RMBS

  • 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

  • Long road ahead

    Climate change management in US RMBS slow to appear

    Awareness is growing of the need to factor the effects of climate into securitisation around the world. US RMBS is one sector that could be hit harder sooner, but even there progress is slow.

    “Talk around climate change in the context of finance is inescapable these days - whether it’s Blackrock’s recent announcement that it is now a .......

    News Analysis 23 January 2020

  • Bespoke service

    Emma-Jane Fulcher, founder of Grovewood Capital Consultancy, answers SCI's questions

    Q: How and when did Grovewood Capital Consultancy become involved in the securitisation market?
    A: I founded Grovewood Capital Consultancy at the end of last year (SCI 23 December 2019). In my previous role as head of structured finance at ARC Ratings, more and more clients were asking for structuring advice during the ratings process – which, of course, .......

    Provider Profile 23 January 2020

  • Pooling proposals rebuffed

    Call for GSE seller/servicer performance standards

    Eight trade associations, including the American Bankers Association and SIFMA, have written to FHFA director Mark Calabria responding to the recent request for input (RFI) on UMBS pooling (SCI 17 December 2019). The letter states that while the FHFA’s “well-intentioned effort” to address liquidity and other concerns in the UMBS market is appreciated, the RFI includes proposals that .......

    News 22 January 2020

  • DSB wind-down begins

    Dutch bank to exercise first ABS call option and aims for more

    Bankrupt DSB Bank is preparing for the possible sale of its loan portfolio by winding down its securitisation programmes. The Dutch bank is beginning with consumer ABS Chapel 2003-1 before hoping to move on to its other four outstanding ABS and RMBS deals.

    DSB says it has informed the issuer that it will repurchase Chapel 2003’s loan portfolio .......

    News 21 January 2020

  • 'No Data' threshold consultation underway

    Sector developments and company hires

    C-PACE partnership
    Eyzenberg & Company and Greenworks Lending have formed Eyzenberg Green Capital, a partnership dedicated to funding commercial real estate transactions through commercial PACE. Eyzenberg Green Capital is a direct balance sheet provider, with significant lending capacity. The aim is to achieve a low cost of capital for C-PACE financing, supported by permanent capital and multiple funding outlets.

    Market Moves 17 January 2020

  • FFELP transition legislation mooted

    Sector developments and company hires

    Call for FFELP solution
    The SFA has joined the Education Finance Council (EFC) in calling for wholesale legislation to smoothly transition FFELP student loans and the related subsidy away from Libor, to avoid potential disruption to over US$277bn of loans spread across 13 million borrowers. The EFC is working on a legislative solution that would transition the subsidy - called .......

    Market Moves 16 January 2020

  • Aircraft equity investment disclosed

    Sector developments and company hires

    Aircraft equity investment
    Floreat has disclosed that it invested US$25m in the equity certificates of Air Lease Corporation’s recent Thunderbolt III aircraft ABS. The securitisation is secured by a portfolio of 19 commercial aircraft on operating lease to 18 airlines in 15 countries. The airlines are diversified globally and over half are national flag carriers, including Vueling, Air France, China Airlines .......

    Market Moves 15 January 2020

  • Hong Kong ABS recommendations released

    Sector developments and company hires

    Alternative risk transfer
    Arthur J Gallagher has increased its interest in Capsicum Reinsurance Brokers from 33% to 100%. Capsicum Re launched in December 2013 through a strategic partnership with Gallagher. There are no management changes as a result of the deal.

    Gilles Dellaert, former co-president and cio of Global Atlantic, has been appointed global head of Blackstone Insurance Solutions .......

    Market Moves 14 January 2020

  • Landmark quake bond closed

    Sector developments and company hires

    DLT legal analysis published
    ISDA, Clifford Chance, R3 and the Singapore Academy of Law have published a new whitepaper that provides analysis on the legal issues relating to the use of smart derivatives contracts on distributed ledger technology (DLT). Given the inherent uncertainty about where data, assets and even counterparties are located in a DLT environment, a key question is how .......

    Market Moves 13 January 2020

  • Real assets partnership inked

    Sector developments and company hires

    BWIC platform
    CLO auction technology platform KopenTech has launched its online BWIC service, which aims to streamline the BWIC process for both buyers and sellers. The first live BWIC was conducted on the platform in late December.

    EMEA
    Floreat has appointed Phil Griffiths as md within Floreat Aviation Capital, its specialist aircraft leasing investment arm. Griffiths has closed over US$10bn in aircraft .......

    Market Moves 8 January 2020

  • THEAT 2007-1 and 2007-2 set to repay

    Sector developments and company hires

    Asia Pacific
    ISDA has appointed Su Yen Chia as its new head of Asia-Pacific public policy. Chia previously served as alternate chief executive for Euroclear Bank (Hong Kong branch) from June 2017. In this role, she played an integral part in developing policy positions and interacting with regulatory and government authorities across the Asia-Pacific region. Prior to Euroclear, Chia was head .......

    Market Moves 7 January 2020
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