Complete news archive
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Private credit JV formed
Market updates and sector developments
Stifel Financial Corp and Lord Abbett have formed a substantial leveraged lending joint venture, which compliments the existing capabilities of both firms. Called SBLA Private Credit, the JV will focus on both new issue and existing loans to small and mid-sized portfolio companies of financial sponsors.
SBLA Private Credit brings together two of the industry’s most established brands, .......
Market Moves 17 June 2024
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SCI Start the Week - 17 June 2024
A review of SCI's latest content
*SCI’s inaugural Emerging Europe SRT Seminar takes place in Warsaw tomorrow*
Last week's news and analysis
News 17 June 2024
CIRT X 4
Fannie Mae completes fourth deal of the year
Credit risk sharing: Raising the bar for ESG requirements - video
PGGM Investments' Alien Pauw speaks to SCI about .......
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Norway gets SecReg green light
Market updates and sector developments
The EU Securitisation Regulation was incorporated into the EEA Agreement on 12 June and it is widely expected that the rules will come into force in Norway on 1 January 2025. The regulation covers both true sale and synthetic securitisations, as well as rules on STS securitisations.
Legislative rules implementing the Securitisation Regulation in Norwegian law have already .......
Market Moves 14 June 2024
Low supply?
SRT Market Update
Some slight pessimism about SRT deal flow ahead of the summer break is emerging, with one source suggesting that the market is “more silent than expected” at this point in the year.
“It has been a strange six months, where investors have upskilled and come online, but the issuance is yet to increase exponentially. It’s still a good .......
SRT Market Update 14 June 2024
Tailoring TRS
Markus Musielak, md, working capital structuring at Demica,...
Trade receivables securitisations (TRS) remain resilient and of an increasing focus following the end of low interest rate environments, as companies seek affordable financing tailored to their precise working capital requirements.
With expectations that the economies in the UK and the eurozone have avoided a recession of any significant depth (or even a recession at all), the TRS market .......
Talking Point 14 June 2024
Job swaps weekly: Guy Carpenter lures Schnieders to lead new division
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Guy Carpenter launching a new capital and advisory group with the hiring of an industry veteran from Teneo Holdings. Elsewhere, Dentons has rehired a structured finance specialist from NuBridge Commercial Lending as partner, while McCarthy Denning has appointed a real-estate-focused structured finance specialist as partner.
Guy Carpenter has hired Alexander .......
Market Moves 14 June 2024
Credit risk sharing: Raising the bar for ESG requirements - video
PGGM Investments' Alien Pauw speaks to SCI about ESG and investing in credit risk sharing
Alien Pauw, director and senior investment manager at PGGM Investments, speaks to SCI's Vincent Nadeau about ESG and investing in credit risk sharing. Pauw discusses the pension fund investor’s relationships with partner banks, how it differentiates CRS transactions from capital relief trades or risk transfers, the role that CRS transactions can play in the context of ESG goals and the climate .......
News Analysis 13 June 2024
Private credit marketplace launched
Market updates and sector developments
Figure Technology Solutions has launched a first-of-its-kind blockchain-based multi-seller, multi-buyer marketplace for private credit loans. Called Figure Connect, the marketplace connects Figure’s capital markets buyer universe directly to Figure’s loan origination partners, with the aim of engendering liquidity by adding certainty of funding to loan originators and collateral composition to loan buyers.
With Figure Connect, originators can receive .......
Market Moves 12 June 2024
Ratings rapture
US reg cap deals seek AAAs, but not so European
Recent risk-sharing CLNs from US banks have been structured to receive the highest possible credit ratings, according to a recent report from Fitch, but this remains a feature unique to the US market, say observers.
All the US transactions have .......
News Analysis 12 June 2024
Latest SRTx fixings released
While the broader macro backdrop (notably geopolitics and ce...
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. While last month’s figures highlighted a nuanced shift towards increased risk, the latest data points to an incrementally better market sentiment overall.
SRTx Spread Indexes have tightened across the board, with the US (-14.5%) corporate segment leading the way (-3.9% in Europe). Similarly for .......
News 11 June 2024
CIRT X 4
Market updates and sector developments
Fannie Mae has completed its fourth CIRT deal of 2024, transferring US$284.8m of mortgage risk to 25 insurers and reinsurers.
The loan pool for CIRT 2024-H2 comprises around 34,000 single family mortgages with an unpaid principal balance of approximately US$12.1bn. .......
Market Moves 11 June 2024
SCI Start the Week - 10 June 2024
A review of SCI's latest content
Last week's news and analysis
News 10 June 2024
Data dynamics
Investor interest in data centre ABS takes off
Five-point plan
EU securitisation reform package mooted
ILS opportunity set revealed
*SIGLO study *Aira inks heat pump ABS *Ambac acquires 60% of Beat
Job swaps weekly: Paul Hastings poaches private credit team
People .......
Job swaps weekly: Paul Hastings poaches private credit team
People moves and key promotions in securitisation
This week’s round-up of securitisation job swaps sees Paul Hastings poach a team of restructuring, private credit and special situations lawyers from King & Spalding. Elsewhere, Apollo-allied credit solutions provider Cadma Capital Partners continues to beef up its leadership team, while Kirkland & Ellis has lured a structured private credit lawyer to its debt finance group.
Collectively, the .......
Market Moves 7 June 2024
Top of the pops
Private risk sharing volumes hit €1trn
Private risk sharing exceeded €1trn of cumulated volumes across over 500 transactions between 2016 and 2023, according to IACPM’s latest annual synthetic securitisation survey. Last year alone saw around €200bn of new issuance from the 40 banks involved in the survey, with over €600bn of bank loans covered by €55bn of junior tranches.
In the EU, €300bn of .......
News 6 June 2024
ILS opportunity set revealed
Market updates and sector developments
A recent SIGLO Capital Advisors study estimates that the global ILS market is slightly over US$100bn in size and, as such, equates to roughly 20% of overall global risk-bearing reinsurance capital. The private ILS market segment accounts for around 60% of this total, while the public catastrophe bond market segment accounts for the remainder. The top 20 ILS managers were .......
Market Moves 6 June 2024
Five-point plan
EU securitisation reform package mooted
AFME has published a position paper that outlines a five-point plan to revive the securitisation market in the EU. Entitled ‘EU Securitisation back on track’, the paper describes the different ways that securitisation can be used as a tool to support EU growth and strategic objectives, identifies the regulatory hurdles that currently impede its impact and outlines a package .......
News 6 June 2024
Record breakers
B1 tranches hit all-time low new issue print
Record tight new issue spreads were recorded in GSE-issued CRT B1 tranches in May, according to research conducted by Mark Fontanilla & Co, the leading CRT consultancy and data provider.
The B1 tranche of Fannie Mae’s recently priced CAS .......
News 6 June 2024