Investors
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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
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JHG bolsters private credit capabilities
Market updates and sector developments
Janus Henderson Group has entered into a definitive agreement to acquire a majority stake in Victory Park Capital Advisors (VPC). With a nearly two decade-long track record of providing customised private credit solutions to both established and emerging businesses, VPC complements Janus Henderson’s securitised credit franchise and expertise in public ABS markets.
Founded in 2007 by Richard Levy .......
Market Moves 12 August 2024
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Job swaps weekly: Blackstone names new head of international at BXCI
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Blackstone appointing a new head of international for Blackstone Credit & Insurance (BXCI). Elsewhere, Paul Hastings has lured a structured finance partner from Weil, Gotshal & Manges, while Milbank has added a number of Latham & Watkins professionals to its alternative investments team, including a new partner.
Blackstone has named .......
Market Moves 9 August 2024
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Focus on Ally
SRT market update
Ally Bank has released further details on its debut CRT transaction, ABCLN 2024-A, in its Q2 earnings report.
Ally retains the senior and first loss tranches, while protection has been bought on a 1.5-12.5 attach/detach mezzanine tranche. The average coupon is 7.18%, however SCI hears there is a range across the tranche with the most junior slice .......
SRT Market Update 9 August 2024
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Echo in
SRT market update
BNP Paribas is rumoured to be in market with a fresh SRT transaction entitled “Project Echo”.
The deal, which references leveraged loans, will have a tranche thickness of around 3-11%, and a targeted spread in the region of 8%. The notional portfolio size is US$2-3bn and the WAL is between two and three years.
The bank has .......
SRT Market Update 9 August 2024
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WBS: New frontiers - video
Ropes & Gray's Patricia Lynch speaks to SCI about whole business securitisation
....... News Analysis 5 August 2024
BNPP set to acquire AXA IM
Market updates and sector developments
AXA has entered into exclusive negotiations to sell its asset manager AXA Investment Managers (AXA IM) to BNP Paribas for cash proceeds of €5.1bn. Under the terms of the proposed transaction, AXA and BNP Paribas would also enter into a long-term strategic partnership, under which BNP Paribas would provide investment management services to AXA.
Additionally, AXA would receive .......
Market Moves 1 August 2024
Swedish SRT finalised
SRT market update
Further demonstration of the growing interest, opportunities and activity from the Nordics for risk-transfer mechanisms has materialised.
Swedish lender Marginalen Bank has completed a risk sharing transaction with seasoned SRT investor Christofferson, Robb & Company (CRC). Entitled Project Argo, the significant risk transfer transaction is SEK1bn cash securitisation that references a portfolio of non-performing consumer loans. Additionally, the securitisation .......
SRT Market Update 1 August 2024
Hayfin inks MBO
Market updates and sector developments
Hayfin Capital Management has entered into an agreement with private investment firm Arctos Partners to support a management buyout of the business, acquiring British Columbia Investment Management Corporation’s (BCI) majority stake. The new partnership delivers Hayfin’s long-term objectives of greater team ownership, alignment and incentivisation, as well as generating superior and consistent risk-adjusted returns for both Hayfin’s and Arctos’ .......
Market Moves 30 July 2024
No endgame in sight
SRT market update
Optimism around the wave of US CRT deals expected during Q3 is fading with the outcome of the Basel 3 Endgame still unresolved.
Commenting on the matter, one source explains: “At the start of this year people were saying 2024 was it – this is happening – but I don’t think people were expecting there to be this .......
SRT Market Update 26 July 2024
Resonance marketed
SRT market update
Further details have emerged on Citi Bank’s corporate SRT deal (SCI, 10 May). Sources suggest the spread landed somewhere in the sixes, with the tranche thickness at 0-13%.
One tells SCI: “Citi was initially looking to do $500m of first loss, but they might have done more as they got a lot of demand because it’s good .......
SRT Market Update 22 July 2024
Job swaps weekly: Proskauer lures A&O Shearman co-head of global banking
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Proskauer Rose snapping up two A&O Shearman partners for its global finance practice. Elsewhere, Womble Bond Dickinson has added a Latin America-focused partner to advise on capital markets and structured finance, while Anchor Health Properties has lured a structured finance-focused senior vice president.
Philip Bowden has left his role as .......
Market Moves 19 July 2024
Esoteric ABS: Fragmenting industry - video
Revere Capital's Gary Miller speaks to SCI about esoteric ABS
....... News Analysis 17 July 2024
Expect new issuers
SRT market update
A notable trend during the first half of the year has been the growth and surge in cash SRT transactions. While market sources report a combination of factors accounting for such uptick in true-sale trades, both originator and investor demand has been particularly strong in Italy.
Commenting on the uptick experienced in cash SRTs, one ABS/MBS trader points to favourable .......
SRT Market Update 12 July 2024
Latest SRTx fixings released
SRT market sentiment highlights balanced trends and market conditions
The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. While last month’s data points highlighted an incrementally better market sentiment overall, this month’s figures and calculations calculations generally came back wider than the previous month.
SRTx Spread Indexes have widened across the board, with the European (+8.4%) and US (+8.3%) corporate segment .......
News 11 July 2024
School's out?
SRT market update
It seems summer has officially arrived and with it its traditional hiatus in deal flow. Market sources suggest that activity will pick up later in Q3 and that the end of the year may see new issuers enter the market.
Reflecting on current volumes, one source explains NDAs should pick up towards the end of August and that the .......
SRT Market Update 5 July 2024
Job swaps weekly: Medalist names Buccola as head of structured credit
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Medalist Partners appointing a former Cantor Fitzgerald senior executive as partner and head of structured credit. Elsewhere, the EIF has named a new head of securitisation, while Davis Polk has promoted six – including two securitisation specialists – to partner.
Medalist Partners has appointed James Buccola as partner and head .......
Market Moves 5 July 2024
Agriculture CLN incoming
SRT market update
Lloyds is in market with a fresh transaction from its Fontwell programme. It previously issued the agricultural mortgages programme back in 2016 and 2020, with investors suggesting a pricing of 12% and 10% spreads, respectively. Pricing details for the new trade are still unclear, although a combination of a broader investor base and the fact that the .......
SRT Market Update 3 July 2024
Continued growth
SRT Market Update
As both Q2 and the first half of the year come to a close, SRT investors highlight a consistent and continued growth in issuance.
Reflecting on the level of volumes seen in the last six months, one SRT investor expects figures to show a “15% growth” year-on-year. He notes: “There have been a lot of transactions, with most of .......
SRT Market Update 28 June 2024
Job swaps weekly: Crescent promotes three to senior leadership team
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Crescent Capital Group bolstering its senior management team with a number of promotions. Elsewhere, S&P Global Ratings has named a successor to president Martina L Cheung, who is to be promoted to president and ceo of S&P Global, while Man Group has hired a credit-risk-sharing-focused head of structuring.
Crescent Capital .......
Market Moves 28 June 2024