Complete news archive
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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
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SCI NPL Securitisation Awards: Issuer of the Year
Winner: Intesa Sanpaolo
Intesa Sanpaolo has won the Issuer of the Year category in SCI’s NPL Securitisation Awards. Intesa has confirmed its leadership in the non-performing loan space through pioneering execution and innovative solutions over the awards period.
De-risking was the first pillar of the Italian lender’s business plan, through which the Group aimed to reduce the level of gross .......
News 28 June 2022
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SCI NPL Securitisation Awards: Innovation of the Year
Winner: Retiro Mortgage Securities
Innovation in securitisation doesn’t always represent an overt major leap forward; much like the market itself, nuance is often the key. The seemingly simple advance of structuring a 144A deal and making it the first European non-performing loan securitisation readily accessible to US investors has won Innovation of the Year as hopefully the precursor to a vastly expanded .......
News 28 June 2022
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SCI NPL Securitisation Awards: Transaction of the Year
Winner: Project Galaxy
Project Galaxy has won the Transaction of the Year category in SCI’s NPL Securitisation Awards. The deal marks the second largest rated EMEA NPE securitisation, with €10.8bn in gross book value (GBV). Project Galaxy is also the first public securitisation in the Green Market from the deal’s originator, Alpha Bank, as well as its first transaction enrolled in the .......
News 28 June 2022
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Suit filed over alleged CMBS fraud
Sector developments and company hires
Suit filed over alleged CMBS fraud
Market Moves 27 June 2022
Kasowitz Benson Torres, as counsel to investment vehicles associated with Carl Icahn, has filed a complaint in Nevada state court against Rialto Capital Advisors for breach of contract and fraud. The case is in connection with Rialto’s servicing of a CMBS trust (COMM 2012-CR4) secured by the Prizm Outlets mall in Primm, Nevada, which .......
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Cost of living concerns
Inflation pressures to push up UK RMBS arrears
The cost of living is increasing at a rate not seen for decades, as consumer price inflation is on the rise and monetary policy tightens in response. Due to elevated levels of inflation, arrears in UK RMBS transactions are expected to increase over the coming 12 months.
“Most people expect some level of deterioration on asset performance towards .......
News Analysis 27 June 2022
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SCI Start the Week - 27 June
A review of SCI's latest content
Last week's news and analysis
Changing the paradigm
De-risking NPLs and democratising fixed income through digital securitisation
Corporate SRT finalised
Credit Agricole prices capital relief trade
ESG evolution
European CLO docs continue to evolve
NPL ABS line-up finalised
European NPL Securitisation Awards to debut
Quantifi considers
Quantifi founder Q&A on 20th anniversary of firm
Stable outlook persists
Moody's maintains stable default outlookFor all of last week’s stories .......
News 27 June 2022
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Chain reaction
US container and railcar ABS examined
Global supply chain issues could continue to support US container and railcar ABS. However, as this Premium Content article shows, both markets are facing challenges on other fronts.
As with most other US esoteric ABS sectors, the container and railcar markets suffered when Covid-19 first hit. However, the more broadly driven - though pandemic exacerbated - global ......
News Analysis 27 June 2022Premium Content
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Quantifi considers
Quantifi founder Q&A on 20th anniversary of firm
Quantifi, the provider of risk, analytics and trading solutions, recently celebrated its 20th anniversary. Founder and ceo Rohan Douglas started the firm from his attic in New Jersey in 2002, after prior senior credit derivatives research positions at Citigroup and Salomon.
Structured credit has been at the heart of what Quantifi does and SCI caught up with Rohan to talk about the changes .......
The Structured Credit Interview 24 June 2022
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PineBridge sub-advised CLO ETF unveiled
Sector developments and company hires
VanEck has launched an actively managed CLO ETF, dubbed CLOI, which is sub-advised by PineBridge Investments. The fund aims to invest at least 80% of its total assets in investment grade-rated debt tranches CLOs of any maturity.
The fund intends to invest primarily in CLO securities that are US dollar denominated, although it has the ability to invest up to .......
Market Moves 23 June 2022
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ESG evolution
European CLO docs continue to evolve
European CLO documentation continues to evolve with the increasing inclusion of ESG policies (SCI passim). Positive screening language and ESG score integration are gaining momentum, despite data and disclosure challenges.
“The European CLO market is at the start of its ESG journey and Europe has been at the forefront of this. Nearly all new European CLOs issued today .......
News Analysis 23 June 2022
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Changing the paradigm
John Pellew, principal, distribution and securitisation at A...
In isolation and in the absence of mitigating factors, non-performing loan and distressed assets are inherently high-risk investments, but that’s not the whole story.
While it’s true that we are dealing with defaulted loans and distressed assets, these assets are not sold in isolation or single units, and they are not sold because they have no value. They .......
Talking Point 23 June 2022
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USS launches maiden ABS mandate
Sector developments and company hires
Universities Superannuation Scheme (USS), the UK’s largest private pension scheme by way of assets, has launched its first mandate investing in ABS. Likely to exceed £1bn over the next couple of years, USS’s first ABS mandate will focus on investment grade publicly-listed securities.
The move comes a year after USS Investment Management (USSIM), the wholly owned investment management .......
Market Moves 22 June 2022
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NPL ABS line-up finalised
European NPL Securitisation Awards to debut
SCI’s 4th Annual NPL Securitisation Seminar is taking place in-person on 27 June at Centro Congressi Stelline in Milan, Italy. Hosted by Orrick, the event focuses on how securitisation is being embraced by policymakers as a way of helping European banks de-risk and optimise their balance sheets.
The seminar begins with an overview of how the Covid-19 .......
News 20 June 2022
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SCI Start the Week - 20 June
A review of SCI's latest content
FREE SCI special issue
Published for IMN’s Global ABS 2022 – includes recent news, premium content and a profile of Santander’s Steve Gandy. Download here.Last week's news and analysis
News 20 June 2022
Are the foundations changing?
James Smallwood of Allen & Overy examines European CLO structures
Goodbye and good luck
Steve Gandy, md at Santander, reflects on a 30-year career in securitisation
Risk transfer return
European CRE .......
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European CLO structures: Are the foundations changing?
James Smallwood, senior associate at Allen & Overy, examines whether the foundations are changing for European CLO structures
What's in a name? Or, more appropriately for CLOs, what's in a number? And while there are many important numbers and figures in a CLO transaction (obviously), here and in particular, I'm referring to some pretty low digits – one, two and .......
Talking Point 16 June 2022