CLOs

  • Alternative credit acquisitions hit record AUM

    Sector developments and company hires

    Alternative credit acquisitions hit record AUM
    The AUM of acquired alternative credit managers hit a record US$326bn across 37 transactions in 2022, according to Gapstow Capital Partners figures, with acquisitions of private lending firms accounting for nearly half of this activity (15 acquisitions at US$161bn in target AUM). In comparison, the tally for the prior two years was US$140bn in .......

    Market Moves 23 January 2023

  • Seeking stability

    Philip Pirecki, head of business development at Jersey Finan...

    There are few things more disruptive to the investment management industry than instability. Financial institutions are experts in managing risk in their investments. One of the reasons they can achieve this is due to developed processes for anticipating and predicting events – they can rely on their models. Managers expect the same for their operations.  

    Structured finance .......

    Talking Point 19 January 2023

  • Chenavari bolsters continental footprint

    Sector developments and company hires

    Chenavari bolsters continental footprint

    The Chenavari Group has established a French subsidiary – Chenavari Asset Management .......

    Market Moves 17 January 2023

  • Call for additional index granularity

    Sector developments and company hires

    Call for additional index granularity
    SFA has submitted a letter to Fannie Mae and Freddie Mac in response to their Social Index (SCI 19 October 2022) that strongly advocates for additional transparency and granularity in how existing social metrics are reported to investors beyond the index. While the association commends the GSEs for their efforts to improve ESG data .......

    Market Moves 13 January 2023

  • Unemployment eyed

    Labour market key to Euro ABS outlook

    Some deterioration – both in collateral and ratings performance – across the European securitisation market is expected this year, given current global economic pressures. However, S&P suggests in its outlook for the sector that the ultimate impact of economic distress is largely dependent on how the labour market fares.

    At present, eurozone unemployment rates stand at 7% and .......

    News Analysis 13 January 2023

  • Balancing the equation

    Positive start for CLO assets and liabilities

    The first two weeks of 2023 have seen both a tightening in CLO liabilities and a rise in asset prices. At the same time, the triple-A bid appears to be reemerging.

    “The end of 2022 left a question mark for the CLO market, but 2023 has started to answer that question to some degree,” observes Erik Miller, partner and .......

    News Analysis 13 January 2023

  • CMBS ARAs at 'inflection point'

    Sector developments and company hires

    CMBS ARAs at ‘inflection point’
    US conduit CMBS appraisal reduction amounts (ARAs) have reached an inflection point, according to KBRA. A recent analysis undertaken by the rating agency shows that ARAs outstanding totalled US$3.6bn across 322 loans, as of November 2022, .......

    Market Moves 6 January 2023

  • SASB CMBS IRC agreements eyed

    Sector developments and company hires

    SASB CMBS IRC agreements eyed

    Nearly 75% of US floating rate single-asset/single-borrower (SASB) CMBS loans in KBRA-rated transactions have current interest rate cap (IRC) agreements with strike rates below their .......

    Market Moves 4 January 2023

  • Raiffeisen inks Romanian trade

    Sector developments and company hires

    Raiffeisen inks Romanian trade
    Raiffeisen Bank has partnered with the EIB Group to strengthen its financing capacity in Romania through a synthetic securitisation. The transaction enables Raiffeisen to provide up to RON523m of new financing to eligible SMEs and MidCaps over the next two years, with a reduced interest rate compared to other similar financing.

    The securitisation references a .......

    Market Moves 3 January 2023

  • NPL forward flow sale agreed

    Sector developments and company hires

    NPL forward flow sale agreed
    NPL Markets has acted as advisor to UniCredit on the sale of a portfolio of Italian non-performing unsecured loans with a claim value of approximately €90m to a vehicle managed by Kruk and to Credit Factor. Concurrently, the forward flows of Italian consumer loans that will be classified as bad loans in 2023 and 2024, .......

    Market Moves 23 December 2022

  • Survey suggests improved sentiment

    Sector developments and company hires

    Survey suggests improved sentiment
    KBRA has published the results of its December survey of European structured finance investors, which was conducted to gauge their views and expectations regarding the market. The report reveals a more positive picture than the rating agency’s previous investor survey from June.

    “While many challenges remain for the European securitisation sector, sentiment for the market .......

    Market Moves 9 December 2022

  • Selective positioning

    Loan refi, liquidity needs to provide private credit opportunities

    The European CLO market faces a number of challenges next year, including constrained loan supply, potential loan defaults and downgrades, and a squeeze on equity arbitrage. Against this backdrop, loan refinancing and borrower liquidity needs are set to provide opportunities for private credit investors.

    European CLO new issue activity is expected to remain robust heading into 1Q23, which will .......

    News Analysis 8 December 2022

  • BWIC template released

    Sector developments and company hires

    BWIC template released

    Real estate standards organisation MISMO has released a BWIC standard template aimed at facilitating the bidding process for MBS between mortgage originators and dealers. The standard has achieved ‘candidate recommendation’ status, .......

    Market Moves 6 December 2022

  • Marble Point acquisition agreed

    Sector developments and company hires

    Marble Point acquisition agreed

     

    Market Moves 2 December 2022

  • RWA overhaul mooted under Basel 3.1

    Sector developments and company hires

    RWA overhaul mooted under Basel 3.1

     

    The PRA has released a consultation paper on the UK implementation of Basel 3.1 rules, Market Moves 1 December 2022

  • Fitch launches new ESG ratings

    Sector developments and company hires

    Sustainable Fitch has launched new ESG Ratings for global labelled structured bonds and covered bonds. The news follows its opening of ESG Ratings, Data & Analysis for North American, UK, and European corporates and financial institutions earlier this year. The latest addition will see Sustainable Fitch offering entity ratings, framework ratings, and .......

    Market Moves 29 November 2022

  • Unrepresentative 'synthetic' Libor mooted

    Sector developments and company hires

    Unrepresentative ‘synthetic’ Libor mooted

     

    The UK FCA has published a consultation on a proposal to require - using its powers .......

    Market Moves 25 November 2022

  • ESG activation consortium launched

    Sector developments and company hires

    ESG activation consortium launched
    Dexai-Etica Artificiale, Establecimiento Financiero de Crédito, European DataWarehouse (EDW), Hypoport, Unión de Créditos Inmobiliarios, Università Ca’ Foscari Venezia and Woonnu have launched the ‘Engage for ESG Activation Investments’ (ENGAGE) project, which .......

    Market Moves 17 November 2022

  • Conflict of interest charge settled

    Sector developments and company hires

    Conflict of interest charge settled

     

    The US SEC has charged .......

    Market Moves 15 November 2022

  • Liquidity event shows ABS 'did its job'

    Sector developments and company hires

    Liquidity event shows ABS ‘did its job’

     

    The volume of European ABS and CLO bonds listed on BWICs between the UK government’s ‘mini-budget’ announcement .......

    Market Moves 14 November 2022

  • Alternatives ESG disclosure template launched

    Sector developments and company hires

    Alternatives ESG disclosure template launched

     

    A group of leading alternative asset managers and industry bodies in the private and broadly .......

    Market Moves 10 November 2022
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