Investors
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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
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Job swaps weekly: MidOcean boosts capital formation capabilities
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees MidOcean Partners strengthen its ranks with the appointment of Jon Fox as global head of capital formation. He brings several decades of leadership and alternative asset management experience that will help to expand the firm’s investor relationships globally.
Fox was formerly president of Värde, having joined that firm nearly 11 .......
Market Moves 18 October 2024
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Local network
Jonas Hybinette, co-founder and co-head of business developm...
Q: RoundShield, a private investment firm specialising in asset-backed credit across Western European markets, recently closed its fifth European special opportunities fund (Fund V) with over US$1bn in commitments - surpassing its fundraising target by nearly US$150m. Why does the firm focus on Western Europe and how do you identify opportunities in these jurisdictions?
The Structured Credit Interview 17 October 2024
A: Driss Benkirane, our managing partner, and I .......
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Latest SRTx fixings released
SRT market projections include spreads firming up and incrementally worsening credit risk outlook.
While we enter the final quarter of the year, September was characterised by central banks and the significant easing priced in by markets. Such vision and prediction for a more aggressive rate-cutting cycle by major central banks has led to a bull steepening of yield curves. After the 50 bps rate cut by the Fed in the US, markets have .......
News 16 October 2024
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SRT issuer profile: NatWest
Rob Lloyd, head of balance sheet management at NatWest Comme...
Q: How long have you been involved in SRT and what were the drivers behind your first trade?
A: SRT is not a new concept, the bank has been users of the product for some time. This year we are embarking on the tenth issuance of our Nightingale programme.
Q: Do you view SRT as a strategic .......
The Structured Credit Interview 14 October 2024
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Transactions and tightening
SRT market update
New issuers of corporate and project finance SRT in Germany, SME trades from Spain and Greece and an auto trade out of Scandinavia are among the deals coming to market in Q4.
SCI understands in particular three of the big four Greek banks (Alpha Bank, Piraeus Bank and Eurobank) are in the market. This would be Piraeus’s first .......
SRT Market Update 11 October 2024
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Job swaps weekly: KBRA rings the changes
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees KBRA making multiple senior structured finance appointments including a new global head of ABS and RMBS. Elsewhere, a c-suite executive at PACE Funding Group has left the firm and transitioned away from structured credit with a move to Greenday Finance, while specialty finance company Encina Lender Finance has made two senior .......
Market Moves 11 October 2024
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SCI In Conversation Podcast: Volker Gulde, Moody's Ratings
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI head of content Kenny Wastell speaks to Volker Gulde, senior vice president at Moody’s Ratings, about the European market for private credit CLOs. Gulde discusses why the asset class is yet to take off in the continent, when we might expect that situation to change, and more.
Gulde says that, while there .......
News Analysis 11 October 2024
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Capital call debut
SFF securitisation could mark 'the beginning of a new market'
Goldman Sachs is in the market with what is believed to be the first publicly-rated cash capital call securitisation - the US$475m Capital Street Master Trust Series 2024-1. Synthetic capital call securitisations have been more widely issued to date (see SCI’s CRT Deal Database), but the growing use of ratings in the fund finance market and increasing investor .......
News Analysis 10 October 2024
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Flexible financing
Apollo warehouse loan facility rated
Further details have emerged regarding the transaction at the core of the recent strategic financing collaboration between Apollo Global Management and BNP Paribas (SCI 27 September). The resultant borrower vehicle, AGF WHCO 2-A Trust, entered into a senior secured revolving loan facility collateralised by warehouse loan obligations originated by ATLAS SP.
“This trade is very .......
News 8 October 2024
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Job swaps weekly: Blackstone lures two new partners
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Blackstone adding two new partners to its infrastructure and asset-based credit platforms. Elsewhere, ING has hired an industry veteran as head of asset securitisation for wholesale banking in APAC, while Castlelake has strengthened its existing European leadership with the appointment of a new partner.
Blackstone is expanding its infrastructure and .......
Market Moves 4 October 2024
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Winds of change
Key talking points from SCI's inaugural regional banks conference in Chicago.
SCI’s maiden regional bank CRT seminar took place in the Windy City last week. Top of mind was market potential, Basel Endgame, and how to convince hesitant regulators.
- Great potential
It’s no secret that, since US banks have stepped up their use of CRTs, in the longer term, the US market will evolve to resemble its European .......
News 2 October 2024
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Resilient tapestry
Maddi Rowlatt at Challenger navigates the dynamic ABS and MB...
The ABS and MBS landscape continues to be dynamic and resilient, supported by strong investor demand and favourable macroeconomic conditions. In this swiftly changing market, Maddi Rowlatt, portfolio manager overseeing UK, European, and US ABS at Challenger, closely monitors broader macroeconomic and geopolitical risks that could affect performance.
With cautious optimism, she notes: “The market has benefited from .......
News Analysis 27 September 2024
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ABF push
Apollo, BNP Paribas ink strategic collaboration
Apollo last week unveiled a US$5bn strategic financing and capital markets collaboration with BNP Paribas, as it seeks to expand its securitisation and asset-backed finance operations, including ATLAS SP Partners. The deal signals a surge in activity in the private credit market, marked by a growing trend of partnerships between banks and non-bank entities adapting to meet the demand .......
News 27 September 2024
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Job swaps weekly: Toorak and Merchants parent names new coo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Roemanu hire a former Finance of America Home Improvement president as its new coo. Elsewhere, Redding Ridge Asset Management has elevated a senior director to ceo in order to lead its CLO management businesses globally, while Cushman & Wakefield has appointed a co-head of EMEA equity, debt and structured finance.
Market Moves 27 September 2024
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C-PACE renaissance
Carlyle, North Bridge partnership highlights opportunity
Carlyle last week announced a minority investment in North Bridge, a real estate financing provider, to support the origination of up to US$1bn in C-PACE loans. This landmark partnership represents the largest collaboration between a C-PACE originator and a private credit firm, underscoring the rapid evolution of this emerging asset class.
“It’s a really interesting partnership that leverages .......
News 26 September 2024
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Recalibrating the agenda
The LMA is experiencing fresh SRT member growth
The loan market association (LMA) – the authoritative voice of the loan market in EMEA – is ramping up its SRT focus. We catch up with them and investigate the LMA’s role, views and prospects regarding the asset class.
While membership of the LMA has historically included banks – ranging from the large international investment banks to regional and .......
News Analysis 26 September 2024
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Digital milestone
Inside KKR and NetCo's landmark infrastructure deal
The recent KKR-NetCo deal marks a significant milestone for Italy, as it introduced securitisation technology for the first time to attract institutional investors to infrastructure financing. The securitisation tranche facilitated KKR’s acquisition of NetCo, Telecom Italia's (TIM) fixed-line network, and its integration with FiberCop by syndicating a portion of the financing.
A&O Shearman, legal advisor to the financial .......
News Analysis 24 September 2024