RMBS

  • Minority equity interest acquired

    Sector developments and company hires

    Equity interest acquired
    Affiliated Managers Group has acquired a minority equity interest in Comvest Partners. The Comvest management team will be investing 100% of the transaction proceeds directly into future funds to support the firm’s growth initiatives. Following the transaction, the senior partners of Comvest will continue to own a significant majority of the equity of the business.

    HPI .......

    Market Moves 20 February 2020

  • Ares co-founder steps down from board

    Sector developments and company hires

    North America
    Ares Management Corporation has appointed Kipp deVeer to its board. Concurrently, John Kissick - a retired co-founder of Ares - is stepping down from the board. DeVeer, who joined the firm in 2004, is a partner and head of the Ares Credit Group. He serves as a member of the Ares executive management committee and the firm’s management .......

    Market Moves 17 February 2020

  • APOR and out

    Proposed replacement of DTI critiqued

    Fitch RMBS analysts have identified flaws in the CFPB’s proposal to replace DTI with a pricing threshold – such as a spread over the average prime offered rate (APOR) – for defining a qualified mortgage (QM), in response to lender criticism of DTI. They warn that its introduction would weaken the ATR Rule and borrower protections from aggressive lending .......

    News 17 February 2020

  • ArrowMark acquires investment platform

    Sector developments and company hires

    Acquisition
    ArrowMark Partners     has acquired the bank investment platform and assets of StoneCastle Asset Management. As a closing condition of the transaction, stockholders approved a new investment management agreement between the company and StoneCastle-ArrowMark Asset Management - a subsidiary of ArrowMark - and elected eight directors, constituting its board. Sanjai Bhonsle has been elected as the company’s ceo and chairman.  .......

    Market Moves 14 February 2020

  • Positive outlook

    Spanish REO boost expected

    The outlook for Spanish non-performing loan transactions backed by repossessed real estate appears positive for this year, thanks to new mortgage regulations that reduce bank litigation risk. However, the illiquidity of the asset class remains a challenge that can hinder recoveries and delay the foreclosure process.

    Spain’s Supreme Court ruled last year that Spanish banks are obliged to .......

    News Analysis 14 February 2020

  • Italian private market JV inked

    Sector developments and company hires

    EMEA
    Oxane Partners has appointed Andrew Tisdall as director, portfolio management solutions. Tisdall will report to Sumit Gupta, co-founder of Oxane, and will focus on expanding the firm’s portfolio management business in Europe. Tisdall has more than 22 years of experience in loan operations at Mount Street, Morgan Stanley and Barclays. He joins Oxane from Mount Street, where he was .......

    Market Moves 13 February 2020

  • Doubling up

    European ABS market update

    A pair of deals in the pipeline have captured the interest of European ABS market participants. Skipton Building Society’s Darrowby No. 5 RMBS marks the lender’s return to the market after four years, while DTGO Corp’s Magenta 2020 transaction is the first CMBS linked to SONIA.

    One portfolio manager points to the maturing of its TFS funding as a potential .......

    Market Reports 13 February 2020

  • CRT upgraded due to 'substantial' increase in CE

    Sector developments and company hires

    Canadian MBS ETF
    BMO Asset Management has launched a new stable of ETFs trading on the TSX, including the first MBS ETF in Canada. Dubbed BMO Canadian MBS Index ETF, the offering aims to provide unique exposure to a segment of the MBS market fully guaranteed by the Canada Mortgage and Housing Corporation (CMHC). The pools each have a term .......

    Market Moves 12 February 2020

  • CMBS trustee assumption refuted

    Sector developments and company hires

    EMEA
    Michael Newell has joined Cadwalader, Wickersham & Taft as a partner in London. A member of INREV’s Public Affairs Committee, Newell was previously a partner at Norton Rose Fulbright. His focus is the formation of real asset funds, credit funds and hedge funds, as well as technology and emerging market focused private equity funds.

    North America
    KBRA has named .......

    Market Moves 10 February 2020

  • Risk transfer round-up - 7 February

    CRT sector developments and deal news

    Bank of Scotland (BOS) is in the market with Syon Securities 2020, its second UK mortgage SRT (SCI 25 July 2019). The £550m reference portfolio comprises prime owner-occupied loans with LTV ratios in excess of 90% but less than or equal to 95%, originated between September and December 2019. The rated CLNs are exposed to the first 15% of ......

    News 7 February 2020

    Premium Content

  • Syon Securities priced

    Bank of Scotland engineers return

    Bank of Scotland has priced a seven-year financial guarantee that references a £550m portfolio of UK owner-occupied residential mortgage loans. Dubbed Syon Securities 2020, the risk transfer transaction is the bank’s second from the programme following the inaugural SRT last year (SCI 25 July 2019).

    Rated by Fitch and KBRA, the transaction consists of £18.75m A-/A rated .......

    News 7 February 2020

  • Tightening trend

    European ABS market update

    Appetite for European ABS paper continues to be strong. The market is currently characterised by a dearth of supply, despite tightening spreads.

    “Spreads are tighter than where they were at the start of the year,” one trader says. “Yet primary and BWIC supply seems to be  slowing down.”

    Only a couple of deals remain in the .......

    Market Reports 7 February 2020

  • GSE Libor transition deadlines released

    Sector developments and company hires

    ECOWAS prepping ABS
    The Commission of the of the Economic Community of West African States (ECOWAS) and the World Bank are developing a securitisation of payments related to the cross-border power trade in West Africa. In order to address the low access of the West African population to electricity, ECOWAS member states are pooling efforts through the development of an .......

    Market Moves 6 February 2020

  • Rating agency shuffles senior US staff

    Sector developments and company hires

    EMEA
    Pan-European special situations and credit trading lawyer Justin Conway has joined McCarthy Denning as a partner in its banking and finance department. Conway, a dual-qualified solicitor in both England and Wales and New Zealand, was previously a partner at Jones Day. He has extensive experience in advising clients on all aspects of debt, investment and loan portfolio trading across key .......

    Market Moves 5 February 2020

  • Advisor picked to help end GSE conservatorship

    Sector developments and company hires

    Acquisition
    Link Group has signed an agreement to acquire Pepper European Servicing from Pepper Group for an upfront consideration of €165m. The meeting of AUM thresholds and growth milestones could trigger an additional consideration of €35m. The acquisition will deliver immediate scale for Link Group’s banking and credit management division in existing and new jurisdictions, and does not impact on .......

    Market Moves 4 February 2020

  • HAPS flurry

    Greek NPL ABS pipeline grows

    Piraeus Bank is set to securitise €7bn of non-performing loans in 2020. The lender is the latest to announce its intention to take advantage of Greece’s recently approved Hercules asset protection scheme (HAPS).

    According to Piraeus: “The Hellenic Asset Protection Scheme ‘Hercules’ is a tool that will provide additional support to Greek banks to speed up our de-risking .......

    News 4 February 2020

  • Hong Kong landmark

    First-of-a-kind deal could herald broader securitisation market return

    A landmark ABS deal in Hong Kong is anticipated to be the first of many. At the same time, there is optimism for broader regional growth.

    Ocean Funding 2019-1 closed on 5 December 2019, having issued US$200m of senior secured floating rate notes backed by a portfolio of unsecured HK$ consumer loans originated by Hong Kong-based loan firm .......

    News Analysis 4 February 2020

  • Ramping up

    BlueBay bolsters structured credit footprint

    BlueBay Asset Management is ramping up its debut CLO, with launch planned for next quarter. At the same time, portfolio manager Alex Navin is set to relocate to New York to strengthen the firm’s US credit investment team.

    “The move enhances our global coverage and enables us to identify the best relative value opportunities in a broader context,” .......

    News 31 January 2020

  • Valuations provider bought by investor consortium

    Sector developments and company hires

    Acquisitions
    A consortium led by funds managed by Stone Point Capital and Further Global has agreed to acquire Duff & Phelps for US$4.2bn. The equity sellers include the Permira funds, which will continue to hold a significant stake in the company as part of the consortium. As part of the transaction, the Duff & Phelps management team will maintain a .......

    Market Moves 28 January 2020

  • Hedge fund liquidated amid accounting probe

    Sector developments and company hires

    Hedge fund liquidated amid accounting probe
    TCA Fund Management Group is liquidating its main credit hedge fund, TCA Global Credit Master Fund, after the fund received redemption and withdrawal requests in excess of available cash. The redemptions come amid a US SEC probe into the firm’s accounting practices. According to whistleblowers, the firm has US$300m in assets - not US$500m - .......

    Market Moves 27 January 2020

  • Chinese reference centre upgrade 'credit positive'

    Sector developments and company hires

    Credit system upgraded
    The People's Bank of China’s Credit Reference Center last week upgraded its credit information system to record and provide more comprehensive credit information on individuals and enterprises. The upgraded system can lead to better measurement and understanding of risk by lenders, which is credit positive for the asset quality of their loan books and any securitisations that .......

    Market Moves 23 January 2020
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