CLOs

  • Risk retention for Japan?

    Sector developments and company hires

    ILS

    Sarah Demerling has joined Walkers Bermuda as a partner in the firm's corporate, finance and funds group. With more than 17 years' experience in the financial services industry in Bermuda, Demerling adds asset management, investment funds and ILS expertise to the practice. She was previously client director at Estera Services (Bermuda) and before that a partner at Appleby in .......

    Market Moves 16 January 2019

  • STS-compliant ABS issuance to be 'higher than expected'

    Lack of certainty continues around areas of Securitisation Regulation

    The EU Securitisation Regulation came into force as of 1 January this year, despite several parts of the legislation not yet having been finalised and amid concerns that market participants may lack the necessary infrastructure to adequately comply. Despite this, it is thought that there will be more STS-compliant transactions issued at the start of 2019 than expected, with many .......

    News Analysis 16 January 2019

  • Agency launches new Euro office

    Company hires and sector developments

    Europe

    Alantra has hired James Fadel as md. He was previously head of structured finance advisory at Deloitte.

    DBRS has opened a new office in Madrid, making this its third European office - it is already up and running with analysts having relocated to Madrid from the London office. It will assign ratings to serve market participants looking for expertise .......

    Market Moves 14 January 2019

  • Solar equity ABS launched

    Sector developments and company hires

    Acquisitions

    American Mortgage Consultants (AMC) has acquired Meridian Asset Services, (Meridian), joining two of the premier service providers in the residential secondary mortgage market. The transaction will unite Meridian’s leading collateral, curative and title QC capabilities with AMC’s third-party review services and technology to support rated private-label securitisation transactions, due diligence and quality control. Meridian will operate as .......

    Market Moves 11 January 2019

  • US firms see flurry of hires

    Sector developments and company hires

    US

    Bay Crest Partners has bolstered its fixed income business with a trio of senior hires: Tadeusz (Ted) Jachowicz, Jatin Dewanwala and Greg Hackett. Jachowicz and Dewanwala previously ran Metacapital Management's structured credit effort, including portfolios of ABS, CMBS and RMBS. Hackett joins Bay Crest following five years at RBC, where he headed the firm's CMBS and CRE .......

    Market Moves 10 January 2019

  • Freddie Mac launches debut reinsurance deal

    Company hires and sector developments

    Acquisitions

    doBank has acquired 85% of NPL servicer Altamira Asset Management from entities affiliated with funds managed by Apollo Global Management, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority, following a competitive sales process. The shareholding involved in the sale may be increased to 100%, should Santander - holder of the remaining 15% interest in the .......

    Market Moves 7 January 2019

  • SCI Start the Week - 7 January

    A review of securitisation activity over the past seven days

    Transaction of the week

    Santander has launched an unusual synthetic securitisation of auto loans, dubbed Santander Consumer Spain Synthetic Auto 2018-1. The transaction comprises a €60.6m twelve-year CLN that references a €1.01bn portfolio of Spanish auto loans paying Euribor plus 8.90%.

    Synthetic securitisations of granular, consumer portfolios are uncommon, as the structures are typically used for concentrated, non-granular portfolios. This .......

    News 7 January 2019

  • Pair promoted

    Sector developments and company hires

    UK

    TwentyFour Asset Management has appointed two new partners from within its portfolio management team. Felipe Villarroel, a portfolio manager on the multi-sector Bond team, and Douglas Charleston, a portfolio manager for the firm’s asset-backed securities funds, will become partners early in 1Q19. Prior to joining TwentyFour, Charleston was an associate director in asset-backed solutions at Lloyds.

    ......

    Market Moves 4 January 2019

    Premium Content

  • Global finance partner hired

    Sector developments and company hires

    NPL transactions

    IFIS NPL, has purchased an NPL portfolio totalling €1.16bn in gross book value from Monte dei Paschi di Siena. The portfolio acquired includes over 83,000 debtors with 16% comprised of consumer loans. The remaining 84% consists of unsecured small ticket banking NPLs.

    JPMorgan and Mediobanca are co-arrangers on a cash securitisation of Italian NPLs worth approximately €2.541m. Dubbed Belvedere .......

    Market Moves 2 January 2019

  • Synthetic slew

    CRT issuances hit before year-end

    A slew of synthetic securitisations have hit the market before year-end. The risk transfer issuances include a trio of EIF financial guarantees, one of which is supported by blockchain technology, and a pair of Colonnade deals.

    The blockchain transaction – which marks the first time a corporate loan securitisation has been executed via distributed ledger technology in the .......

    News 21 December 2018

  • Inaugural post-crisis CLO prepped

    Sector developments and company hires

    CLO manager comeback

    AIG is marketing its first BSL CLO since the financial crisis, totalling US$503.15m. Dubbed AIG CLO 2018-1, the transaction is provisionally rated by Morningstar as triple-A on the US$296.5m class A notes. It does not have ratings on the rest of the notes.

    Fairhold development

    Fairhold Securitisation Limited has issued a notice that the new respondents, as .......

    Market Moves 21 December 2018

  • Middle march

    Boost for middle market and hybrid CLOs

    The US SEC’s no-action letter in connection with a recent Golub Capital CLO paves the way for middle market CLO managers to comply with risk retention requirements by holding through a BDC (SCI 21 September). The move effectively allows managers to transition loans between their BDCs and a CLO, and has the potential to significantly boost US middle .......

    News Analysis 21 December 2018

  • Disclosure draft not endorsed

    EC refuses to endorse draft technical standards

    The European Commission has stated that it only intends to endorse the draft technical standards on disclosure requirements, under the EU Securitisation Regulation prepared by ESMA, once certain amendments have been made. Market participants have suggested that this was not unexpected and could in fact buy more time for firms to install the necessary systems required to comply with reporting standards, when .......

    News 20 December 2018

  • Cross-currency basis

    US CLO market update

    All but a few US CLO new issues have been postponed until 2019, although at least one deal is set to price imminently.

    “Some third-tier CLO managers are still trying to get deals through,” says one trader. “This has been a tough time to get the best of deals done, so lower-tier managers are struggling.”

    However, the .......

    Market Reports 19 December 2018

  • Japanese dependence

    European ABS market update

    European ABS markets have effectively closed for the year. Deals in the pipeline are now expected to price in early 2019.

    Looking ahead to 1Q19, one trader comments: “For UK buy-to-let and non-conforming RMBS, activity will depend 100% on what happens with Brexit. Unless we have more clarity about how Brexit will play out, investors are going to be .......

    Market Reports 19 December 2018

  • ILS ventures launched

    Sector developments and company hires

    ILS

    Rewire Holdings and Vida Capital have announced the formation of Merion Square Capital, a joint venture which combines the two companies. The asset manager has established an open-ended fund structure which will primarily invest in ILS with an emphasis on property and casualty insurance, as well as annuities and mortality-related products. Merion Square will be led and .......

    Market Moves 19 December 2018

  • Cerberus explores RMBS options

    Sector developments and company hires

    Granite alternatives

    Cerberus European Residential Holdings is exploring strategic alternatives with respect to the mortgage loans held in the Towd Point Mortgage Funding 2016-Granite1 and 2016-Granite2 RMBS, which will become eligible for optional redemption from April and May of 2019 respectively. The firm has engaged Morgan Stanley and Bank of America Merrill Lynch as its financial advisors to .......

    Market Moves 17 December 2018

  • ABSPP plans published

    Sector developments and company hires

    APP reinvestment set

    The ECB has outlined the technical parameters for the reinvestment of the principal payments from maturing securities purchased under its asset purchase programmes after net asset purchases cease at end-December 2018. It expects to reinvest ABSPP redemptions back into the ABS market and CBPP3 redemptions back into the covered bond market. The bank says it will aim .......

    Market Moves 14 December 2018

  • Running dry

    Euro CLO secondary market update

    The European CLO primary pipeline is running dry. Traders are increasingly looking at BWIC activity instead.

    Several CLO BWICs are out for the bid today. “Yesterday saw a bit of a turn-around in terms of BWIC activity,” says one trader, “though the market is still a little weak and cautious.”

    CLO bonds are pricing significantly wider .......

    Market Reports 14 December 2018

  • STS guidelines published

    Sector developments and company hires

    P2P head hired

    Dynamic Credit has hired Giles Andrews as chairman of its supervisory board. The board will have three members and serves to strengthen the corporate governance of Dynamic Credit Group (DCG), which comprises of the asset manager and direct lender Dynamic Credit and the investor servicing platform LoanClear. Andrews is co-founder of Zopa and, in addition to his .......

    Market Moves 13 December 2018

  • Global leader appointed

    Sector developments and company hires

    Amended complaint filed

    The state of Colorado has filed a Second Amended Complaint relating to state court actions against Avant and Marlette, alleging that the platforms have violated its Uniform Consumer Credit Code (SCI 12 May 2017). According to a Chapman and Cutler client memo, in addition to making the same claims against the platforms, the state is suing .......

    Market Moves 12 December 2018
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