Complete news archive
-
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
-
EIOPA consults on securitisation review
Sector developments and company hires
EIOPA has published a consultation paper in response to the European Commission’s call for advice (CfA) to the joint committee (JC) of the European Supervisory Authorities (ESAs) regarding a review of the securitisation prudential framework (SCI 28 October 2021). Under the CfA, the Commission sought the assistance of the JC to assess the recent performance of the rules on capital .......
Market Moves 16 June 2022
-
Industry CLO e-trading platform unveiled
Sector developments and company hires
Citi and Bank of America, joined by Credit Suisse, Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo and Moody’s Analytics, have launched Octaura Holdings. The objective of the company is to create the first open-market electronic trading platform for syndicated loans and CLOs.
Built in collaboration with software development platform Genesis Global, Octaura aims to provide comprehensive trading solutions with natively .......
Market Moves 14 June 2022
-
Goodbye and good luck
Steve Gandy, md at Santander, reflects on a 30-year career in securitisation ahead of his retirement
Asked about the day after his forthcoming retirement, Steve Gandy, md at Santander, mildly remarks that a ‘’friend will take us out for curry, including my grandson. I’m then off to Germany to see my daughter and then back to the UK, where we will sell the house and head for the US.’’
Gandy’s unremarkable statements draw a .......
The Structured Credit Interview 14 June 2022
-
-
SCI Start the Week - 13 June
A review of SCI's latest content
Last week's news and analysis
Doing the right things
BCMGlobal Mortgage Services answers SCI's questions
Fannie's six
GSE prints 6th CAS deal of 2022
Goodbye convention?
Demand for inclusive credit scoring intensifies
Migrating transactions
'Seamless' switch for CLO domiciles
Open house
European CRE lending continues to diversify
Opportunity knocks
Debut RPL ABS could be first of many
Risk transfer reboot
Synthetic CRE issuance picks upFor all of last .......
News 13 June 2022
-
-
Aon hires new strategic growth leader
Sector developments and company hires
Aon has named Joanna Parsons as strategic growth leader of UK capital advisory within the firm’s reinsurance solutions business, reporting to Ben Love, UK strategic growth leader for reinsurance solutions. In her new role, Parsons will help clients to understand the value of different growth, capital and reinsurance strategies, including in the securitisation space. Based in London, Parsons joins Aon from .......
Market Moves 10 June 2022
-
Doing the right things
Mark Davies, md, BCMGlobal Mortgage Services, answers SCI's questions
Q: How and when did BCMGlobal become involved in the securitisation market?
A: BCMGlobal services £3.2bn of securitised loans, totalling 23,000 borrowers, across circa 25 portfolios and 10 securitisation programmes. We act as a standby servicer for £7.1bn of securitised loans for 17 clients across 47 transactions. Our loan portfolios are domiciled and secured in the UK and Ireland.Provider Profile 9 June 2022
-
Migrating transactions
'Seamless' switch for CLO domiciles
The switch from the Cayman Islands to alternative domiciles, following the European Commission’s listing of the jurisdiction on the EU AML list, appears to have been painless for most CLOs. This Premium Content article investigates.
The European Commission’s blacklisting of the Cayman Islands earlier this year has triggered the migration of many CLOs to alternative domiciles. Overall, the switch ......
News Analysis 9 June 2022Premium Content
-
Opportunity knocks
Debut RPL ABS could be first of many
The first publicly rated European unsecured reperforming loan ABS hit the market in April. With Covid-induced moratoriums limiting the supply of non-performing loans, further such transactions could emerge, as debt purchasers with excess liquidity seek to deploy capital.
Dubbed Wolf Receivables Financing, the transaction represents Lowell Financial’s debut public securitisation and is also the first UK RPL ABS .......
News Analysis 8 June 2022
-
Open house
European CRE lending continues to diversify
A combination of growth in specialist lenders and the tightening of commercial real estate lending standards triggered by the Covid-19 pandemic represents an opportunity for European securitisation investors. In particular, CRE ABS deals offer a significant premium and momentum over more traditional CMBS transactions from well-established sponsors.
“Against a backdrop of record CMBS issuance, I feel that a .......
News Analysis 8 June 2022
-
Fannie's six
GSE prints 6th CAS deal of 2022
Fannie Mae has priced a $754m CAS REMIC, its sixth such transaction of the year to date, designated CAS 2022-R06.
The bookrunners were Bank of America and Nomura. Co-managers are Amherst Pierpoint, Barclays, Citigroup and Credit Suisse.
The reference pool consists of 83,000 single family mortgages with an unpaid principal balance of $25bn. It is a low LTV deal, with ratios of 60.01% .......
News 7 June 2022
-
Landmark Hong Kong cat bond closed
Sector developments and company hires
Peak Re has closed a US$150m 144a catastrophe bond via Black Kite Re, marking the first-ever such deal issued by a Hong Kong special purpose insurer. The cat bond is also expected to be the first to utilise the Pilot Insurance-linked Securities Grant Scheme introduced by the Hong Kong government last year (SCI 4 May 2021).
As part of .......
Market Moves 7 June 2022
-
Goodbye convention?
Demand for inclusive credit scoring intensifies
Institutional investors have joined the charge of securitisation professionals demanding more inclusive credit scoring methodologies, following the SFA’s call for the use of alternative credit scores amid enduring concerns over the wealth inequality gap in the US (SCI 6 April). A new study, commissioned by VantageScore Solutions and conducted by FTI Consulting, finds that institutional investors also desire more .......
News 6 June 2022
-
SCI Start the Week - 6 June
A review of SCI's latest content
Last week's news and analysis
Crash landing
Aircraft ABS market papering over the cracks, say critics
Fit for purpose?
ESAs urged to revive securitisation market
Ramping up
Santander adds ramp-up feature in new SRT
Risk transfer comeback
Santander completes US auto SRTFor all of last week’s stories including ‘Market moves’ and ‘Risk transfer round-up’ click here.
SCI CLO Markets
News 6 June 2022
CLO Markets provides deal-focused information on the .......
-
-
-
MidOcean bags PE bigwig
Sector developments and company hires
Erik Oken has joined MidOcean Partners as chairman of its private equity business, based in New York. He will work directly with the firm’s private equity investment team, with the aim of adding valuable senior insights and oversight to its thematic investment approach. Prior to joining MidOcean, Oken spent over 30 years at JPMorgan, most recently serving as global .......
Market Moves 1 June 2022
-
Crash landing
Aircraft ABS market papering over the cracks, say critics
There are gaping fault lines in the aircraft ABS market which the industry is doing little to solve, say some investors and structurers.
The Ukraine war has exposed serious imperfections but even more deep-seated problems in the key areas of valuation and transparency bedevil the sector, they add.
Aircraft securitization got under way about four years ago, but volume picked up sharply .......
News 1 June 2022
-
Franklin Templeton to acquire Alcentra from BNY Mellon
Sector developments and company hires
Franklin Templeton is set to acquire the European credit and private debt manager, Alcentra, from BNY Mellon. The acquisition of Alcentra and its US$38bn in assets under management will see the expansion of Franklin Templeton’s US alternative credit specialist investment manager, Benefit Street Partners, and ramping up of its presence and capabilities in Europe. The transaction will increase the size of .......
Market Moves 31 May 2022