Complete news archive
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Direct lending platform unveiled
Sector developments and company hires
Direct lending platform unveiled
Oaktree Capital Management has launched private credit-focused Oaktree Lending Partners (OLP) and its related vehicles. OLP is targeting US$10bn in equity commitments from institutional investors and will seek to originate senior secured loans of US$500m or more to private equity-owned US companies, typically with over US$100m in EBITDA.Oaktree believes this market is especially attractive .......
Market Moves 28 February 2023
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Lightning rod?
Dealer incentives eyed in CAC complaint
The CFPB and the New York State Office of the Attorney General (NYOAG) recently brought a lawsuit against subprime auto ABS issuer Credit Acceptance Corp (CAC) for “misrepresenting the cost of credit” and “hiding” costs in loan agreements. Unusually, the allegations centre on the company’s business model, which is unique among auto lenders.
“Credit Acceptance is somewhat of .......
News 28 February 2023
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Independent considerations
Daniel Drummer, cfo of German digital lender auxmoney, answers SCI's questions
Q: auxmoney re-opened the European securitisation market with its third social bond issuance, Fortuna Consumer Loan ABS 2023-1. How does this latest deal compare to auxmoney’s first two ABS transactions?
Provider Profile 28 February 2023
A: This is our third and largest securitisation at €350m, which directly follows our first securitisation in September 2021 at €250m and our second in May 2022 at €225m. Overall, .......
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Affordability anxiety
Non-QM originators augment affordability products, raising loss prediction
Mortgage originators are increasing production of affordability non-QM loans partly for purely business reasons but also in response to political pressure to extend home ownership, analysts said today (February 27).
Loss predictions for a range of higher affordability products have also increased, according to a new Fitch Ratings repor . For example, a 40-year fully amortizing fixed rate loan has a 1.84 .......
News 28 February 2023
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Balance sheet optimization continues
Piraeus Bank discloses synthetic securitisation
News 27 February 2023
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SCI Start the Week - 27 February
A review of SCI's latest content
SRTx benchmark launched
SCI is launching SRTx (Significant Risk Transfer Index), a new benchmark that measures the estimated prevailing new-issue price spread for generic private market risk transfer transactions. Calculated and rebalanced on a monthly basis by Mark Fontanilla & Co, the index provides market participants with a benchmark reference point for pricing in the private risk transfer market by .......
News 27 February 2023
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SRTx benchmark debuts
Index to provide pricing guide for corporate, SME CRTs
SCI is set to launch SRTx (Significant Risk Transfer Index), a fixed income benchmark rate index that measures the estimated prevailing new-issue price spread for generic private market risk transfer transactions. The index aims to provide a benchmark for deal and fund performance, provide a guide to pricing deals and to act as an additional validation of the .......
News 24 February 2023
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Cairo NPL disposal completed
Sector developments and company hires
Cairo NPL disposal completed
Market Moves 23 February 2023
doValue has completed Project Souq, the sale to Intrum of two non-performing loan portfolios of approximately €630m in aggregate GBV related to the Cairo 1 and Cairo 2 HAPS securitisation vehicles (SCI 8 June 2020).The transaction - which was structured, executed and completed by doValue Greece - allows the firm to accelerate its collection activity .......
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FEAC promotes four in direct lending
Sector developments and company hires
FEAC promotes four in direct lending
First Eagle Alternative Credit (FEAC) has promoted four members of its tradable credit and direct lending investment teams. Within the tradable credit team, Robert Hickey has been named deputy cio, reporting to FEAC cio James Fellows.Hickey joined the firm in 2004 and was formerly senior portfolio manager in the tradable credit team. .......
Market Moves 22 February 2023
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Nice and niche
Investors eye life ILS strategies as uncertainties loom
The life ILS sector has been caught up in the capital availability dynamics of the wider catastrophe bond market retrenchment caused by several recent big loss events. However, the resultant wider spreads could represent an opportunity this year for those seeking reliable investment strategies amid macroeconomic uncertainties.
“Providing nimble, expert capital to solving problems is the raison d’être .......
News Analysis 22 February 2023
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CS duo snapped up
Sector developments and company hires
CS duo snapped up
Financial services firm Baird has expanded its fixed income offering with the addition of two ex-Credit Suisse professionals focusing on CLOs and securitised products. James Gray and Daniel Bates join the firm’s London office respectively as md, European fixed income sales and director, European fixed income trader.Gray was previously executive director, securitised products sales .......
Market Moves 21 February 2023
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SCI Start the Week - 20 February
A review of SCI's latest content
Latest SCI In Conversation podcast available
In this episode, Pretium Partners senior md and structured credit head Jerry Ouderkirk discusses relative value opportunities in the CLO market. The podcast can be accessed wherever you usually get your podcasts, including Apple Podcasts and Spotify (just search for ‘SCI In Conversation’), or by clicking here.
Last week's news and analysis
News 20 February 2023
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Social housing RMBS debuts
Sector developments and company hires
Social housing RMBS debuts
Caisse des Dépôts et Consignations (CDC) has completed a rare securitisation collateralised by social housing loans originated by its savings fund division. Dubbed FCT FE Durable 2023, the €1bn transaction is backed a portfolio of 1,890 performing loans extended to 206 French social and affordable housing providers (SAHPs).The largest, the top five and top .......
Market Moves 17 February 2023
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Highs, lows and CLOs
John Kim, Panagram ceo and portfolio manager of CLOZ, answers SCI's questions
Q: What can you tell us about the launch of Panagram’s new actively managed CLO ETF (CLOZ) (SCI 25 January)?
The Structured Credit Interview 17 February 2023
A: We’re very excited about our ETF (CLOZ) because it brings CLO opportunity to the retail market. Ultimately, we are trying to make it easy for retail investors to enjoy the benefits of CLOs that institutional investors have enjoyed .......
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Cloudy skies for aircraft ABS
Despite a deal in December, aircraft ABS has problems to solve
Investment bankers are keen for the aircraft ABS market to take to the skies, but it remains grounded due to inherent structural defects, say sources.
“Bankers are pushing very hard to have the capital markets open again but in my opinion it will take some time before this happens. I don’t know when this will be,” says Ali Ben Lmadani, .......
News Analysis 16 February 2023
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