Investors
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Ex-Accunia exec to launch Euro CLO equity investment platform
Grane speaks to SCI about building a new London team and seeking investors
Christian Grane, the former head of investments at Accunia Credit Management, is aiming to launch a dedicated European CLO equity investment platform in the second or third quarter of next year.
Speaking to SCI, Grane, who left Accunia in September after five years, says he is currently in the process of speaking to potential investors and partners to launch .......
News 13 November 2024
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Fund finance milestone
Investec and Ares ink 'first of its kind' subscription lines securitisation
Investec Fund Solutions, the fund solutions arm of Investec Bank, has recently inked a landmark partnership with alternative investment firm Ares Management to launch what is believed to be the first-ever subscription lines securitisation. The bespoke funding structure will allow Investec to scale its offering in response to the growing demand for subscription lines among private equity firms.
News Analysis 12 November 2024
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Job swaps weekly: Ogier snaps up Dublin-based partner
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Ogier hiring a structured finance veteran from Matheson as partner in its Dublin office and promoting a real estate managing associate to partner in its Jersey practice. Meanwhile, Sidley has hired two long standing senior capital markets partners from Latham & Watkins, while Latham & Watkins has made a number of .......
Market Moves 8 November 2024
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M&G unveils €200m ABS fund
Firm launches vehicle aimed at unlocking daily liquidity in high-grade securitised assets
M&G’s structured credit team has launched the M&G Investment Grade ABS Fund, a new daily liquidity fund with an initial €200m investment from pension schemes and family offices. The fund seeks to capture value in the global securitisation market, focusing on high-quality, investment-grade assets backed by residential mortgages, consumer, corporate, and automotive loans.
The fund’s strategy aligns with .......
News 5 November 2024
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NAV in focus
Growing market 'key' to fund finance toolkit
Net asset value (NAV) lending volumes are poised to more than double over the next few years. Indeed, panellists at Invisso’s recent ABS East conference forecast that the market could grow from nearly US$150bn in 2024 to an estimated US$500bn by the end of the decade.
NAV loans are becoming an increasingly relevant tool within the broader US$1.2trn .......
News Analysis 5 November 2024
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Pre-judgment day ABS rush in Europe
October sees strong European and UK ABS issuance ahead of US presidential election
October ended with a surge in European and UK ABS and MBS issuance, with €3.5bn placed from seven deals in the final week of the month. This included €2bn of publicly marketed deals, bringing the total level of issuance for the month to €12bn.
JPMorgan strategists note: "October’s primary activity underscores the strong demand for securitised products across .......
News 4 November 2024
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Democratising investment
Christian Parker, structured credit partner at Paul Hastings...
It’s a well-established truth that European retail investors have no access to credit investments in the form of loans. However, this isn’t quite right and overlooks the role of investment trusts, which have for many years offered retail investors exposure to credit markets. Funds managed or associated with Fair Oaks, CVC Credit Partners, AXA Investment Managers and others all .......
Talking Point 4 November 2024
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Job swaps weekly: Linklaters lures four A&O Shearman partners
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Linklaters hiring four partners from A&O Shearman for its New York office. Elsewhere, the Prytania Solutions team has joined Houlihan Lokey’s structured products valuation advisory team as part of the latter’s acquisition of the former, while Danske Bank has snapped up a former senior Nordea executive as investment director.
Linklaters .......
Market Moves 1 November 2024
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Clean and replenish
Optimistic outlook for US CRE market is welcome news for CMBS and CRE CLOs
A rebound in activity in the US CRE market is pointing to brighter times ahead for both CMBS and CRE CLOs. Activity in the CMBS issuance market is a welcome sign after a prolonged down cycle, despite ongoing challenges in office and retail.
“We are seeing a strong turnaround,” states Jodi Schwimmer, partner at Reed Smith. “The market .......
News Analysis 1 November 2024
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Blueprint for sustainable growth
EIF's Jesper Skoglund and Georgi Stoev discuss EIB, EIF, and...
EIB, EIF and BPCE have collaborated on a new €800m financing initiative aimed at driving innovation and sustainability for SMEs. Structured as an ABS transaction, this joint venture is crafted to encourage significant lending to support European SMEs while fostering advancements in the green transition.
With €750m invested by the EIB and €50m by the EIF, the collaboration .......
News Analysis 31 October 2024
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C-PACE 'the winner'
Growing institutional interest, new market frontiers and leg...
With R-PACE uptake cooling across the US, industry leaders hailed C-PACE as “the winner” at Invisso’s ABS East conference in Miami last week. Panellists referenced a surge in deal volume, new market applications and a wave of institutional backing seen throughout 2024.
“We're seeing increased traction in larger C-PACE deals ranging above US$100m, where institutional investors use C-PACE .......
Talking Point 30 October 2024
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Significant piece of regulation
The PRA's latest consultation paper introduces consequential developments for the SRT market
While the Prudential Regulation Authority’s (PRA) latest consultation paper (CP13/24 – Remainder of CRR: Restatement of assimilated law) focuses more broadly on capital requirements, three significant developments for the SRT community have clearly emerged.
The meaningful proposals include a new formula based p factor, (still) no STS for synthetics and a widely softened stance for unfunded SRTs.
News Analysis 29 October 2024
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Yield-seekers' paradise
Esoteric ABS set to shine amid stable rates and digital surge, say Miami speakers
Esoteric ABS issuance has surged to represent nearly a third of the US securitisation market so far this year, reaching US$96bn of cumulative volume. At Invisso’s ABS East conference in Miami last week, panellists forecasted strong growth across niche asset classes through 2025 - with anticipated interest rate stability pushing investors towards the digital infrastructure, whole business securitisation (WBS), .......
Talking Point 28 October 2024
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Tried and true
Michelle Manuel and Michael Schewitz, portfolio managers at Investec, answer SCI's questions
Q: What do you look for in a CLO manager?
The Structured Credit Interview 28 October 2024
Michelle Manuel: With a 70% US middle market portfolio, we tend to look for managers who we know have been through a number of credit cycles. When we look at Europe, we choose managers we know or are comfortable with. However, we mainly tend to buy in Europe when the .......
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Job swaps weekly: Kirkland names two new partners
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Kirkland & Ellis hiring two partners for its structured finance and structured private credit practice. Elsewhere, NPL Markets has made two senior appointments to its team, while Piper Sandler has named a new head of structured products trading.
Kirkland & Ellis has hired Jared Axelrod and Suril Patel as partners .......
Market Moves 25 October 2024
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Teutonic tenacity
German consumer ABS sees strong investor demand despite rising challenges
Despite rising interest rates and escalating costs of living across Europe, the consumer ABS market shows little sign of distress. Issuance levels remain robust, with investors continuing to demonstrate confidence in this sector, even as economic conditions tighten. According to Sam Lee, portfolio manager at TwentyFour Asset Management, "there is no sign as yet of any impact on issuance .......
News 24 October 2024
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Here comes the sun
Enpal passes €5bn ahead of Europe's debut public solar ABS deal
Enpal has passed another milestone, as it surpassed €5bn in renewable energy financing commitments. The announcement comes ahead of the issuing of the much anticipated €240m Enpal-originated solar ABS transaction, ABS Golden Ray 1 (SCI 23 October) – a watershed moment as it represents the first ever publicly rated European solar ABS deal.
The German greentech firm, .......
News 23 October 2024
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Milestone deal
IDB Invest lays off risk to private investors
IDB Invest – the Inter-American Development Bank (IDB) Group's private sector institution – has completed a US$1bn securitization for private sector investors to buy multilateral development bank (MDB) assets from Latin America and the Caribbean.
The transaction follows IDB Invest’s new originate to share business model, connecting development assets with global investors to scale impact in Latin America and .......
News 23 October 2024
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Summer in the city
European ABS and CLO markets defy summer lull with €34bn Q3 issuance
The European securitisation market saw significant activity through the third quarter of 2024, defying the typical summer slowdown, according to a market update issued by TwentyFour Asset Management.
Aza Teeuwen, partner and portfolio manager at TwentyFour, attributes this to increased funding needs, tighter pricing and a rush to secure funding ahead of the upcoming US elections.
"Volumes .......
News Analysis 22 October 2024