Complete news archive
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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
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Fit for purpose?
ESAs urged to revive securitisation market
AFME and Paris Europlace have jointly called for the European Commission and co-legislators to step up efforts to finalise the European securitisation framework and make it “fit for purpose”. The move follows a High-Level Forum, which took place today (31 May), organised by the two associations to discuss the role that securitisation can play in helping to meet Europe’s .......
News 31 May 2022
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SCI Start the Week - 30 May
A review of SCI's latest content
Last week's news and analysis
News 30 May 2022
Climate impact disclosed
Bank of England releases climate stress tests
Diversification eyed
Investors target derivative backed SRTs
El Clásico?
Groundbreaking AV bond closes
Office sector concerns
The return to work has brought arguably more uncertainty than the initial transition to working from home
Portfolio progress
Business model rethink continues apace
Restructuring event?
Yandex restructuring event rejected
Retail woes
Euro CMBS divergence continues
Slow .......
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Slow and steady
Dutch auto ABS to remain stable as car ownership declines
Adoption of Mobility as a Service (MaaS) in the Netherlands could lead to the end of individual car ownership for the country’s residents. At present, Dutch auto ABS only represents 1% of the total European auto ABS market, so the impact of this shift is likely to be marginal overall. Nevertheless, concentration risk and residual value risk remain important .......
News Analysis 27 May 2022
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Call for more 'hard' credit enhancement
Sector developments and company hires
The rise in Euribor swap rates will lead to materially lower excess spread for euro-denominated consumer ABS that close in the near term, Fitch suggests. The rating agency warns that higher hedging costs at closing mean that more ‘hard’ credit enhancement is needed to achieve the same ratings, particularly for high investment-grade ratings.
“How long this situation persists will depend on .......
Market Moves 26 May 2022
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El Clásico?
Groundbreaking AV bond closes
CVC Capital Partners has closed an innovative hybrid transaction backed primarily by revenues from audio-visual (AV) rights commercialised by La Liga, the organisation that runs the top two divisions of professional football in Spain. Dubbed Loarre Investments, the deal represents the first-ever European bond used to finance a leading sports league.
Late last year, Spanish football clubs voted .......
News 26 May 2022
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Retail woes
Euro CMBS divergence continues
A new Scope Ratings report shows that European commercial real estate valuations have generally increased across the board. However, challenges remain in the retail and hospitality sectors, with valuers continuing to take a bearish outlook on the sector.
The analysis of 69 publicly-rated securitised CRE loans issued since 2017 reveals that - with the exception of retail properties .......
News Analysis 25 May 2022
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Office sector concerns
The return to work has brought arguably more uncertainty than the initial transition to working from home, explains Steve Jellinek, head of CMBS research at DBRS Morningstar.
Uncertainty remains a key theme as corporate occupiers look to assess their current portfolios against their future office requirements. They must accommodate everyone who could be present in the building at any given time and .......
Talking Point 25 May 2022
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Portfolio progress
Business model rethink continues apace
The trend of banks rationalising their business models continues apace across Europe. This Premium Content article explores the role of securitisation in their portfolio optimisation efforts.
The need for banks to fundamentally rethink their business models emerged post-financial crisis and continues still across Europe. Beyond disposals of non-performing assets, this entails focusing on core strategies and markets, ......
News Analysis 25 May 2022Premium Content
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Arnold & Porter hires new partner
Sector developments and company hires
Arnold & Porter welcomes a new partner to its corporate and finance practice in New York in a move to bolster its offering to lenders and borrowers. Scott Berson joins the firm from Norton Rose Fulbright, with more than 25 years of experience across both secured and unsecured financings. Berson holds expertise on receivables-based transactions across different industries and products .......
Market Moves 24 May 2022
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Wilmington Trust adds new hires
Sector developments and company hires
Wilmington Trust has announced a further expansion to its CLO and loan administration division with three new senior hires. Michael Mooneyham, Ryan Murray, and Madhura Swadi all join the firm in an effort to boost the development of client relationships and increase innovation across the team. They will each join the firm as vps, with Mooneyham and Murrary leading the .......
Market Moves 23 May 2022
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SCI Start the Week - 23 May
A review of SCI's latest content
Last week's news and analysis
News 23 May 2022
Accelerating change
NPL ABS evolution gathers pace
Accountability required
Further transparency needed for ESG CLOs
Capital boost
European banks ready for cycle turn
Climate countdown
Green SRT challenges highlighted
Complex picture
European ABS/MBS market update
Fannie prints fifth CIRT of 2022
CIRT and ACIS ride high
Juicy CRT
Historical wides entice fast money
New path
Mexican securitisation marks firsts for StepStone
Prepare for take-off
If .......
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Fannie prints fifth CIRT of 2022
CIRT and ACIS ride high
Fannie Mae has completed its fifth CIRT transaction of 2022, designated CIRT 2022-5, the GSE announced today (May 20).
The deal transferred $733m of mortgage credit risk to 22 insurers and reinsurers.
There are around 67,700 single family mortgages in the covered loan pool with an unpaid principal balance of close to $21bn. All loans in the pool were high LTV mortgages, with .......
News 20 May 2022
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Complex picture
European ABS/MBS market update
With two deals being pulled in the space of a week, the European ABS/MBS markets are facing thorny times. The current complex environment and volatility is set to hinder issuance in the short term.
Last Friday, HSBC announced it had to pull its UK student accommodation CMBS transaction – HXGN CMBS Finance 2022-1 – due to “exceptional market .......
News 20 May 2022
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Climate countdown
Green SRT challenges highlighted
A green synthetic securitisation framework remains lacking, despite the current regulatory focus on ESG. This Premium Content article explores why.
Green lending targets in use-of-proceeds synthetic securitisations are expected to become more of an obligation going forward, but such a change should be accompanied by clear parameters and consequences for failing to satisfy that obligation. Nevertheless, a framework for ......
News Analysis 20 May 2022Premium Content
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Accelerating change
NPL ABS evolution gathers pace
Regulatory change in the European non-performing loan securitisation market has picked up speed over the last month, with the publication of the EBA’s final draft risk retention regulatory technical standards (RTS) (SCI 13 April) and the launch of an EBA consultation on draft implementing technical standards (ITS) in connection with NPL data templates (SCI 17 May). However, .......
News Analysis 19 May 2022
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Stonehill announces leadership additions
Sector developments and company hires
Stonehill is set to expand its commercial lending business with four new senior executive hires to its leadership team. Daniel Siegel, Greg Koenig, Nisu Mehta, and Taylor Pike each join Stonehill from Ardent with several decades of real estate business shared between them. The firm hopes the new hires will assist in widening its product offering across all real estate .......
Market Moves 19 May 2022