CMBS

  • Reaching for the Starz

    Future of European CRE CLO market contemplated

    Despite no new issuance since Starz Realty Capital’s debut in 2021 (SCI 9 December 2021), the underlying message from those closest to the European CRE CLO market is simple: it’s better than the headlines are making it seem. With just one public deal closed in Europe thus far, CRE CLOs still stand up as a strong funding tool .......

    Talking Point 8 January 2024

  • Job swaps weekly: Greenberg Traurig appoints three new partners from Seward & Kissel

    People moves and key promotions in securitisation

    The first weekly roundup of securitisation job swaps of 2024 sees Greenberg Traurig appointing a trio of structured finance specialists as partners. Elsewhere, Obra Capital has hired two senior investment executives from AllianceBernstein and RiverRock Funds, while Stout’s md and co-lead of structured credit leaves the firm for a new project.

    Kalyan Das has joined Greenberg Traurig, along .......

    Market Moves 5 January 2024

  • Communication skills

    CRE loan-on-loan financing a 'relationship-oriented business'

    Speakers on the loan-on-loan financing panels at SCI’s inaugural European CRE Finance Seminar last month stressed the importance of a good working relationship between lender and borrower. They also noted that “capital is king” for banks, pointing to securitisation as an effective way to lower RWA treatment for such lending.

    Commercial real estate loan-on-loan financing is a relationship-oriented .......

    Talking Point 22 December 2023

  • Basel banks

    Banks forced away from loans and into low RWA assets in 2024

    An unintended consequence of the implementation of Basel III endgame rules in the US is that banks will be forced into more capital efficient agency MBS at the expense of loans, according to Mohib Karzai, head of agency MBS trading at JP Morgan.

    Talking Point 20 December 2023

  • Job swaps weekly: Reed Smith poaches Linklaters' Drury

    People moves and key promotions in securitisation

    This final weekly roundup of securitisation job swaps of 2023 sees Reed Smith snapping up a Linklaters partner and structured finance specialist. Elsewhere, ARIA Commodities has lured a Deutsche Bank veteran as head of structured trade finance, while CBRE has made two senior promotions in its European team.

    Linklaters veteran Mark Drury has joined Reed Smith as a .......

    Market Moves 18 December 2023

  • Basel 3 'roadmap', reporting ITS published

    Market updates and sector developments

    The EBA has published its roadmap on the so-called Banking Package, which implements the final Basel 3 reforms in the EU. The roadmap aims to strengthen the prudential framework, as well as ensure an international level playing field. It also seeks to provide clarity on how it will develop the mandates implementing the legislation and finalise the most significant .......

    Market Moves 14 December 2023

  • Generating traction in a stalled market

    Matteo Cidonio, managing partner at GWM Group, answers SCI's...

    Q: The past couple of years have been a very difficult period for the CRE market globally. You recently said there are opportunities for investors who target the right real estate categories and more specifically segments, even in the current market. What would you see as being the top segments in Europe currently, and why?
    A: Commercial real estate has .......

    The Structured Credit Interview 11 December 2023

  • Job swaps weekly: EU finance ministers choose Calviño for EIB

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Nadia Calviño chosen to become head of the European Investment Bank (EIB). Elsewhere, the Structured Finance Association welcomes seven industry leaders to its new board of directors, while a Mayer Brown partner and structured finance specialist has joined Jones Day as partner in its London office.

    Spain’s deputy prime minister .......

    Market Moves 8 December 2023

  • Job swaps weekly: Sirius execs join forces to launch Karis

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees the launch of a new real estate debt advisory firm, Karis Capital UK, led by a number of outgoing Sirius Group executives. Elsewhere, Invesco has lured a Munich-based Patrizia director to its EMEA structured debt finance team, while Sumitomo Mitsui Banking Corporation (SMBC) has appointed a Clifford Chance senior associate as .......

    Market Moves 1 December 2023

  • Positioned for quality and liquidity

    Kate Galustian, lead portfolio manager for BlackRock Senior...

    Q: When you announced BlackRock Senior Securitised Fund (SCI 20 November), BlackRock stated that this new vehicle will predominantly invest across continental Europe and the UK. To what extent was that driven by current opportunities specific to that geographic market, and could you provide an outline as to what those are?
    A: The fund was designed in collaboration with .......

    The Structured Credit Interview 30 November 2023

  • Rules of conflict

    Final SEC "conflict of interest" ruling offers crumbs of comfort

    The SEC’s final “conflict of interest” ruling, designated Rule 192 and released at the beginning of this week (SCI 29 November), waters down some of the most onerous restrictions but still represents a serious imposition for securitized markets participants, say those in the field.

    The new rule prohibits so-called “securitization participants” from engaging in “conflicted transactions” during the life of an .......

    News 30 November 2023

  • SIFMA calls for STC framework

    Market updates and sector developments

    A new SIFMA blog highlights three actions that will mitigate what the association calls the “perverse incentives” created by the lack of appropriate risk-sensitivity of the SEC-SA framework, under the US Basel 3 Endgame (B3E) proposal. The blog describes the proposal as “the most restrictive approach to set capital requirements for banks’ securitisation exposures in the developed world”.

    As .......

    Market Moves 29 November 2023

  • Job swaps weekly: EverBank lures Forbright's Walsh

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees EverBank hiring a senior Forbright Bank executive as head of structured real estate finance. Elsewhere, National Australia Bank (NAB) has made two senior promotions within its securitisation teams in Melbourne and New York, while Piraeus Bank has elevated an Athens-based director to the role of senior director, head of securitisations and transaction structuring.

    EverBank, .......

    Market Moves 24 November 2023

  • Hotel upgrades

    Uplift in fortune seen for lodging CMBS

    The lodging sector is one of the few bright spots in the US CMBS landscape. This Premium Content article uncovers the reasons why.

    The US lodging sector has enjoyed an uplift in fortunes over the past 18 months, with pent-up demand from holidaymakers driving a post-Covid recovery. Despite a slight uptick in delinquencies in recent months, sector-specific metrics ......

    News Analysis 21 November 2023

  • Global goals

    Chris Whitcombe, head of European and US ABS at Challenger I...

    Q: Challenger IM recently launched its first securitisation-only investment fund – the Challenger IM Global ABS Fund (SCI 1 November). What makes now the right time?
    A: At Challenger IM, we manage assets for leading global and Australian institutions. We have been actively investing in ABS since 2005, including the private ABS market for the last decade. So, although .......

    The Structured Credit Interview 20 November 2023

  • BlackRock launches Article 8 ABS fund

    Market updates and sector developments

    BlackRock has launched the BlackRock Senior Securitised Fund (BSSF), its new flagship securitisation fund, in the existing BlackRock Specialist Strategies Fund range. The firm says that BSSF is designed to meet the strong demand for securitised assets from both institutional and wealth clients seeking to diversify their fixed income exposures. Clients have demonstrated a desire for the diversification benefits, .......

    Market Moves 20 November 2023

  • Job swaps weekly: BNP bulks up in Americas

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees BNP Paribas building out its Americas-focused advisory and solutions teams, with two senior securitisation-focused appointments among a number of hires. Elsewhere, American Century Investments has appointed two industry veterans to its securitised markets team, while Academy Securities has snapped up a senior Citi exec as md and head of RMBS capital .......

    Market Moves 17 November 2023

  • Value covered

    LibreMax Capital cio Greg Lippmann and ABS head Kevin Tyler...

    Q: How has the evolution of the banking system and regulatory environment over time shaped private credit markets?
    GL: Before the global financial crisis (GFC), there were certain aggressive financial products which enabled consumers to become overleveraged, as well as light bank capital charges for investment bank holdings of structured products, which ultimately brought Lehman Brothers to default and spurred .......

    The Structured Credit Interview 16 November 2023

  • Job swaps weekly: ESG debt-swap pioneer transitions to UBS

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees a Credit Suisse veteran take on a senior ESG- and structured-credit role at UBS Group following the latter’s acquisition of the former. Elsewhere, Colliers has lured two ex-George Smith Partners (GSP) executives as vice presidents, while a senior Federal Housing Finance Agency (FHFA) exec has joined Guy Carpenter.

    Credit Suisse .......

    Market Moves 10 November 2023

  • Scope sees ratings drift reverse in Q3

    Market updates and sector developments

    Ratings drift in structured finance instruments improved in the third quarter of 2023 for the first time in more than a year, Scope Ratings has revealed. The metric measures the ratio between upgrades minus downgrades and the total number of monitored ratings over the past year.

    While the agency oversaw just 12% of 294 instruments upgraded against 17% .......

    Market Moves 7 November 2023

  • Esoteric explosion

    Data centre securitisation seeing strong fundamentals

    Insatiable demand for connectivity is fueling a rise in data centre securitisation issuance. This Premium Content article tracks the market’s development.

    Demand for data centres outstrips supply by a hefty margin and, as more and more regions join the established areas of data centre building, the need for financing shows no sign of abating. While some developers seek ......

    News Analysis 6 November 2023

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