CMBS

  • 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

  • Job swaps weekly: Western Alliance Trust elevates CLO expert to president and ceo

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Western Alliance Trust Company appointing a new president and ceo with a background in CLOs, levered loans and securities custody. Elsewhere, Aon has hired an executive md of capital advisory, while Eversheds Sutherland has snapped up a Clifford Chance veteran as a capital-markets-focused partner.

    Western Alliance Trust has promoted md .......

    Market Moves 10 May 2024

  • Job swaps weekly: Ashurst lures Fried Frank trio

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Ashurst hiring three structured products professionals, including a partner, from Fried Frank. Elsewhere, Capital Four’s US ceo has left the firm after three years, while HFW has appointed two executives from Norton Rose Fulbright to its global shipping and export finance practice.

    Ashurst has made three appointments to its US structured products, derivatives and .......

    Market Moves 3 May 2024

  • PRA and FCA confirm new UK securitisation rules

    Market updates and sector developments

    The Financial Conduct Authority’s (FCA) and Prudential Regulation Authority (PRA) have published policy statements on new securitisation rules. Alongside the UK Treasury’s draft statutory instrument on securitisation, which was published last week, the changes will come into force on 1 November and will replace EU securitisation regulations.

    The PRA’s statement was published alongside the Securitisation Instrument 2024 section of the PRA Rulebook.

    The .......

    Market Moves 2 May 2024

  • UK bridging loan RMBS market primed for growth

    Enquiries around publicly rated deals rise as lenders eye more diverse sources of funding

    Enquiries into European bridging loan RMBS securitisations are on the rise, with industry sources anticipating the UK will develop into the leading market for new issuance. With the US market leading the way, a shift from private to public could open the asset class up to new investors.

    “We’ve had a number of enquiries on the feasibility of .......

    News Analysis 30 April 2024

  • ATLAS attracts MassMutual commitment

    Market updates and sector developments

    MassMutual has become a minority equity owner in ATLAS SP Partners and a capital partner to the ATLAS platform. As part of the multi-billion-dollar commitment, MassMutual has also agreed to invest in Apollo’s asset-backed finance (ABF) franchise.

    These investments will allow MassMutual to access predominately investment-grade, asset-backed credit originated by ATLAS SP and across the broader Apollo ecosystem, .......

    Market Moves 26 April 2024

  • Job swaps weekly: Cheyne Capital snaps up SRT veteran

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Cheyne Capital hiring an SRT veteran who recently left their role at Barclays. Elsewhere, Wilmington Trust has made changes to its global capital markets leadership team, while a risk transfer specialist has left their position at The D. E. Shaw Group ahead of taking up a new role.

    Cheyne Capital .......

    Market Moves 26 April 2024

  • Final FCA, PRA rules 'imminent'

    Market updates and sector developments

    HM Treasury has published a draft statutory instrument that outlines the next steps in the process of replacing the onshored EU legislative regime for securitisation with its own rules under the broader ‘Smarter Regulatory Framework’ (SRF). The draft Securitisation (Amendment) Regulations 2024 (Amending SI) will repeal the EU Securitisation Regulation on 1 November, implying that the new regime – including .......

    Market Moves 24 April 2024

  • Job swaps weekly: ELFA names Rinaldi as CLO investor committee co-chair

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees the European Leveraged Finance Association (ELFA) appoint a TwentyFour Asset Management portfolio manager as co-chair of its CLO investor committee. Elsewhere, CBRE has named its new ceo of Germany, while Hometap has hired a new director of structured products.

    Elena Rinaldi has taken over from Emeric Chenebaux as the new .......

    Market Moves 19 April 2024

  • Job swaps weekly: A&O Shearman promotes two securitisation lawyers to partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees A&O Shearman announcing two new securitisation partners in its first wave of post-merger partner promotions, while an existing A&O partner leaves for Kirkland & Ellis. Elsewhere, Paul Hastings has lured two securitisation specialists from Weil Gotshal & Manges, while Campbells has added a partner in its Hong Kong practice.

    Allen .......

    Market Moves 12 April 2024

  • Real estate finance platform formed

    Market updates and sector developments

    Blue Owl Capital has launched a real estate finance strategy with the acquisition of Prima Capital Advisors for the aggregate consideration of US$170m. Jesse Hom, previously global head of real estate credit at GIC, will join Blue Owl to lead the newly created strategy as cio, reporting directly to Marc Zahr, co-president of Blue Owl and head of real .......

    Market Moves 11 April 2024

  • Skills gap?

    Lack of specialist SRT talent on the market

    The SRT sector is in a period of flux, with many new issuers and new investors entering the market (SCI 28 March). Although supply and demand dynamics are expected to find equilibrium in time, for the moment, there appears to be a skills gap among some players on the buy-side.

    One long-standing SRT investor points out that the .......

    News Analysis 10 April 2024

  • Blue Owl to form insurance solutions unit

    Market updates and sector developments

    Blue Owl Capital has entered into a definitive purchase agreement to acquire Kuvare Insurance Services (doing business as Kuvare Asset Management) (KAM) for US$750m. Separately, Blue Owl has made a long-term investment in Kuvare, purchasing US$250m of preferred equity. This investment is intended to create alignment between Blue Owl and Kuvare and provides growth capital to Kuvare’s insurance companies, each .......

    Market Moves 4 April 2024

  • EARN unveils 'strategic transformation'

    Market updates and sector developments

    The board of trustees of Ellington Residential Mortgage REIT (EARN) has unanimously approved a strategic transformation of its investment strategy to focus on corporate CLOs. The company intends to build upon its current US$44m CLO portfolio, with an emphasis on secondary CLO mezzanine debt and equity tranches.

    In connection with its strategic transformation, EARN has decided to revoke .......

    Market Moves 2 April 2024

  • Job swaps weekly: ARMOUR reveals successors to Gruber

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees ARMOUR Residential REIT announce successors to outgoing cio Mark Gruber. Elsewhere, Palliser Capital has hired a securitisation veteran as chair of its US division, while Simmons & Simmons has appointed a new London-based partner in its financial markets practice.

    ARMOUR Residential REIT has promoted Sergey Losyev and Desmond Macauley to co-cios, .......

    Market Moves 22 March 2024

  • Job swaps weekly: Newmark launches Paris office with raft of senior hires

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Newmark Group appointing two commercial real estate veterans from JLL and CBRE to head up its new Paris office. Elsewhere, Obra Capital has hired an entire team from Pangea Mortgage Capital as part of its launch of Obra Real Estate, while Barclays has named a new head of principal funding and .......

    Market Moves 15 March 2024

  • Vintage matters

    Adam Castle, partner and portfolio manager at Lord Abbett, answers SCI's questions

    Q: When did Lord Abbett begin investing in securitised products? Was there a specific driver behind its decision to enter the market?
    A: Lord Abbett has been a multi-sector fixed income investor since the 1970s and we started investing in securitised products in the early 1990s, so the firm has a long history of evaluating opportunities in a wide range .......

    The Structured Credit Interview 14 March 2024

  • CLO strategic partnership inked

    Market updates and sector developments

    Global alternative asset manager Sagard has begun laying the groundwork to expand its presence in the US CLO market through a new strategic partnership with US CLO manager HalseyPoint. As part of this partnership, Sagard will acquire a 40% stake in the HalseyPoint CLO platform, which will now go by new co-branded platform name Sagard|HalseyPoint.

    Upon completion of the .......

    Market Moves 13 March 2024

  • Relaunched CMU prioritises securitisation

    Market updates and sector developments

    The ECB Governing Council has agreed a new roadmap for advancing the Capital Markets Union (CMU), with the aim of making full use of Europe’s capital markets to mobilise the private investment necessary to fund the green and digital transitions, and to enhance the EU’s productivity and competitiveness in a shifting geopolitical landscape. The statement places the .......

    Market Moves 12 March 2024

  • Job swaps weekly: Cadwalader appoints former FDIC deputy general counsel as partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Cadwalader appoint an industry veteran as a New-York-based partner. Elsewhere, Willkie Farr & Gallagher has snapped up a Katten Muchin Rosenman partner for its energy transactions and structured finance team, while Paul Hastings has lured a McDermott Will & Emery partner to its real estate team.

    Cadwalader has recruited former .......

    Market Moves 8 March 2024

  • SCI In Conversation Podcast: Ruhi Patil, Dentons

    We discuss the hottest topics in securitisation today...

    In this special International Women's Day episode of the SCI In Conversation podcast, SCI deputy editor Kenny Wastell speaks to Ruhi Patil, a counsel in Dentons' London office, about gender diversity and inclusion in the structured finance industry. Patil discusses her personal experiences of attitudes towards diversity and inclusion; the roles that allies can play in tackling the challenges; .......

    News Analysis 8 March 2024
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