RMBS

  • 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

  • Tapping the nest egg

    Growth in ERM demand presents securitisation opportunities in Europe

    Europe is experiencing growing demand for equity release mortgages (ERM) as its ageing population looks to release funds for retirement or to pass on to younger generations. This demand has started translating to a handful of securitisation deals in the continent over the past two years, and some market participants expect deal volumes to increase steadily.

    A number .......

    News Analysis 7 September 2023

  • GLAS strengthens European footprint

    Market updates and sector developments

    GLAS SAS is set to acquire Paris-based asset management and trust business Pristine, subject to regulatory approval and customary closing conditions. This is GLAS’s first acquisition as it seeks to strengthen its European footprint and fast-track global expansion.

    Established in 2016, Pristine provides fund structuring and management services to both international and domestic institutions with the primary purpose .......

    Market Moves 1 September 2023

  • Job swaps weekly: All change at Tikehau

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Tikehau Capital making a number of promotions, including the appointment of a new president of Tikehau IM and a new head of structured credit. Elsewhere, Way Capital has snapped up a new head of agency finance from First Foundations, while CBRE has poached two structured finance executives from Greystone & Co. 

    Market Moves 1 September 2023

  • Refi resolution

    Clavel 2 'selective default' an idiosyncratic event

    Non-payment of the principal amount outstanding in full at the time of early redemption of Spanish reperforming RMBS Clavel Residential 2 last month (SCI ABS Markets Daily - 4 August) “turned the concept of principal seniority and subordination on its head”, according to DBRS Morningstar. The rating agency highlights in a recent commentary that the deal’s class A .......

    News 1 September 2023

  • Bayview branches out into insurance AM

    Market updates and sector developments

    Bayview Asset Management has launched an Insurance Asset Management business, with the aim of appealing to an insurance industry that is increasingly seeking to diversify and expand beyond its traditional focus on corporate credit. The new division will be led by cio Nancy Mueller Handal, who formerly served as head of private fixed income and alternatives at MetLife, with .......

    Market Moves 29 August 2023

  • Capital blues

    Securitisation set to become more costly for US banks

    US regulators appear set to march in the opposite direction to their European counterparts with regard to the capital treatment of securitisation. The 1,087-page document released on 27 July as part of the Basel 3 Endgame by the Federal Reserve, the FDIC and the OCC (SCI 28 July) proposes increasing the so-called p-factor from 0.5 to 1.0, News Analysis 29 August 2023

  • Job swaps weekly: Stream of hires at Flowcarbon

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees carbon fintech business Flowcarbon bulk up its structured finance muscles with a promotion and two new hires. Elsewhere, Atom Bank has appointed a former Arrow Global ceo as chair designate, while Bespoke Real Estate Advisers has promoted a founding member to chief investment officer. 

    Flowcarbon has promoted Martin Kessler to .......

    Market Moves 25 August 2023

  • Securitisation exempt from private fund rule

    Market updates and sector developments

    The US SEC has determined that securitised assets funds, including CLOs, are exempt from its Private Fund Advisers Rule. The new rules aim to protect private fund investors by increasing transparency, competition and efficiency in the private funds market. To enhance transparency, the rules will require private fund advisers registered with the Commission to provide investors with quarterly statements - .......

    Market Moves 25 August 2023

  • Nomura pays US$35m to settle RMBS fraud case

    Market updates and sector developments

    Nomura Securities International (NSI) has agreed to pay a US$35m penalty to the district of Connecticut and US$800,000 in additional restitution payments over alleged historical fraudulent trading of RMBS. The settlement is part of a non-prosecution agreement between NSI and the US Attorney’s Office for the district.

    The DOJ investigation found that the Japanese investment bank’s US broker-dealer .......

    Market Moves 23 August 2023

  • Janus Henderson rounds out securitisation ETF suite

    Market updates and sector developments

    Janus Henderson is preparing the launch of a new fund that the firm says will complete its suite of securitisation-focused ETFs and enable it to invest in almost all of the US securitised market. The US$253.3bn asset manager filed a preliminary registration statement with SEC for Janus Henderson Securitized Income Exchange Traded Fund on Friday.

    The new ETF’s objective is to “seek .......

    Market Moves 21 August 2023

  • Job swaps weekly: TCW snaps up American Century securitisation head

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees TCW Group appoint a successor to its recently departed global co-head of securitised products. Elsewhere, ARC Ratings has hired a European industry veteran as non-executive director, while Guy Carpenter has appointed a senior marketing and business development executive as md. 

    Los Angeles-headquartered asset manager TCW has appointed American Century Investments’ Peter Van Gelderen as .......

    Market Moves 18 August 2023

  • UBS to pay US$1.4bn over pre-crisis RMBS

    Market updates and sector developments

    UBS has agreed to pay US$1.435bn in penalties to settle a case relating to historical alleged misconduct surrounding the underwriting and issuance of RMBS pre-financial crisis. The US Department of Justice filed a civil action in 2018 alleging that UBS defrauded investors in connection with the sale of 40 transactions between 2006 and 2007 by making “false and misleading statements” about .......

    Market Moves 15 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

  • Job swaps weekly: New faces for Newmark

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Newmark Group making a number of senior appointments to its debt and structured finance team. Elsewhere, Helaba has hired a former Deutsche Bank md to lead its asset finance team, while CRED iQ has appointed a new head of data and analytics. 

    Commercial real estate manager Newmark has made three senior appointments in its .......

    Market Moves 11 August 2023

  • California judge backs investors in clean-up call dispute

    Market updates and sector developments

    A court has ruled in favour of investors, in a case centred around RMBS trusts held by Deutsche Bank National Trust and a related clean-up call transaction by mortgage servicer PHH Mortgage Corp. The mortgage servicer had previously announced its intention to exercise its clean-up call rights and purchase the trusts’ assets at a contractually defined price. 

    The Superior Court .......

    Market Moves 10 August 2023

  • Innovative financing inked for Deutsche Bahn

    Market updates and sector developments

    The EIB and HypoVereinsbank are providing credit lines totalling up to more than €2bn to Deutsche Bahn for the procurement of 90 new trains for the Munich S-Bahn. Deutsche Bahn will receive financing for the new vehicles from Bayerische Eisenbahngesellschaft (BEG), which plans, finances and controls the regional and S-Bahn traffic in Bavaria on behalf of the Bavarian Ministry .......

    Market Moves 3 August 2023

  • Risk transfer round-up - 3 August

    The week's CRT developments and deal news

    Market news
    Risk Control has received funding from the MDB Challenge Fund for two projects with the objective of helping Multilateral Development Banks (MDBs) build on the recommendations of the G20’s Independent Review of MDB Capital Adequacy Frameworks (CAF). One of the projects will deliver analysis to support MDB risk transfer, creating insights and technical tools for balance sheet optimisation .......

    News 3 August 2023

  • Triple test

    UK RMBS can withstand stresses 'never seen in history'

    A new TwentyFour Asset Management analysis shows that a benchmark triple-B rated UK RMBS bond with 2.3% of credit enhancement could withstand almost three times the recent Bank of England stress test. Considering a triple-B rated RMBS bond currently yields over 9%, the firm consequently believes that this asset class continues to be one of the most attractive in .......

    News 2 August 2023

  • New tricks

    Banks' backing boosts AI utilisation in ABS

    Artificial Intelligence (AI) is increasingly being embraced by banks seeking to improve workflows and support securitisation processes. But other benefits of the technology are also becoming apparent in the current challenging economic environment.

    “We knew mathematically how an AI model could be used, but now we can actually see the benefit of it,” explains Altin Kadareja, co-founder and .......

    News Analysis 31 July 2023

  • PRA launches SecReg consultation

    Market updates and sector developments

    The UK PRA has launched a public consultation on proposed changes to the retained EU Securitisation Regulation and the accompanying technical standards on risk retention and disclosure. Rather than a complete overhaul, the authority is seeking to introduce targeted adjustments to the existing EU securitisation framework by 2Q24.

    The key changes include a more principles-based approach to due .......

    Market Moves 28 July 2023
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