Investors
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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
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MV Credit acquisition agreed
Market updates and sector developments
Clearlake Capital Group is set to acquire pan-European private credit specialist MV Credit from Natixis Investment Managers. Founded in 2000 and headquartered in London, MV Credit has US$5.1bn in assets under management and provides tailored fund solutions to investors across senior direct lending, subordinated direct lending, hybrid and CLO strategies.
MV Credit has deployed more than US$11bn since .......
Market Moves 3 September 2024
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SCI In Conversation Podcast: Mike Nowakowski, Conning
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Mike Nowakowski, md and head of structured products at Conning, about esoteric ABS and both the agency and non-agency MBS markets. Nowakowski discusses what attracts him to the esoteric space; the type of esoterics that currently offer the most value; potential upcoming tailwinds .......
News Analysis 3 September 2024
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Job swaps weekly: Norton Rose Fulbright adds Paris-based partner
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Norton Rose Fulbright adding a partner to its banking and finance practice in Paris. Elsewhere, CBRE has lured a new executive director to its European debt and structured finance team from Rothesay, while Alantra has appointed a structured-finance-focused senior advisor.
Norton Rose Fulbright has strengthened its banking and finance practice .......
Market Moves 30 August 2024
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CLO manager corner: Antares Capital
Katzenstein and Pitke discuss the firm's liquid credit platform and plans for the future
Antares Capital’s liquid credit platform, which launched last year and today is a BSL CLO issuance platform, is a “natural extension” of its private credit CLO platform, allowing the company to offer a broader opportunity set of products to clients, according to the firm.
Speaking about its business plan, Seth Katzenstein, head of liquid credit at Antares tells .......
The Structured Credit Interview 28 August 2024
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New programme
SCI catches up with Mike Strevens, head of structured guaran...
Central to the British Business Bank’s debt financing activities is the ENABLE Guarantee programme, which aims to increase SME lending capacity among specialist UK banks. The guarantee is structured as an unfunded SRT with the most senior part of the SME reference portfolio protected and the first loss/junior portions and a vertical slice of the remaining portfolio retained by the originator. .......
News Analysis 28 August 2024
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Diverging markets?
SRT investor-issuer relationships evolving
A common gripe among SRT practitioners is that the flood of new investors to the sector has suppressed spreads. However, some believe it has impacted investor-issuer relationship dynamics too.
According to one market participant, this difference in relationships is particularly pronounced between European deals and the deals which have recently been issued in the US. “While the main .......
News Analysis 23 August 2024
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Job swaps weekly: Texas Capital bags sales and trading MD
People moves and key promotions in securitisation
A quiet week for securitisation job swaps ahead of the UK’s August bank holiday. Nordea Asset Management is expanding its private credit presence in the Nordic region, while Texas Capital has beefed up its securitisation and whole loan capabilities.
Texas Capital Securities has recruited Craig Meltzer as md, sales and trading, based in New York. He focuses on securitisations .......
Market Moves 23 August 2024
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CLO analytics firm eyes private credit
Market updates and sector developments
Siepe has raised US$30m in a Series B funding round led by WestCap, which will drive a multi-product roadmap, including the expansion of the firm’s AI and machine learning capabilities. In conjunction with the new funding, Siepe has appointed Mark Schultis – who joined the firm as an advisor in October 2023 – as president.
The Siepe team .......
Market Moves 22 August 2024
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Shot across the bows
US Senator Jack Reed urges the Fed to place additional guardrails around CRTs
Senator Jack Reed (D-RI) has called on the Federal Reserve to create stricter regulations on credit risk transfer (CRT) transactions. The US senator made the calls in a letter to the Federal Reserve, in a development that comes nine months after he wrote to the regulator warning that the risks of CRT trades “may not be fully understood”.
News Analysis 22 August 2024
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CRE analytics tie-up agreed
Market updates and sector developments
SitusAMC has entered into a strategic partnership with CMBS.com, the owner of Backshop, a commercial real estate loan origination, management and servicing software platform. As part of the partnership, SitusAMC will transition ownership of CLOSER - its CRE origination system – to CMBS.com, provide growth capital and obtain a minority ownership position in CMBS.com. Additionally, SitusAMC will onboard the .......
Market Moves 20 August 2024
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Rock-solid July for primary ABS market
Low volatility and strong investor appetite lure new issuers
The primary ABS market remained robust in July despite the typical summer slowdown, with strong issuance and investor demand across various sectors, according to monthly European and UK factsheets monitored by SCI.
Amundi’s portfolio managers observed significant activity in July, particularly among new ABS issuers capitalising on the relatively low market volatility and high investor appetite. “These transactions .......
News 20 August 2024
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A buyer's market
Chorus Capital concludes fundraising
Chorus Capital (Chorus) has successfully concluded fundraising for Chorus Capital Credit Fund V (the fund), its latest dedicated risk-sharing fund.
Through this fundraising, the firm has raised c. US$2.5bn of capital commitments across parallel vehicles, meeting its target size. Comparatively, Chorus had amassed US$1.5bn of capital commitments for its previous fund (Chorus Capital Credit Fund IV) back in .......
News Analysis 19 August 2024
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Mini Morgan
SRT market update
JP Morgan’s latest new mortgage-referencing CRT has a unique structure which has raised some eyebrows.
The bank referred to the transaction as a “deconsolidated portfolio risk transfer” which transfers the mortgages to an off-balance sheet vehicle. The vehicle will in turn enter a credit agreement with a JP Morgan entity to borrow against the value of the retained .......
SRT Market Update 16 August 2024
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Funded access
Rated repacks on the rise
(Re)insurer participation in SRT deals has historically been limited to unfunded and non-STS transactions, but they are increasingly finding innovative ways to participate in funded deals. One such recent innovation is the EMX Partners platform, which combines (re)insurer risk appetite with third-party funding.
Since its launch in June 2023, EMX has effectively closed a debut transaction in Q3 2023 .......
News Analysis 16 August 2024
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Job swaps weekly: New Cayman structured finance chief for Maples
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Maples and Calder naming a new head of its Cayman Islands structured finance practice. Elsewhere, Scotiabank has staffed up for the launch of its new Houston-based mortgage capital markets business, while an ex-Stout md and co-lead of structured credit has taken up a C-suite role at Unifi Asset Management.
Maples .......
Market Moves 16 August 2024
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Data centre securitisation: Growing in waves - video
S&P Global Ratings' Jie Liang speaks to SCI about data centre securitisation
....... News Analysis 14 August 2024
Latest SRTx fixings released
SRT market sentiment highlights global market volatility.
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. If last month’s data points generally expressed a marginal widening across the indices, this month’s figures show that volatility has returned to the markets. Despite being the peak of the summer holidays, the beginning of the month of August has triggered a surge in volatility .......
News 14 August 2024
Solera MBO boosts auto finance platform
Market updates and sector developments
Obra Capital has partnered with the Solera Auto Finance (SAF) team in a management buyout from Solera Corp. SAF will be rebranded as Arra Finance and by combining the company’s skills with Obra’s existing structuring and credit expertise, the aim is to jointly work with securitisation market participants and forward flow purchasers to create highly rated assets.
SAF .......
Market Moves 13 August 2024
The Great White Deep Freeze
SRT market update
After a bumper 2023 for Canadian CRT, issuers seem to be focused on other forms of capital allocation optimisation.
While, last year saw at least four of the big five Canadian banks issuing CRT deals with Canadian assets, issuance this year doesn’t seem quite as considerable.
One source expects CRT issuance to come back with force in .......
SRT Market Update 13 August 2024
Israel debuts landmark public RMBS deal
Credito's public offering marks new era in Israeli securitisation industry
Israel is on the brink of a major milestone in its financial sector with the launch of its first public RMBS deal. The groundbreaking deal led by the Israeli non-bank lender Credito represents a major step forward for the country’s securitisation market, traditionally dominated by private and bilateral transactions.
The Credito IPOs RMBS deal consists of a mortgage .......
News Analysis 13 August 2024