NPLs

  • 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

  • NPL proposal questioned

    ABS industry baulks at Italian borrower buy-back plan

    Italian non-performing loan securitisation cashflows could be delayed until a proposal to allow non-performing borrowers to buy back exposures is passed or rejected. But prime minister Meloni’s government appears on course to water down the controversial measures, with doubts arising as to how many borrowers would take up the option, should it pass.

    Proposal AC 843 would allow .......

    News Analysis 15 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

  • 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

  • Prelios acquisition agreed

    Market updates and sector developments

    ION subsidiary X3 Group is set to acquire Prelios from Davidson Kempner Capital Management. Established in 1990 in Milan, Italy, Prelios has more than €40bn of assets under management across non-performing loans, unlikely-to-pay exposures and real estate funds. Since investment funds advised by Davidson Kempner acquired the business in 2018, Prelios has grown its revenue from €100m to over .......

    Market Moves 14 August 2023

  • Regulatory push

    Retention RTS, draft SI move forward

    The last week has ushered in a couple of regulatory updates in the European securitisation market. The European Commission adopted the regulatory technical standards (RTS) on risk retention under the EU Securitisation Regulation on 7 July, while the UK Treasury on 11 July published a draft of the statutory instrument (SI) that is set to replace the EU Securitisation .......

    News 13 July 2023

  • UBP launches new fixed income fund

    Sector developments and company hires

    Union Bancaire Privée (UBP), the Geneva-headquartered private bank, has launched a new fixed-income strategy spanning high-yield bonds, subordinated debt and securitised credit. The fund, named UBAM Strategic Income, will seek a double-B rating risk profile and target an average return of 7% per annum across its lifespan.

    UBAM Strategic Income, which will invest in CLOs in addition to .......

    Market Moves 20 June 2023

  • Compliance issues

    'Compelling case' for reform of Article 5

    A new AFME report finds that investors are likely to interpret ambiguous provisions under Article 5 of the Securitisation Regulation in the EU and UK conservatively - and, in doing so, will assume disproportionately high costs to the business. The report identifies key challenges relating to compliance with investor due-diligence requirements and suggests potential strategies to overcome them.

    News 14 June 2023

  • Preventative intervention

    UTP management gaining traction

    The Italian non-performing loan ABS market remains subdued, with publicly-placed issuance drying up after the expiration of the GACS scheme in June 2022 and performance so far this year generally below expectations. While securitisation has played a central role in de-risking Italian banks’ exposure to NPLs, they now appear to be refocusing on avoiding the classification of borrowers as .......

    News Analysis 14 June 2023

  • Surge in refi SLABS predicted

    Sector developments and company hires

    Surge in refi SLABS predicted
    The US Supreme Court is expected to render its decision regarding the legality of President Biden’s student loan forgiveness programme (SCI 31 August 2022) by the end of June. A resolution will provide borrowers with more clarity about their federal student loan debt balances and obligations - which is anticipated to spark further refinance .......

    Market Moves 20 April 2023

  • Swedish auto lease ABS debuts

    Sector developments and company hires

    Swedish auto lease ABS debuts
    Volkswagen Financial Services has closed its inaugural Swedish auto lease ABS. Dubbed VCL Master Sweden Compartment 1, the Skr9.1bn transaction is backed by a diversified pool of receivables representing over 40,000 leasing contracts extended to corporates and individuals in Sweden by Volkswagen Finans Sverige (VFS).

    In a private placement, the Aaa/AAA/AAA rated (Moody’s/ DBRS .......

    Market Moves 27 March 2023

  • Arrow closes second credit opps fund

    Sector developments and company hires

    Arrow closes second credit opps fund 
    Arrow Global Group has held a final close for its second credit opportunities fund - ACO II – at a hard cap of €2.75bn, surpassing its target of €2.5bn. The strategy focuses on the European non-performing loan market and attracted commitments from institutional investors spanning Europe, the US, the APAC region and the Middle .......

    Market Moves 23 March 2023

  • SEC-SA and the death of public securitisation

    Adam Croskery, head of debt financing and structuring at Arr...

    In the early 2010s, I was a mortgage structurer at the forefront of the birth of NC2.0 (the non-conforming 2.0 sector). Even before then, I rated RMBS transactions at a major rating agency. If anyone should be a cheerleader for public securitisations, it’s me.

    There is no doubt that public transactions are academically appealing (if somewhat exhausting) to .......

    Talking Point 8 March 2023

  • MK&C acquisition prompts CS carveout

    Sector developments and company hires

    MK&C acquisition prompts CS carveout
    Credit Suisse has progressed the carveout of CS First Boston as a distinct capital markets and advisory-led business (SCI 28 October 2022) through the acquisition of The Klein Group (MK&C), for a purchase price of US$175m. The seller will receive equity in CS First Boston in the form of a convertible note, while Michael .......

    Market Moves 10 February 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

  • NPL data templates introduced

    Sector developments and company hires

    NPL data templates introduced
    The EBA has launched NPL transaction data templates, aimed at introducing information standardisation to increase the efficiency of secondary markets for non-performing loans and to reduce entry barriers for smaller banks and investors. The proposed NPL transaction data templates are built on previous voluntary loan-by-loan templates and consider the experience of market participants from the sell- .......

    Market Moves 19 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

  • Irish, UK NPE disposals inked

    Sector developments and company hires

    Irish, UK NPE disposals inked

     

    The Bank of Ireland has reached agreements to dispose of portfolios of Irish and UK non-performing exposures, through two .......

    Market Moves 9 November 2022

  • Chinese CMBS 'structural deficiencies' eyed

    Sector developments and company hires

    Chinese CMBS ‘structural deficiencies’ eyed
    The recent near-default of a Chinese CMBS issued by Yango Group - together with the two previous defaults of PKU TechPark and Hongbo Exhibition Center - expose several structural deficiencies in Chinese CMBS transactions, according to Fitch. Such deficiencies include low DSCR and collateral quality - due to weak underlying cashflow - limited protection through .......

    Market Moves 31 October 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
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