RMBS
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THEAT 2007-1 and 2007-2 set to repay
Sector developments and company hires
Asia Pacific
Market Moves 7 January 2020
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 .......
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MNHD plans programmatic issuance
Sector developments and company hires
Egyptian securitisation debuts
Market Moves 23 December 2019
Egyptian real estate developer Madinet Nasr Housing and Development (MNHD) has closed its inaugural securitisation, issued by Financial Group for Securitization Company (FGS). The transaction is backed by an EGP370m receivables portfolio originated as part of the company's plan to monetise receivables from delivered units in the Primera, Tag Sultan and Waha projects. The three tranches of the .......
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SCI's latest podcast is now live!
The editorial team discuss key issues in securitisation today...
In this episode of the SCI podcast, Mark Pelham and Corinne Smith discuss our new research report on standardised banks' capital relief trades and where European securitisation investors are looking to find relative value in the year ahead.
This podcast and previous episodes can be accessed via the SCI site, online here as well as wherever you usually get .......
News 19 December 2019
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GSE price-fixing lawsuit settled
Sector developments and company hires
CLO manager transfer
Hunt Investment Management has assigned collateral manager duties for the Hunt CRE 2017-FL1 and Hunt CRE 2018-FL2 CRE CLOs to OREC Investment Management. Moody's has confirmed that the move will not result in any adverse rating action. For more CDO manager transfers, see SCI’s database.Credit opportunity fund
Market Moves 18 December 2019
Arrow Global’s new Arrow Credit Opportunities SCSp fund has raised €628.5m .......
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Year-end melee
UMBS pooling proposal under scrutiny
US securitisation market participants are having to address a melee of important issues ahead of year-end. The one that appears to be causing the most ire, however, is the FHFA’s recent request for input (RFI) regarding GSE pooling practices for the formation of TBA-eligible UMBS (SCI 5 November).
“There are many issues that the market is having to deal .......
News 17 December 2019
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Structured credit pro returns to the buy-side
Sector developments and company hires
EMEA
Market Moves 17 December 2019
Kingswood Holdings has appointed Lindsey McMurray and Howard Garland to its board from Pollen Street Capital. The move is as per the terms of the investment completed in September, which saw up to £80m committed by way of an issue of irredeemable convertible preference shares to certain investors and funds managed or advised by Pollen Street. McMurray founded Pollen Street in .......
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Economic efficiency
Standardised bank SRT pros, cons weighed
Various factors should be considered when contemplating whether to execute a significant risk transfer transaction, especially from a standardised bank perspective. The key is to choose the most economically efficient portfolio and the rest is optimisation, according to SCI’s inaugural CRT Research Report.
Steve Gandy, md and head of private debt mobilisation, notes and structuring at Santander Corporate and .......
News Analysis 16 December 2019
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Mixed motivations
THRP sets stage for US bank CRT
A combination of macro and micro factors are understood to have influenced the issuance of JPMorgan’s recent Chase 2019-CL1 synthetic RMBS (SCI 10 October). Notably, the US Treasury’s aim of harmonising regulatory frameworks across the mortgage market – as outlined in its Housing Reform Plan (SCI 6 September) – arguably helped create the right conditions for the bank .......
News 13 December 2019
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Sticking with the programme
ABSPP hits new high, but total volumes remain low
Latest figures from the ECB show that its ABSPP holdings are at an all-time high. However, the programme remains far from the market moving purchaser it was once expected to be.
Bank of America European structured finance analysts report that ECB net purchases under the ABSPP in October and November were €1.16bn and €1.266bn respectively, representing the highest monthly net .......
News 12 December 2019
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2020 vision
Looking for relative value in European securitisation
Next year seems likely to present structured finance investors with even greater challenges in the search for yield. Nevertheless, relative value is to be found in 2020 for those looking in the right places.
Macro and geopolitical factors should always inform asset allocation strategies. But for 2020, their importance is even greater, according to Rob Ford, partner and portfolio manager .......
News Analysis 11 December 2019
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Alternative credit platform expands
Sector developments and company hires
CFO appointed
Market Moves 10 December 2019
Annaly Capital Management has appointed Serena Wolfe as cfo and a member of its operating committee. Glenn Votek, the company’s cfo and interim ceo and president (SCI 21 November), has stepped down from his role as cfo. Wolfe most recently served as a partner at Ernst & Young since 2011 and as its Central Region Real Estate Hospitality .......
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Core qualities
Caroline Chen, svp and research analyst at Income Research &...
Q: How and when did Income Research & Management become involved in the securitisation market?
The Structured Credit Interview 9 December 2019
A: Income Research & Management is a privately-owned fixed income investment manager that serves institutional and private clients. The firm is headquartered in Boston and was founded in 1987 by managing principals John Sommers and Jack Sommers. Originally a credit-oriented manager, IR+M has been involved in .......
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Euro lending support announced
Sector developments and company hires
Euro lending support announced
The EIF has committed €100m to online lending marketplace October. The investment renews its support to European SMEs, under the “Private Credit Tailored for SMEs” programme, alongside other institutional investors including CNP Assurances, Bpifrance and Zencap - all of whom were already part of the latest institutional fund launched in 2018.
This new €100m commitment will .......
Market Moves 28 November 2019
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RMBS 'milestone' prepped
Inaugural non-bank transaction marks post-crisis first
Provident Funding Associates, a non-bank mortgage lender, has prepped its inaugural securitisation of residential mortgages, marking the first post-crisis, private label securities (PLS) transaction backed entirely by agency conforming consumer-purpose residential mortgage loans. Dubbed Provident Funding Mortgage Trust 2019-1, the US$338m transaction is the first in which Provident Funding is the sole originator and servicer and is backed by 947 .......
News 27 November 2019
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Italian market developments 'positive' for ABS
Sector developments and company hires
Italian market developments ‘positive’ for ABS
Recent market developments in in the Cessione del Quinto (CDQ) and Delegazione di Pagamento (DP) loan market are credit positive for ABS, according to structured finance analysts from Moody’s. The analysts add that increasing regulatory scrutiny limits the risk of poor underwriting, while lower capital requirements support further loan growth. Both developments .......
Market Moves 27 November 2019
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Indian innovation
Diverse Indian ABS market sees growing, global investor base
The Indian securitisation market continues to grow and develop, with an increasingly global investor base eager to tap into an ever-innovating product range, including CLOs, green bonds and microfinance-backed transactions. On top of this, new legislation proposes a government-backed partial guarantee structure for select transactions, which has the potential to enable almost US$15bn worth of placements with public sector .......
News Analysis 26 November 2019
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Mortgage partnership announced
Sector hires and company developments
Euro credit team bulks up
CIFC has hired Anders Samuelsen from Muzinich as it continues to build its European team. Samuelsen, who began his career as a credit portfolio manager at Saxo Privatbank in Denmark, will be based in London, and joins as vp, focusing on northern Europe. CIFC has also announced the hire of Aidan Reynolds, from .......
Market Moves 25 November 2019
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FRTB consultation launched
Sector developments and company hires
APAC poll highlights key risks
More than 80% of market participants polled by Moody’s at its recent Asia Pacific Structured Finance Conference in Singapore identified slowing global economic growth as posing a key risk for the Asia Pacific finance sector in 2020. In particular, 54% of respondents said that trade tensions were the biggest threat to Asia Pacific economies next year – .......
Market Moves 22 November 2019
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Ceo retires
Sector developments and company hires
Capital markets head appointed
23 Capital has hired Sreesha Vaman as md, head of capital markets. 23 Capital is a capital and solutions provider focused on the sports, music and entertainment sectors. Vaman has more than 15 years of experience across the finance, investment banking, sports and entertainment landscape and is joining the team’s New York office with .......
Market Moves 21 November 2019
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Italian AM expands to US
Sector developments and company hires
Azimut expands
Italian asset manager Azimut has established a US-based operation named Azimut Alternative Capital Partners (AACP), with the purpose of investing in GP stakes of alternative managers specialised in the private markets space. Concurrently, it signed an investment and shareholder agreement with AACP’s new ceo Jeffry Brown to execute a 10-year business plan, which aims to build .......
Market Moves 19 November 2019
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US CRT pick-up?
Volumes to remain restricted to large banks
The US capital relief trades market is witnessing a long-awaited uptick, with three deals reportedly being readied. JPMorgan’s recent landmark synthetic RMBS appears to have boosted issuance (SCI 10 October), although volume is expected to remain restricted to large banks that will have to tackle a number of regulatory challenges.
US banks have been seeking to .......
News Analysis 18 November 2019