CLOs

  • SCI In Conversation podcast is now live!

    We discuss the hottest topics in securitisation today...

    In this inaugural episode of the SCI In Conversation podcast, Angela Sharda chats to KBRA European research head Gordon Kerr about a European securitisation investor survey the rating agency undertook in June and the implications of the findings today. We also discuss a couple of new SCI Premium Content articles, one of which tracks the evolution of the STS synthetic .......

    News 30 September 2022

  • Split opinion

    Recession considerations discussed

    The jury is still out on the likely impact of next year’s forecast recession on the securitisation market. However, panellists at S&P’s European Securitisation Conference earlier this month did concur that the situation is likely to get worse for the sector before it gets better.

    While the forecast for the European securitisation market appears somewhat bleak, the majority .......

    News Analysis 27 September 2022

  • BlackRock preps CLO ETF

    Sector developments and company hires

    BlackRock preps CLO ETF

    In a recent filing with the US SEC, BlackRock has disclosed that it is prepping a CLO ETF, dubbed BlackRock AAA CLO ETF. The fund seeks to provide capital preservation and current income by investing in a portfolio of predominantly US dollar-denominated triple-A rated CLO securities.

    Under normal circumstances, BlackRock AAA CLO ETF will invest at least .......

    Market Moves 27 September 2022

  • Adapting to change

    Adam Zausmer, chief credit officer at Ready Capital, answers SCI's questions

    Q: Ready Capital and Starz Real Estate recently formed a joint venture to originate around €300m of new commercial real estate loans over the next two years (SCI 21 July). What prompted the move? What is currently exciting to you in European CRE?
    A: It was a great opportunity to further expand and diversify Ready Capital’s international lending business. .......

    The Structured Credit Interview 26 September 2022

  • Early redemption for Spanish synthetic

    Sector developments and company hires

    Early redemption for Spanish synthetic

    Clifford Chance has advised Santander Consumer Finance regarding the early redemption of bonds issued by Santander Consumer Spain Synthetic Auto 2018-1 and the settlement process. This transaction included obtaining consent from various institutional investors and represents the first early redemption of a synthetic securitisation fund in Spain.

    The Clifford Chance team was led by global financial markets .......

    Market Moves 23 September 2022

  • Performance triggers finalised

    Sector developments and company hires

    Performance triggers finalised

    The EBA has published its final draft regulatory technical standards (RTS) specifying the minimum performance-related triggers for STS synthetic securitisations that feature non-sequential amortisation. With the purpose of standardisation, the amended Securitisation Regulation sets out that sequential amortisation shall be applied to all tranches of STS on-balance sheet securitisations.

    However, as a derogation, STS on-balance sheet securitisation .......

    Market Moves 21 September 2022

  • Dignity Finance restructuring mooted

    Sector developments and company hires

    Dignity Finance restructuring mooted

    UK funeral provider Dignity has launched a consent solicitation with noteholders of its whole business securitisation, Dignity Finance, in relation to a deleveraging proposal. Following the award of a temporary covenant waiver by the class A noteholders, the company has continued to work on a long-term solution to improve the group's capital structure.

    As part of implementing this .......

    Market Moves 16 September 2022

  • Branching out

    Thomas Majewski, managing partner and founder of Eagle Point...

    Q: Eagle Point recently announced its expansion into the ABS, MBS and SRT markets, which will be led by Karan Chabba as head of ABS, MBS, SRT and speciality finance (SCI 19 July). What were the motivations behind branching out into these markets?
    A: In terms of relative interest, the order we are looking at these is SRT, ABS .......

    The Structured Credit Interview 15 September 2022

  • Controversial Revlon decision reversed

    Sector developments and company hires

    Controversial Revlon decision reversed
    The US Circuit Court for the Second Circuit last week reversed the controversial decision by the District Court for the Southern District of New York (SDNY) that permitted lenders to retain the mistaken payment made by Citi as administrative agent for a credit agreement with Revlon (SCI 20 August 2020). The SDNY decision upended decades .......

    Market Moves 14 September 2022

  • Setting the tone

    European ABS/MBS market update

    As the much-anticipated September restart begins to materialise, one deal managed to reopen the European and UK ABS/MBS primary markets. With additional deals being announced, investor demand and overall market conditions will be tested.

    Yesterday the European Central Bank raised interest rates sharply, increasing its three key rates by three-quarters of percentage point - the biggest rise since 1999 - .......

    News Analysis 9 September 2022

  • Sustainable Fitch launches Leveraged Finance ESG Scores

    Sector developments and company hires

    Fitch Group’s ESG hub, Sustainable Fitch, has announced the launch of its ESG Scores for Leveraged Finance – the first high-coverage ESG solution for the leveraged finance industry. The ESG scores will equip the CLO investment community with an absolute scoring system which will allow for the granular assessment of environmental, social, and governance factors across leveraged finance entities and .......

    Market Moves 8 September 2022

  • SME funding partnership inked

    Sector developments and company hires

    SME funding partnership inked
    SME Capital and JPMorgan have agreed a new funding partnership dedicated to supporting UK SMEs. The collaboration entails JPMorgan extending a significant line of committed capital for SME cashflow lending over the next three years.

    The partnership forms the second phase in the development of SME Capital’s warehousing programme - the first phase being the .......

    Market Moves 2 September 2022

  • S&P Global bolsters private markets offering

    Sector developments and company hires

    S&P Global has announced the acquisition of the private markets data solutions provider, Private Market Connect (PMC). The acquisition will integrate the platform into the firm’s market intelligence division and will increase the breadth and depth of its data solutions for Limited Partner and General Partner customers. PMC currently tracks over 15,000 unique funds and US$1.2trn in private markets commitments. .......

    Market Moves 31 August 2022

  • Leadership shake-up at Intrum

    Sector developments and company hires

    Intrum says it has reached an agreement with Anders Engdahl, who will step down from his position as president and ceo of the firm and leave with immediate effect. The Intrum board has appointed current board member Andrés Rubio as acting president and ceo, with the recruitment of a permanent solution expected to commence during the autumn.

    Engdahl was internally .......

    Market Moves 26 August 2022

  • Flexible allocation

    Bond buckets on the rise

    High yield bond (HYB) holdings across US CLOs continue to rise, following their reintroduction in October 2020. A new Fitch study indicates that HYB exposure is found mostly in recent vintage transactions, while exposure within CLOs tends to be much lower than indenture-mandated limits.

    Indenture provisions related to HYB exposure vary from outright prohibition to limitations linked to .......

    News Analysis 25 August 2022

  • Reciprocal relationship

    Increased market volatility has raised asset allocator demand for private credit strategies, particularly structured credit. Hildene Capital Management explains how structured credit asset managers and insurers can work together in today’s volatile market.

    Insurance companies are among the investors leading the way in understanding how this unique asset class – known for its enhanced yields and credit protections – can .......

    Talking Point 24 August 2022

  • UCITS cat bond index touted

    Sector developments and company hires

    Plenum Investments has released a catastrophe bond market study and index family, with the aim of providing investors with what the firm describes as an “investment compass”. Plenum believes that the index will enable a fund offering to be matched with the individual risk appetite of an investor, while allowing the performance and risks of funds to be compared with each .......

    Market Moves 23 August 2022

  • Insurance assurance

    Christopher Freeze, senior md and head of investor relations...

    Q: Churchill closed its inaugural collateralised fund obligation (CFO) last month. The US$700m transaction will invest across the firm’s flagship private capital fund strategies. What were the drivers behind the launch of the deal?
    A: At Churchill, we are a solutions-oriented firm solving for investor needs. We asked ourselves: how can we introduce insurance company investors to the full array .......

    The Structured Credit Interview 22 August 2022

  • MBS social index proposed

    Sector developments and company hires

    Fannie Mae has published a proposed methodology for single-family social disclosure, which aims to provide MBS investors with insights into socially-oriented lending while preserving the confidentiality of borrowers. At the core of the methodology are three key outcomes that the GSE is seeking to achieve with its Single-Family Social Index: prioritise borrowers; allow investors to identify pools with high concentrations of .......

    Market Moves 18 August 2022

  • Latvian auto ABS debuts

    Sector developments and company hires

    Signet Bank has launched the first securitisation in Latvia, in cooperation with car leasing company Primero. The bank supported its subsidiary in the issuance of a €9.46m ABS.

    The seven-year transaction consists of a senior tranche and a junior tranche and is secured by a lease and leaseback portfolio of secured auto loans. The issuance is aimed at attracting additional .......

    Market Moves 16 August 2022

  • DLT powers bank subordinated debt deal

    Sector developments and company hires

    DLT powers bank subordinated debt deal
    Blockchain-powered fixed income platform Brightvine and Angel Oak Capital Advisors have launched what is believed to be the first-ever bank subordinated debt issuance leveraging blockchain technology. A US$147.55m securitisation backed by subordinated debt issued by community banks across the US, BFNS 2022-1 leverages Brightvine Portal, a secure management platform for conducting primary offerings of .......

    Market Moves 12 August 2022
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