CMBS

  • Market moves - 22 June

    Europe

    Axa Investment Managers has hired Hans Stoter to global head of fixed income and interim head of multi asset client solutions. He was previously cio at NN Investment Partners.

    DBRS has hired Edward Dittmer to its CMBS team as svp and will be based in New York. He was previously svp in the CMBS team at Morningstar.

    BlueBay has .......

    Market Moves 22 June 2018

  • Market moves - 15 June

    CLO name change

    The name of Babson Euro CLO 2014-1 has been changed to Barings Euro CLO 2014-1. The move is effective from 13 June.

    Europe

    MDB Group (MeDirect) has recruited Michael Curtis as cio, responsible for core credit activities and spearheading the bank’s diversification into new product areas. Based in London, he reports to ceo Mark Watson. Curtis was .......

    Market Moves 15 June 2018

  • Market moves - 8 June

    Acquisition

    Angel Oak Commercial Lending (AOCL) has acquired a controlling interest in Cherrywood Mortgage – a national, small-balance commercial mortgage lender based in Los Angeles, California. Cherrywood will serve as the wholesale small-balance commercial lending arm of (AOCL) and is led by ceo Bill Komperda and president Ed Resendez.

    Cat bond first

    SCOR has sponsored a new cat bond, dubbed Atlas .......

    Market Moves 8 June 2018

  • Chinese issuance growing strongly

    Chinese securitisation issuance surged to a record high in 2017 but significant challenges remain. Overseas ABS market participants point to the need to develop the investor base and deepen market expertise, but are also showing increased willingness to dip their own toes in the water.

    The Chinese securitisation market is now the second-largest in terms of issuance, hitting CNY1.495trn in .......

    News Analysis 4 June 2018

  • Market moves - 1 June

    BTL RMBS planned
    UK Mortgages and TwentyFour Asset Management have acquired a high-quality pool of approximately £350m buy-to-let non-member mortgages originated by The Coventry Building Society Group through its Godiva brand. The portfolio comprises 2,077 recently-originated loans with an average balance of approximately £169,000 and an average LTV of 60.8%. The loans have approximately five years until the current fixed rate .......

    Market Moves 1 June 2018

  • Market moves - 25 May

    Analytics acquisition

    IHS Markit has signed a definitive agreement to acquire Ipreo for US$1.855bn from private equity funds managed by Blackstone and the Goldman Sachs merchant banking division. The acquisition is expected to close in 2H18, subject to customary closing conditions and regulatory approvals. Following a detailed review of its financial services businesses, the firm has also initiated a process .......

    Market Moves 25 May 2018

  • Market moves - 18 May

    Europe

    CIFC has hired Joshua Hughes as head of European marketing, based out of London and reporting to co-ceo, Oliver Wriedt. Hughes was previously head of global distribution at Muzinich & Co. He will lead the firm’s fundraising efforts in the UK and throughout Europe as the firm establishes its European platform.

    Simon Collingridge and Tony Ward of Home Funding Limited and Jaap .......

    Market Moves 18 May 2018

  • Market moves - 11 May

    Acquisitions

    Blackstone is set to acquire all outstanding common shares of Gramercy Property Trust for US$27.50 per share in an all-cash transaction valued at US$7.6bn. The transaction represents a premium of 23% over the 30-day volume-weighted average share price ending 4 May 2018 and a premium of 15% over the closing stock price on that date. Completion of the acquisition .......

    Market Moves 11 May 2018

  • UK CMBS signals sector surge

    Goldman Sachs is acting as arranger and lender on a £449.8m UK CMBS dubbed Ribbon Finance 2018. The transaction is a further sign of a resurgence in CMBS activity across Europe, with 2018 on target to surpass the last post-crisis bumper year in 2015.

    Ribbon Finance 2018 has been provisionally rated by DBRS and S&P as AAA/AAA on .......

    News 11 May 2018

  • Standardised bank issuance picking up

    Standardised bank issuance of capital relief trades is picking up, despite the market having long been the purview of larger internal rating based (IRB) banks. This is driven by rating agencies offering more flexible benchmarking and the Juncker plan, which allows the EIF to guarantee both the senior and mezzanine risk.

    However, the shift is slow because of .......

    News Analysis 8 May 2018

  • Market moves - 4 May

    Acquisitions

    Five Oaks Investment Corporation has acquired 100% of the equity interests of Hunt CMT Equity from hunt Mortgage Group for US$68m. Assets of Hunt CMT Equity include the junior retained notes and preferred shares of a commercial real estate CLO, a licensed commercial mortgage lender and eight loan participations. The assets of the CLO consist of performing transitional floating .......

    Market Moves 4 May 2018

  • Market moves - 27 April

    Australia

    FIIG Securities has hired Anne-Marie Hunter-Brown to the role of markets business manager, Australia. She was previously at Deutsche Bank as IB markets coo and business manager across global credit including structured credit.

    Assured Guaranty rebuttal

    Hedge fund manager David Einhorn recently stated that he is betting on Assured Guaranty’s stock falling, and that it .......

    Market Moves 27 April 2018

  • Market moves - 20 April

    Acquisitions

    BlackRock has acquired Tennenbaum Capital Partners (TCP), complementing its global credit business at a time when clients are increasingly turning to private credit as a higher-yielding alternative to traditional fixed income allocations. A key element of the transaction – which is expected to close in Q3 - is the continuity of TCP's senior management team, including all five partners .......

    Market Moves 20 April 2018

  • Market moves - 13 April

    Aircraft ABS on watch
    KBRA has placed the class A, B and C notes of the US$411m Prop 2017-1 ABS on watch for downgrade. The ABS represents the first securitisation from Elix Aviation Capital, with the proceeds being used to buy 63 aircraft on lease to 17 airlines in 12 countries. KBRA notes that one aircraft was not delivered to .......

    Market Moves 13 April 2018

  • Market moves - 6 April

    Europe

    CSC has hired Robert Berry as chairman of its capital markets group in London and Debra Parsall as director, also in London. Berry was most recently global head of capital markets at Intertrust Group. Parsall was most recently a director of capital markets at SFM Europe.

    The Bank of England has hired Antonio Guevara as an ILS specialist. Guevara .......

    Market Moves 6 April 2018

  • CMBS 'haves' and 'have-nots' highlighted

    The planned conversion of the Westside Pavilion property in Los Angeles - securitised in WFCM 2012-LC5 - is one recent example of a mall borrower resolving a troubled CMBS loan creatively (see SCI’s CMBS loan events database). Morningstar Credit Ratings highlights the move in new research illustrating that the majority of 2012 vintage mall loans should remain stable, .......

    News 4 April 2018

  • Market moves - 29 March

    Europe

    Man Group has hired Simon Finch as cio of credit at Man GLG, its discretionary investment management engine. In this newly created role, Finch will be responsible for Man GLG’s credit business and will have oversight of the credit portfolio management teams. He will report to Teun Johnston, ceo of Man GLG, and work closely with Man GLG’s cio, .......

    Market Moves 29 March 2018

  • Euro ABS/MBS busy

    European ABS/MBS secondary market activity has picked up this week.

    “It’s been a busy week this week after a quiet week last week,” says one trader. “Overall, March has been busy and month-on-month secondary spreads are a little wider, but not by much.”

    The trader continues: “Everything is trading well, mainly at good levels with a generally .......

    SCIWire 29 March 2018

  • Market moves - 23 March

    CDS clearing developments
    Intercontinental Exchange has transitioned index CDS open interest from CME Group to ICE Clear Credit, follows CME Group’s decision to exit the CDS business and transfer client positions to an alternative clearing house. ICE Clear Europe has also launched clearing for North American investment grade and high yield index CDS instruments, thereby providing regional customers the ability .......

    News 23 March 2018

  • Increase in liquidity 'hard to measure'

    Liquidity in structured products is difficult to quantify, and perhaps even to define. Whichever way it is measured, traders agree that it has increased and predict that over the course of 2018 spreads are going to continue their long tightening trend.

    Liquidity is commonly identified by the presence of associated phenomena. Two-way markets made by dealers are considered to be .......

    News Analysis 22 March 2018

  • Finnish CMBS debuts RFN feature

    Finnish real estate firm Sponda – which was acquired by Blackstone in June 2017 – is in the market with an innovative CMBS. The €540.87m securitisation includes a new structural feature in the form of reserve fund notes (RFNs), which finance the note share portion of the liquidity reserve.

    The transaction securitises a single €590.9m loan jointly advanced .......

    News 22 March 2018
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