RMBS
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Australian ABS branches out
IFM Investors' Wanigasekera shares insights on growth and diversification in Australian ABS market
Diversification and growing interest from global investors are fueling innovation in the Australian ABS market, according to Hiran Wanigasekera, co-head of diversified credit and debt investments at IFM Investors.
Since 2021, IFM Investors, with approximately €6bn in securitised assets, has significantly diversified its focus from primarily RMBS to a broader range of ABS. "We have expanded a lot .......
News Analysis 7 August 2024
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BNPP set to acquire AXA IM
Market updates and sector developments
AXA has entered into exclusive negotiations to sell its asset manager AXA Investment Managers (AXA IM) to BNP Paribas for cash proceeds of €5.1bn. Under the terms of the proposed transaction, AXA and BNP Paribas would also enter into a long-term strategic partnership, under which BNP Paribas would provide investment management services to AXA.
Additionally, AXA would receive .......
Market Moves 1 August 2024
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Ears pricked
Interest returning to CRE market as conditions improve
Alternative real estate investors say securitisation is set to remain a key tool to increase market share amid persistent interest rate challenges.
In particular, CRE lending is poised to become a primary focus, as .......
News 30 July 2024
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Job swaps weekly: Reed Smith snaffles top hire
People moves and key promotions in securitisation
Market Moves 26 July 2024
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Job swaps weekly: Proskauer lures A&O Shearman co-head of global banking
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Proskauer Rose snapping up two A&O Shearman partners for its global finance practice. Elsewhere, Womble Bond Dickinson has added a Latin America-focused partner to advise on capital markets and structured finance, while Anchor Health Properties has lured a structured finance-focused senior vice president.
Philip Bowden has left his role as .......
Market Moves 19 July 2024
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Job swaps weekly: Newmark snaps up industry veteran
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Newmark hiring an experienced executive as md on its UK and EMEA debt and structured finance team. Elsewhere, i80 Group has hired a former Wells Fargo ABF and securitisation director, while law firm Cappelli RCCD has promoted a securitisation and structured finance specialist to partner.
Debt advisory veteran Steve Williamson .......
Market Moves 12 July 2024
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Job swaps weekly: Medalist names Buccola as head of structured credit
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Medalist Partners appointing a former Cantor Fitzgerald senior executive as partner and head of structured credit. Elsewhere, the EIF has named a new head of securitisation, while Davis Polk has promoted six – including two securitisation specialists – to partner.
Medalist Partners has appointed James Buccola as partner and head .......
Market Moves 5 July 2024
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Job swaps weekly: Crescent promotes three to senior leadership team
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Crescent Capital Group bolstering its senior management team with a number of promotions. Elsewhere, S&P Global Ratings has named a successor to president Martina L Cheung, who is to be promoted to president and ceo of S&P Global, while Man Group has hired a credit-risk-sharing-focused head of structuring.
Crescent Capital .......
Market Moves 28 June 2024
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Northern green light
Norwegian securitisation to benefit from 'plug-and-play' scenario
The EEA’s long-awaited passage of the EU Securitisation Regulation should finally open the door for Norway’s securitisation market (SCI 14 June). Indeed, the jurisdiction is expected to hit the ground running.
Markus Nilssen, partner at BAHR, explains: “Banks here are exposed to higher capital requirements than elsewhere in Europe; for example, a 4.5% systemic risk buffer on .......
News Analysis 28 June 2024
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SCI In Conversation Podcast: Chris Hentemann, 400 Capital Management
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Chris Hentemann, managing partner and chief investment officer of 400 Capital Management, about where he sees value today. Hentemann discusses the types of assets and regions of issuance that are of most interest; the attraction to France, Iberia, and northern Europe; the extent to which .......
News Analysis 26 June 2024
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FHFA approves second mortgage pilot
Market updates and sector developments
The FHFA has provided conditional approval for Freddie Mac to engage in a limited pilot to purchase certain single-family closed-end second mortgages (SCI 14 May). The aim of the pilot is to explore whether such a product effectively advances Freddie Mac’s statutory purposes and benefits borrowers, particularly in rural and underserved communities.
The conditional approval of the pilot .......
Market Moves 24 June 2024
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Stairway to securitisation
Alternative lenders taking UK forward flow market by storm
Forward flow transactions continue to rise in popularity, with the private market serving as both a useful tool for existing participants in the structured finance market and a gateway into securitisation for a growing number of alternative lenders in the UK.
“Over the last few years, we’ve seen this funding product become more and more popular,” says Sarah .......
News Analysis 24 June 2024
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Job swaps weekly: Fitch appoints successor to outgoing Murray
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Fitch Ratings appointing a successor to outgoing BRM head for structured finance Douglas Murray. Elsewhere, Barings has hired a BlackRock director to lead European real estate debt portfolio management, while King & Spalding has rehired two structured finance partners who left the firm for Milbank last year.
Fitch Ratings has promoted .......
Market Moves 21 June 2024
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Bereft of banks
MBS languishes as the market waits for the banks and the Fed
Like many in the US ABS market, portfolio manager Brendan Doucette is waiting for the Federal Reserve to issue new guidance on Basel III Endgame (B3E).
He runs a US$1.5bn book at Boston-based GW&K Investment Management, 90% composed of agency .......
The Structured Credit Interview 19 June 2024
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Special situations
Jean-Francois Leclerc and Carlo Perri of Polar Asset Managem...
Q: Can you give us some background to SRT at Polar?
CP: Polar has been investing in SRTs since the mid-2010s and more broadly in structured credit for over 15 years. Historically, we have focused on what we call ‘special situations’ - new issuers, new asset classes, innovative structures and difficult market conditions.Last year we added JF Leclerc .......
The Structured Credit Interview 18 June 2024
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Norway gets SecReg green light
Market updates and sector developments
The EU Securitisation Regulation was incorporated into the EEA Agreement on 12 June and it is widely expected that the rules will come into force in Norway on 1 January 2025. The regulation covers both true sale and synthetic securitisations, as well as rules on STS securitisations.
Legislative rules implementing the Securitisation Regulation in Norwegian law have already .......
Market Moves 14 June 2024
Job swaps weekly: Guy Carpenter lures Schnieders to lead new division
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Guy Carpenter launching a new capital and advisory group with the hiring of an industry veteran from Teneo Holdings. Elsewhere, Dentons has rehired a structured finance specialist from NuBridge Commercial Lending as partner, while McCarthy Denning has appointed a real-estate-focused structured finance specialist as partner.
Guy Carpenter has hired Alexander .......
Market Moves 14 June 2024
Job swaps weekly: Paul Hastings poaches private credit team
People moves and key promotions in securitisation
This week’s round-up of securitisation job swaps sees Paul Hastings poach a team of restructuring, private credit and special situations lawyers from King & Spalding. Elsewhere, Apollo-allied credit solutions provider Cadma Capital Partners continues to beef up its leadership team, while Kirkland & Ellis has lured a structured private credit lawyer to its debt finance group.
Collectively, the .......
Market Moves 7 June 2024
Top of the pops
Private risk sharing volumes hit €1trn
Private risk sharing exceeded €1trn of cumulated volumes across over 500 transactions between 2016 and 2023, according to IACPM’s latest annual synthetic securitisation survey. Last year alone saw around €200bn of new issuance from the 40 banks involved in the survey, with over €600bn of bank loans covered by €55bn of junior tranches.
In the EU, €300bn of .......
News 6 June 2024
Five-point plan
EU securitisation reform package mooted
AFME has published a position paper that outlines a five-point plan to revive the securitisation market in the EU. Entitled ‘EU Securitisation back on track’, the paper describes the different ways that securitisation can be used as a tool to support EU growth and strategic objectives, identifies the regulatory hurdles that currently impede its impact and outlines a package .......
News 6 June 2024