Complete news archive
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What is the future of the CRE market?
Despite the fluctuations in the capital markets this year, European warehouse funding for granular, small and medium balance commercial real estate mortgage loans remains stable, explains Sabah Nawaz, partner, Cadwalader, Wickersham & Taft LLP.
This is particularly the case in the “loan on loan” warehouse space. “Loan on loan” funding typically involves an institutional lender advancing loans to a SPV .......
Talking Point 5 July 2022
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WAB trio
Western Alliance Bank surfaces in CRT market for the third time
Western Alliance Bank (WAB) has sold another capital relief trade – its third since its debut last year – in the shape of 18 classes of mortgage reference notes designated Western Mortgage Reference Notes Series 2022-CL1 and Series 2022-CL2.
The Phoenix, Arizona-based borrower first entered the CRT market in September 2021, becoming only the second US regional to do such a trade. .......
News 4 July 2022
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Bluerock introduces new credit fund
Sector developments and company hires
Bluerock is set to launch a new CLO interval fund in partnership with WhiteStar, who will serve as sub-advisor, which offers to investors high income and portfolio diversification. Marking the firm’s second interval fund, the ‘Bluerock High Income Institutional Credit Fund’ will aim to provide investors with access to income-producing senior secured loans with a portfolio made up of actively .......
Market Moves 1 July 2022
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Pre-summer comeback?
European ABS/MBS market update
With one deal pricing, the UK and European ABS/MBS markets reopened this week. As the summer break is fast approaching, issuers will have a short window to come to market.
This week, Premium Credit brought a fifth issue from their PCL master trust. The PCL Funding 2022-1 transaction - which priced yesterday - saw decent demand across the capital stack, .......
News 1 July 2022
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SCI NPL Securitisation Awards: Contribution to Market Development
Winner: NPL Markets
Over 750 portfolios have now been onboarded to NPL Markets’ one-stop-shop reporting, trading and analysis platform. For its role in improving efficiency across the non-performing loan market, it is the winner of SCI’s award for the best Contribution to Market Development.
These 753 portfolios represent some 700 different banks, investors and servicers and over 4.5 million individual loans across .......
News 30 June 2022
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Over the HIL?
Home improvements drive resurgence in HELOC RMBS
Total spending on home improvements and repairs in the US reached US$369bn in 2021, an increase of 9.4% year-over-year, according to Harvard University’s Joint Center for Housing Studies. Home improvement loans (HILs) have emerged as an alternative form of financing for these renovations, particularly for those who lack substantial equity in their homes, while HELOC securitisations are also seeing .......
News Analysis 30 June 2022
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SCI NPL Securitisation Awards: Service Provider of the Year
Winner: Scope Ratings
Scope Ratings has a strong footprint in the European non-performing loan ABS market, ranking as SCI’s Service Provider of the Year in the space. The organisation has helped paved the way for the development of the sector, rating the first public NPL securitisation with an Italian government guarantee via the GACS scheme, and has successfully broadened its expertise .......
News 30 June 2022
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SCI NPL Securitisation Awards: Law Firm of the Year
Winner: Orrick
Orrick, Herrington & Sutcliffe is recognised as Law Firm of the Year in SCI’s NPL Securitisation Awards, having displayed market leadership in the securitisation of non-performing assets and the disposal of unlikely-to-pay portfolios across the main NPL jurisdictions of Greece and Italy.
Orrick’s large finance and capital markets practice - which comprises eight partners and four counsels based .......
News 30 June 2022
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All eyes on FHFA
New GSE fee for joint offerings puts FHFA under pressure
Pressure is mounting on the Federal Housing Finance Authority (FHFA) to amend the capital treatment meted out to Unified Mortgage-Backed Securities (UMBS).
Fannie Mae and Freddie Mac are due to start charging a 50bp fee on each other’s collateral in comingled offerings tomorrow (July 1). This move has been precipitated by the onerous capital treatment of joint deals in the 2020 Enterprise Regulatory Capital .......
News 30 June 2022
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Better methods?
New definitions for green, social securitisations
ICMA has released new definitions for green and social securitisations, together with additional resources for climate transition finance under its update of the Green Bond Principles (GBP), Social Bond Principles (SBP), Sustainability Bond Guidelines (SBG) and Sustainability-Linked Bond Principles (SLBP). In a Q&A document published in conjunction with the updates, the association further clarifies that synthetic securitisations require additional .......
News 29 June 2022
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UTP agreement inked
Sector developments and company hires
UTP agreement inked
UniCredit and Prelios have signed an agreement for the specialised management of unlikely-to-pay (UTP) loans, following the conclusion of a competitive selection process launched by the bank in 4Q21. The long-term agreement involves Prelios acting as the preferred partner in the management of UTP loans in the corporate segment held by UniCredit. An initial stock under management .......
Market Moves 29 June 2022
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CRT v CLOs
Vast 2022 spread widening makes CRT look cheap to CLOs
CRT debt has widened so much this year that it now offers better value than most other structured finance products, including CLOs, note analysts.
Though CRT widened sharply during the early days of the Covid 19 pandemic, that was during a period of legitimate concern about mortgage credit. At the moment, however, the fundamentals are strong and the outlook for mortgage credit .......
News Analysis 29 June 2022
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SCI NPL Securitisation Awards: Arranger of the Year
Winner: Morgan Stanley
A leading position in the public and private markets, combined with a strong link to innovation ensured Morgan Stanley is awarded SCI’s European NPL Securitisation Arranger of the Year.
According to SCI data, there were 19 public securitisations involving non-performing or reperforming loans during the awards period of March 2021 to March 2022. Of those deals, Morgan .......
News 29 June 2022
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SCI NPL Securitisation Awards: Advisor of the Year
Winner: Alantra
Alantra Credit and Portfolio Advisory (CPA) has won the Advisor of the Year category in SCI’s NPL Securitisation Awards, after demonstrating significant innovation across the European non-performing loan landscape over the last year. Indeed, Alantra has successfully established itself as the leading advisory services group in the sector, with a roster of clients that includes many of the .......
News 29 June 2022
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SCI NPL Securitisation Awards: Servicer of the Year
Winner: Intrum
Intrum boasts a presence in 24 European non-performing loan markets and a collection capacity in 160 partner countries, providing it with the broadest geographical reach in the credit management services industry. With revenues amounting to Skr17.8bn in 2021 and around 80,000 clients, the firm is SCI’s Servicer of the Year in recognition of its market-leading business.
“Over .......
News 29 June 2022
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SCI NPL Securitisation Awards: Investor of the Year
Winner: Cerberus Capital Management
In recognition of its resources, relationships and scale, Cerberus Capital Management has won the Investor of the Year category in SCI’s NPL Securitisation Awards. The firm has garnered significant industry acclaim for helping financial institutions address large non-performing loan portfolios as a long-term strategic partner.
One standout example during the awards period is the sale by Alpha .......
News 28 June 2022