Complete news archive
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SCI Start the Week - 21 March
A review of SCI's latest content
Last week's news and analysis
News 21 March 2022
Choice offering
Rob Reynolds, md and head of CLOs at Pemberton Asset Management, talks to SCI
Full stack guarantee launched
Millenium bank executes SRT
Room to run?
MDB CRT challenges persist
Some stabilisation
European ABS/MBS market update
Synthetic RMBS unveiled
Unicredit reveals capital relief trade
What makes an efficient CLO manager?
Phil Raciti, head of performing credit and a portfolio manager at .......
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Risk transfer round up-21 March
CRT sector developments and deal news
Santander is believed to be readying a synthetic securitisation backed by Portuguese corporate loans. The bank’s last such transaction was finalized last year and was called Castelo (SCI 4 August 2021).
....... News 21 March 2022
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Equitable Holdings subsidiary to acquire CarVal Investors
Sector developments and company hires
Equitable Holdings has announced the acquisition of CarVal Investors by its subsidiary, AllianceBernstein. The agreement to acquire the global private alternative investment manager with US$14.3bn in AUM falls in line with Equitable Holdings’ strategy to further its differentiated business model and increase returns. CarVal focuses on opportunistic and distressed credit, as well as renewable energy infrastructure, speciality finance, and transportation .......
Market Moves 18 March 2022
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Barrow Hanley closes inaugural CLO equity fund
Sector developments and company hires
Barrow Hanley Global Investors has closed on its inaugural CLO equity fund – the Barrow Hanley CLO Fund I LP. The fund will be managed by the existing alternative credit team and follows the aims of the firm’s strategic partner, Perpetual Limited, to expand the product offering at Barrow Hanley. Perpetual, alongside employees at Barrow Hanley, have invested 35% of .......
Market Moves 17 March 2022
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Choice offering
Rob Reynolds, md and head of CLOs at Pemberton Asset Managem...
Q: You joined Pemberton earlier this month (SCI 1 March). Can you provide an overview of the firm and the new CLO platform?
The Structured Credit Interview 17 March 2022
A: Pemberton was founded in 2013 by our managing partner Symon Drake-Brockman, who is still leading the business. At the time, the fallout from the financial crisis in 2008 led banks to prioritise investment-grade loans and shrink .......
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Synthetic RMBS unveiled
Unicredit reveals capital relief trade
Details have been revealed of a significant risk transfer transaction that UniCredit and Fidelis finalized in December 2021. The synthetic securitisation is backed by Italian residential mortgages and is the bank’s first SRT to be backed by such exposures and its first with insurers.
The Italian lender structured the transaction under the ARTS (Asset Risk Transfer Sharing) program. The deal references a €600m .......
News 16 March 2022
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IGLOO SME scheme unveiled
Sector developments and company hires
The EIF is supporting the Italian Guaranteed Loan Origination Platform (IGLOO), a new state-backed initiative that aims to provide €170m in opportunities for growth and financing for at least 800 SMEs and mid-caps in Italy. Promoted by Gruppo MutuiOnline and Gruppo NSA, the platform has a particular focus on criteria relating to climate transition and environmental sustainability.
The EIF will participate via .......
Market Moves 15 March 2022
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Room to run?
MDB CRT challenges persist
A number of challenges continue to constrain multilateral development bank capital relief trade issuance. This Premium Content article investigates whether these obstacles can be overcome.
The African Development Bank’s (AfDB) landmark Room2Run (R2R) transaction marked the first capital relief trade issued by a multilateral development bank (MDB) and heightened expectations for a boost in such issuance (SCI 20 ......
News Analysis 15 March 2022Premium Content
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What makes an efficient CLO manager?
Phil Raciti, head of performing credit and a portfolio manager at Bardin Hill, explains the key attributes needed to be successful as a CLO manager
The CLO asset class operates within a sophisticated construct of arbitrage, leverage, and structural protections. Having navigated multiple recessions and the most significant period of issuer downgrade activity on record in 2020, the asset class has .......
Talking Point 14 March 2022
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SCI Start the Week - 14 March
A review of SCI's latest content
ESG event this week
SCI’s inaugural ESG Securitisation Seminar is taking place in-person on 16 March at the London offices of Clifford Chance. The event will examine the role that securitisation can play in sustainable finance and the challenges that need to be overcome to achieve its potential.
For more information on the event or to register, click here.Last week's news .......
News 14 March 2022
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Some stabilisation
European ABS/MBS market update
The European and UK ABS/MBS markets saw some elements of stabilisation in the last few sessions of last week. Nevertheless, spreads continue to widen in both a very active secondary and a quiet primary space.
The secondary market saw its busiest week of 2022, with over €350m paper on BWIC and dealers reporting healthy bilateral activity as well. As the .......
News 14 March 2022
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Legacy Libor
Senate passes Libor act, but worries about adequacy of SOFR remain
The US Senate yesterday passed the Adjustable Interest Rate (LIBOR) Act into law, but market sources say the replacement of Libor by SOFR in legacy contracts will precipitate legal action.
Problems are predicted as there is currently a wide and growing disparity between Libor and SOFR settings.
“There’s going to be a lot of law suits. People that were expecting to get a bump .......
News 11 March 2022
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Ratings furore
Industry pushback throws into doubt S&P CMBS ratings action
S&P this week agreed to push back the RFC period for its proposed changes to ratings for securitized securities held by insurers from March 18 to April 29.
This is the second extension to the time allowed for the RFC, which was initially set to end on February 18 when the mooted adjustments were first announced on early December 2021.
In a conference call on .......
News 10 March 2022
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Growing presence
Mia Drennan, president, founder and co-chair of GLAS, answers SCI's questions
Q: What is your strategic vision for GLAS and its continued expansion and growth in the US?
Provider Profile 10 March 2022
A: GLAS was founded in 2011 and we expanded into the US in 2016. Once we secured the necessary regulatory licenses and approvals to operate in the US, we began serving clients on a cross-border basis across the UK, Europe, Australia and the .......
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Carlyle tops rankings on CLO acquisition
Sector developments and company hires
Carlyle is set to acquire from CBAM Partners a portfolio of assets using a combination of US$615m in cash from Carlyle’s balance sheet and approximately 4.2 million newly issued common shares. CBAM’s US$15bn in assets under management - the majority of which are in CLO funds - will be integrated into Carlyle’s global credit platform. The transaction will increase .......
Market Moves 10 March 2022
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Coordinating outfit
ESG advisors gaining traction
ESG advisors are gaining traction in the securitisation market, as sustainability becomes an ever-more import consideration for investors and issuers. This Premium Content article investigates what the role entails.
As sustainability becomes an ever-more important consideration for securitisation investors and issuers, the role of the ESG advisor on transactions is gaining traction. Not only do they assist issuers in ......
News Analysis 10 March 2022Premium Content
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POS ABS prepped
Barclays backstops UK debut
Barclays is in the market with the UK’s first point-of-sale (POS) loan ABS. Dubbed Pavillion Point of Sale 2021-1A, the transaction is backed by a £491.57m revolving pool comprising 894,320 unsecured loans granted to private individuals domiciled in the UK and serviced by Clydesdale Financial Services (CFS).
The seller is Isle of Wight Home Loans, which acquired the .......
News 9 March 2022
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'We all have a part to play'
Celebrating IWD: on attracting more women to leadership positions
Lucy Oddy, securitisation partner at Allen & Overy, is perceived as lucky to work in a team full of female talent. But, in the final article of our series celebrating International Women’s Day, she puts it down to a winning combination of supportive male colleagues and senior female role models.
I was describing my team to a candidate the other .......
Talking Point 9 March 2022
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ESG seminar line-up finalised
Sustainable securitisation on the agenda
SCI’s inaugural ESG Securitisation Seminar is taking place in-person on 16 March at the London offices of Clifford Chance. The event will examine the role that securitisation can play in sustainable finance and the challenges that need to be overcome to achieve its potential.
The seminar begins with an overview of EU regulation and policies focused on ESG .......
News 9 March 2022
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Test case
CDS market ponders Russian sanctions
Western sanctions on Russia are putting the CDS market in relatively uncharted territory given the challenges it potentially raises for the running of auctions. Indeed, the latter hampers liquidity and the settlement of CDS contracts. The situation is further complicated by the Kremlin’s decision to allow repayment of bonds in roubles since this could trigger more cumbersome restructuring events.
According to .......
News Analysis 8 March 2022