RMBS

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • Market moves - 8 June

    Acquisition

    Angel Oak Commercial Lending (AOCL) has acquired a controlling interest in Cherrywood Mortgage – a national, small-balance commercial mortgage lender based in Los Angeles, California. Cherrywood will serve as the wholesale small-balance commercial lending arm of (AOCL) and is led by ceo Bill Komperda and president Ed Resendez.

    Cat bond first

    SCOR has sponsored a new cat bond, dubbed Atlas .......

    Market Moves 8 June 2018

  • Older borrowers shaping UK mortgage market

    A shift is underway in the UK mortgage market regarding borrowers entering retirement, with a relaxation on retirement interest-only (RIO) mortgages and changes to maximum borrower ages at loan maturity. Furthermore, volumes of equity release-style lifetime mortgages tailored towards older borrowers are growing.

    S&P comments that a combination of increased life expectancy and the increasing age for first property purchases .......

    News 5 June 2018

  • Chinese issuance growing strongly

    Chinese securitisation issuance surged to a record high in 2017 but significant challenges remain. Overseas ABS market participants point to the need to develop the investor base and deepen market expertise, but are also showing increased willingness to dip their own toes in the water.

    The Chinese securitisation market is now the second-largest in terms of issuance, hitting CNY1.495trn in .......

    News Analysis 4 June 2018

  • Market moves - 1 June

    BTL RMBS planned
    UK Mortgages and TwentyFour Asset Management have acquired a high-quality pool of approximately £350m buy-to-let non-member mortgages originated by The Coventry Building Society Group through its Godiva brand. The portfolio comprises 2,077 recently-originated loans with an average balance of approximately £169,000 and an average LTV of 60.8%. The loans have approximately five years until the current fixed rate .......

    Market Moves 1 June 2018

  • Market moves - 25 May

    Analytics acquisition

    IHS Markit has signed a definitive agreement to acquire Ipreo for US$1.855bn from private equity funds managed by Blackstone and the Goldman Sachs merchant banking division. The acquisition is expected to close in 2H18, subject to customary closing conditions and regulatory approvals. Following a detailed review of its financial services businesses, the firm has also initiated a process .......

    Market Moves 25 May 2018

  • RMBS to follow Irish mortgage sale

    Barclays plans to securitise a €5bn legacy portfolio of Irish residential mortgages recently acquired from Lloyds. The deal follows hot-on-the-heels of the Durham RMBS transactions (SCI 11 May 2018), which priced last week.

    Cecile Hillary, head of asset finance solutions at Barclays, comments that the bank worked with M&G Prudential on the transaction, along with another firm. The portfolio comprises .......

    News Analysis 24 May 2018

  • Synthetic access welcomed

    The launch of the CRTx credit risk transfer index (SCI 11 May) has been welcomed by RMBS traders for the ability to put trades on in size and hedge credit events in the underlying. However, its introduction is also expected to precipitate new levels of price volatility in the sector and drive spreads wider.

    “A credit risk transfer .......

    News Analysis 21 May 2018

  • Split-mortgage securitisation mulled

    Permanent TSB has pulled €900m of split mortgages from its Project Glas portfolio sale of approximately €4bn of distressed Irish mortgages. The need to maintain borrower relationships and regulatory challenges over the treatment of split mortgages raise the prospect of the securitisation route for these loans.

    Following the withdrawal of the mortgages from the portfolio, Project Glas now .......

    News Analysis 18 May 2018

  • Market moves - 11 May

    Acquisitions

    Blackstone is set to acquire all outstanding common shares of Gramercy Property Trust for US$27.50 per share in an all-cash transaction valued at US$7.6bn. The transaction represents a premium of 23% over the 30-day volume-weighted average share price ending 4 May 2018 and a premium of 15% over the closing stock price on that date. Completion of the acquisition .......

    Market Moves 11 May 2018

  • RMBS double follows UKAR disposal

    Barclays is prepping two RMBS - dubbed Durham 1 and 2 - of Bradford & Bingley legacy mortgage loans, after acquiring the remaining £5.3bn portfolio from UKAR (SCI 27 April), although they're likely to be preplaced. The asset sale and securitisation pay off the remainder of the FSCS loan, which was partially repaid by the previous sale of legacy mortgages .......

    News Analysis 11 May 2018

  • NPL recovery boost expected

    Greek systemic banks are teaming up to create a platform that will manage and settle mortgage and retail non-performing loans to borrowers who have filed for protection under a much-abused law providing favourable restructuring terms (SCI 8 December 2016). Greek lenders have used this procedure for corporate loans, but not for mortgages, consumer and SME loans.

    The arrangement .......

    News Analysis 4 May 2018
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