CMBS

  • ESG philosophy

    Andrew Lennox, senior portfolio manager at the international...

    Q: How and when did the international business of Federated Hermes become involved in the securitisation market?
    A: The Federated Hermes European structured credit team consists of senior portfolio manager Stephane Michel, me and two analysts covering the universe of ABS and CLOs. I arrived at the firm 2.5 years ago.

    One of the attractions of moving to work .......

    The Structured Credit Interview 2 November 2020

  • UKML shareholder consultation continues

    Sector developments and company hires

    UKML shareholder consultation continues
    The board of UK Mortgages (UKML) has completed the strategic review that it commenced following the withdrawal of proposals by M&G Investment Management (MAGIM) (SCI 14 August). The review has identified two potential options that will provide a clear path to the company’s objectives of enhanced liquidity, as well as a narrowing and removal of .......

    Market Moves 30 October 2020

  • Pan-European logistics CMBS prepped

    Sector developments and company hires

    Pan-European logistics CMBS prepped
    Blackstone Real Estate Partners is in the market with a €318.6m single-loan pan-European CMBS. Dubbed Pearl Finance 2020, the transaction is secured by 61 predominantly last-mile logistics assets across Denmark, Finland, France, Germany, Ireland and the Netherlands.

    The assets are valued by Cushman & Wakefield at €576.9m, as of 31 July 2020. Portfolio occupancy currently .......

    Market Moves 28 October 2020

  • AMCO deal completed

    Sector developments and company hires

    AMCO deal completed
    Monte dei Paschi di Siena has completed an innovative €4bn limited-recourse financing in favour of the Italian Ministry of Economy and Finance’s AMCO vehicle, according to the new regulatory provisions introduced by the ‘Milleproroghe Decree’. Under the securitisation, a portfolio of non-performing and unlikely-to-pay exposures will be transferred to AMCO - via the HydraM SPV - as .......

    Market Moves 26 October 2020

  • Environmental risk score rolled out

    Sector developments and company hires

    CMBS environmental risk score rolled out
    Trepp has implemented a new data integration with Risk Management Solutions (RMS) that aims to help evaluate and manage global risk from natural and man-made catastrophes. The solution provides an environmental risk score for properties backing CMBS loans, ranging from one to five, that measure the likelihood of property damage and business interruption from .......

    Market Moves 23 October 2020

  • Leasing ABS inked

    Sector developments and company hires

    Leasing ABS inked
    The EIB and the EIF have provided Alba Leasing with €490m via an SME securitisation financing operation. Alba Leasing has undertaken to double this, increasing the total amount available to €980m for projects across all economic sectors, with a particular focus on environmental investments (for which 20% of the resources have been reserved).

    The EIB Group has subscribed .......

    Market Moves 20 October 2020

  • MPL platform ends note programme

    Sector developments and company hires

    MPL platform ends note programme
    LendingClub is winding down its retail note programme and has ceased accepting new accounts. The platform says it is no longer ‘economically practical’ to continue offering notes as it moves towards becoming a full-spectrum fintech bank. PeerIQ notes that the move is unsurprising, given that the programme exposed LendingClub to potential conflicts of interest and .......

    Market Moves 12 October 2020

  • US CLO recovery continues

    Sector developments and company hires

    US CLO recovery continues
    US CLO OC cushions are continuing to recover, according to the latest quarterly US manager report from JPMorgan CLO research.

    It says: “In the upcoming final quarterly October payment (majority of CLOs), we estimate as much as circa 92% equity will pay a cashflow compared to circa 89% in July and circa 40% during the GFC. .......

    Market Moves 9 October 2020

  • Direct access

    For-profit social housing provider debuts

    Deutsche Bank is in the market with an unusual UK CMBS. Dubbed Sage AR Funding No. 1, the £220m transaction is sponsored by a for-profit social housing provider owned by Blackstone.

    “It is quite an unusual deal because it is not common for a registered provider of social housing to access the capital market directly. This used to .......

    News 9 October 2020

  • Litigation finance fund formed

    Sector developments and company hires

    Litigation finance fund formed
    Tetragon and its diversified alternative asset management business TFG Asset Management have entered into an agreement with Brandon Baer to invest in his newly-created company, Contingency Capital. The company – which is expected to formally launch on 1 November - is a multi-product global asset management business that will sponsor and manage litigation finance-related investment funds.

    Baer .......

    Market Moves 8 October 2020

  • Structured finance solutions

    Contributed thought leadership by Ocorian

    Sonal Patel, md, head of sales - Americas, Bermuda and Caribbean, and Sinead McIntosh, business development director at Ocorian, a global leader in corporate and fiduciary services, fund administration and capital markets, highlight how structured finance solutions are coming to the fore across securitisation markets

    Q: How is the securitisation industry responding to the Covid-19 fallout and .......

    Talking Point 7 October 2020

  • 'Quick fix' draft legislation published

    Sector developments and company hires

    ‘Quick fix’ draft legislation published
    The European Parliament has published draft legislative resolutions on amendments to the Securitisation Regulation and CRR in connection with STS synthetics and non-performing exposures.

    Among the proposals is a tightening of the definition of an NPE securitisation and the introduction of stricter language on risk retention, according to Rabobank credit analysts. The regulatory treatment .......

    Market Moves 6 October 2020

  • SME ABS debut for Italian fintech

    Sector developments and company hires

    SME ABS debut for Italian fintech
    Banca Valsabbina has supported fintech BorsadelCredito.it as arranger, account bank and subscriber - together with other institutional investors – of ABS notes in a €100m securitisation backed by trade receivables granted to SMEs and guaranteed by the Central Guarantee Fund for SMEs. This is the first unrated securitisation operation listed on Borsa Italiana’s ExtraMOT-PRO .......

    Market Moves 30 September 2020

  • Mezz CLO fund closed

    Sector developments and company hires

    Mezz CLO fund closed
    Pearl Diver Capital has completed the final closing of its eighth closed-end CLO investment fund, PDC Opportunities VIII, at US$400m. Launched with a target raise of US$300m, the fund hit its hard cap, with LPs represented by public pension systems, corporate pension plans, high net-worth family offices and endowments. The fund is designed to invest opportunistically .......

    Market Moves 29 September 2020

  • Cashflow concerns

    WFH shift highlighted in office, multifamily CMBS

    Both the US office and multifamily CMBS sectors will be impacted by the coronavirus-induced working-from-home (WFH) trend. The consequent need for the reconfiguration of physical properties, as well as leases, is highlighted by Fitch in a new report.

    Many workers will continue to choose to WFH, due to concerns about mass transit during the commute to work and .......

    News 28 September 2020

  • Under pressure

    CRE uncertainty persists

    Commercial real estate companies backed by exposure to retail face difficult months ahead, following renewed downward pressure on rental income and non-prime property values amid the prolonged economic fallout of the Covid-19 crisis. Indeed, as the uncertainty over the sector continues, one question is what sort of approach investors should follow in their attempts to gauge the outlook for .......

    News Analysis 28 September 2020

  • Revolver exposures on offer

    Sector developments and company hires

    Revolver exposures on offer
    Goldman Sachs is in the market with a balance sheet synthetic securitisation referencing a portfolio of predominantly investment-grade senior unsecured revolving loan facilities. Dubbed Goldman Sachs Bank USA credit-linked notes due 2025, the transaction comprises two classes of S&P-rated CLNs for a total of US$184.8m.

    The transaction documentation links the ability of Goldman Sachs to .......

    Market Moves 25 September 2020

  • Tech crazy

    Securitizations of tech assets finding favour in Covid world

    Securitizations of technology assets are proving popular with US investors in the Covid marketplace, according to a new Moody’s report based on interviews with “dozens” of structured finance issuers, arrangers and investors around the world.

    In particular, securitizations of data centres, both as a constituent asset of CMBS transactions and corporate ABS deals, have caught the eye of buyers, say .......

    News Analysis 18 September 2020

  • SYME securitisation underway

    Sector developments and company hires

    SYME securitisation underway
    Supply@ME Capital (SYME) reports that it has received offers, subject to contract, from a number of large, global institutional investors for a securitisation note issuance via StormHarbour, in order to monetise more than €300m of inventory (SCI 24 April). The company says it is currently analysing whether to syndicate this first securitisation issuance or work on .......

    Market Moves 11 September 2020

  • Multi-level Libor exposure eyed

    Sector developments and company hires

    Multi-level Libor exposure eyed
    Japanese securitisations with exposure to Libor on multiple levels will face the highest risks in the transition away from the benchmark rate when it is phased out at end-2021, Moody's notes. Around 20% of Japanese structured finance transactions the agency rates have Libor exposure and, in some cases, there is Libor exposure through notes, as well .......

    Market Moves 9 September 2020

  • Euro CLO payment mismatch grows

    Sector developments and company hires

    Euro CLO payment mismatch grows
    The payment frequency mismatch between underlying loans and European CLOs is growing as loan issuers switch to semi-annual payments to manage risks in the Covid crisis, according to Fitch. The agency reports an increase in the share of semi-annual obligations among quarterly-paying Fitch-rated CLOs to around 50% of the portfolio balance in July 2020, from .......

    Market Moves 8 September 2020
×