CMBS

  • Agencies win 'valid-when-made' cases

    Sector developments and company hires

    Agencies win ‘valid-when-made’ cases
    The US OCC and FDIC yesterday received favourable court rulings in cases challenging their ‘valid-when-made’ rules. In each case, the plaintiffs were three states – California, Illinois and New York – challenging the validity of the rulemakings.

    The states' attorney generals alleged that both federal agencies violated the Administrative Procedure Act. In particular, the plaintiffs .......

    Market Moves 9 February 2022

  • CIP, Whitecroft partner for infrastructure SRT

    Sector developments and company hires

    Copenhagen Infrastructure Partners (CIP) is marketing its inaugural debt fund – the CI Green Credit Fund I (CI GCF I) – having secured €320m in seed capital. Targeting a size of €1bn, the fund will provide private project finance debt with subordinated risk characteristics supporting renewable energy projects globally.

    Focus will be on green- and brownfield projects in offshore wind, .......

    Market Moves 7 February 2022

  • Big business

    Strategic shift favours alternative credit M&A activity

    The alternative credit industry might be at an inflection point in its development, with a decisive change anticipated in M&A activity in terms of the dominant acquirer from a financial to strategic buyer. Such a transition would inevitably benefit leading alternative credit managers.

    “After five years of real and incredible growth in alternative credit acquisitions, we have witnessed .......

    News Analysis 3 February 2022

  • Team expansion

    Sector developments and company hires

    Apollo has beefed up its Asia Pacific business, with the addition of Anthony Hermann as a partner and head of Asia Pacific credit, based in Sydney. Together with fellow new hires mds Vidyasagar Pulavarti and Julian Longstaff, he will be responsible for building and expanding the firm’s yield business across the APAC region.

    Hermann was previously executive general manager, global .......

    Market Moves 2 February 2022

  • Maltese SME guarantee inked

    Sector developments and company hires

    Bank of Valletta and the EIB Group have renewed their partnership to support the business needs of SMEs in Malta. Under this new agreement, the bank will provide an additional €28m to Maltese SMEs on favourable terms and with long tenors over the next two years.

    The favourable conditions on the loans are achieved through risk transfer, implemented by combining .......

    Market Moves 1 February 2022

  • Impact investor acquired

    Sector developments and company hires

    M&G is set to acquire a majority stake in impact investor responsAbility Investments. Headquartered in Zurich, responsAbility has invested more than US$11bn in private assets across emerging markets since it was founded in 2003 and currently has approximately US$3.7bn of assets under management (as at year-end 2021).

    The acquisition is in line with M&G’s strategy to grow its sustainable investment .......

    Market Moves 28 January 2022

  • Inflection Point?

    European ABS/MBS market update

    The European ABS/MBS primary market has been hit by macro volatility this week. While the previous week saw healthy investor demand and firm pricing (SCI 21 January), the current tense backdrop of central banks unwinding and major geopolitical tensions, appears to have affected spreads.

    “The primary market has generally been very volatile this week,” notes one ABS/MBS .......

    News 28 January 2022

  • Multi-family moves

    SitusAMC Insights speaks up on the US multi-family market

    Senior director and head of SitusAMC Insights Peter Muoio and svp Jennifer Rasmussen give their views on the multi-family scene and CMBS market heading into 2022 

    Q. What is the current picture in the multi-family MBS market and how do you expect it to look in 2022?

    PM: The apartment market is in good shape fundamentally with strong investor interest. Investors see .......

    The Structured Credit Interview 27 January 2022

  • New hires

    Sector developments and company hires

    Greystone has announced several new senior hires as it continues to grow its CMBS platform. Jared Noordyk and Natalie Grainger will be joining the firm as head of securitisation and cco, respectively, and will report to head of CMBS, Rich Highfield Noordyk will join the firm from SitusAMC, where he served in a senior role for its CRE Advisory group working .......

    Market Moves 26 January 2022

  • New members

    Sector developments and company hires

    DBRS Morningstar has appointed two new independent non-executive members to its board of directors – Joseph M. Donovan and Katherine L. Frey. Both industry veterans, Donovan presently serves in similar roles on the board of directors at STORE capital and Trip Rail Holdings. Frey previously held role of md at Moody’s, and before this worked on municipal finance, derivatives and .......

    Market Moves 24 January 2022

  • Primary primary

    European ABS/MBS market update

    Focus remained on the primary market in European ABS/MBS this week. Another swathe of new issues on offer meant secondary had to again take a back seat.

    Five deals priced on the week. All were RMBS and all met with healthy investor demand ensuring support for continued tight levels throughout the stack.

    Yesterday saw two deals print – Elstree Funding .......

    News 21 January 2022

  • Community-focused RMBS prepped

    Sector developments and company hires

    Community-focused RMBS prepped

    Change Lending is in the market with its inaugural RMBS – the US$297.26m CHNGE Mortgage Trust 2022-1. Change is certified by the US Treasury as a Community Development Financial Institution (CDFI). As such, the firm is required to lend at least 60% of its production to certain target markets, including low-income borrowers or other underserved communities.

    The .......

    Market Moves 21 January 2022

  • Junior tranche guaranteed

    Sector developments and company hires

    Junior tranche guaranteed

    The EIB Group and Banco BPM have joined forces to support the working capital requirements and investments of Italian SMEs hit by the Covid economic crisis. In the first operation of this type in Italy, the EIB and the EIF will provide a guarantee of €91m on a junior tranche of a synthetic securitisation that references a portfolio of .......

    Market Moves 20 January 2022

  • CREFC takeaways

    Certain types of mall and certain types of hotel excite worry

    While the overall tone at the CREFC conference last week in Miami was “bullish”, concern remains about pockets of assets within the CMBS space, say attendees.

    It is, however, insufficiently specific to say that the retail mall or hotel markets are problem areas. Rather, only certain segments of these broad asset classes face ratings action, they add.

    “Retail as an overall asset class .......

    News Analysis 19 January 2022

  • UniCredit unveils ARTS

    Sector developments and company hires

    UniCredit, in cooperation with the EIB Group, has finalised a new synthetic securitisation under its Asset Risk Transfer Sharing (ARTS) programme. The transaction references a circa €2bn portfolio of Italian SME and mid-cap loans, with the EIF guaranteeing the mezzanine tranche, which is counter-guaranteed by the EIB. The capital freed up by the operation will be used to deploy €720m .......

    Market Moves 18 January 2022

  • New leadership

    Sector developments and company hires

    Crestbridge has appointed Martin Lambert as its new head of UK operations following the retirement of former boss Paul Windsor. Lambert will join the firm with more than 30 years of experience in the field, having most recently served as partner at Grant Thornton. Based in London, Lambert will work as part of the senior leadership team to continue its .......

    Market Moves 17 January 2022

  • Strong start

    European ABS/MBS market update

    European ABS/MBS got fully underway for 2022 over the past week. Both primary and secondary markets saw strong execution and a building pipeline.

    The first two new issues of the year are due to price today – Dutch BTL RMBS Jubilee Place 3 and UK non-conforming RMBS Tower Bridge Funding 2022-1. The former saw its class A spread .......

    News 14 January 2022

  • Navient agrees multi-state settlement

    Sector developments and company hires

    Navient agrees multi-state settlement

    Navient has reached agreements with 39 US state attorneys general to provide relief totaling US$1.85bn to resolve their multi-state litigation and investigations in connection with allegations of unfair and deceptive student loan servicing practices and abuses in originating predatory student loans. In the agreements, Navient expressly denies violating any law - including consumer-protection laws - or causing .......

    Market Moves 14 January 2022

  • Greek NPL JV agreed

    Sector developments and company hires

    Mount Street Group has received regulatory approval from the Bank of Greece to form a strategic partnership with Technical Olympic, a real estate, construction, shipping and investment group. The joint venture is effectuated through Technical Olympic’s subsidiary, PFC Premier Finance Corporation (Cyprus), and will pursue investment and co-investment non-performing loan opportunities in the real estate, shipping, infrastructure, renewable energy, hospitality .......

    Market Moves 13 January 2022

  • JBBB ETF launched

    Sector developments and company hires

    Janus Henderson has launched the Janus Henderson B-BBB CLO ETF for US investors. The ETF is the first to focus on providing exposure to B-BBB rated CLOs and will be managed by portfolio managers John Kerschner and Nick Childs, with Jessica Shill serving as associate portfolio manager. The launch of JBBB follows the launch of the Janus Henderson AAA CLO .......

    Market Moves 12 January 2022

  • New partnership

    Sector developments and company hires

    Morningstar has announced the enhancement of its DealView product with the inclusion of climate risk data through partnership with property climate risk data provider, ClimateCheck. The firm’s subsidiary, Morningstar Credit Information and Analytics, will incorporate the new feature alongside its existing in-depth commercial real estate analytics to enhance existing efforts to inform investors on natural risk factors in their CMBS transactions. .......

    Market Moves 11 January 2022
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