Market Moves
-
Range of moratoria take-up 'stark'
Sector developments and company hires
Range of moratoria take-up ‘stark’
Market Moves 5 October 2020
With payment holiday concentrations having fallen over the past few remittance periods, the range of payment holiday take-up across UK RMBS is stark, according to JPMorgan’s latest Covid-19 Payment Holiday Tracker. Reflecting data reported primarily through September and August, the report identifies zero percent (in the case of the MORTI 2020-1 deal) and 0.6% (TWIN .......
-
New IMA inked
Sector developments and company hires
New IMA inked
Market Moves 2 October 2020
Pollen Street Secured Lending (PSSL) has appointed Waterfall Asset Management as its investment manager, replacing PSC. An investment management agreement has also been signed with a new AIFM, Mirabella Financial Services. PSSL has agreed to pay PSC a sum representing the approximate balance of the unpaid base management fee, including the unexpired notice period. The PSSL board believes that .......
-
'Dual-track' approach touted for SRT
Sector developments and company hires
‘Dual-track’ approach touted for SRT
Market Moves 1 October 2020
The EBA is finalising its report on significant risk transfer and hopes to be able to publish it by year-end, according to Pablo Sinausia, policy expert at the authority. He disclosed during a TSI Congress 2020 panel today that the report builds on the EBA’s recent report on STS synthetics and will address structural features that .......
-
SME ABS debut for Italian fintech
Sector developments and company hires
SME ABS debut for Italian fintech
Market Moves 30 September 2020
Banca Valsabbina has supported fintech BorsadelCredito.it as arranger, account bank and subscriber - together with other institutional investors – of ABS notes in a €100m securitisation backed by trade receivables granted to SMEs and guaranteed by the Central Guarantee Fund for SMEs. This is the first unrated securitisation operation listed on Borsa Italiana’s ExtraMOT-PRO .......
-
Mezz CLO fund closed
Sector developments and company hires
Mezz CLO fund closed
Market Moves 29 September 2020
Pearl Diver Capital has completed the final closing of its eighth closed-end CLO investment fund, PDC Opportunities VIII, at US$400m. Launched with a target raise of US$300m, the fund hit its hard cap, with LPs represented by public pension systems, corporate pension plans, high net-worth family offices and endowments. The fund is designed to invest opportunistically .......
-
Revolver exposures on offer
Sector developments and company hires
Revolver exposures on offer
Goldman Sachs is in the market with a balance sheet synthetic securitisation referencing a portfolio of predominantly investment-grade senior unsecured revolving loan facilities. Dubbed Goldman Sachs Bank USA credit-linked notes due 2025, the transaction comprises two classes of S&P-rated CLNs for a total of US$184.8m.The transaction documentation links the ability of Goldman Sachs to .......
Market Moves 25 September 2020
-
Private credit fund formed
Sector developments and company hires
Private credit fund formed
FrontWell Capital Partners has launched with committed seed capital of more than US$350m from a group of international investors. Headquartered in Toronto, the firm aims to provide transitionary senior debt financing - including asset-based and cashflow loans - to middle-market companies in the US and Canada.FrontWell is led by founder and ceo Patrick Dalton, who previously .......
Market Moves 23 September 2020
-
Moody's move mezz positive
Sector developments and company hires
Moody’s move mezz positive
Moody's has issued a request for comment on proposed changes to its methodology for rating CLOs that adjust its analytical treatment of corporate obligors with a negative outlook or whose ratings are on review for upgrade or downgrade. If the proposal is adopted, Moody’s expects an overall positive impact of a one-notch upgrade that will affect .......
Market Moves 21 September 2020
-
Pagaya on hiring spree
Sector developments and company hires
Pagaya brings in new blood
Pagaya, the data-driven asset manager, has made five key hires across all areas of its business. It has hired Jeff Andrews and Paul Limanni as, respectively, head of originations and head of structured products. Andrews joins from LendingClub where he was vp of strategic partnerships, and Limanni joins from Shelter Growth Capital Partners. Limanni will oversee all .......
Market Moves 17 September 2020
-
SYME securitisation underway
Sector developments and company hires
SYME securitisation underway
Market Moves 11 September 2020
Supply@ME Capital (SYME) reports that it has received offers, subject to contract, from a number of large, global institutional investors for a securitisation note issuance via StormHarbour, in order to monetise more than €300m of inventory (SCI 24 April). The company says it is currently analysing whether to syndicate this first securitisation issuance or work on .......
-
Multi-level Libor exposure eyed
Sector developments and company hires
Multi-level Libor exposure eyed
Market Moves 9 September 2020
Japanese securitisations with exposure to Libor on multiple levels will face the highest risks in the transition away from the benchmark rate when it is phased out at end-2021, Moody's notes. Around 20% of Japanese structured finance transactions the agency rates have Libor exposure and, in some cases, there is Libor exposure through notes, as well .......
-
Euro CLO payment mismatch grows
Sector developments and company hires
Euro CLO payment mismatch grows
Market Moves 8 September 2020
The payment frequency mismatch between underlying loans and European CLOs is growing as loan issuers switch to semi-annual payments to manage risks in the Covid crisis, according to Fitch. The agency reports an increase in the share of semi-annual obligations among quarterly-paying Fitch-rated CLOs to around 50% of the portfolio balance in July 2020, from .......
-
Reporting template RTS published
Sector developments and company hires
Reporting template RTS published
Market Moves 4 September 2020
Seven Commission Delegated and Implementing Regulations comprising the technical standards in connection with the details to be made available by the originator, sponsor and SSPE in a securitisation transaction subject to the Securitisation Regulation have been published in the EU Official Journal. Publication means that the reporting templates RTS will be effective on 23 September, after .......
-
CMBS cure rates eyed
Sector developments and company hires
CMBS cure rates eyed
August US CMBS remittance data shows declining 30-plus day delinquency rates, as consent and forbearance agreements came into force and the country reopened. Within post-GFC conduit deals, 30-plus day delinquencies fell 40bp month-on-month to 8.1%, while SASB delinquencies improved 34bp to 7.4% and CRE CLOs improved 30bp to 2.4%.Contributing to this improvement in delinquencies .......
Market Moves 3 September 2020
-
Negative rating actions tallied
Sector developments and company hires
Negative rating actions tallied
Market Moves 2 September 2020
Fitch reports that global structured finance negative rating actions - including downgrades, negative outlooks and rating watch negatives - reached an eight-year high in 1H20, reflecting weakening credit conditions due to the coronavirus pandemic-related recession. As of 30 June, 8% of the agency’s ratings had a negative outlook and 3% of ratings were assigned a RWN, compared .......
-
EGF expression of interest launched
Sector developments and company hires
EGF expression of interest launched
Market Moves 1 September 2020
The EIF has issued a call for expression of interest in participating in its Pan-European Guarantee Fund (EGF), which forms part of the overall package of measures agreed by the Eurogroup on 9 April and further endorsed by the European Council on 23 April (SCI passim). The EGF has a target size of €25bn and .......
-
CECL eligibility expanded
Sector developments and company hires
CECL eligibility expanded
Market Moves 28 August 2020
The FDIC, OCC and the US Fed have finalised a rule that allows institutions that adopt the current expected credit losses (CECL) accounting standard in 2020 to mitigate the estimated effects of CECL on regulatory capital for two years (SCI 31 March). Under the rule, eligible institutions have the option to mitigate the estimated capital effects .......
-
FDIC sued over Madden rule
Sector developments and company hires
FDIC sued over Madden rule
Market Moves 25 August 2020
The states of California, Illinois, Massachusetts, Minnesota, New Jersey, New York, North Carolina and the District of Columbia last week filed a lawsuit in the US District Court for the Northern District of California against the FDIC over its final rule clarifying that when state-chartered banks sell, assign or transfer a loan, an interest rate that .......
-
Skilled nursing CMBS eyed
Sector developments and company hires
Skilled nursing CMBS eyed
Market Moves 24 August 2020
DBRS Morningstar is reviewing its ratings on the CSMC 2019-SKLZ, Greystone CRE 2018-HC1 and CHC 2019-CHC CMBS, which are secured primarily by skilled nursing facilities. The agency warns that in the coming months, nursing homes and their parent companies may face significant legal liability as a result of the high death toll at nursing homes during .......
-
Seasoned QMs proposed
Sector developments and company hires
Seasoned QMs proposed
Market Moves 20 August 2020
The CFPB has issued a notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages, with the aim of encouraging innovation and to help ensure access to a responsible, affordable mortgage credit market. To be considered a seasoned QM under the proposal, loans would have to be first-lien, fixed-rate covered transactions that have .......
-
SSRT trio revealed
Sector developments and company hires
SSRT trio revealed
Market Moves 19 August 2020
S&P has published its ratings and research on three previously privately-rated risk transfer RMBS issued by Freddie Mac, at the issuer's request. The trio of deals are STACR Single-Seller Risk Transfer (SSRT) Series 2019-CS02 (sized at US$245.2m and closed in March 2019), 2020-CS01 (US$578.36m; April) and 2020-CS02 (US$190.78m; July). The transactions transfer a portion of the risk .......