CMBS

  • Lacking clarity

    Libor transition still fraught with challenges

    With only two years to go until Libor is officially phased out in 2021, a number of questions still remain about the ramifications for structured finance transactions. Aside from the lack of concrete replacement, there are also questions about legacy deals, assets and liabilities and swaps complications as well as the possibility for bondholder disputes.

    One of the most pressing issues .......

    News Analysis 19 February 2019

  • Making hay

    Private-label multifamily origination moves aside for agency CMBS

    US agency CMBS volume has risen at an average clip of 50% per year post-crisis, hitting a record US$107.9bn of issuance in 2017. A new Trepp study suggests that the sector’s growth has come at the expense of private-label multifamily origination.

    The average annual agency CMBS issuance during 2010-2018 grew to US$64.9bn from a previous average of US$4.9bn ......

    News Analysis 13 February 2019

  • US CMBS divergence eyed

    CMBS issuance 'will be hindered' by worsening borrower terms

    US CMBS is under scrutiny as figures have emerged showing weaker performance in post-crisis transactions originated by non-bank firms than those originated by banks, according to a recent report from Fitch’s CMBS team. Concurrently, CMBS borrowers are finding themselves in an ever weakening position due to the growing ubiquity of loan provisions that can ‘arbitrarily’ put cash management in .......

    News Analysis 5 February 2019

  • SCI Start the week - 4 February

    A review of securitisation activity over the past seven days

    Transaction of the week

    Bank of Montreal has printed a US and Canadian leveraged loan capital relief trade dubbed Manitoulin. The US$92.5m 7.3-year financial guarantee pays Libor plus 12.75%.

    The transaction has been rated as triple-A on the class A notes, single-A on the class B notes and triple-B on the class C notes. Further features include the presence of .......

    News 4 February 2019

  • Staying strong

    MetLife Investment Management speaks to SCI about the year ahead

    Q: What’s your general outlook for the structured finance sector in 2019?

    William Moretti, head of structured finance, MetLife Investment Management: “On the whole, I’d say that structured finance is in a much better position to face another potential downturn than it was in 2007, before the last crisis. There have been a number of structural improvements to transactions and .......

    The Structured Credit Interview 1 February 2019

  • Euro ABS deals mooted

    Company hires and sector developments

    European RMBS transactions mandated

    A pair of European RMBS transactions have been mandated, marking the first European securitisations of the year, barring CLOs. The first is a UK RMBS, dubbed Lanark 2019-1, from Clydesdale Bank, which has mandated BAML, BNP Paribas, Citi and Wells Fargo for the transaction, subject to market conditions. The second, from Italian lender Cassa di .......

    Market Moves 31 January 2019

  • CLO UCITS launched

    Company hires and sector developments

    CDS publication launched

    Jochen Felsenheimer, md at XAIA Investment, Wolfgang Klopfer, chairman of the management board of XAIA Investment and Ulrich von Altenstadt, md of XAIA Investment have co-authored a new publication looking at the evolution, functioning and regulatory environment of CDS. Titled, Credit default swaps: trading strategies, valuation and regulation, it also looks at the modeling and valuation of .......

    Market Moves 30 January 2019

  • CMBS tender launched

    Company hires and sector developments

    BUMF tender

    Greencoat Investments has launched a tender offer for the Business Mortgage Finance 4, 5, 6 and 7 CMBS. Fixed purchase prices for the bonds range from 0.50% to 101% per £1,000/€1,000/US$1,000 in principal amount of notes and an additional 0.50%-10% per £1,000/€1,000/US$1,000 is available as an early tender premium. The early tender deadline is 8 February .......

    Market Moves 28 January 2019

  • New ILS unit launched

    Sector developments and company hires

    ABS outfit launched

    US Bancorp has launched a new ABS lending business, providing non-recourse commitments secured by consumer and commercial receivables. Bo Weatherly - who joined the firm in 2016 - will serve as md for the new business, based in Charlotte, North Carolina. He has brought together a team of established industry experts, each with an average .......

    Market Moves 25 January 2019

  • CLOs retain top ranking

    Quarterly SCI data update

    CLOs remained the top asset class in terms of deal count for European and US new issuance in 4Q18, according to SCI data - although the numbers are down on those posted in Q3 (SCI 23 October 2018), reflecting market volatility in the final quarter of the year. In contrast, CLO BWIC volumes rose in both regions.

    .......

    News Analysis 24 January 2019

  • Alt investor boosts global presence

    Sector developments and company hires

    Europe

    Palamon has hired Aqib Kadar as director of tax and structured finance. Kadar was previously at PwC where he was a director in M&A tax.

    Global

    Värde Partners has appointed Elena Lieskovska and Haseeb Malik to partner, and promoted Brad Bauer to deputy cio. Based in London and Singapore respectively, Lieskovska is head of European .......

    Market Moves 24 January 2019

  • Two depart at ILS firm

    Sector developments and company hires

    Europe

    M&G Investments has appointed Vincent Charles-Gervais as portfolio manager within its ABS division. Charles-Gervais will report to James King, head of ABS portfolio management, and will be based in London. Charles-Gervais has 15 years’ experience in structured and alternative credit and joins from ICG where he was a portfolio manager for ICG alternative credit. Prior to that .......

    Market Moves 22 January 2019

  • Latest SCI podcast available

    SCI podcast episode four is now live

    SCI’s latest podcast is now live. This month the team round up asset class performance from 2018 and look ahead to the expectations for 2019.

    2018 was a landmark year, with US new issue supply outpacing maturing debt for the first time since 2007. Furthermore, while non-mortgage ABS and structured credit have had positive net issuance since 2014, last year .......

    News 21 January 2019

  • Innovative ILS transaction launched

    Sector developments and company hires

    Auto ILS closed

    AlphaCat Managers has securitised a non-standard passenger auto insurance portfolio. “This innovative transaction creates new ILS market opportunities in securitizing broader classes of insurance risk. We look forward to working with more MGAs and insurers. "The bilateral transaction comprises a private placement of two tranches of notes: a US$6.67m senior note and a US$3.33m junior .......

    Market Moves 18 January 2019

  • Risk retention for Japan?

    Sector developments and company hires

    ILS

    Sarah Demerling has joined Walkers Bermuda as a partner in the firm's corporate, finance and funds group. With more than 17 years' experience in the financial services industry in Bermuda, Demerling adds asset management, investment funds and ILS expertise to the practice. She was previously client director at Estera Services (Bermuda) and before that a partner at Appleby in .......

    Market Moves 16 January 2019

  • Agency launches new Euro office

    Company hires and sector developments

    Europe

    Alantra has hired James Fadel as md. He was previously head of structured finance advisory at Deloitte.

    DBRS has opened a new office in Madrid, making this its third European office - it is already up and running with analysts having relocated to Madrid from the London office. It will assign ratings to serve market participants looking for expertise .......

    Market Moves 14 January 2019

  • Solar equity ABS launched

    Sector developments and company hires

    Acquisitions

    American Mortgage Consultants (AMC) has acquired Meridian Asset Services, (Meridian), joining two of the premier service providers in the residential secondary mortgage market. The transaction will unite Meridian’s leading collateral, curative and title QC capabilities with AMC’s third-party review services and technology to support rated private-label securitisation transactions, due diligence and quality control. Meridian will operate as .......

    Market Moves 11 January 2019

  • US firms see flurry of hires

    Sector developments and company hires

    US

    Bay Crest Partners has bolstered its fixed income business with a trio of senior hires: Tadeusz (Ted) Jachowicz, Jatin Dewanwala and Greg Hackett. Jachowicz and Dewanwala previously ran Metacapital Management's structured credit effort, including portfolios of ABS, CMBS and RMBS. Hackett joins Bay Crest following five years at RBC, where he headed the firm's CMBS and CRE .......

    Market Moves 10 January 2019

  • UK tax partner pinched

    Sector developments and company hires

    UK

    Hunton Andrews Kurth has recruited David Klass as a partner in its London office. Klass brings more than 15 years of experience advising on a wide range of tax issues and transactions, particularly those with an international element. Among the clients he advises are asset originators and arrangers in connection with structured finance deals. He was previously .......

    Market Moves 8 January 2019

  • Freddie Mac launches debut reinsurance deal

    Company hires and sector developments

    Acquisitions

    doBank has acquired 85% of NPL servicer Altamira Asset Management from entities affiliated with funds managed by Apollo Global Management, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority, following a competitive sales process. The shareholding involved in the sale may be increased to 100%, should Santander - holder of the remaining 15% interest in the .......

    Market Moves 7 January 2019

  • SCI Start the Week - 7 January

    A review of securitisation activity over the past seven days

    Transaction of the week

    Santander has launched an unusual synthetic securitisation of auto loans, dubbed Santander Consumer Spain Synthetic Auto 2018-1. The transaction comprises a €60.6m twelve-year CLN that references a €1.01bn portfolio of Spanish auto loans paying Euribor plus 8.90%.

    Synthetic securitisations of granular, consumer portfolios are uncommon, as the structures are typically used for concentrated, non-granular portfolios. This .......

    News 7 January 2019
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