RMBS
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Euro ABS activity surges
Investors finding value across asset classes
The ABS secondary market has been very BWIC driven with large volumes coming through. A Greek RMBS is also attracting attention amid a greater focus on European ABS.
A trader comments on ABS activity in Europe: “The most interesting thing I’ve been seeing is the large Grifonas RMBS. The senior, now sized at around €345m, has been on BWICs for two .......
Market Reports 14 September 2018
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Euro RMBS picks up
Markets moving again after summer lull
In the first week of September the market seems to be coming back to life after the lull of August and July. According to one trader, two primary deals in particular are catching the attention of the market at the moment in the form of the latest £528m Tower Bridge Funding 3 transaction and the €526.89m Dutch Property Finance .......
Market Reports 10 September 2018
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Market moves - 7 September
New hires and company developments in the structured finance industry
CRT expert wanted
Banca IMI is hiring a senior risk transfer solutions structure for its Milan office. The bank wants a candidate with experience in capital markets and investment banking with a top tier Italian or European investment bank, consultancy firm, rating agency, fund or asset manager and ideally with experience of origination activities and analysis experience of tier one .......
Market Moves 7 September 2018
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Increased obligations weighed
ESMA outlines expanded reporting requirements
ESMA last month published final draft technical standards on the new reporting requirements to be implemented under the Securitisation Regulation (SCI 24 August). The standards - released ahead of the 1 January deadline - are set to usher in new levels of due diligence required on the part of the seller, meaning investors will expect more information to .......
News Analysis 6 September 2018
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Market moves - 24 August
The week's structured finance hires and company developments, all in one place.
Consent solicitation
NN Bank has issued a consent solicitation seeking investor approval for the early redemption of the Hypenn 3 Dutch RMBS, of which the class A1 tranche has already been redeemed. The class A2 tranche has an outstanding balance of €467m and a FORD of 17 June 2020, according to Rabobank credit analysts. Together with Hypenn 3, NN Bank’s Arena 2014-2 .......
Market Moves 24 August 2018
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Firms favour floating rate
Investors find value in range of SF asset classes
US investors are seeing relative value in a number of pre- and post-crisis securitised asset classes, including non-agency legacy RMBS, TruPS CDOs and US BSL CLOs. While firms’ allocations to different sectors may vary, the overriding theme is a move away from fixed rate products, with further interest rate rises expected.
As a result, floating rate products are of growing .......
News Analysis 22 August 2018
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Market moves - 17 August
Company developments and new hires in the structured finance sector
Acquisitions
Vistra has completed the acquisition of the corporate services business of Deutsche Bank’s global transaction banking division. The corporate services business will now be rebranded under the Vistra umbrella. The acquisition broadens the company’s presence in seven of the existing locations across Europe, the Cayman Islands and Mauritius, providing further scale and expertise in these jurisdictions and involves management .......
Market Moves 17 August 2018
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Market moves - 10 August
Company developments and new hires in the structured finance sector
CDOs transferred
Dock Street Capital Management has replaced Deerfield Capital Management as collateral manager of the Knollwood CDO and Mid Ocean CBO 2001-1 transactions. Moody’s has confirmed that the move will not impact its ratings on any of the notes issued by the issuers. For more CDO manager transfers, see SCI’s database.Effective 2 August, Highland Capital Management .......
News 10 August 2018
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Project Glas completed
PTSB disposal raises prospects for private dwelling house transactions
Permanent TSB has completed the sale of Project Glas - a €2.1bn (GBV) portfolio of Irish buy-to-let properties and private dwelling houses (PDHs) - to Lone Star subsidiary Start Mortgages. The transaction is seen as a test case for further Irish non-performing loan disposals, due to its size and its inclusion of PDHs (SCI 16 February). Investors have .......
News 7 August 2018
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Market moves - 3 August
Company developments and new hires in the structured finance sector
Acquisitions
News 3 August 2018
Savills Investment Management is set to acquire a 25% interest in DRC Capital. In addition, the partners of DRC have granted Savills Investment Management a call option to acquire the remaining 75% interest in DRC on the third anniversary of the completion of the initial transaction. Dale Lattanzio, ceo and managing partner of DRC, will join the board of Savills .......
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Testing time
European ABS succumbs to widening pressures
Poor new issue execution has seen the European securitisation market finally succumb to widening pressure, in line with other credit markets. A number of short-term and long-term factors are at play, but the true test of the sector will be when participants begin putting cash to work after the summer.
Cartesian 3 and Sunrise SPV 40 were among the headline .......
News Analysis 24 July 2018
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Market moves - 13 July
A weekly breakdown of recent hires and company developments in the structured finance industry.
Acquisitions and investments
Alantra has acquired KPMG UK’s portfolio solutions group business, which specialises in advising financial institutions in relation to non-performing and non-core banking assets globally. The team – which comprises around 70 professionals – will be renamed Alantra Corporate Portfolio Advisory and will be led by managing partners Joel Grau, Andrew Jenke and Nick Colman. Closing of the .......
Market Moves 13 July 2018
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Lender looks to bolster defences
Private transactions may 'resemble securitisations'
With a change in the credit cycle anticipated, some UK real estate lenders are adopting a more cautious strategy. One such firm is Octopus Property, which also recently created a head of structuring role (SCI 22 June) to help broaden its investor base, while employing securitisation-like funding methods.
Mario Berti, ceo of Octopus Property, comments that the firm has .......
Provider Profile 12 July 2018
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Green ABS branches out
Commercial PACE and renewables gain traction as green ABS expands
PACE is catching on in both the US and Europe. An April whitepaper from the New York State Energy Research and Development Authority (NYSERDA) presents PACE as a tool to achieve the state’s ambitious energy efficiency targets, while a trial programme in Spain is looking at both residential and commercial PACE, although PACE is not the only green ABS sector .......
News Analysis 29 June 2018
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Market moves - 29 June
CLO manager acquired
THL Credit Advisors has acquired the collateral management business of Kramer Van Kirk Credit Strategies, which currently manages seven CLOs totaling approximately US$3.4bn of assets. THL Credit currently manages 15 CLOs, including the recently priced THL Credit Wind River 2018-1. The acquisition would bring THL Credit's CLO assets under management to approximately US$12bn and the firm's total .......
Market Moves 29 June 2018
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Fastnet refi completed
Permanent TSB has completed a €1.44bn RMBS, dubbed Fastnet Securities 14. The collateral previously formed part of the Fastnet Securities 3 portfolio, the notes of which have been called.
The collateral was obtained by removing non-performing loans and loans in arrears from the Fastnet 3 pool and dividing the remaining portfolio into two. The first half of the remaining portfolio .......
News 25 June 2018
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Market moves - 22 June
Europe
Axa Investment Managers has hired Hans Stoter to global head of fixed income and interim head of multi asset client solutions. He was previously cio at NN Investment Partners.
DBRS has hired Edward Dittmer to its CMBS team as svp and will be based in New York. He was previously svp in the CMBS team at Morningstar.
BlueBay has .......
Market Moves 22 June 2018
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Questions remain over insurer participation
The European Commission recently published the Delegated Act on Solvency 2, which improves the capital treatment for certain ABS exposures, as of 1 January 2019. However, market participants suggest that STS securitisations deserve fairer capital treatment and, as a result, insurance firms remain unlikely to return to the securitisation market in great number.
Rabobank credit analysts take a bullish approach .......
News Analysis 21 June 2018
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PE players driving growth
Australian ABS and RMBS issuance saw record volumes of over A$8bn and A$37bn respectively in 2017, according to SCI data. The rise of fintech platforms, non-bank financial institutions and private equity-backed lenders in the country - combined with the global hunt for yield - is set to support continued growth of its securitisation market.
Private equity involvement in the .......
Talking Point 19 June 2018
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Market moves - 15 June
CLO name change
The name of Babson Euro CLO 2014-1 has been changed to Barings Euro CLO 2014-1. The move is effective from 13 June.
Europe
MDB Group (MeDirect) has recruited Michael Curtis as cio, responsible for core credit activities and spearheading the bank’s diversification into new product areas. Based in London, he reports to ceo Mark Watson. Curtis was .......
Market Moves 15 June 2018
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Innovative RMBS prepped
Mars Capital is in the market with a non-standard multi-lender £271.055m UK RMBS, dubbed Trinidad Mortgage Securities 2018-1. The transaction is backed by three individual portfolios of new and legacy first- and second-ranking mortgages, secured by residential or part-commercial properties in England and Wales.
DBRS and S&P have assigned provisional ratings to the transaction of AAA/AAA on the class A .......
News 13 June 2018