Investors
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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
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Job swaps weekly: EIF exclusive
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees SCI exclusively reveal that the European Investment Fund’s chief investment officer is retiring from his role after almost three decades with the fund. Elsewhere, Performance Trust Capital Partners has poached three executives from Pagaya, while ELFA announces its ceo is to step down from her role.
Alessandro Tappi is to .......
Market Moves 20 September 2024
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Renewables prioritised
Coventry's PACE, solar efforts gain momentum
Coventry Structured Investments, a Los Angeles-based asset management firm specialising in niche debt and equity solutions, is set to purchase up to US$600m in residential solar loans under a forward-flow agreement with Almika Renewable Finance. The agreement reinforces Coventry’s prioritisation of renewables as key growth areas over the next six to 18 months, including the roll-out of its own .......
News Analysis 20 September 2024
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CLO manager corner: Sculptor Capital Management
Adeel Shafiqullah, head of European CLO management, discusse...
The launch of Sculptor Capital Management’s captive CLO equity platform in April, secured by an anchor commitment from Rithm Capital Corp., is a “strong validation” of the firm's support of Sculptor’s CLO management business as well as the ability to be “opportunistic and nimble” with capital.
Speaking to SCI, Adeel Shafiqullah, head of European CLO management at Sculptor, says: .......
The Structured Credit Interview 19 September 2024
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Breaking regulatory chains
Calls for reform intensify as industry pushes to fuel growth and fund Europe's green transition
The European securitisation market is “far too small and illiquid,” according to a recent report from True Sale International (TSI) and the Association of German Banks (BdB). The scale of the challenges could be having a negative impact on vital innovation across the continent’s economy.
The report, titled ‘A strong, competitive Europe: unlocking the potential of securitisation’, underscores .......
News Analysis 19 September 2024
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In demand
ETF CLO growth gathers pace as firms ramp up offerings
Demand for floating rate assets with robust surplus yield outlook is driving ETF (exchange-traded fund) CLO growth, according to asset manager Janus Henderson, with firms ramping up their offerings.
In July, Janus Henderson B-BBB CLO ETF (JBBB) surpassed $1 billion in AUM (SCI 15 July). This was followed two months later by Palmer Square Capital launching two .......
News Analysis 19 September 2024
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Latest SRTx fixings released
SRT market sentiment re-adjusts after financial markets experienced significant volatility.
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. If August got off to an rough start (The S&P 500 lost more than 6% in the early days of August, erasing nearly US$3tn in market value), as fears mounted about an economic slowdown in the US, recession concerns dissipated as quickly as they arose. .......
News 18 September 2024
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Sub-par
SRT market update
The impact of new entrants – otherwise commonly or derogatorily referred to as tourist investors – is continuing to split opinion in the SRT market, with some saying spreads are becoming unreflective of risk.
In this context, certain market observers and participants believe tightening spreads are simply an evolution of the market. With more investors coming into the market, .......
SRT Market Update 13 September 2024
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Job swaps weekly: Chatham AM appoints four for new CLO management team
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Chatham Asset Management establishing a CLO management business with four key hires. Elsewhere, Freddie Mac has selected a new ceo, while Arini has named a CLO portfolio manager to replace Evangeline Lim, who is retiring from the industry.
Chatham Asset Management has established a CLO management business - called CTM Asset Management – with .......
Market Moves 13 September 2024
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Regulating mood
Advisory's insights on how to remove SRT regulatory barriers
SCI catches up with Jonas Bäcklund, ceo of Revel Partners, to analyse suggestion on how regulatory tweaks could bolster growth to the European SRT market.
The conversation comes as Mario Draghi, former president of the European Central Bank, emphasised this week the need for a well-functioning securitisation market to address Europe’s investment gaps in infrastructure and sustainable projects. .......
News Analysis 13 September 2024
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Ringing the bell for CLO ETFs
Palmer Square Capital Management launches two CLO credit ETFs
Asset manager Palmer Square Capital has launched two exchange traded funds (ETFs), both of which provide retail investors with access to structured credit markets. Palmer Square Credit Opportunities ETF (PSQO) and Palmer Square CLO Senior Debt ETF (PSQA) began trading today and the firm rang the opening bell at the New York Stock Exchange on Thursday to mark the .......
News 12 September 2024
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Seeds of evolution
illimity's Lionetti answers SCI's questions
Tech-focused Italian banking group illimity recently announced the structuring of two new loan securitisation programmes to support SMEs and agricultural businesses in Italy, following on from the launch of its first securitisation programme last year. Claudia Lewis speaks to Fabiano Lionetti, head of investment banking at the bank, about its partnership with alternative-finance-focused fintech advisor Crescitalia and the evolution of .......
The Structured Credit Interview 12 September 2024
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Strength on several fronts
Ninety One's Barua answers SCI's questions
New issuance CLO volumes are on course to challenge previous full-year records and the market is well-positioned to weather any recessionary fears, according to Rondeep Barua, securitised products analyst at Ninety One. Barua speaks to Camilla Vitanza about the asset class’s prospects and anticipated trends for the rest of the year
Q: How would you summarise 2024 so .......
The Structured Credit Interview 11 September 2024
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New partnership
Market moves and sector developments
GP stakes firm Armen and Chorus Capital (Chorus) have announced a strategic partnership. As part of the partnership, Armen will acquire a 16% minority equity stake in Chorus Capital. The transaction – which is targeted to close by the end of the month – represents the third investment by Armen GP Stakes Fund I and its first in the .......
Market Moves 10 September 2024
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Secret Revolution
How will the US regional bank market develop?
The US CRT market is slowly absorbing volumes and experiencing increased growth from unexpected players. Regional bank deals may herald how the jurisdiction will develop.
Pinnacle Financial Partners and Valley National Bank entered the market last month with deals referencing mortgage and auto loan assets, respectively (SCI 29 July and 29 July). Both banks have below .......
News Analysis 10 September 2024
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Lofty heights
SRT market update
LOFT 2024-1, the latest issuance from Deutsche Bank’s established leveraged loans SRT programme, is set to close this month.
While SCI understands that the deal has a similar structure to its predecessor, distinctions include a different tranching and a tighter spreads (in line with recent market developments).
The deal references 0-18% of a portfolio, split between a .......
SRT Market Update 6 September 2024
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Oh Canada
SRT market update
Toronto Dominion is reportedly back in market with a repeat issuance of its inaugural trade and programme, which closed in February last year.
Like 2023’s deal (TD CRT), the underlying portfolio is backed Canadian and US high yield corporate loans, described as “below IG”. The spread is expected to land at plus 1050bp - 100bp tighter than the previous iteration. The .......
SRT Market Update 6 September 2024
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Job swaps weekly: The 'Art' of launching
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees two industry veterans join forces to launch Art Capital, a structured finance advisory business. Elsewhere, Citi has boosted its Oceania operation with a new head of asset-backed securitisation, while Cushman & Wakefield has hired a head of capital markets for the Americas from Five Horizons Partners.
Stuart Blieschke and Tim .......
Market Moves 6 September 2024