CMBS

  • Market moves update

    OFS equity investment

    OFS Credit Company has disclosed that it has invested in the equity tranches of 19 CLOs, 17 of which have a reinvestment period ending in 2022 or beyond, for a total cost of US$43.6m (US$53.4m principal amount). The move follows OFS Credit’s IPO, which closed on 10 October and resulted in net proceeds of US$50m. OFS Capital .......

    Market Moves 15 October 2018

  • Market moves - 12 October

    Company hires and sector developments in structured finance

    Cliff edge concerns

    ISDA has published a paper highlighting widespread concerns in Europe that the UK may withdraw from the EU without a withdrawal agreement under Article 50 of the Treaty on European Union and without any transition, or implementation period, to allow market participants time to adjust. The paper sets out why a ‘no deal’ scenario has the potential .......

    Market Moves 12 October 2018

  • Market moves - 5 October

    New hires and company developments in the structured finance sector

    Europe

    Apollo Global Management has named Brigitte Posch md, head of emerging markets in London. She was previously global head of emerging markets corporate credit at Barings Asset Management.

    Reed Smith has hired Kevin-Paul Deveau as a partner to its financial industry group in London. Deveau joins from Dechert and will focus on advising lenders, general partners, ......

    Market Moves 5 October 2018

    Premium Content

  • Market moves - 28 September

    The latest hires and company developments in the structured finance market

    Canadian pension partnership

    Canada Pension Plan Investment Board (CPPIB) announced today that its wholly-owned subsidiary, CPPIB Credit Investments, is broadening its portfolio through new investments in equity tranches of CLOs alongside experienced CLO asset managers. CPPIB Credit’s initial partnership in CLO equity investing will be with Sound Point Capital Management based in New York. CPPIB Credit will invest US$285mn in a .......

    Market Moves 28 September 2018

  • US CMBS 'not fixed'

    Wave of CMBS litigation may arise from systemic sector problems

    US CMBS litigation is currently in the spotlight, with one of the largest ever US fraud investigations looking at a potential conspiracy by employees of Morgan Management (SCI 8 June) to fraudulently obtain US$167.5m of loans, some of which back a number of CMBS transactions. Unfortunately, cases such as these may only become more frequent, with a range of .......

    News Analysis 26 September 2018

  • Market moves - 21 September

    All the latest company developments and new hires in the structured finance sector

    Acquisitions

    HPS Investment Partners has acquired Tålamod Asset Management. HPS will retain Tålamod's investment team and other employees based in Dallas, while Andersen Fisher, founder and managing member of Tålamod, will join HPS as md. Kyle Mapes and Jay Steen will join HPS as executive directors, after joining Tålamod in 2008. All employees of Tålamod will become HPS employees .......

    Market Moves 21 September 2018

  • SCI Start the week - 17 September

    A look at the major activity in structured finance over the past seven days

    Pipeline

    ABS is still dominating the pipeline, with several deals coming from the auto space.

    These include: US$534.032m ARI Fleet Lease Trust 2018-B, US$1.362bn GM Financial Automobile Leasing 2018-3, US$327.87m Navistar Financial Dealer Note Master Owner Trust II 2018-1, US$407.83m Prestige Auto Receivables Trust 2018-1

    In non-auto ABS there are also a number of transactions waiting to price: US$809.93m CNH .......

    News 17 September 2018

  • Market moves - 14 September

    New hires and company developments in the structured finance sector

    CDS ETF Launched

    Tabula has launched a European CDS ETF which offers passive exposure to European credit through an index tracking the corporate CDS market.

    CMBS downgrade review

    Moody’s has placed on review for downgrade all the notes in the UK CMBS Housing Association notes issued by Finance for Residential Social Housing (FRESH), affecting approximately £932m .......

    Market Moves 14 September 2018

  • Market moves - 7 September

    New hires and company developments in the structured finance industry

    CRT expert wanted

    Banca IMI is hiring a senior risk transfer solutions structure for its Milan office. The bank wants a candidate with experience in capital markets and investment banking with a top tier Italian or European investment bank, consultancy firm, rating agency, fund or asset manager and ideally with experience of origination activities and analysis experience of tier one .......

    Market Moves 7 September 2018

  • Increased obligations weighed

    ESMA outlines expanded reporting requirements

    ESMA last month published final draft technical standards on the new reporting requirements to be implemented under the Securitisation Regulation (SCI 24 August). The standards - released ahead of the 1 January deadline - are set to usher in new levels of due diligence required on the part of the seller, meaning investors will expect more information to .......

    News Analysis 6 September 2018

  • Market moves - 31 August

    The latest hires and company developments in the structured finance market

    Acquisition

    Moody’s Corp is set to acquire all outstanding shares of Reis in an all-cash transaction valued at approximately US$278m. By combining Reis’s extensive data with Moody’s Analytics’ specialised capabilities, the firm aims to enhance analytical practices in the CRE market and contribute to the efficiency and liquidity of capital flows. Under the terms of the merger agreement, .......

    Market Moves 31 August 2018

  • CMBS rating questioned

    RA queries top rating on Elizabeth Finance 2018

    The provisional triple-A rating from DBRS on the senior notes of the £90.707m UK CMBS, Elizabeth Finance 2018, is ‘not supported’ by the transaction. This is according to a recent comment from Fitch which queries the validity of the rating, especially because repayments from refinancing borrowers will be repaid to note classes on a pro-rata basis.

    S&P and DBRS recently .......

    News 24 August 2018

  • Market moves - 24 August

    The week's structured finance hires and company developments, all in one place.

    Consent solicitation

    NN Bank has issued a consent solicitation seeking investor approval for the early redemption of the Hypenn 3 Dutch RMBS, of which the class A1 tranche has already been redeemed. The class A2 tranche has an outstanding balance of €467m and a FORD of 17 June 2020, according to Rabobank credit analysts. Together with Hypenn 3, NN Bank’s Arena 2014-2 .......

    Market Moves 24 August 2018

  • Market moves - 17 August

    Company developments and new hires in the structured finance sector

    Acquisitions

    Vistra has completed the acquisition of the corporate services business of Deutsche Bank’s global transaction banking division. The corporate services business will now be rebranded under the Vistra umbrella. The acquisition broadens the company’s presence in seven of the existing locations across Europe, the Cayman Islands and Mauritius, providing further scale and expertise in these jurisdictions and involves management .......

    Market Moves 17 August 2018

  • Market moves - 10 August

    Company developments and new hires in the structured finance sector

    CDOs transferred
    Dock Street Capital Management     has replaced Deerfield Capital Management as collateral manager of the Knollwood CDO and Mid Ocean CBO 2001-1 transactions. Moody’s has confirmed that the move will not impact its ratings on any of the notes issued by the issuers. For more CDO manager transfers, see SCI’s database.

    Effective 2 August, Highland Capital Management .......

    News 10 August 2018

  • Market moves - 3 August

    Company developments and new hires in the structured finance sector

    Acquisitions
    Savills Investment Management is set to acquire a 25% interest in DRC Capital. In addition, the partners of DRC have granted Savills Investment Management a call option to acquire the remaining 75% interest in DRC on the third anniversary of the completion of the initial transaction. Dale Lattanzio, ceo and managing partner of DRC, will join the board of Savills .......

    News 3 August 2018

  • ARAs on the rise

    Increased stress emerging in CMBS 2.0?

    The volume of appraisal reduction amounts (ARAs) in the US CMBS 2.0 universe is on the rise, effecting 111 loans. A significant amount of the exposure is concentrated in North Dakota and Texas, reflecting the stress in the energy sector.

    Of the US$3.6bn of CMBS 2.0 specially serviced loans outstanding, US$1.5bn have ARAs. US$229m were initiated in 1H18, .......

    News 2 August 2018

  • Tender saga moves to High Court

    Issuer seeks to invalidate administration announcement

    The Clifden IOM No.1 tender for the Fairhold Securitisation CMBS (SCI passim) recently entered a new phase when an announcement was posted to the London Stock Exchange stating that Fairhold had gone into administration, with two joint administrators appointed to the task, on 12 July. This was quickly retracted and Fairhold is now seeking a declaration of invalidity in .......

    News Analysis 1 August 2018

  • Market moves - 27 July

    Company developments and new hires in the structured finance sector.

    Acquisitions

    American Mortgage Consultants (AMC), has announced the acquisition of certain personnel and the operations center of Des Moines, Iowa-based The Barrent Group. This transaction will establish a market presence for AMC in the Midwest and adds more than 50 residential mortgage professionals to its platform, further enhancing the firm’s client service capabilities. AMC plans to hire up to 150 .......

    Market Moves 27 July 2018

  • Testing time

    European ABS succumbs to widening pressures

    Poor new issue execution has seen the European securitisation market finally succumb to widening pressure, in line with other credit markets. A number of short-term and long-term factors are at play, but the true test of the sector will be when participants begin putting cash to work after the summer.

    Cartesian 3 and Sunrise SPV 40 were among the headline .......

    News Analysis 24 July 2018

  • 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
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