Complete news archive
-
Legitimate questions
STS synthetics adoption discussed
The adoption of STS synthetic securitisation has helped legitimise the capital relief trades market. However, this Premium Content article outlines how the EBA’s most recent consultations could prove challenging.
STS synthetic securitisation issuance has soared since the execution of the first transaction in June 2021, adding momentum to this year’s capital relief trade deal flow, further legitimising ......
News Analysis 22 September 2022Premium Content
-
-
-
Performance triggers finalised
Sector developments and company hires
Performance triggers finalised
The EBA has published its final draft regulatory technical standards (RTS) specifying the minimum performance-related triggers for STS synthetic securitisations that feature non-sequential amortisation. With the purpose of standardisation, the amended Securitisation Regulation sets out that sequential amortisation shall be applied to all tranches of STS on-balance sheet securitisations.
However, as a derogation, STS on-balance sheet securitisation .......
Market Moves 21 September 2022
-
Singular CRT
One-off entry into CRT from PacWest
Pacific Western Bank (PWB), a $41bn Beverly Hills, California-based lender wholly owned by PacWest Bancorp, has become the third US regional bank to venture into the CRT market.
It is reported to be in the market with a four-tranche CLN designated PWB 2021-01, which securitizes residential mortgage assets and is set to close this week.
The forerunners in the US regional bank CRT market .......
News 20 September 2022
-
-
STACR six priced
Sixth low-LTV STACR of 2022 priced
Freddie Mac priced STACR 2002-DNA6, its sixth low LTV STACR of the year, on Friday (September 16) afternoon. The GSE was reported to be in the market last week.
The bookrunners were Bank of America and Morgan Stanley, while the co-managers were Amherst Pierpoint, Cantor, Citigroup and StoneX.
The offering consists of three investment grade tranches - a $388m M1-A priced to .......
News 19 September 2022
-
-
Dignity Finance restructuring mooted
Sector developments and company hires
Dignity Finance restructuring mooted
UK funeral provider Dignity has launched a consent solicitation with noteholders of its whole business securitisation, Dignity Finance, in relation to a deleveraging proposal. Following the award of a temporary covenant waiver by the class A noteholders, the company has continued to work on a long-term solution to improve the group's capital structure.
As part of implementing this .......
Market Moves 16 September 2022
-
-
Branching out
Thomas Majewski, managing partner and founder of Eagle Point...
Q: Eagle Point recently announced its expansion into the ABS, MBS and SRT markets, which will be led by Karan Chabba as head of ABS, MBS, SRT and speciality finance (SCI 19 July). What were the motivations behind branching out into these markets?
The Structured Credit Interview 15 September 2022
A: In terms of relative interest, the order we are looking at these is SRT, ABS .......
-
CMBS sickness
Rising rates imperil issuance and refinancing
CMBS issuance is expected to be down for the foreseeable future due to higher rates, wider spreads and difficulties with refinancing, according to a new report from Moody's.
There have been only three multi borrower conduit deals this quarter, with perhaps another one or two expected before the end of 3Q. There were 33 deals in 2021 for a total dollar value .......
News 14 September 2022
-
Controversial Revlon decision reversed
Sector developments and company hires
Controversial Revlon decision reversed
Market Moves 14 September 2022
The US Circuit Court for the Second Circuit last week reversed the controversial decision by the District Court for the Southern District of New York (SDNY) that permitted lenders to retain the mistaken payment made by Citi as administrative agent for a credit agreement with Revlon (SCI 20 August 2020). The SDNY decision upended decades .......
-
Apollo's Harris launches alternatives shop
Sector developments and company hires
Apollo’s Harris launches alternatives shop
Apollo Global Management co-founder Josh Harris has launched 26North Partners, an alternative asset management firm that aims to generate compelling returns across asset classes and capital structures for its partners. The firm has more than US$5bn in assets under management and will initially focus on private equity, credit and insurance solutions.Mark Weinberg, who .......
Market Moves 13 September 2022
-
Rare sighting: the lesser spotted MILN
Essent re-opens the MILN market after five-month layoff
Essent Guaranty is in the market with the first mortgage insurance-linked note (MILN) since April.
Dubbed Radnor Re 2022-1 Ltd, the deal consists of an M-1A tranche rated Ba2 by Moody’s and an M-2A tranche rated B1.
Following the example of the GSEs, it seems B class securities are no longer on offer.
The securities reference a pool of insurance policies written by Essent .......
News 12 September 2022
-
Multifamily JV poaches CBRE team
Sector developments and company hires
Multifamily JV poaches CBRE team
Market Moves 12 September 2022
A veteran equity, debt and structured financing (EDSF) team, led by vice-chair Craig Branton, has joined Cushman & Wakefield and Greystone Servicing Company in Denver, Colorado. Previously with CBRE, the three-member EDSF team also includes director Chris Bourgeois and financial analyst Brett Brown. Working in a dual capacity at both Cushman & Wakefield and Greystone .......
-
-
SCI Start the Week - 12 September
A review of SCI's latest content
Don’t miss out on your chance to be recognised in the inaugural SCI MM CLO Awards! The submissions deadline is 20 September. For more information, click here.
Last week's news and analysis
News 12 September 2022
Full stack SRT prepped
BDK readies capital relief trade
Improved expectations
Moody's raises EMEA corporate outlook
Reinsurance roll call
Call for new counterparties to avoid CRT overcapacity and widening prices
Risk transfer .......
-
-
Setting the tone
European ABS/MBS market update
As the much-anticipated September restart begins to materialise, one deal managed to reopen the European and UK ABS/MBS primary markets. With additional deals being announced, investor demand and overall market conditions will be tested.
Yesterday the European Central Bank raised interest rates sharply, increasing its three key rates by three-quarters of percentage point - the biggest rise since 1999 - .......
News Analysis 9 September 2022
-