RMBS
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Job swaps weekly: KBRA rings the changes
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees KBRA making multiple senior structured finance appointments including a new global head of ABS and RMBS. Elsewhere, a c-suite executive at PACE Funding Group has left the firm and transitioned away from structured credit with a move to Greenday Finance, while specialty finance company Encina Lender Finance has made two senior .......
Market Moves 11 October 2024
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How does it end?
Lawyers discuss how the US' Basel Endgame will be implemente...
Despite the recent and potentially exponential growth of the US CRT market, regulatory clarity is still out of reach. So how will the Basel Endgame regulation be implemented and when can investors expect to see it?
Recent re-proposals from the Federal Reserve (Fed) looking to reshape the regulation have already been rejected (SCI, 24 September) in a .......
News Analysis 9 October 2024
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Flexible financing
Apollo warehouse loan facility rated
Further details have emerged regarding the transaction at the core of the recent strategic financing collaboration between Apollo Global Management and BNP Paribas (SCI 27 September). The resultant borrower vehicle, AGF WHCO 2-A Trust, entered into a senior secured revolving loan facility collateralised by warehouse loan obligations originated by ATLAS SP.
“This trade is very .......
News 8 October 2024
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Job swaps weekly: Blackstone lures two new partners
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Blackstone adding two new partners to its infrastructure and asset-based credit platforms. Elsewhere, ING has hired an industry veteran as head of asset securitisation for wholesale banking in APAC, while Castlelake has strengthened its existing European leadership with the appointment of a new partner.
Blackstone is expanding its infrastructure and .......
Market Moves 4 October 2024
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Different beats
European ABS slows as Australian market surges, marking contrasting dynamics.
ABS activity in Europe slowed during the final week of September, while Australia experienced a surge in issuance in the same period, according to figures issued by JP Morgan research strategists. While in Europe the slowdown offers a welcome breather after a hectic month, the acceleration in Australia highlights a sharp – although potentially temporary – contrast between the .......
News 4 October 2024
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Rating reverberations
S&P's revised RMBS criteria and Fitch's growing infl...
Recent updates to S&P's rating criteria in Australia are reshaping the landscape for RMBS, sparking discussions among Aussie investors about the evolving standards for credit ratings. As S&P aligns its regional methodology with its global framework, the implications for the structured finance market are becoming clearer.
S&P's revised criteria, detailed in its report named Global Methodology and Assumptions: .......
News Analysis 3 October 2024
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Resilient tapestry
Maddi Rowlatt at Challenger navigates the dynamic ABS and MB...
The ABS and MBS landscape continues to be dynamic and resilient, supported by strong investor demand and favourable macroeconomic conditions. In this swiftly changing market, Maddi Rowlatt, portfolio manager overseeing UK, European, and US ABS at Challenger, closely monitors broader macroeconomic and geopolitical risks that could affect performance.
With cautious optimism, she notes: “The market has benefited from .......
News Analysis 27 September 2024
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Job swaps weekly: Toorak and Merchants parent names new coo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Roemanu hire a former Finance of America Home Improvement president as its new coo. Elsewhere, Redding Ridge Asset Management has elevated a senior director to ceo in order to lead its CLO management businesses globally, while Cushman & Wakefield has appointed a co-head of EMEA equity, debt and structured finance.
Market Moves 27 September 2024
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Building on a niche
Specialist lenders continue to drive growth in UK RMBS
Specialist lenders in the UK are making good on their promises to serve the underserved while ramping up RMBS issuance – and are showing no signs of slowing down. Following the GFC, the speciality lending sector (SLS) redefined its approach to lending and – between the first transaction in 2016 and 2023 – the share of UK RMBS issuance .......
News Analysis 26 September 2024
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Job swaps weekly: EIF exclusive
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees SCI exclusively reveal that the European Investment Fund’s chief investment officer is retiring from his role after almost three decades with the fund. Elsewhere, Performance Trust Capital Partners has poached three executives from Pagaya, while ELFA announces its ceo is to step down from her role.
Alessandro Tappi is to .......
Market Moves 20 September 2024
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Resilience amidst volatility
European and UK ABS and MBS markets displayed resilience in August, despite widespread volatility.
The European and UK ABS and MBS markets in August demonstrated resilience in the face of volatility, according to monthly European and UK factsheets monitored by SCI.
August saw widespread volatility, which notably affected both primary and secondary markets. According to TwentyFour AM Momentum Bond Fund’s managers, despite this turbulence, primary markets demonstrated resilience, especially in the UK .......
News 20 September 2024
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Breaking regulatory chains
Calls for reform intensify as industry pushes to fuel growth and fund Europe's green transition
The European securitisation market is “far too small and illiquid,” according to a recent report from True Sale International (TSI) and the Association of German Banks (BdB). The scale of the challenges could be having a negative impact on vital innovation across the continent’s economy.
The report, titled ‘A strong, competitive Europe: unlocking the potential of securitisation’, underscores .......
News Analysis 19 September 2024
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Records to fall
European and Australian ABS markets approach post-crisis issuance records amidst autumn surge
Primary markets in Europe and Australia are showing significant momentum as we head into autumn. According to research strategists at JPMorgan, YTD issuance totals in both regions are nearing post-crisis records.
Europe’s YTD issuance stands at €71.5bn, with Australia at €32.9bn, just shy of their respective post-crisis records of €76.5bn and €33.
This has led the bank’s .......
News 18 September 2024
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Silver lining
Optimism around strong growth in RMBS and ABS at S&P conference
Market participants shared widespread optimism at S&P Global Ratings' European Structured Finance conference, buoyed by robust growth and the resilience of the European and UK ABS and MBS markets. Despite global economic challenges, issuance in these markets is experiencing strong momentum, performing even more favourably than 2023.
Panellists and attendees at the event noted that the primary beneficiaries .......
News 13 September 2024
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Engineering efficiency
Structural changes afoot across UK RMBS market
The UK RMBS market continues to evolve as new innovative transaction features emerge with issuers seeking to tackle inefficiencies – an inch at a time. New developments include the use of back-up swap structures to manage counterparty risk, trigger-specific liquidity management mechanisms and the return of pro-rate amortisation – which was last seen pre-GFC.
Fitch Ratings’ latest analysis .......
News Analysis 13 September 2024
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Job swaps weekly: Chatham AM appoints four for new CLO management team
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Chatham Asset Management establishing a CLO management business with four key hires. Elsewhere, Freddie Mac has selected a new ceo, while Arini has named a CLO portfolio manager to replace Evangeline Lim, who is retiring from the industry.
Chatham Asset Management has established a CLO management business - called CTM Asset Management – with .......
Market Moves 13 September 2024
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Off to a flier
Busy week points to standout September for European and Australian ABS and MBS
As the third quarter of 2024 winds down, September is shaping up to be a standout month for the European and Australian ABS and MBS markets. According to a recent JP Morgan report, the ABS market roared back to life in the first week of the month, following a volatile August marked by recession risks and central bank uncertainty.
News 10 September 2024
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Job swaps weekly: The 'Art' of launching
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees two industry veterans join forces to launch Art Capital, a structured finance advisory business. Elsewhere, Citi has boosted its Oceania operation with a new head of asset-backed securitisation, while Cushman & Wakefield has hired a head of capital markets for the Americas from Five Horizons Partners.
Stuart Blieschke and Tim .......
Market Moves 6 September 2024
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MV Credit acquisition agreed
Market updates and sector developments
Clearlake Capital Group is set to acquire pan-European private credit specialist MV Credit from Natixis Investment Managers. Founded in 2000 and headquartered in London, MV Credit has US$5.1bn in assets under management and provides tailored fund solutions to investors across senior direct lending, subordinated direct lending, hybrid and CLO strategies.
MV Credit has deployed more than US$11bn since .......
Market Moves 3 September 2024
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SCI In Conversation Podcast: Mike Nowakowski, Conning
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Mike Nowakowski, md and head of structured products at Conning, about esoteric ABS and both the agency and non-agency MBS markets. Nowakowski discusses what attracts him to the esoteric space; the type of esoterics that currently offer the most value; potential upcoming tailwinds .......
News Analysis 3 September 2024