit & Insurance (BXCI). Elsewhere, Paul Hastings has lured a structured finance partner from Weil, Gotshal & Manges, while Milbank has added a number of Latham & Watkins professionals to its alternative investments team, including a new partner.
Blackstone has named .......
Market Moves 9 August 2024
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Focus on Ally
SRT market update
Ally Bank has released further details on its debut CRT transaction, ABCLN 2024-A, in its Q2 earnings report.
Ally retains the senior and first loss tranches, while protection has been bought on a 1.5-12.5 attach/detach mezzanine tranche. The average coupon is 7.18%, however SCI hears there is a range across the tranche with the most junior slice .......
SRT Market Update 9 August 2024
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Echo in
SRT market update
BNP Paribas is rumoured to be in market with a fresh SRT transaction entitled “Project Echo”.
The deal, which references leveraged loans, will have a tranche thickness of around 3-11%, and a targeted spread in the region of 8%. The notional portfolio size is US$2-3bn and the WAL is between two and three years.
The bank has .......
SRT Market Update 9 August 2024
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Angel in ETFs
Angel Oak's active structured credit ETF takes off
The Structured Credit Interview 7 August 2024
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Reset boost
Portfolio quality upgraded amid European CLO resets in H1 24
The portfolio credit quality of European CLOs that were reset in the first half of 2024 were improved compared with the original transactions, according to Fitch Ratings’ latest Monthly European CLO Index report.
“Before the resets, the portfolio average triple-C exposure was 2.8%, consistent with other Fitch-rated reinvesting EMEA CLOs, and with defaulted assets accounting for no more .......
News 7 August 2024
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In its prime
Debutants boost auto CLN volumes
US$1.36bn across four prime auto loan CLN issuances has been placed so far this year, according to JPMorgan figures. The transactions have included debut deals, as well as repeat issuance from Santander.
Indeed, Santander’s latest auto CLN – June’s US$239m SBCLN 2024-A - represents its seventh from the series. The bank is already considered the market benchmark, primarily .......
News 7 August 2024
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Australian ABS branches out
IFM Investors' Wanigasekera shares insights on growth and diversification in Australian ABS market
Diversification and growing interest from global investors are fueling innovation in the Australian ABS market, according to Hiran Wanigasekera, co-head of diversified credit and debt investments at IFM Investors.
Since 2021, IFM Investors, with approximately €6bn in securitised assets, has significantly diversified its focus from primarily RMBS to a broader range of ABS. "We have expanded a lot .......
News Analysis 7 August 2024
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Esoteric excellence
Reed Smith doubling down on esoterics
The Structured Credit Interview 6 August 2024
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WBS: New frontiers - video
Ropes & Gray's Patricia Lynch speaks to SCI about whole business securitisation
Patricia Lynch, partner and leader of the US securitisation practice at Ropes & Gray, speaks to SCI's Simon Boughey about whole business securitisation (WBS). Lynch discusses the types of assets that are particularly suitable for WBS, developments in the makeup of the investor pool, the emerging use of the product in M&A contexts, and more.
....... News Analysis 5 August 2024
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Job swaps weekly: DWS boosts alts franchise
People moves and key promotions in securitisation
Market Moves 2 August 2024
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BNPP set to acquire AXA IM
Market updates and sector developments
AXA has entered into exclusive negotiations to sell its asset manager AXA Investment Managers (AXA IM) to BNP Paribas for cash proceeds of €5.1bn. Under the terms of the proposed transaction, AXA and BNP Paribas would also enter into a long-term strategic partnership, under which BNP Paribas would provide investment management services to AXA.
Additionally, AXA would receive .......
Market Moves 1 August 2024
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Swedish SRT finalised
SRT market update
Further demonstration of the growing interest, opportunities and activity from the Nordics for risk-transfer mechanisms has materialised.
Swedish lender Marginalen Bank has completed a risk sharing transaction with seasoned SRT investor Christofferson, Robb & Company (CRC). Entitled Project Argo, the significant risk transfer transaction is SEK1bn cash securitisation that references a portfolio of non-performing consumer loans. Additionally, the securitisation .......
SRT Market Update 1 August 2024
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Hayfin inks MBO
Market updates and sector developments
Hayfin Capital Management has entered into an agreement with private investment firm Arctos Partners to support a management buyout of the business, acquiring British Columbia Investment Management Corporation’s (BCI) majority stake. The new partnership delivers Hayfin’s long-term objectives of greater team ownership, alignment and incentivisation, as well as generating superior and consistent risk-adjusted returns for both Hayfin’s and Arctos’ .......
Market Moves 30 July 2024
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Ears pricked
Interest returning to CRE market as conditions improve
Alternative real estate investors say securitisation is set to remain a key tool to increase market share amid persistent interest rate challenges.
In particular, CRE lending is poised to become a primary focus, as .......
News 30 July 2024
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WAM understatement hits FFELP SLABS
Market updates and sector developments
Moody's has placed 12 tranches from nine FFELP student loan securitisations administered by Nelnet and 61 tranches from 11 FFELP ABS serviced by Nelnet on review for downgrade. The rating actions follow Nelnet's disclosure of a collateral data reporting approach that appears to have understated the remaining term of loans in Income-based Repayment Plans (IBR).
Nelnet last week .......
Market Moves 29 July 2024