Complete news archive
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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
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Time for the European CRE CLO to prepare for take-off
If all indicator lights hold true, then the European CRE CLO market is primed and ready for take-off, explains Iain Balkwill, partner at Reed Smith.
Indeed, if this market manages to follow the same eye-watering trajectory of growth experienced in the United States, then not only are we in for a majestic ride but this could be truly transformational for .......
Talking Point 19 May 2022
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Juicy CRT
Historical wides entice fast money
Spread levels in GSE CRT securities at the bottom end of the capital stack are now so cheap relative to comparable ABS assets that they are attracting attention from hedge fund and private equity money, say analysts.
Five-year B2 notes are currently priced close to 1100bp over SOFR, more than twice the levels at which high yield ABS .......
News Analysis 18 May 2022
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Principles-based cybersecurity approach urged
Sector developments and company hires
The SFA has responded to the US SEC’s proposed new rules to enhance and standardise disclosures made by public companies regarding cybersecurity risk management, strategy, governance and incident reporting. The association believes the proposed rule to be focused almost exclusively on corporate registrants, ignoring the extensive fundamental and technical differences between the potential impact of cybersecurity risks and incidents .......
Market Moves 17 May 2022
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Transportation investment platform founded
Sector developments and company hires
Onex has established a new platform focused on investing in transportation-related assets used for land, air, marine and industrial applications. The strategy will involve investments in hard assets with long lives, contractual cashflows and an element of inflation protection.
The firm has recruited Wes Dick to lead the strategy as md and head of Onex Transportation Partners, based in San .......
Market Moves 16 May 2022
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Accountability required
Further transparency needed for ESG CLOs
CLOs are said to be the perfect vehicle for ESG selection criteria, due to the nature of the asset class. However, calls for further transparency continue.
“We are seeing every manager committed to apply ESG to every transaction – which means they need to comply to strict reporting. Since last year, we have seen deals coming in with positive screening, as .......
News Analysis 16 May 2022
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SCI Start the Week - 16 May
A review of SCI's latest content
Last week's news and analysis
Better bid
REO online auctions gaining traction
PIMCO push
Kruzel hire suggests new SRT focus
Reinsurance resurge
The CRT reinsurance market takes larger share of risk
Risk transfer expansion
MUFG finalises synthetic securitisation
Servicer strategies
BNPL affordability dynamic eyed
Stagflation risks disclosed
Airlines at risk from inflationFor all of last week’s stories including ‘Market moves’ and ‘Risk transfer round-up’ click here.
SCI .......
News 16 May 2022
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New path
Mexican securitisation marks firsts for StepStone
Global private markets firm StepStone has structured a US$102.5m public offering of a securitised portfolio of direct loans via Certificados Bursátiles Fiduciarios on Mexico’s BIVA stock exchange earlier this year. Significantly, the transaction represents the first securitisation in Mexico of a portfolio of direct loans granted to North American companies, as well as the first time that StepStone acted .......
News 16 May 2022
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Reinsurance resurgence
The CRT reinsurance market takes larger share of risk
Mortgage reinsurance through the ACIS and CIRT programmes is becoming an increasingly important part of the GSE CRT landscape as the capital markets programmes have suffered volatile market conditions in 2022, note onlookers.
When the GSEs unveiled CRT in 2013, the capital markets platforms (CAS for Fannie and STACR for Freddie) absorbed about 75% of the risk sold to the private sector .......
News Analysis 13 May 2022
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Better bid
REO online auctions gaining traction
The three most active US CMBS special servicers sold 125 commercial real estate assets via online auctions in 2020 and 2021, with sale proceeds on average achieving 103% of the most recent appraised value and 122% of the minimum reserve price, according to a new Fitch study. The findings show that assets sold in 2021 on average achieved 109% .......
News 12 May 2022
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PIMCO push
Kruzel hire suggests new SRT focus
Mark Kruzel has joined PIMCO as a senior vice president in the new capital markets group (PCM), according to an internal announcement seen by SCI.
He will report to Sean Meeker, who leads the credit effort in PCM. Meeker reports to Rick LeBrun, head of alternatives business management, and Jamie Weinstein, head of portfolio management.
Kruzel’s appointment means there are now three members .......
News 11 May 2022
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'Investor-friendly' features introduced
Sector developments and company hires
Rising interest rates and widening spreads have spurred changes in US non-prime RMBS structures that introduce investor-friendly features for senior noteholders, Fitch reports. The move comes amid growing concern over coupon cap shortfalls and lower availability of excess spread.
As such, many issuers have reduced the aggregate servicing fee to 25bp (which historically has been 50bp), while some have introduced .......
Market Moves 11 May 2022
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Servicer strategies
BNPL affordability dynamic eyed
The rapid growth of the buy now, pay later (BNPL) sector (SCI 25 March), coupled with heightened costs of living, is altering the affordability dynamic within existing RMBS portfolios. Against this backdrop, investors are being encouraged to question servicers about their strategies for BNPL schemes.
“From a securitisation point of view, there aren’t huge issuances at the moment - and .......
News 10 May 2022
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ITRN 'club deal' debuts
Sector developments and company hires
NN Investment Partners (NN IP) has launched the first vintage of a customised solution to invest in trade finance through its Insured Trade Receivables Notes (ITRN) strategy. Structured as a club deal and delivered via a mutual debt vehicle (a fonds commun de titrisation), the offering was specifically designed for a group of high-profile insitutional investors in France, with initial .......
Market Moves 9 May 2022
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SCI Start the Week - 9 May
A review of SCI's latest content
Last week's news and analysis
Consolidation considerations
CLO manager acquisition activity set to continue
More multifamily
Workforce housing in focus amid affordability crisis
New CAS, tighter spreads
Fannie prints fifth CAS of 2022
Warehouse woes?
Turnkey solution offered amid labour shortagesFor all of last week’s stories including ‘Market moves’ and ‘Risk transfer round-up’ click here.
SCI CLO Markets
News 9 May 2022
CLO Markets provides deal-focused information on the global .......
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