CMBS

  • Job swaps weekly: Medalist names Buccola as head of structured credit

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Medalist Partners appointing a former Cantor Fitzgerald senior executive as partner and head of structured credit. Elsewhere, the EIF has named a new head of securitisation, while Davis Polk has promoted six – including two securitisation specialists – to partner.

    Medalist Partners has appointed James Buccola as partner and head .......

    Market Moves 5 July 2024

  • Job swaps weekly: Crescent promotes three to senior leadership team

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Crescent Capital Group bolstering its senior management team with a number of promotions. Elsewhere, S&P Global Ratings has named a successor to president Martina L Cheung, who is to be promoted to president and ceo of S&P Global, while Man Group has hired a credit-risk-sharing-focused head of structuring.

    Crescent Capital .......

    Market Moves 28 June 2024

  • Northern green light

    Norwegian securitisation to benefit from 'plug-and-play' scenario

    The EEA’s long-awaited passage of the EU Securitisation Regulation should finally open the door for Norway’s securitisation market (SCI 14 June). Indeed, the jurisdiction is expected to hit the ground running. 

    Markus Nilssen, partner at BAHR, explains: “Banks here are exposed to higher capital requirements than elsewhere in Europe; for example, a 4.5% systemic risk buffer on .......

    News Analysis 28 June 2024

  • SCI In Conversation Podcast: Chris Hentemann, 400 Capital Management

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Chris Hentemann, managing partner and chief investment officer of 400 Capital Management, about where he sees value today. Hentemann discusses the types of assets and regions of issuance that are of most interest; the attraction to France, Iberia, and northern Europe; the extent to which .......

    News Analysis 26 June 2024

  • FHFA approves second mortgage pilot

    Market updates and sector developments

    The FHFA has provided conditional approval for Freddie Mac to engage in a limited pilot to purchase certain single-family closed-end second mortgages (SCI 14 May). The aim of the pilot is to explore whether such a product effectively advances Freddie Mac’s statutory purposes and benefits borrowers, particularly in rural and underserved communities.

    The conditional approval of the pilot .......

    Market Moves 24 June 2024

  • Stairway to securitisation

    Alternative lenders taking UK forward flow market by storm

    Forward flow transactions continue to rise in popularity, with the private market serving as both a useful tool for existing participants in the structured finance market and a gateway into securitisation for a growing number of alternative lenders in the UK.

    “Over the last few years, we’ve seen this funding product become more and more popular,” says Sarah .......

    News Analysis 24 June 2024

  • Job swaps weekly: Fitch appoints successor to outgoing Murray

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Fitch Ratings appointing a successor to outgoing BRM head for structured finance Douglas Murray. Elsewhere, Barings has hired a BlackRock director to lead European real estate debt portfolio management, while King & Spalding has rehired two structured finance partners who left the firm for Milbank last year.

    Fitch Ratings has promoted .......

    Market Moves 21 June 2024

  • Double trouble

    Senior UK CMBS noteholders face losses after property sale

    The full write-down of the outstanding balance of the class B to E notes and a partial loss on the class A notes issued by Elizabeth Finance 2018 is anticipated on the October IPD, marking the first post-crisis loss on a triple-A rated (at closing) European CMBS tranche. The move comes after the special servicer Mount Street accepted a .......

    News 20 June 2024

  • Special situations

    Jean-Francois Leclerc and Carlo Perri of Polar Asset Managem...

    Q: Can you give us some background to SRT at Polar?
    CP: Polar has been investing in SRTs since the mid-2010s and more broadly in structured credit for over 15 years. Historically, we have focused on what we call ‘special situations’ - new issuers, new asset classes, innovative structures and difficult market conditions.

    Last year we added JF Leclerc .......

    The Structured Credit Interview 18 June 2024

  • 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

  • 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

  • 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

  • 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

  • Job swaps weekly: WTW appoints experienced leader from SMBC

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees WTW appointing a head of alternative credit insurance, financial solutions, from Sumitomo Mitsui Banking Corporation (SMBC). Elsewhere, Gowling WLG has lured a Toronto-based industry veteran as partner to head up its new structured finance and securitisation group, while Barings has hired an md and global head of fund and asset level .......

    Market Moves 31 May 2024

  • Italian NPL volumes hit three-year low

    Market updates and sector developments

    Italian NPL volumes last quarter hit their lowest point since 2021, according to Scope Ratings. Volumes were down 19% on the 2022-2023 average.

    March 2024 was particularly poor, with volumes down 36% compared to March 2023 and 2022 - despite the total number of transactions (44) being higher (2022 and 2023 saw 41 and 43 deals respectively).

    Over .......

    Market Moves 30 May 2024

  • GACS 2.0 ABS 'better positioned' than GACS 1.0

    Market updates and sector developments

    GACS 2.0 NPL securitisations appear to be better positioned than GACS 1.0 securitisations, both from an asset side perspective - in terms of greater accuracy of original business plans, better collateralisation and healthier performance - and from a structural perspective, in terms of higher levels of conversion rates and hedging status. A new Morningstar DBRS commentary suggests that this .......

    Market Moves 24 May 2024

  • Job swaps weekly: McCarthy Denning appoints CTLA-focused partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees McCarthy Denning hiring a former Greenberg Traurig shareholder as a securitisation-focused partner. Elsewhere, Sumitomo Mitsui Finance and Leasing (SMFL) has promoted a long-standing structured finance and corporate banking executive to head up its New York branch, while Offit Kurman has snapped up a former Greenspoon Marder partner as principal.

    Helena Nathanson .......

    Market Moves 24 May 2024

  • Transition finance: Mobilising capital - video

    Morningstar Sustainalytics' Begum Gursoy speaks to SCI about...

    Begum Gursoy, director at Morningstar Sustainalytics, speaks to SCI's Kenny Wastell about transition finance in the context of hard to abate industries. Gursoy outlines activity levels and deal pipelines in transition finance, the way in which a ratings agency goes about assessing environmental impact in deals, the role of labels in any given transaction, and the importance of being alert .......

    News Analysis 23 May 2024

  • Picking up the PACE

    Consumer protection measures bring benefits

    The property assessed clean energy (PACE) ABS market could be set for a renaissance, following progress in bolstering consumer protection measures. Nevertheless, C-PACE activity continues to far outweigh that of the R-PACE sector (SCI 20 January 2023).

    “We refer to it as PACE 2.0. We’ve built in many consumer protections, including making sure borrowers have the ability .......

    News Analysis 22 May 2024

  • Agile framework

    PRA and FCA publish new UK securitisation rules

    Last month, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published policy statements and the new securitisation rules. Together, both UK regulators have triggered the countdown to 1 November 2024 when the new UK securitisation framework will come into force.

    Structurally, both policy statements thoroughly acknowledge industry feedback (following consultation processes that occurred last year) .......

    News Analysis 21 May 2024

  • CFPB alleges student loan servicing failings

    Market updates and sector developments

    The CFPB has taken action against the National Collegiate Student Loan Trusts (NCSLT) and Pennsylvania Higher Education Assistance Agency (PHEAA) for multi-year servicing failures, alleging that the defendants failed to respond to borrowers seeking relief from student loan payments, including during the Covid-19 national emergency. The CFPB has filed proposed stipulated final judgments, which - if entered by the .......

    Market Moves 10 May 2024
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