RMBS

  • Job swaps weekly: Octagon elevates Lam to ceo

    People moves and key promotions in securitisation

    This week’s round-up of securitisation-related job swaps sees Octagon Credit Investors appointing senior portfolio manager Gretchen Lam as its new ceo. Elsewhere, structured finance lawyers Martin Bartlam and Elana Hahn have joined Xfinite Global and Fasken respectively.

    The appointment of Lam as Octagon’s new ceo comes as the firm’s cofounder Andrew Gordon transitions into a new role as executive .......

    Market Moves 20 October 2023

  • Taking charge

    NBFCs boost Indian securitisation issuance

    The Indian securitisation market appears to have beaten the odds, with robust issuance volumes seen so far in 2023. This is despite concerns regarding the impact of the HDFC merger earlier this year (SCI 24 April).

    “The market has been mostly unfazed by the merger,” states Nathan Menon, partner at Reed Smith. “It has noted it, but .......

    News Analysis 20 October 2023

  • New normal?

    German house prices see surprise decline

    Growth is not yet on the cards for German RMBS, as surprise house price declines hold little room for market expansion. Additionally, German banks continue to prefer covered bonds as a source of secured wholesale funding.

    Against the backdrop of a resilient labour market throughout the mild recessionary environment in the primarily-exporting nation, the decline in house prices .......

    News 18 October 2023

  • US CLN market could reach US$220bn

    Market updates and sector developments

    JPMorgan securitised products research analysts estimate that the potential size of the US CLN market could amount to US$220bn, as banks become more comfortable with issuing the notes for capital relief purposes, following the Federal Reserve’s clarification of what defines a synthetic securitisation (SCI 29 September). Indeed, they suggest that the move may mark the beginning of a .......

    Market Moves 16 October 2023

  • Job swaps weekly: Fearon steps up at Arch

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Arch Capital Group appoint a new ceo in its global mortgage group. Elsewhere, Gallagher Re has hired a new head of global credit and political risk, while Cushman & Wakefield has snapped up a Patterson Real Estate Advisory exec as md.

    Arch Capital Group has promoted Seamus Fearon to ceo, international mortgage for the .......

    Market Moves 13 October 2023

  • Saying hi to HEI

    Cara Newman, head of structured finance at Hometap, answers SCI's questions

    Q: Hometap, the home equity investment (HEI) fintech, is expanding into the structured finance market (SCI 7 July). What are Hometap’s motivations behind entering the securitisation market, and why now?
    A: For Hometap, it's always about supporting homeowners and fulfilling our mission on their behalf. We view a strong structured finance capability as an important avenue to the capital .......

    The Structured Credit Interview 9 October 2023

  • Rithm strengthens MSR capabilities

    Market updates and sector developments

    Rithm Capital has entered into a definitive agreement with Computershare to acquire Computershare Mortgage Services and certain affiliated companies, including Specialized Loan Servicing (SLS), for a purchase price of approximately US$720m. The acquisition includes approximately US$136bn in unpaid principal balance of mortgage servicing rights, of which US$85bn is third-party servicing, along with SLS’s origination services business. Following the close .......

    Market Moves 6 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

  • 'Sluggish' September?

    Quarterly SCI CRT data review

    CRT issuance so far this year appears to have consistently tracked below that of last year’s volumes. In terms of deal count, SCI data shows that 39 transactions have closed in the year to end-September 2023, versus 52 for the corresponding period in 2022.

    .......

    News 4 October 2023

  • Front and centre

    More bank origination expected as TLTROs expire

    An uptick in securitisation originations among European banks is anticipated as central bank funding programmes, including the ECB’s targeted longer-term refinancing operations (TLTROs), reach maturity. Central bank liquidity supressed bank-originated securitisation issuance over the last decade, as banks stepped away from the market due to the abundance of cheap funding.

    “Just 10 years ago, most European securitisation issuance .......

    News 4 October 2023

  • Next level

    ESG back-reporting gaining traction

    ESG back-reporting may be the next step for sustainable disclosures as the battle to beat greenwashing continues. The GSEs are leading the back-reporting charge, with the introduction of Fannie Mae’s Social Index calculations and Freddie Mac’s historical data file release for all active and inactive MBS pools since 2010 (SCI 18 August 2022).

    “They are really driving .......

    News Analysis 29 September 2023

  • Job swaps weekly: Khan heads to Natixis CIB

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Natixis CIB hiring a new head of structured credit capital markets. Elsewhere, Arrow Global has recruited two senior execs to its real estate and credit divisions, while Intesa Sanpaolo has appointed a new head of structured finance and loans legal advisory. 

    MUFG’s Asif Khan has joined Natixis CIB as md .......

    Market Moves 29 September 2023

  • Wilmington bank adds CLO expertise

    Market updates and sector developments

    WSFS Financial Corporation’s global capital markets team is expanding into the CLO market, as it seeks to grow its wealth business and generate fee income on a national scale. To support this expansion, the company has recruited two new associates with expertise in CLOs.

    WSFS Global Capital Markets provides global services to the leveraged loan and capital markets, .......

    Market Moves 28 September 2023

  • ESMA shines light on private securitisations

    Market updates and sector developments

    ESMA has published an overview of EU securitisation volumes, based on the data it receives under the Securitisation Regulation. The study shows that the size of the European securitisation market has decreased significantly since its peak of €2trn at end-2010. It also highlights that private deals represent 59% of STS securitisation notifications.

    As reported to the registered securitisation .......

    Market Moves 22 September 2023

  • Job swaps weekly: CBRE names new debt and structured finance president

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees CBRE appointing a successor to its outgoing US debt and structured finance president, Rachel Vinson. Elsewhere, the Structured Finance Association has appointed two industry veterans to its policy team, while Aon has recruited senior members in its structured credit solutions and reinsurance solutions teams. 

    CBRE has promoted James Millon to president .......

    Market Moves 22 September 2023

  • RFC issued on CMBS methodology

    Market updates and sector developments

    Scope is calling for comments on a proposal to update its CRE loan and CMBS rating methodology. The proposed changes are expected to affect existing ratings assigned by the agency by up to two notches on the upside and four notches on the downside.

    Most notably, the proposal introduces a scoring framework for determining assumptions and the rateability .......

    Market Moves 21 September 2023

  • BXCI to offer 'one-stop solution'

    Market updates and sector developments

    Blackstone has integrated its market-leading corporate credit, asset-based finance and insurance groups into a single new unit, named Blackstone Credit & Insurance (BXCI). Credit and insurance is Blackstone’s fastest-growing segment – more than doubling to US$295bn in assets under management over the last three years.

    The new structure is designed to further accelerate growth by creating a more .......

    Market Moves 15 September 2023

  • Job swaps weekly: M&G poaches Pimco's Scott

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees M&G Investments luring a former Barclays structured finance veteran from Pimco to take on the role of director. Elsewhere, Avenue One has added senior hires to its real estate capital partnerships and alternative capital partnerships teams, while Pinsent Masons has hired a new securitisation partner. 

    M&G Investments has appointed Pimco .......

    Market Moves 15 September 2023

  • Pressure on UK BTL loans in RMBS portfolios

    Market updates and sector developments

    The UK buy-to-let mortgage market is likely to see an increase in arrears, a reduction in origination volumes and higher rates of home repossessions in the months ahead. Analysis of RMBS portfolios by DBRS Morningstar highlighted headwinds in the form of tenant affordability, stricter regulations and changes in taxation that are likely to put pressure on BTL landlords.

    Market Moves 11 September 2023

  • 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
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