CLOs

  • First RMBS tied to AONIA marketing

    Company hires and sector developments

    AONIA debut

    Commonwealth Bank of Australia’s new A$1bn Medallion Trust Series 2019-1 is set to become the first Australian RMBS linked to the Australian Overnight Index Average (AONIA) instead of one-month BBSW. The issuer is understood to be marketing classes A1, A2 and B, while classes C to F will not be offered to investors. The collateral backing .......

    Market Moves 11 November 2019

  • MPL ABS breaches liquidity covenant

    Sector developments and company hires

    EMEA
    BTIG has established a fixed income credit division in London to service clients across EMEA. The team is led by Michael Carley, md and head of European fixed income credit, who joined BTIG in New York last year. Bobby Dziedziech (director and senior high-yield and distressed trader), Laurent Jastrow (director and senior distressed sales trader and sourcing specialist), Noah .......

    Market Moves 8 November 2019

  • Pursuing illiquidity premia

    Corbin Capital ceo Tracy McHale Stuart and cio Craig Bergstrom answer SCI's questions

    Q: How and when did Corbin Capital become involved in the securitisation market?
    TMS: We’ve been involved in the securitised markets for roughly 13 years.

    In the early 2000s, the returns in structured credit were so compressed and we didn’t like the leverage profile required to generate our expected return targets, so we kept away. Then in 2007, we .......

    The Structured Credit Interview 6 November 2019

  • CMBS md recruited

    Sector developments and company hires

    North America
    Incapital has appointed William White as md, CMBS. Based in Boca Raton, he will report to co-heads of fixed income George Holstead and Laura Elliot. White was previously md and head of CMBS trading at Raymond James, and before that worked at Wachovia Capital Markets and Bank of America Securities.

    Ropes & Gray has promoted 16 attorneys .......

    Market Moves 6 November 2019

  • RFC issued on disclosures

    Sector developments and company hires

    CDO transfer
    CVP CLO Manager has resigned as investment manager to the CVP Cascade CLO-1 and CLO-2 transactions. It has been replaced by Barings. For more CDO manager transfers, see SCI’s database.

    Defeasance surge
    US CMBS 2.0 defeasance volume at end-3Q19 totalled US$10.89bn across 694 loans, exceeding the 2018 full-year total of US$10.88bn across 620 loans, according to Fitch. .......

    Market Moves 1 November 2019

  • Anti-NSDA provisions welcomed

    Sector developments and company hires

    Anti-NSDA provisions welcomed
    The inclusion of anti-net short debt activism (NSDA) provisions in offering documentation has become more common in recent months, with Sirius Computer Solutions, Nexstar Broadcasting and Allied Universal Holdco deals incorporating such language. The purpose is to prevent net-short participants - whose interests are not aligned with those of other investors - from using their debtholder rights .......

    Market Moves 30 October 2019

  • CMBS refi inked

    Sector developments and company hires

    CLO firm names IR head

    Pemberton has hired Cary Gibson to the role of director and head of investor relations. Gibson was previously head of business development at Sand Grove Capital Management.

    CMBS refi inked

    Sabal Capital Partners has closed a US$70m refinancing of 17 low-LTV multifamily assets located in the Bronx borough of New York, 15 of which were originally .......

    Market Moves 25 October 2019

  • SCI's latest podcast is now live!

    The editorial team discuss the hottest topics in securitisation today...

    In this month's exciting edition of the SCI podcast, the team talks about standardised banks and the barriers they face when looking to enter the risk transfer market, Santander's latest securitisation of Finnish auto loans, Kimi 8, as well as a company that is looking to help companies in emerging markets tap synthetic securitisation to optimise their balance sheets.

    Don't .......

    News 25 October 2019

  • CRR amendments for NPEs recommended

    Sector developments and company hires

    CRR amendment opinion published

    The EBA has published an opinion on the regulatory treatment of securitisations of non-performing exposures (NPEs), recommending various amendments to the Capital Requirements Regulation (CRR) as well as to the Securitisation Regulation to remove the identified constraints. The opinion is addressed at the European Commission and contributes to the objectives of the Council of the EU’s .......

    Market Moves 24 October 2019

  • Firm files Chapter 11

    Company hires and sector developments

    Chapter 11 filing

    Highland Capital Management LP (HCMLP) has commenced voluntary Chapter 11 proceedings, citing a judgment that is being sought against it in connection with the defunct Crusader fund. Although Highland Capital Management disputes the underlying claims and believes it acted in the interest of investors, entry of the judgment in its maximum potential amount could result .......

    Market Moves 22 October 2019

  • Re-bridging concerns dismissed

    Re-bridging loans in CRE CLOs "can offer benefits"

    Re-bridging loans have started to appear in CRE CLO transactions, where a borrower has used a new bridge loan to refinance an existing one, potentially with higher proceeds and a lower interest rate. Some suggest that this need not be a cause for concern unless volumes of re-bridging loans increase substantially and, instead, they may have positive repercussions for .......

    News Analysis 22 October 2019

  • RTS draft published

    Sector developments and company hires

    The European Commission has published the Delegated Regulation on Regulatory Technical Standards (RTS) regarding the disclosure requirements in the Securitisation Regulation, detailing what information has to be disclosed by the sellers of European securitisations. Rabobank’s structured finance analysts comment that, although this new regulation does not contain much new information, the arrival of the act marks an important step .......

    Market Moves 18 October 2019

  • Euro advisory firm boosts SF expertise

    Company hires and sector developments

    Euro advisory firm boosts SF expertise

    Zedra has hired Rens van Hoof as head of capital market solutions out of its Amsterdam offices. He has a range of experience covering special purpose vehicles for securitisation, structures for bond issues and commodity trade finance, as well as private equity, real estate and investment funds to serve financial institutions, asset .......

    Market Moves 16 October 2019

  • Indian ABS soars

    Sector developments and company hires

    CLO business announced

    AllianceBernstein has announced a new loan and CLO management business, hiring Scott Macklin to lead the effort. Macklin was previously head of research in Och-Ziff’s credit business and the new firm will be initially funded with investments from AXA Equitable Life Insurance Company, expanding on the existing relationship between AB and AXA Equitable Holdings.

    Market Moves 15 October 2019

  • Serbian NPL disposal plans announced

    Sector developments and company hires

    Associate appointed

    Channel Capital Advisors has hired Pouya Jafari as an associate in London. He was previously a credit analyst at Wells Fargo, in London.

    Serbian NPL disposal planned

    The Serbian Deposit Insurance Agency has invited bids for the sale of a €1.82bn NPL portfolio. Letters of interest can be submitted up to 8 November and .......

    Market Moves 14 October 2019

  • Structured finance head appointed

    Sector developments and company hires

    EBA’s agenda released

    The EBA has published its 2020 agenda, detailing its work activities for the coming year. On the securitisation side, its work will mainly be focused on STS-related mandates. In 4Q20, the authority plans to publish recommendations regarding significant risk transfer practices, as well as the hierarchy of approaches for calculating CRR risk weights. Before then, .......

    Market Moves 11 October 2019

  • Co-founder to depart

    Company hires and sector developments

    Co-founder moves on

    BlueMountain’s co-founder and co-president Stephen Siderow is set to leave the firm, but he will continue in his current management role through the end of this year to support an orderly transition. The firm was acquired by Assured Guaranty at the start of the month and is making a number of changes to its platform, .......

    Market Moves 10 October 2019

  • Danish firm's debut CLO prepped

    Inaugural ESG-compliant deal likely to be first of many

    Capital Four is set to price its debut BSL CLO this week, dubbed Capital Four CLO I.  The €359.4m transaction, arranged by Goldman Sachs, is also ESG-compliant and likely to be the first of many for the firm.

    Tim Smith, head of strategic planning at Capital Four, comments that, while this is the firm’s first CLO, its founders began working .......

    News 10 October 2019

  • Performance hurdles

    Loan sell-offs hampering US CLOs

    Increasing numbers of loan sell-offs are hampering performance in US CLOs relative to other US credit markets. The issue is not yet a major one and could still be overcome, but the emerging trend signals the potential for larger problems ahead. 

    “You have a lot more loans trading in the 80 and 90 ranges and that’s causing problems .......

    News Analysis 10 October 2019

  • Credit system "positive" for China SF deals

    Sector developments and company hires

    Credit system a positive for China SF deals

    China’s plan to establish a comprehensive, nationwide credit information system by 2020 is credit positive for the country’s structured finance deals, because this system will reduce the risk of loan defaults and bolster recovery prospects, according to Moody’s. The rating agency says this development will also help break down credit information barriers .......

    Market Moves 9 October 2019

  • Bank leaves CDS committee

    Sector developments and company hires

    Bank leaves CDS committee

    Societe Generale has decided to leave the Credit Determinations Committee. The bank is not however scaling back in flow credit trading but, while remaining active in the market and trading CDS, it is opting for a more selective strategy in terms of sector and clients.

    Firm nabs aviation vet

    PwC has appointed .......

    Market Moves 7 October 2019
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