RMBS

  • Europe sees 1Q issuance dip

    Sector developments and company hires

    ABS vet nabbed

    Angelo, Gordon & Co has hired Sunil Kothari as md, responsible for originating and executing on residential and consumer debt investment opportunities across Europe. Kothari reports to TJ Durkin, co-head of structured credit at Angelo Gordon. Kothari most recently served as evp, pm at PIMCO Europe, where he was head of the European ABS and covered bond desks .......

    Market Moves 10 June 2019

  • Livestock first inked

    Sector developments and company hires

    Australian livestock deal debuts

    StockCo has launched the first securitisation warehouse transaction in Australia consisting of financing receivables primarily secured by livestock. The transaction has been completed with Goldman Sachs and the facility will be available for three years and will be able initially to accommodate up to US$150m of livestock receivables subject to pre-agreed eligibility criteria, and .......

    Market Moves 7 June 2019

  • MRT potential

    Reinsurer opportunities eyed

    The mortgage risk transfer (MRT) programme in the US has the potential to rival natural catastrophe reinsurance, given the significant capacity required by insureds and insurance firms’ appetite for diversification. Until now, the most common way that reinsurers have entered the space is via the GSE credit risk transfer aggregate excess of loss programmes, but other opportunities are emerging.

    News Analysis 6 June 2019

  • 'Significant divergence' in Libor preparations

    Libor transition still 'choice rather than necessity' for some firms

    There are still a “number” of firms in the UK that view the transition from Libor to a new reference rate a choice, rather than a necessity, according to the responses from a request for information published by the UK's financial regulators. The regulators also found that there is “significant divergence” in the way certain UK firms are managing the .......

    News 5 June 2019

  • New P2P platform rules announced

    Sector developments and company hires

    ABS facility expands

    Amigo Holdings has increased its securitisation facility to £300m. It has a three-year term and is set to close on Thursday. The company intends to use drawdowns from the facility for general corporate purposes and the potential repayment of indebtedness. The facility, which has a minimum three-year term and amortises thereafter, will have a funding .......

    Market Moves 5 June 2019

  • Option boost?

    Conditions ripe for UK RMBS calls

    Ten UK RMBS transactions have call dates during the remainder of the year and the refinancing of these deals should boost issuance volumes (SCI 18 January). However, while the incentives and conditions for exercising these calls are present, funding issues could raise obstacles.

    The deals with 2019 call dates comprise: Hawksmoor Mortgages 2016-1 and 2016-2, and Thrones .......

    News 5 June 2019

  • Easing up

    European ABS market update

    Activity levels have been high across European ABS/MBS and CLOs of late, but appear to be easing up ahead of the Global ABS conference next week.

    “It’s been pretty busy in both primary and secondary over the past couple of weeks,” says one trader. “We’ve seen a lot of new deals being priced in the run up to .......

    Market Reports 5 June 2019

  • Agri-linked note prepped

    Company hires and sector developments

    Agri-linked note prepped

    The African Development Bank has approved a €100m partial credit guarantee (PCG) to African Agriculture Impact Investments (Mauritius) to develop commercial agriculture in Africa. The company will leverage the PCG to catalyse additional financing from international pension funds through an agri-linked note to facilitate investments in sustainable farmland and agricultural infrastructure across Africa. It will .......

    Market Moves 4 June 2019

  • Bank bulks up commodities expertise

    Company hires and sector developments

    Bank bulks out commodities unit

    Credit Agricole has hired Aude Sauty de Chalon as director, structured commodity finance, EMEA. She was previously deputy head of commodity and structured finance at ICBC, London. The firm has also hired Badia Taleb-Nehlil as ed, structured commodity finance at the same bank and both hires are based in London.

    Verification agent expands

    Market Moves 3 June 2019

  • STS not yet 'embraced'

    Ambiguity stifling STS label success

    Uptake of the STS label has been tentative and cannot be credited with the current strong momentum in the European ABS sector. This is according to some market participants, which also suggest that greater investor support may be needed for the STS label to flourish.

    Sam Ellis, svp at Maples Group, comments: “ESMA publishes all STS compliant transactions but it .......

    News Analysis 31 May 2019

  • Pillar prepped

    Public Greek NPL ABS debuts

    DBRS has provided the first public rating for a non-performing loan securitisation in Greece as the market awaits European Commission approval for the HFSF’s asset protection scheme. Dubbed Pillar Finance, the transaction is backed by a €2bn portfolio of principally secured residential mortgage NPLs.

    Alessio Pignataro, svp at DBRS, notes: “The transaction has a double-B rating, so it .......

    News Analysis 31 May 2019

  • Indian RMBS market in the works?

    Sector developments and company hires

    Alt sales head hired

    Schroders has hired Peter Arnold to lead its alternative sales unit, which was established last year and focuses on the distribution of the firm’s private assets investment offering, which includes ILS and securitised credit. He reports to Schroders global head of distribution John Troiano and global head of private assets Georg Wunderlin. Arnold was .......

    Market Moves 30 May 2019

  • BTL RMBS market surging

    UK RMBS sector continues to thrive

    The buy-to-let RMBS market continues to see heavy issuance in Europe with two new transactions marketing this week. One is a prime inaugural securitisation from UK marketplace lending firm LendInvest, while the other is a deal backed by nonprime BTL mortgages from two previous securitisations.

    LendInvest’s debut £259.2m buy-to-let RMBS transaction is dubbed Mortimer BTL 2019-1 and is backed by .......

    News 29 May 2019

  • Co-cio and liquid markets head appointed

    Company hires and sector developments

    Credit expert poached

    Crestline Investors has appointed Michael Aingorn as an md, based in New York and reporting to Keith Williams, managing partner - credit strategies. Aingorn was previously a partner at American Industrial Partners, where he helped launch the firm's credit opportunities strategy focused on investing in North American-based middle-market industrial companies. Prior to AIP, he worked at BTG .......

    Market Moves 24 May 2019

  • Positive performance prompts upgrades

    Sector developments and company hires

    Director hired to rebranded CLO platform

    DFG Investment Advisers has hired John Hwang as a director and senior credit analyst on its leveraged credit team, responsible for analysing below-investment grade credit with a focus on leveraged loans for the Vibrant CLO platform. Hwang has 18 years of experience in the financial services industry and was previously an svp at Crescent .......

    Market Moves 22 May 2019

  • UK CMBS loan defaults

    Company hires and sector developments

    Euro CMBS 2.0 default

    Elizabeth Finance 2018 has become the second European CMBS 2.0 deal to suffer a loan EOD, after the Maroon Properties were valued at £86m - a decrease of £18.7m from the initial valuation in November 2017 – triggering an LTV covenant breach. Based on the updated valuation, the Maroon LTV is 77.7%, whereas the Maroon obligors .......

    Market Moves 20 May 2019

  • CMBS sees prompt prepayment

    Company hires and sector developments

    Auction platform

    Mortgage Capital Trading has launched Trade Auction Manager (TAM) to enable more efficient bidding of TBA MBS used by lenders to hedge their open mortgage pipelines. The browser-based software module is accessible via MCTlive!, the company’s capital markets platform. TAM digitises a formerly manual communication process to confirm time-sensitive TBA trades that were once largely phone-based .......

    Market Moves 16 May 2019

  • Buy-to-let bonanza

    Two BTL RMBS debut deals prepped

    Two European buy-to-let (BTL) RMBS transactions from non-bank issuers are marketing. One comes from a first-time Dutch issuer and another is an inaugural issuance from a UK lender.

    The Dutch transaction from Domivest is dubbed Domi 2019-1 and is a static €267m securitisation backed by 960 loans with an average current balance of €277,643. According to Rabobank’s structured finance analysts, most .......

    News 15 May 2019

  • SCI Start the week - 13 May

    A review of securitisation activity over the past seven days

    Transaction of the week

    Last week saw an unusual Irish CMBS hit the European pipeline, from debut issuer Finance Ireland. Dubbed Pembroke Property Finance, the €228.6m transaction is backed by 139 loans on 244 seasoned small CRE loans located across Ireland and originated by Finance Ireland Credit Solutions.

    Finance Ireland is jointly owned by the Ireland Strategic Investment Fund, Pimco .......

    News 13 May 2019

  • STS 'not enough' for European ABS revival

    Securitisation 'needs to be used more' as funding tool

    At the start of last year, BNP Paribas Asset Management hired Michel Fryszman as its new head of structured finance to oversee three UCITS funds, each investing in securitisations and loan portfolios. While the funds have a fairly broad remit with regard to asset class, historical performance data is a key metric meaning first-time CLO managers are given a wide berth and .......

    News Analysis 3 May 2019

  • Rating agency appoints new SF head

    Company hires and sector developments

    Bank bulks up

    Macquarie has appointed Carolyn Porretta md, structured finance and real estate, based in London. She was previously head of portfolio services, investment portfolio management at AIG, where she was responsible for managing structured products and CRE debt in EMEA.

    RA hires new SF head

    Scope Ratings has hired David Bergman as its new .......

    Market Moves 3 May 2019
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