RMBS

  • Don't compare

    Collaboration key to ESG progress

    Comparison may be the thief of all ESG-joy for the securitisation market, as attendees at SCI’s 2nd Annual ESG Securitisation Seminar this week reflected on how far the industry has come since the inaugural ESG issuance seven years ago. Different financial sectors adopt different definitions for ESG and thus also face different challenges. However, given such differences, more praise .......

    Talking Point 28 April 2023

  • Aegon AM buys CLOs, inks partnership

    Sector developments and company hires

    Aegon AM buys CLOs, inks partnership
    NIBC is set to sell its European CLO management activities to Aegon Asset Management, further accelerating its strategy to streamline its business model and focus on asset-backed financing. The sale comprises NIBC's North Westerly CLO platform in its entirety - including the NIBC CLO team, collateral management of three outstanding CLOs with assets under .......

    Market Moves 27 April 2023

  • The iceman cometh?

    Signs of a thaw emerging in US CRT

    The recent Merchants Bank of Indiana deal could herald a thaw in the US capital relief trades market, as this Premium Content article outlines.

    While the European significant risk transfer market has enjoyed two successive record-breaking years of issuance, the US market has been in a new ice age. While there has been the occasional deal from ......

    News Analysis 27 April 2023

    Premium Content

  • Waiting game?

    Short-term pain could spell long-term gain for Indian ABS

    Indian securitisation volumes are climbing back up towards pre-pandemic levels, as the burgeoning middle class fuels growth in consumer loans. Despite short-term concerns surrounding the impact on issuance levels of the upcoming HDFC and HDFC Bank merger – representing the largest-ever amalgamation in Indian corporate history - it may prove to be a further driver in the development of .......

    News Analysis 24 April 2023

  • ACC ratings on watch downgrade

    Sector developments and company hires

    ACC ratings on watch downgrade
    KBRA has revised five ACC watch developing placements to watch downgrade, following notification by Wilmington Trust - the trustee for three American Car Center (ACC) Trust securitisations - that collections for payment to the ABS noteholders were not received on the 20 April payment date from the servicer, Westlake Portfolio Management (WPM). However, on 21 .......

    Market Moves 24 April 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

  • 'Meaningful' layoff exposure for TAMI CMBS leases

    Sector developments and company hires

    ‘Meaningful’ layoff exposure for TAMI CMBS leases
    KBRA has identified 266 US CMBS lease exposures to 45 large companies that have recently announced combined layoffs of 216,905 white-collar employees. The rating agency focused on companies announcing layoffs of at least 1,000 employees from 2022 through mid-March 2023, among the universe of nearly 5,700 office and mixed-use properties in CMBS 2.0 .......

    Market Moves 17 April 2023

  • Risk advisory appointment inked

    Sector developments and company hires

    Risk advisory appointment inked
    African Risk Capacity (ARC) has selected Gallagher Re as its reinsurance broker and risk advisor. The appointment includes the placement of portfolio cover in the reinsurance and capital markets, and the provision of strategic advisory for sustainable growth and portfolio diversification. The design of alternative risk transfer mechanisms, such as ILS, is a core component of .......

    Market Moves 14 April 2023

  • Cross Point tapped for CLO expertise

    Sector developments and company hires

    Cross Point tapped for CLO expertise
    Performance Trust Capital Partners has formed a new CLO trading desk, with the addition of members from the Cross Point Capital team led by Jared Gogek and Alex Navin. The group will expand Performance Trust's presence in credit products by adding in-house expertise in CLOs.

    Gogek and Navin were co-presidents and managing partners .......

    Market Moves 11 April 2023

  • Benchmarking commitments

    Importance of private securitisation to real economy underlined

    Over 70% of European private cash securitisations fund sellers in the EU and over 68% directly fund the real economy, according to the latest European Benchmarking Exercise (EBE) report. Further, 88% of all transactions by volume were undertaken by sellers with ratings of triple-B and below at inception, with 95.4% of transactions achieving investment grade ratings - demonstrating that private cash securitisations provide a .......

    News 11 April 2023

  • AssuredIM, Sound Point create CLO powerhouse

    Sector developments and company hires

    AssuredIM, Sound Point create CLO powerhouse
    Assured Guaranty has announced an agreement with Sound Point Capital Management, pursuant to which Assured Guaranty will contribute its entire equity interest in Assured Investment Management and - with certain exceptions - its related asset management entities to Sound Point. In addition, US insurers Assured Guaranty Municipal Corp and Assured Guaranty Corp will engage .......

    Market Moves 6 April 2023

  • Securitising shared ownership

    RMBS plugging gap left by end of Help to Buy scheme

    Growth in the UK shared ownership housing sector is fuelling a spike in interest in new RMBS products, as the government-backed Help to Buy equity loan scheme draws to a close. The final deadline for the government scheme – intended to facilitate home ownership among borrowers with steady incomes but limited ability to raise substantial deposits – passed at .......

    News Analysis 6 April 2023

  • UCI's sustainable finance strategy supported

    Sector developments and company hires

    UCI’s sustainable finance strategy supported
    The EIB Group and Instituto de Crédito Oficial (ICO) have disclosed their participation in UCI’s recent RMBS Green Prado XI, which was partially preplaced last month (see SCI’s ABS Markets Daily – 23 March). Under the transaction, the two organisations aim to promote the renovation and construction of homes using sustainable criteria in Spain .......

    Market Moves 4 April 2023

  • Fair winds

    CRT issuance hits all-time record

    CRT issuance volumes broke all-time records last year and the pipeline continues to build. The only potential blots on the horizon are the regulatory pause in the US and the fallout from the collapse of Credit Suisse and Silicon Valley Bank, as this Premium Content article suggests.

    Capital relief trade issuance broke all-time records last year with ......

    News Analysis 30 March 2023

    Premium Content

  • On the wing

    Gryphon to expand into new areas of structured finance post-acquisition

    Australian asset manager Gryphon Capital Investments will look to expand its remit beyond RMBS, following its recent acquisition by Barings (SCI 17 March). The transaction will also enable Barings to accelerate the buildout of its structured finance presence in the Asia Pacific region.

    “One of the key segments that’s emerging, where there is a lot of movement .......

    News 28 March 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

  • Long-term viability of QT questioned

    Sector developments and company hires

    Long-term viability of QT questioned
    US banks borrowed a record amount over the last week, demonstrating the extent to which they are under pressure and also, say analysts, raising questions about the long-term viability of QT. The US Fed released its balance sheet on 22 March and it shows that banks borrowed US$152.9bn during this period, US$11.9bn of which was .......

    Market Moves 24 March 2023

  • AlbaCore, FSI strategic partnership inked

    Sector developments and company hires

    AlbaCore, FSI strategic partnership inked
    Australian asset manager First Sentier Investors (FSI) has acquired a majority stake in UK-headquartered private debt firm AlbaCore Capital Group. The move is intended to diversify FSI’s portfolio across new asset classes and geographies. Completion of the strategic partnership is targeted for 3Q23, pending regulatory approvals.

    The deal is the latest in a trend .......

    Market Moves 21 March 2023

  • Credit Suisse AT1 write-downs 'rip up rules'

    Sector developments and company hires

    Credit Suisse AT1 write-downs ‘rip up rules’
    UBS has agreed to acquire Credit Suisse, creating a business with more than US$5trn in total invested assets and supporting the bank’s growth ambitions in the Americas and Asia, while adding scale to its business in Europe. Under the terms of the all-share transaction, Credit Suisse shareholders will receive one UBS share for .......

    Market Moves 20 March 2023

  • Ringfencing the problem

    Fed's SVB response calms RMBS nerves

    The US Fed's swift response to Silicon Valley Bank's (SVB) collapse has calmed nerves in the US securitisation market. Although some volatility remains in the RMBS sector, conditions may stabilise further once the Fed announces its rate decision later this week.

    "It is important to be clear about what the Fed isn’t doing. It is not buying paper. .......

    News 20 March 2023

  • Gryphon acquired in APAC expansion move

    Sector developments and company hires

    Gryphon acquired in APAC expansion move
    Barings has agreed to wholly acquire Australian structured finance manager Gryphon Capital Investments, in order to accelerate its expansion into the Asia Pacific region. The deal will also enable Gryphon to grow its investment platform by increasing its access to capital, Barings says.

    Gryphon will be integrated into Barings' structured finance team, though .......

    Market Moves 17 March 2023
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