CMBS
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US CLOs, Trups CDOs under observation
Sector developments and company hires
US CLOs, Trups CDOs under observation
Market Moves 22 September 2021
Fitch has placed 102 tranches issued by 43 US CLOs and 13 tranches issued by seven Trups CDOs under criteria observation (UCO), following the publication of its CLO and corporate CDO rating criteria last week (SCI 17 September). The agency intends to resolve the UCO status by applying the updated criteria to each .......
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Pandemic 'feedback loop' highlighted
Sector developments and company hires
Pandemic ‘feedback loop’ highlighted
Market Moves 21 September 2021
Secular changes affecting the recovery of in-person office occupancy in New York City is consequential not only for property-level cashflow, but may also have ripple effects on other sectors, Fitch suggests. The city is the largest US office market and the rating agency says it provides a good case study of the potential feedback loop of .......
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Securitisation execs promoted in PGIM reorg
Sector developments and company hires
Securitisation execs promoted in PGIM reorg
PGIM Fixed Income has reorganised its senior management team, with the appointments effective from 1 January 2022. Under the reorganisation, md John Vibert has been promoted to the newly created role of president.Vibert joined PGIM Fixed Income in 2014 as the head of securitised products and serves in that role currently. Prior .......
Market Moves 17 September 2021
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On the up
Growth in private real estate deals continues
The UK real estate sector is seeing strong growth in private transactions, with loan-on-loan financings emerging as a popular method of funding for debt funds and challenger lenders. At the same time, forward flow transaction volume is gathering pace (SCI 26 April).
“This longer-term arrangement is proving to be quite popular and there has been a lot .......
News 16 September 2021
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Specialist lender stake acquired
Sector developments and company hires
Specialist lender stake acquired
Market Moves 15 September 2021
BNP Paribas Asset Management (BNPP AM) is set to acquire a majority stake in Dynamic Credit Group, the Amsterdam-based asset manager and specialist lender with €9bn of assets under management. The deal will allow BNPP AM’s private debt and real assets (PDRA) investment division - which currently managed €11bn of client commitments - to significantly grow .......
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Pick-up continues
European ABS/MBS market update
Following on from last week’s pick-up, the European ABS/MBS market is set for another busy week. The pre-summer dynamic has returned, with activity in both primary and secondary.
“It appears as though this week will be particularly busy on the auto ABS front, with four deals currently in the market,” notes one trader. “It is a similar story .......
News 15 September 2021
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Servicing expansion
SitusAMC executive md and head of Europe Lisa Williams and d...
Q: Alfonso, tell us a bit about your new role at SitusAMC?
Provider Profile 14 September 2021
AP: I joined SitusAMC this past July to lead the expansion of the firm’s servicing business beyond commercial real estate to include corporate direct debt, infrastructure and social housing loans (SCI 13 August). I’ve spent the last 15 years of my career servicing debt at some of .......
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RFI issued on sustainable housing
Sector developments and company hires
RFI issued on sustainable housing
Market Moves 10 September 2021
The FHFA is requiring Fannie Mae and Freddie Mac to submit Equitable Housing Finance Plans by end-2021, with the plans to be updated annually. The plans will identify and address barriers to sustainable housing opportunities, including the GSEs’ goals and action plans to advance equity in housing finance for the next three years. The FHFA .......
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Back in business
European ABS/MBS market update
The European ABS/MBS primary market is up and running again after the summer lull. This afternoon saw the first widely marketed deal to price since the August hiatus, with more set to follow this week and beyond.
UK non-conforming RMBS Together Asset Backed Securitisation 2021-1ST1 saw its three offered tranches price as follows – £283m class As at .......
News 8 September 2021
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Cyberattack scenarios weighed
Sector developments and company hires
Cyberattack scenarios weighed
Market Moves 8 September 2021
S&P reports that it has seen more credit-relevant cyber events in the last six months than in the previous six years, including the first structured finance transaction reporting an operational disruption following a ransomware attack on the originator and servicer (SCI 28 May). The rating agency says it has explored several hypothetical scenarios to identify areas .......
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SFDR to spur Article 8 CLOs
Sector developments and company hires
SFDR to spur Article 8 CLOs
Market Moves 7 September 2021
CLOs may soon be structured as Article 8 funds under the EU Sustainable Finance Disclosure Regulation (SFDR), as part of the rotation of capital towards assets that promote ESG objectives, according to White & Case. The firm notes in a recent client memo that Article 8 funds that invest in CLOs are already emerging and .......
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CMBS vigour
CMBS issuance for rest of 2021 to keep everyone busy
Issuance in the European CMBS market for the remainder of this year is to exceed 2018 figures despite the uncertainty emanating from the pandemic, say market experts.
“Covid-19 has hit the CMBS market very hard. Thanks to the vaccine and re-openings we have seen this market is back on the road to recovery. The CMBS market in terms of assets – we .......
News 3 September 2021
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Forward strides
Middle East Islamic finance market looks good into 2022
The Islamic finance Middle Eastern market has achieved notable progress over the last four or five years and sentiment remains very positive, say analysts.
"It's been a strong year so far - we have seen five years of growht in the sukuk markets. On the Islamic banking side, growth has continued to surpass conventional banks. We have seen the industry grow significantly, .......
News Analysis 2 September 2021
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Student housing sponsor accused of 'Ponzi-like' scheme
Sector developments and company hires
Student housing sponsor accused of ‘Ponzi-like’ scheme
The US$36m SkyLoft Austin loan - securitised in the UBSCM 2019-C16 CMBS - is over 30 days delinquent in payment, as of the August 2021 remittance period. The loan is sponsored by Patrick Nelson, who is reportedly being sued by dozens of minority investors involved in the acquisition of the property.Nelson .......
Market Moves 27 August 2021
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CLO control equity fund closed
Sector developments and company hires
CLO control equity fund closed
Market Moves 26 August 2021
Lakemore Partners has successfully closed Aquatine IV at US$400m, due to strong investor demand. Aquatine IV is Lakemore’s fourth CLO fund within the Aquatine platform, which invests in control equity positions in US CLOs. Investors in the fund comprise a diverse group of institutional investors, representing private banks, fund of funds, insurance companies, family offices .......
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APAC ILS issuance on the rise
Sector developments and company hires
APAC ILS issuance on the rise
Continued efforts from Asia Pacific reinsurers to source alternative capital through the ILS market is anticipated, following on the heels of the seven catastrophe bonds that were issued using Singapore-domiciled vehicles through July. Indeed, the first Hong Kong-domiciled catastrophe bond is being prepped.The Singapore cat bonds issued in 2021 comprise: Security First .......
Market Moves 20 August 2021
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Robust recovery
Bumper "summer" for Aussie securitisation
The Australian securitisation market has experienced a deluge of activity in the last few weeks. With a total of A$8bn placed in July, the sector experienced its busiest month since 2007.
Australia's effective management of the coronavirus and macro-policy response generally facilitated a robust economic recovery throughout 2020. “The securitisation market has obviously shown a dramatic recovery since .......
News Analysis 20 August 2021
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There's gold in them thar malls
Retail CMBS notes have bucked the recovery, but rewards are there
The currently much-spurned retail CMBS market contains pockets of great value, according to Karlis Ulmanis, portfolio manager at DuPont Capital.
In general, CMBS spreads have bounced back to pre-pandemic levels. CMBS based on the hotel sector have made great strides lately, for example. This week Fitch removed 14 single borrower hotel deals from negative ratings watch.
But CMBS deals exposed to retail .......
News 19 August 2021
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Corporate, PF businesses bolstered
Sector developments and company hires
Corporate, PF businesses bolstered
KBRA has enhanced its corporate and project finance businesses by forming new sector teams to focus on the intersection of infrastructure, energy, renewables and middle market lending. The aim of the sector-focused teams is to meet demand for KBRA’s thought leadership across these segments.Andrew Giudici, senior md and global head of corporate, project and .......
Market Moves 18 August 2021
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DSW CMBS exposure gauged
Sector developments and company hires
DSW CMBS exposure gauged
Market Moves 13 August 2021
KBRA Credit Profile (KCP) has published a special report on CMBS exposure to footwear retailer Designer Brands, owner of the Designer Shoe Warehouse (DSW) store chain. The company reported EBITDA of negative US$316m in its fiscal year 2020, as sales plummeted in the wake of the Covid-19 pandemic. The company returned to profitability in 1Q21 after .......
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'Synergistic' CMBS prepped
Hollywood creative campus refinanced
Barclays is in the market with BXHPP 2021-FILM, secured by what is described as a “high barrier-to-entry” real estate portfolio that serves as a hub for the growing digital content industry. The US$1.1bn CMBS securitises a two-year floating-rate loan collateralised by five Class A office buildings (totalling 967,194 square-feet) and three film studio lots (1.26 million square-feet) in Hollywood, .......
News 13 August 2021