CMBS

  • Job swaps round-up - 24 November

    EMEA

    Alvin Wong has been hired as director at United Overseas Bank (UOB). Previously he was svp at DBS bank where he was involved in structured finance and securitisation transactions.

    North America

    Ally Financial has hired Josh Wilsusen as md for public policy and government affairs. Wilsusen was previously at Morgan Stanley where he was executive director of government relations and .......

    Job Swaps 24 November 2017

  • UK CMBS prices tight

    Taurus 2017-2 UK, a rare single-loan UK CMBS (SCI 17 November), has priced. All offered tranches were well covered and final spread levels were set below initial price talk and at the tighter end of guidance, although concerns have also been raised.

    Initial price talk for the £164.48m senior A tranche, rated triple-A by Fitch and DBRS, was in the .......

    News 24 November 2017

  • Mixed portfolio SRT printed

    NatWest has originated a capital relief trade dubbed Nightingale Securities 2017-1. Unusually, the £390.2m CLN references a mixed portfolio of asset classes. It is also the first DBRS-rated synthetic securitisation for the RBS Group.

    The synthetic securitisation, structured in the form of a financial guarantee (SCI 18 April), was priced in the typical 9%-12% range for these trades. It features .......

    News Analysis 21 November 2017

  • Job swaps round-up - 17 November

    EMEA

    CSC has hired Jonathan Hanly as md to its Ireland office, Hinnerk Koch as md to its Luxembourg office and Aline Sternberg as head of transaction services in the UK. Hanly has previous executive leadership roles with the Intertrust Group, SFM Europe and RBS. Koch has significant experience in the alternative finance and securitisation markets in Luxembourg, having spent .......

    Job Swaps 17 November 2017

  • UK CMBS could signal turning point

    Bank of America Merrill Lynch is marketing a Blackstone-sponsored UK CMBS - the first European conduit CMBS since early last year - signalling a possible turning point for the asset class and a potential surge in issuance. Dubbed Taurus 2017-2, the £347.929m transaction is backed by a single floating-rate loan, which is secured by a portfolio of 127 predominantly logistics .......

    News Analysis 17 November 2017

  • Job swaps round-up - 10 November

    EMEA

    Ares Management has hired Rory McHugh as md. McHugh was previously md, head of alternative finance, specialist lenders and fintech at RBS. Prior to that he was head of structured finance derivatives and automated treasury solutions also at RBS.

    Scope has founded Scope Investor Services to support institutional investors in the selection of fund managers and investment vehicles across .......

    Job Swaps 10 November 2017

  • Las Vegas SASB CMBS prepped

    Caesars Entertainment Operating Company emerged from bankruptcy last month. The restructuring of its affairs has resulted in the preparation of a CMBS, which is now marketing.

    The US$1.6bn Caesars Palace Las Vegas Trust 2017-VICI CMBS (see SCI's deal pipeline) has been provisionally rated by both S&P and Kroll Bond Rating Agency. The collateral is a five-year, fixed-rate interest-only .......

    News 8 November 2017

  • Job swaps round-up - 3 November

    EMEA

    The Carlyle Group is set to reorganise its executive leadership, effective from 1 January 2018. Deputy cio Kewsong Lee and president/coo Glenn Youngkin will replace David Rubenstein and William Conway as co-ceos of the firm, while deputy cio Peter Clare will become co-cio alongside current cio Conway, with the trio also joining the board of directors. Rubenstein and Conway .......

    Job Swaps 3 November 2017

  • Online retail drives CRE growth

    Industrial logistics space outperformed office, retail, apartment and light industrial space in terms of supply, demand, occupancy and rent growth in 1H17, notes Morningstar Credit Ratings. Online retailers such as Amazon have been central to the industrial sector emerging as the leader of growth in CRE.

    Amazon's industrial space backs US$2.41bn in CMBS. The company's fulfilment network, comprised of fulfilment .......

    News 31 October 2017

  • Euro secondary strengthens

    Levels continue to strengthen across the European securitisation secondary market.

    October has been another month of more of the same and November looks unlikely to differ in the short term as technicals still hold sway and volumes remain relatively light. Demand continues to outstrip supply with holders unwilling to release seemingly ever-improving paper and other participants, especially dealers, very keen .......

    SCIWire 31 October 2017

  • Job swaps round-up - 27 October

    Australia

    RMS has hired Pierre Wiart as md to its Sydney office, working on client relationships and market development. He was previously principal at Convergence Partners in Sydney.

    EMEA

    Goldman Sachs has hired Alex Snow as md to its structured finance division. He was also previously md at RBS in structured finance.

    North America

    Axis Capital has hired Brad Livingstone .......

    Job Swaps 27 October 2017

  • Libor replacement a "steep challenge"

    A transition to a replacement reference rate away from Libor by 2021 will be a "steep challenge" within structured finance documentation, according to S&P. The rating agency says the ultimate impact will depend on a number of factors, including whether current IBORs will be maintained for existing transactions until final maturity or whether existing transactions need to shift benchmarks.

    There .......

    News 24 October 2017

  • ABS rating effect explored

    Rating changes can have a significant impact on an ABS bond's price and value. While investors are less reliant on ratings than they were before the financial crisis, rating agencies continue to play a significant role in bond pricing.

    An analysis by TwentyFour Asset Management of the 10-year Portugal sovereign bond reveals that larger rating changes correlate to larger spread .......

    News 24 October 2017

  • Job swaps round-up - 20 October

    Australia

    Baker McKenzie has recruited Duncan McGrath as a partner in its corporate group in Sydney. McGrath was previously a partner at Gilbert + Tobin, where he established and headed the firm's DCM and securitisation practice. His experience includes leveraged and general finance, peer-to-peer lending, insolvency and restructuring, blockchain and smart contracts.

    EMEA

    Orchard Global Asset Management has hired Shawn .......

    Job Swaps 20 October 2017

  • Swap downgrades 'justified, necessary'

    Fitch downgraded Deutsche Bank's ratings last month, stating that the bank is no longer a suitable counterparty for top rated securitisations. While the downgrade was prompted by issues relating to that bank specifically, other bank downgrades could - and, it is argued, should - follow.

    Deutsche Bank's long-term issuer default rating (IDR) was downgraded from single-A minus to triple-B plus .......

    News Analysis 20 October 2017

  • Job swaps round-up - 13 October

    Acquisition

    Navient has entered into an agreement to acquire online student lender Earnest for US$155m in cash. Earnest will continue to operate under its current brand and be led by its current management team. Navient has suspended its remaining share repurchase programme through year-end 2018 to allocate capital towards growing its education lending business and building book value. Closing of .......

    Job Swaps 13 October 2017

  • Treasury report supports securitisation

    The US Treasury has released a report recommending a number of regulatory changes that could make it easier for companies to issue and invest in securitisations. The second in a series on boosting the US financial system, the report stresses the importance of securitisation to a strong economy and suggests repealing elements of the Dodd-Frank Act and lightening other regulatory .......

    News 9 October 2017

  • C-PACE lender breaks new ground

    Greenworks Lending has privately placed the first rated securitisation of purely commercial PACE assets. While the firm intends to tap the market again in the near future, potentially with a public C-PACE deal, the present emphasis is on origination of high quality assets by meeting the needs of commercial real estate property owners.

    Greenworks Lending's US$75m ABS was arranged by .......

    News Analysis 9 October 2017

  • Job swaps round-up - 6 October

    North America

    Roy Guthrie is to succeed JP McNeill - who is transitioning into a long-term strategy role as vice-chairman of the board - as chairman and ceo of Renovate America. Among his previous roles, Guthrie served as cfo and evp of Discover Financial Services and as president and ceo of various Citigroup businesses. Renovate America has also appointed Ari .......

    Job Swaps 6 October 2017

  • Trustee role rewritten by court?

    A ruling by the UK High Court could have significant implications for trustees, potentially redefining their role in securitisation. The court's ruling confirms that a trustee cannot outsource decision making and must take responsibility for exercising the discretion that deal documents allow them, although questions do remain.

    GLAS Trust Corporation was brought into the Fairhold Securitisation (FHSL 2006-1) as a .......

    News Analysis 29 September 2017

  • Toys R Us CMBS exposure gauged

    Toys R Us filed for chapter 11 bankruptcy protection this week. Several US CMBS loans are exposed to the retailer, although no store closures have been announced.

    The company filed for bankruptcy protection in an attempt to resolve US$400m of debt maturing next year. The majority of its stores remain profitable and the company says the filing will not affect .......

    News 21 September 2017
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