CMBS

  • 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

    Premium Content

  • CLO ESG scores compared

    Market updates and sector developments

    Sustainable Fitch reports that European CLOs – with an average ESG Score of 50.4 - have noticeably higher ESG scores, environmental scores and social scores than North American CLOs, which demonstrate an average ESG Score of 47.9. Governance scores are broadly similar across the two regions, however.

    These insights are based on an assessment of 317 European CLOs .......

    Market Moves 2 November 2023

  • PRA consults on CRR rules

    Market updates and sector developments

    The UK PRA has launched a consultation on draft rules to replace firm-facing requirements regarding securitisation under the CRR in 2H24. As such, it has published a discussion paper (DP) that raises certain key issues for feedback, in order to inform its approach - including the use of unfunded credit risk mitigation (CRM) in SRT transactions.

    In particular, the .......

    Market Moves 1 November 2023

  • Job swaps weekly: Antares beefs up team after strategy launch

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Antares Capital hiring multiple senior executives, as it closes its debut broadly syndicated loan CLO. Elsewhere, Prosperise Capital has appointed PC2 Capital’s founder as partner and head of CRE following its acquisition of the firm, while S&P Global has promoted three securitisation execs to md in the Americas.

    Antares Capital .......

    Market Moves 27 October 2023

  • Job swaps weekly: Octagon elevates Lam to ceo

    People moves and key promotions in securitisation

    This week’s round-up of securitisation-related job swaps sees Octagon Credit Investors appointing senior portfolio manager Gretchen Lam as its new ceo. Elsewhere, structured finance lawyers Martin Bartlam and Elana Hahn have joined Xfinite Global and Fasken respectively.

    The appointment of Lam as Octagon’s new ceo comes as the firm’s cofounder Andrew Gordon transitions into a new role as executive .......

    Market Moves 20 October 2023

  • Job swaps weekly: Fearon steps up at Arch

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Arch Capital Group appoint a new ceo in its global mortgage group. Elsewhere, Gallagher Re has hired a new head of global credit and political risk, while Cushman & Wakefield has snapped up a Patterson Real Estate Advisory exec as md.

    Arch Capital Group has promoted Seamus Fearon to ceo, international mortgage for the .......

    Market Moves 13 October 2023

  • Risk transfer round-up - 12 October

    The week's CRT developments and deal news

    Market news
    Fannie Mae has commenced fixed-price cash tender offers for the purchase of any and all of 11 Connecticut Avenue Securities (CAS) notes, with an unpaid principal balance of US$1.398bn and vintages ranging from 2016 to 2018. The offers will expire on 16 October and settlement is expected on 18 October.

    Fannie Mae has engaged BofA Securities as .......

    News 12 October 2023

  • Freddie B-piece investments closed

    Market updates and sector developments

    Sabal Investment Holdings has closed a series of five B-piece investments, representing approximately US$2bn in collateral balance, across three Freddie Mac multifamily CMBS programmes. The programmes comprise SB-Deals, K-Deals and Q-Deals.

    Three SB-Deals closed by Sabal are backed by Freddie Mac multifamily small balance loans (SBLs), totalling US$90m in bond balance across US$933m in collateral balance and 338 .......

    Market Moves 12 October 2023

  • Job swaps weekly: HSBC snaps up former Deutsche Bank CLO head

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees a former head of CLOs at Deutsche Bank taking up a director role at HSBC. Elsewhere, CBRE has promoted a London-based executive md to president and coo in its Tokyo office, while SLC Management has appointed two new co-heads for its private fixed income team.

    Deutsche Bank’s former head of CLOs, .......

    Market Moves 6 October 2023

  • 'Sluggish' September?

    Quarterly SCI CRT data review

    CRT issuance so far this year appears to have consistently tracked below that of last year’s volumes. In terms of deal count, SCI data shows that 39 transactions have closed in the year to end-September 2023, versus 52 for the corresponding period in 2022.

    .......

    News 4 October 2023

  • RRAM acquires second slate of CLOs

    Market updates and sector developments

    Redding Ridge Asset Management has acquired CLO management contracts totalling US$2.8bn in AUM from Gulf Stream Asset Management. With the close of the transaction, Redding Ridge will have more than US$26bn of AUM and expects a seamless integration of the contracts and to actively manage the new portfolios consistent with its disciplined CLO strategy.

    Redding Ridge is an .......

    Market Moves 3 October 2023

  • Next level

    ESG back-reporting gaining traction

    ESG back-reporting may be the next step for sustainable disclosures as the battle to beat greenwashing continues. The GSEs are leading the back-reporting charge, with the introduction of Fannie Mae’s Social Index calculations and Freddie Mac’s historical data file release for all active and inactive MBS pools since 2010 (SCI 18 August 2022).

    “They are really driving .......

    News Analysis 29 September 2023

  • Job swaps weekly: Khan heads to Natixis CIB

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Natixis CIB hiring a new head of structured credit capital markets. Elsewhere, Arrow Global has recruited two senior execs to its real estate and credit divisions, while Intesa Sanpaolo has appointed a new head of structured finance and loans legal advisory. 

    MUFG’s Asif Khan has joined Natixis CIB as md .......

    Market Moves 29 September 2023

  • Wilmington bank adds CLO expertise

    Market updates and sector developments

    WSFS Financial Corporation’s global capital markets team is expanding into the CLO market, as it seeks to grow its wealth business and generate fee income on a national scale. To support this expansion, the company has recruited two new associates with expertise in CLOs.

    WSFS Global Capital Markets provides global services to the leveraged loan and capital markets, .......

    Market Moves 28 September 2023

  • ESMA shines light on private securitisations

    Market updates and sector developments

    ESMA has published an overview of EU securitisation volumes, based on the data it receives under the Securitisation Regulation. The study shows that the size of the European securitisation market has decreased significantly since its peak of €2trn at end-2010. It also highlights that private deals represent 59% of STS securitisation notifications.

    As reported to the registered securitisation .......

    Market Moves 22 September 2023

  • Job swaps weekly: CBRE names new debt and structured finance president

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees CBRE appointing a successor to its outgoing US debt and structured finance president, Rachel Vinson. Elsewhere, the Structured Finance Association has appointed two industry veterans to its policy team, while Aon has recruited senior members in its structured credit solutions and reinsurance solutions teams. 

    CBRE has promoted James Millon to president .......

    Market Moves 22 September 2023

  • RFC issued on CMBS methodology

    Market updates and sector developments

    Scope is calling for comments on a proposal to update its CRE loan and CMBS rating methodology. The proposed changes are expected to affect existing ratings assigned by the agency by up to two notches on the upside and four notches on the downside.

    Most notably, the proposal introduces a scoring framework for determining assumptions and the rateability .......

    Market Moves 21 September 2023

  • Rhapsody in retail

    CMBS offers liquidity for non-mall retail borrowers

    Since the restrictions imposed by the Covid 19 pandemic and probably before, the US commercial real estate (CRE) sector has by and large been in the doldrums. But experienced CRE investors can find value and remain funded by a combination of traditional bank loans and CMBS financing.

    Gary Rappaport is nothing if not experienced: he has been a CRE investor in the .......

    The Structured Credit Interview 19 September 2023

  • BXCI to offer 'one-stop solution'

    Market updates and sector developments

    Blackstone has integrated its market-leading corporate credit, asset-based finance and insurance groups into a single new unit, named Blackstone Credit & Insurance (BXCI). Credit and insurance is Blackstone’s fastest-growing segment – more than doubling to US$295bn in assets under management over the last three years.

    The new structure is designed to further accelerate growth by creating a more .......

    Market Moves 15 September 2023

  • Job swaps weekly: M&G poaches Pimco's Scott

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees M&G Investments luring a former Barclays structured finance veteran from Pimco to take on the role of director. Elsewhere, Avenue One has added senior hires to its real estate capital partnerships and alternative capital partnerships teams, while Pinsent Masons has hired a new securitisation partner. 

    M&G Investments has appointed Pimco .......

    Market Moves 15 September 2023

  • Job swaps weekly: Pretium snaps up Morgan Stanley coo

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Pretium snap up a long-serving Morgan Stanley coo, as it looks to continue its acquisitive growth strategy. Elsewhere, Société Générale CIB has lured a new head of EMEA CLOs from Credit Suisse, while Annaly Capital Management has appointed two industry veterans as independent board members. 

    Residential real estate and structured .......

    Market Moves 8 September 2023
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