CMBS

  • 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

  • Energy performance regulations yet to impact RMBS

    Market updates and sector developments

    Climate transition risks linked to changes in energy-efficiency performance regulations are having a limited impact on the European RMBS market, according to research by S&P Global.  The view is the result of a scenario analysis conducted by S&P of properties in England, Wales, Ireland, France and the Netherlands with energy performance certificate ratings of F and G.

    The agency acknowledges that, should .......

    Market Moves 7 September 2023

  • GLAS strengthens European footprint

    Market updates and sector developments

    GLAS SAS is set to acquire Paris-based asset management and trust business Pristine, subject to regulatory approval and customary closing conditions. This is GLAS’s first acquisition as it seeks to strengthen its European footprint and fast-track global expansion.

    Established in 2016, Pristine provides fund structuring and management services to both international and domestic institutions with the primary purpose .......

    Market Moves 1 September 2023

  • Job swaps weekly: All change at Tikehau

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Tikehau Capital making a number of promotions, including the appointment of a new president of Tikehau IM and a new head of structured credit. Elsewhere, Way Capital has snapped up a new head of agency finance from First Foundations, while CBRE has poached two structured finance executives from Greystone & Co. 

    Market Moves 1 September 2023

  • European CRE debt faces €93bn funding gap

    Market updates and sector developments

    Updated AEW research shows an estimated European commercial real estate debt funding gap (DFG) of €93bn, representing the shortfall between the original amount of secured CRE debt originated in 2018-2021 and the amount available for refinance at loan maturity for the 2023-2026 period across all four property sectors in France, Germany, Italy, Netherlands, Spain and the UK (SCI .......

    Market Moves 31 August 2023

  • Expenses review

    Addressing rising operating costs in Euro CMBS

    A recent S&P review of European CMBS transactions has revealed a consistent increase in operating costs, both on an absolute (per square-foot) and relative basis (as a percentage of revenue). Consequently, the rating agency argues that the current challenging macro environment demands a stronger focus on property expenses.

    Reasons for the rise in European CMBS expenses are threefold, with .......

    News 29 August 2023

  • Capital blues

    Securitisation set to become more costly for US banks

    US regulators appear set to march in the opposite direction to their European counterparts with regard to the capital treatment of securitisation. The 1,087-page document released on 27 July as part of the Basel 3 Endgame by the Federal Reserve, the FDIC and the OCC (SCI 28 July) proposes increasing the so-called p-factor from 0.5 to 1.0, News Analysis 29 August 2023

  • Job swaps weekly: Stream of hires at Flowcarbon

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees carbon fintech business Flowcarbon bulk up its structured finance muscles with a promotion and two new hires. Elsewhere, Atom Bank has appointed a former Arrow Global ceo as chair designate, while Bespoke Real Estate Advisers has promoted a founding member to chief investment officer. 

    Flowcarbon has promoted Martin Kessler to .......

    Market Moves 25 August 2023

  • Securitisation exempt from private fund rule

    Market updates and sector developments

    The US SEC has determined that securitised assets funds, including CLOs, are exempt from its Private Fund Advisers Rule. The new rules aim to protect private fund investors by increasing transparency, competition and efficiency in the private funds market. To enhance transparency, the rules will require private fund advisers registered with the Commission to provide investors with quarterly statements - .......

    Market Moves 25 August 2023

  • Janus Henderson rounds out securitisation ETF suite

    Market updates and sector developments

    Janus Henderson is preparing the launch of a new fund that the firm says will complete its suite of securitisation-focused ETFs and enable it to invest in almost all of the US securitised market. The US$253.3bn asset manager filed a preliminary registration statement with SEC for Janus Henderson Securitized Income Exchange Traded Fund on Friday.

    The new ETF’s objective is to “seek .......

    Market Moves 21 August 2023

  • Job swaps weekly: TCW snaps up American Century securitisation head

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees TCW Group appoint a successor to its recently departed global co-head of securitised products. Elsewhere, ARC Ratings has hired a European industry veteran as non-executive director, while Guy Carpenter has appointed a senior marketing and business development executive as md. 

    Los Angeles-headquartered asset manager TCW has appointed American Century Investments’ Peter Van Gelderen as .......

    Market Moves 18 August 2023

  • Fine-tuning UK securitisation

    FCA and PRA take pragmatic approach to post-Brexit regulations

    The FCA’s consultation on UK securitisation regulations suggests there will be some welcome changes to retained regulations ‘onshored’ post-Brexit. But the British government is unlikely to secure the bonfire of regulations it set out to achieve.

    The FCA published its plans last week (SCI 7 August), two weeks after the PRA released its consultation and less than a .......

    News Analysis 15 August 2023

  • Job swaps weekly: New faces for Newmark

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Newmark Group making a number of senior appointments to its debt and structured finance team. Elsewhere, Helaba has hired a former Deutsche Bank md to lead its asset finance team, while CRED iQ has appointed a new head of data and analytics. 

    Commercial real estate manager Newmark has made three senior appointments in its .......

    Market Moves 11 August 2023

  • Innovative financing inked for Deutsche Bahn

    Market updates and sector developments

    The EIB and HypoVereinsbank are providing credit lines totalling up to more than €2bn to Deutsche Bahn for the procurement of 90 new trains for the Munich S-Bahn. Deutsche Bahn will receive financing for the new vehicles from Bayerische Eisenbahngesellschaft (BEG), which plans, finances and controls the regional and S-Bahn traffic in Bavaria on behalf of the Bavarian Ministry .......

    Market Moves 3 August 2023

  • Risk transfer round-up - 3 August

    The week's CRT developments and deal news

    Market news
    Risk Control has received funding from the MDB Challenge Fund for two projects with the objective of helping Multilateral Development Banks (MDBs) build on the recommendations of the G20’s Independent Review of MDB Capital Adequacy Frameworks (CAF). One of the projects will deliver analysis to support MDB risk transfer, creating insights and technical tools for balance sheet optimisation .......

    News 3 August 2023

  • Groundbreaking cannabis CMBS closed

    Market updates and sector developments

    Groundbreaking cannabis CMBS closed
    Pelorus Capital Group has closed PCG 2023-1, the first-ever securitisation backed by cannabis-linked real estate assets. The firm retained a third of the US$70m offering, selling US$45m of bonds, which it says attracted a range of institutional investors and hedge funds that were “drawn to the high yield and growth of the businesses”. The single-tranche CMBS .......

    Market Moves 2 August 2023

  • New tricks

    Banks' backing boosts AI utilisation in ABS

    Artificial Intelligence (AI) is increasingly being embraced by banks seeking to improve workflows and support securitisation processes. But other benefits of the technology are also becoming apparent in the current challenging economic environment.

    “We knew mathematically how an AI model could be used, but now we can actually see the benefit of it,” explains Altin Kadareja, co-founder and .......

    News Analysis 31 July 2023

  • PRA launches SecReg consultation

    Market updates and sector developments

    The UK PRA has launched a public consultation on proposed changes to the retained EU Securitisation Regulation and the accompanying technical standards on risk retention and disclosure. Rather than a complete overhaul, the authority is seeking to introduce targeted adjustments to the existing EU securitisation framework by 2Q24.

    The key changes include a more principles-based approach to due .......

    Market Moves 28 July 2023

  • Job swaps weekly: Angelo Gordon beefs up in structured credit

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Angelo Gordon poach a new head for its commercial real estate debt division from Tilden Park Capital Management, alongside a raft of senior promotions in its structured credit team. Elsewhere, law firm Blank Rome has launched a new Dallas office with two senior hires from Alston & Bird partners, while ARC Ratings has .......

    Market Moves 28 July 2023

  • Litigation looms

    Investor disputes to rise as CMBS valuations decline

    Plummeting commercial real estate valuations in the US may trigger a rise in litigation as investors battle over control rights in CMBS. However, an additional risk is emerging that contracts may not be interpreted as expected.

    “I see a greater willingness to push back, as there is so much more at stake now,” suggests Davis+Gilbert partner Joseph Cioffi. .......

    News Analysis 27 July 2023

  • 'Transformational' merger agreed

    Market updates and sector developments

    Rithm Capital is set to acquire Sculptor Capital Management in a transaction valued at approximately US$639m, which includes US$11.15 per Class A share of Sculptor. This transaction will leverage Sculptor’s US$34bn of AUM with Rithm’s US$7bn of permanent equity capital and US$30bn-plus balance sheet to create what the firm describes as a “world-class” asset management business.

    Sculptor’s investment .......

    Market Moves 26 July 2023
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