RMBS

  • Lacking clarity

    Libor transition still fraught with challenges

    With only two years to go until Libor is officially phased out in 2021, a number of questions still remain about the ramifications for structured finance transactions. Aside from the lack of concrete replacement, there are also questions about legacy deals, assets and liabilities and swaps complications as well as the possibility for bondholder disputes.

    One of the most pressing issues .......

    News Analysis 19 February 2019

  • CLO firm restructure

    Company hires and sector developments

    Acis restructuring confirmed

    The US bankruptcy court in Dallas has confirmed Acis Capital Management's Chapter 11 restructuring plan, following its conversion from an involuntary bankruptcy case initiated by former head of Highland Capital Management's structured products team and founder/former partner in Acis Joshua Terry (SCI 9 November 2018). Upon emergence from bankruptcy, Acis will be owned and .......

    Market Moves 19 February 2019

  • Secondary focus

    Investors sitting on cash with new European issuance drought

    European structured finance traders continue to focus on the secondary market as they wait for regulatory clarification. Nevertheless, there have still been some standout new issues and a European CMBS is rumoured to be in the pipeline.

    “In European RMBS we are focussing mainly on secondary paper,” says a trader. “The transactions that appeal at the moment are those with a .......

    News 15 February 2019

  • Private placement

    Unusual tranched securitisation closed

    Fintex Capital has completed a structured finance transaction within its UK real estate lending business, Fintex Confluence. The transaction involved the refinancing of a portfolio of property loans - warehoused by Fintex - with senior financing provided by Europa Capital Debt Investment (ECDI) and junior financing by Fintex, with additional monies invested by Europa and Fintex to finance a .......

    News 14 February 2019

  • Window of opportunity?

    Japanese ruling may benefit US CLO market

    The introduction of Japanese risk retention rules could provide a boost for US middle market CLOs, while volatility in Europe has opened up RMBS opportunities.

    While most US middle market CLOs are risk retention compliant, most BSL CLOs are not, says a trader. They suggest that a risk retention ruling for Japanese investors might therefore “make them more likely to .......

    News 13 February 2019

  • SCI Start the week - 4 February

    A review of securitisation activity over the past seven days

    Transaction of the week

    Bank of Montreal has printed a US and Canadian leveraged loan capital relief trade dubbed Manitoulin. The US$92.5m 7.3-year financial guarantee pays Libor plus 12.75%.

    The transaction has been rated as triple-A on the class A notes, single-A on the class B notes and triple-B on the class C notes. Further features include the presence of .......

    News 4 February 2019

  • Staying strong

    MetLife Investment Management speaks to SCI about the year ahead

    Q: What’s your general outlook for the structured finance sector in 2019?

    William Moretti, head of structured finance, MetLife Investment Management: “On the whole, I’d say that structured finance is in a much better position to face another potential downturn than it was in 2007, before the last crisis. There have been a number of structural improvements to transactions and .......

    The Structured Credit Interview 1 February 2019

  • CLO UCITS launched

    Company hires and sector developments

    CDS publication launched

    Jochen Felsenheimer, md at XAIA Investment, Wolfgang Klopfer, chairman of the management board of XAIA Investment and Ulrich von Altenstadt, md of XAIA Investment have co-authored a new publication looking at the evolution, functioning and regulatory environment of CDS. Titled, Credit default swaps: trading strategies, valuation and regulation, it also looks at the modeling and valuation of .......

    Market Moves 30 January 2019

  • Securitisation swaps book launched

    New publication aims to quench knowledge drought

    Spotting a gap in the market, a team of structured finance veterans have collaborated on a new publication on an under-explored topic, which bridges the gap between credit derivatives and securitisation. Titled Securitisation Swaps, the book is aimed at all securitisation and derivatives industry participants and is set to be published by Wiley on 18 February, with the e-book available .......

    News 30 January 2019

  • New ILS unit launched

    Sector developments and company hires

    ABS outfit launched

    US Bancorp has launched a new ABS lending business, providing non-recourse commitments secured by consumer and commercial receivables. Bo Weatherly - who joined the firm in 2016 - will serve as md for the new business, based in Charlotte, North Carolina. He has brought together a team of established industry experts, each with an average .......

    Market Moves 25 January 2019

  • CLOs retain top ranking

    Quarterly SCI data update

    CLOs remained the top asset class in terms of deal count for European and US new issuance in 4Q18, according to SCI data - although the numbers are down on those posted in Q3 (SCI 23 October 2018), reflecting market volatility in the final quarter of the year. In contrast, CLO BWIC volumes rose in both regions.

    .......

    News Analysis 24 January 2019

  • Slow start

    European ABS and CLO market update

    The European ABS market is experiencing its “slowest start to a year since 2011” as STS and Brexit uncertainty dampen primary activity. Attention is being focused on secondary trading and CLO issuance.

    “CLOs have started the year fairly well,” says one portfolio manager. “The latest St Paul’s CLO has just been announced, and there are a few more already in .......

    Market Reports 23 January 2019

  • Pepper up

    European ABS market update

    European secondary market activity is picking up, following a quiet start to the year. However, the new issue pipeline remains sparse, with only four CLO managers lining up deals.

    “We’re not hearing of anything imminent,” confirms one portfolio manager. “There is talk of a UK master trust issuer potentially tapping the market – it already delivers to .......

    Market Reports 22 January 2019

  • Latest SCI podcast available

    SCI podcast episode four is now live

    SCI’s latest podcast is now live. This month the team round up asset class performance from 2018 and look ahead to the expectations for 2019.

    2018 was a landmark year, with US new issue supply outpacing maturing debt for the first time since 2007. Furthermore, while non-mortgage ABS and structured credit have had positive net issuance since 2014, last year .......

    News 21 January 2019

  • Innovative ILS transaction launched

    Sector developments and company hires

    Auto ILS closed

    AlphaCat Managers has securitised a non-standard passenger auto insurance portfolio. “This innovative transaction creates new ILS market opportunities in securitizing broader classes of insurance risk. We look forward to working with more MGAs and insurers. "The bilateral transaction comprises a private placement of two tranches of notes: a US$6.67m senior note and a US$3.33m junior .......

    Market Moves 18 January 2019

  • Redemption relief?

    RMBS calls could boost European supply

    The European securitisation pipeline remains all but empty as regulatory uncertainty continues to hamper new issuance activity. Upcoming optional redemption dates could provide a much-needed source of supply, however, with the potential restructuring of the Towd Point Mortgage Funding 2016-Granite1, 2 and 3 deals leading the way.

    Approximately €21.2bn of outstanding post-crisis European RMBS transactions will hit their .......

    News Analysis 18 January 2019

  • Global investor promotes duo

    Sector development and company hires

    Europe

    Martin Munte has been named director, investor relations at CVC Credit Partners in London. He was previously director, sales for Germany, Austria and Luxembourg at BlueBay Asset Management.

    Zenith Service has recruited Maria Bianca Mascheroni as head of SPVs corporate department, based in Milan. She is tasked with coordinating and supervising all of the corporate activities .......

    Market Moves 17 January 2019

  • Risk retention for Japan?

    Sector developments and company hires

    ILS

    Sarah Demerling has joined Walkers Bermuda as a partner in the firm's corporate, finance and funds group. With more than 17 years' experience in the financial services industry in Bermuda, Demerling adds asset management, investment funds and ILS expertise to the practice. She was previously client director at Estera Services (Bermuda) and before that a partner at Appleby in .......

    Market Moves 16 January 2019

  • STS-compliant ABS issuance to be 'higher than expected'

    Lack of certainty continues around areas of Securitisation Regulation

    The EU Securitisation Regulation came into force as of 1 January this year, despite several parts of the legislation not yet having been finalised and amid concerns that market participants may lack the necessary infrastructure to adequately comply. Despite this, it is thought that there will be more STS-compliant transactions issued at the start of 2019 than expected, with many .......

    News Analysis 16 January 2019

  • First steps

    Manufactured housing RMBS to re-emerge?

    The assignment by Fitch of a primary manufactured housing (MH) specialty servicing rating of RPS3- to Cascade Financial Services is being seen as a first step towards building a post-crisis MH RMBS market. The move also signals a shift in manufactured housing servicing dynamics.

    “Ditech - whose servicing portfolio has approximately comprised two-thirds manufactured housing - has been .......

    News Analysis 16 January 2019

  • US firms see flurry of hires

    Sector developments and company hires

    US

    Bay Crest Partners has bolstered its fixed income business with a trio of senior hires: Tadeusz (Ted) Jachowicz, Jatin Dewanwala and Greg Hackett. Jachowicz and Dewanwala previously ran Metacapital Management's structured credit effort, including portfolios of ABS, CMBS and RMBS. Hackett joins Bay Crest following five years at RBC, where he headed the firm's CMBS and CRE .......

    Market Moves 10 January 2019
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