CMBS
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SCI Start the week - 13 May
A review of securitisation activity over the past seven days
Transaction of the week
Last week saw an unusual Irish CMBS hit the European pipeline, from debut issuer Finance Ireland. Dubbed Pembroke Property Finance, the €228.6m transaction is backed by 139 loans on 244 seasoned small CRE loans located across Ireland and originated by Finance Ireland Credit Solutions.
Finance Ireland is jointly owned by the Ireland Strategic Investment Fund, Pimco .......
News 13 May 2019
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Irish debut CMBS prepped
Flurry of European ABS hit pipeline
A rush of European securitisations have hit the pipeline, across asset classes and jurisdictions. These include a debut Irish CMBS and an inaugural Italian STS-compliant transaction.
Finance Ireland is marketing it first CMBS, dubbed Pembroke Property Finance. It is a €228.6m transaction backed by 139 loans on 244 seasoned small CRE loans located across Ireland and originated by Finance Ireland Credit Solutions.
News 10 May 2019
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STS 'not enough' for European ABS revival
Securitisation 'needs to be used more' as funding tool
At the start of last year, BNP Paribas Asset Management hired Michel Fryszman as its new head of structured finance to oversee three UCITS funds, each investing in securitisations and loan portfolios. While the funds have a fairly broad remit with regard to asset class, historical performance data is a key metric meaning first-time CLO managers are given a wide berth and .......
News Analysis 3 May 2019
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Rating agency appoints new SF head
Company hires and sector developments
Bank bulks up
Macquarie has appointed Carolyn Porretta md, structured finance and real estate, based in London. She was previously head of portfolio services, investment portfolio management at AIG, where she was responsible for managing structured products and CRE debt in EMEA.
RA hires new SF head
Scope Ratings has hired David Bergman as its new .......
Market Moves 3 May 2019
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First SOFR-indexed MBS tranche inked
Sector developments and company hires
Claims predictability to improve?
Market Moves 2 May 2019
The Florida legislature last month passed a bill to reform the requirements for the assignment of benefits of claims for residential and commercial property insurance, which could improve the predictability of claims and losses for Florida catastrophe bonds. According to a recent Cadwalader client memo, assignment of benefits in Florida has been a concern for the .......
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Single-source solution
Pat Jackson, ceo and founder of Sabal Capital Partners, answers SCI's questions
Q: How and when did Sabal Capital Partners become involved in the securitisation market?
The Structured Credit Interview 2 May 2019
A: I founded Sabal Capital Partners in February 2009, with the aim of focusing on the aftermath of the financial crisis and buying distressed commercial real estate debt. By 2014, we had purchased US$8.4bn of debt, representing approximately 5,000 loans. In the process, we’d built up a .......
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SFR issuer prepays class F notes
Sector developments and company hires
EMEA
Market Moves 30 April 2019
Alantra has reinforced its portfolio advisory capabilities with the addition of six senior professionals in Lisbon (Ana Almeida, as a director), London (Jim Fadel, md; Robin Michaels, director; and Meena Evans, vp), Madrid (Valerie Castro, director) and Milan (Renato Limuti, md). The firm has also hired former Carnegie md Sebastian Hougaard as an md in the Nordics, establishing its .......
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Rating agency names managing director
Sector developments and company hires
EMEA
Scope has named Guillaume Jolivet as md. He joins the firm’s management board, alongside Torsten Hinrichs, coo of the Scope Group. With more than 18 years of experience in credit analysis and ratings, Jolivet joined Scope in 2013 and held several senior positions at Moody’s and UBS before that.New York University’s Stern School of Business finance professor .......
Market Moves 25 April 2019
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Risk transfer round-up - 18 April
CRT sector developments and deal news
Credit Suisse is believed to be readying a corporate capital relief trade from its Elvetia programme that is expected to close in June. The Swiss lender’s previous Elvetia trade closed in November last year (SCI 30 November 2018).
Another risk transfer transaction that is reportedly in the pipeline for this year is a commercial real estate deal from Raiffeisen. ......
News 18 April 2019Premium Content
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BMF administration order filed
Sector developments and company hires
BMF 6 tender
Market Moves 16 April 2019
An application for an administration order in respect of Business Mortgage Finance 6 was presented in the London High Court of Justice last week, with a return date of 18 April. The application was presented by Greencoat Investments, which is understood to be in the process of carrying out a tender process for the acquisition of certain .......
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Firm bulks out CRE capability
Sector developments and company hires
Board directors appointed
ISDA has appointed three new board directors and re-elected ten others. The three new directors are, Erik Tim Mueller, ceo, Eurex Clearing, Andrew Ng, group executive, head of treasury and markets, DBS Bank and Shigeru Nonomura, md, co-Head of rates trading, global markets Japan, Nomura Securities.
CMBS head hired
Natixis has recruited Andrew Taylor as md and .......
Market Moves 11 April 2019
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BWIC boom
Quarterly SCI data update
The first quarter of a year is usually quieter than the previous quarter and, for the most part, 1Q19 saw reduced activity over 4Q18 (SCI 24 January 2019). The notable exception was CLO secondary markets, where BWIC volumes boomed for the second quarter in a row, according to SCI data.
....... News Analysis 11 April 2019
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European bank in major restructure
Company hires and sector developments
COO hired
Trepp has appointed Luis Amador as coo, reporting to ceo, Annemarie DiCola. Amador was recently md at Moody's Analytics, responsible for structured finance financial engineering, product management, content production, and advisory teams, providing the fixed income marketplace advanced analytics, data, credit models, and portfolio monitoring products while also performing advisory, valuation, and consulting services across sectors.
Energy and .......
Market Moves 9 April 2019
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On the up?
CRE CLO market growth set to continue
After a buoyant CRE CDO market all but vanished following the financial crisis, it has only recently returned in the form of CRE CLOs with issuance growing from almost nothing three years ago, to just under US$14bn last year. While the basic structure of CRE CLOs shares some similarities with the pre-crisis structure, it has some notable differences that should help .......
News Analysis 8 April 2019
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GSE reforms proposed
Sector developments and company hires
Debt service reserve guarantee provided
Assured Guaranty (Europe) plc (AGE) has issued a £135m, five-year Debt Service Reserve (DSR) Guarantee to benefit Dwr Cymru (Financing) Limited and Dwr Cymru Cyfyngedig, both companies forming part of the Welsh Water group. The guarantee provided by AGE will replace the existing liquidity facilities provided by banks within the Welsh Water group’s securitisation structure. .......
Market Moves 1 April 2019
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Irish BTL RMBS launched
Company hires and sector developments
Irish BTL RMBS launched
Bank of Ireland has mandated a new Irish buy-to-let RMBS deal. Dubbed Mulcair Securities, the €358m transaction securitises a legacy BTL loan portfolio that was originated by the Bank of Ireland, ICS Building Society and Bank of Ireland Mortgage Bank. The rationale behind the deal is to offload non-performing exposures from the seller’s balance sheet (according to .......
Market Moves 29 March 2019
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'Constant demand'
UK firms hiring across range of SF roles
Hiring in the UK structured finance space has been buoyant in the last 12 months, with recruitment across a range of roles and asset classes. While there has been a slight slowdown in the first quarter of this year, hiring is expected to pick up after March, once bonuses have been delivered.
Angel Valchev, consultant at Michael Page, comments that .......
News Analysis 28 March 2019
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Picking up pace
European ABS market update
European ABS secondary market activity has been relatively subdued so far this week. However, the primary market appears to be picking up pace, with a pair of CMBS in focus and a new UK RMBS mandated.
“Given the lack of new issuance this year, we are expecting the two CMBS currently in the market – Kanaal CMBS Finance 2019 [ Market Reports 28 March 2019
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Noteholders exposed?
Concerns raised over recent French CMBS
Bank of America Merrill Lynch (BAML) is marketing a €249.6m European CMBS. Dubbed Taurus 2019-1 FR, it is backed by 206 predominantly office properties located throughout France, let by Electricite de France (EDF).
The transaction has been provisionally rated by KBRA, DBRS and Moody’s as AAA/AAA/Aaa on the €135.3m class A notes (with IPTs at three-month Euribor plus 100/110bp), AA/AA(low)/Aa3 .......
News 27 March 2019
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CRT credit event
Company hires and sector developments
CRT credit event
HSBC’s Metrix series 2015-1 CLN has suffered another credit event. The issuer received a credit event notice confirming that a bankruptcy credit event occurred on 15 March with respect to a reference entity that is believed to be Interserve, which was recently sold out of administration after shareholders rejected a rescue deal for the company. .......
Market Moves 27 March 2019
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Purchase option to be exercised
Sector developments and company hires
EMEA
Market Moves 22 March 2019
Capzanine has appointed Renaud Tourmente as head of business development, effective from 6 May 2019. Tourmente will join the firm as partner and will be part of its executive committee. In this newly created role, he will support the firm’s international development, pursue the diversification of its debt products and contribute to strengthening relationships with its investors. He brings .......