Investors
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ILS opportunity set revealed
Market updates and sector developments
A recent SIGLO Capital Advisors study estimates that the global ILS market is slightly over US$100bn in size and, as such, equates to roughly 20% of overall global risk-bearing reinsurance capital. The private ILS market segment accounts for around 60% of this total, while the public catastrophe bond market segment accounts for the remainder. The top 20 ILS managers were .......
Market Moves 6 June 2024
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Five-point plan
EU securitisation reform package mooted
AFME has published a position paper that outlines a five-point plan to revive the securitisation market in the EU. Entitled ‘EU Securitisation back on track’, the paper describes the different ways that securitisation can be used as a tool to support EU growth and strategic objectives, identifies the regulatory hurdles that currently impede its impact and outlines a package .......
News 6 June 2024
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Job swaps weekly: WTW appoints experienced leader from SMBC
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees WTW appointing a head of alternative credit insurance, financial solutions, from Sumitomo Mitsui Banking Corporation (SMBC). Elsewhere, Gowling WLG has lured a Toronto-based industry veteran as partner to head up its new structured finance and securitisation group, while Barings has hired an md and global head of fund and asset level .......
Market Moves 31 May 2024
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Stars aligned
Nordic advisory firm to capitalise on constructive outlook
The new advisory venture of two ex-Nordea SRT experts seeks to capitalise on a growing Nordic market (SCI 17 May). Indeed, the stars seem to be aligned for a second wave of capital-focused transactions in the region as regulatory requirements begin to bite.
Jonas Bäcklund, the ceo of the boutique advisory firm Revel Partners, says: “The bet .......
News Analysis 29 May 2024
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GACS 2.0 ABS 'better positioned' than GACS 1.0
Market updates and sector developments
GACS 2.0 NPL securitisations appear to be better positioned than GACS 1.0 securitisations, both from an asset side perspective - in terms of greater accuracy of original business plans, better collateralisation and healthier performance - and from a structural perspective, in terms of higher levels of conversion rates and hedging status. A new Morningstar DBRS commentary suggests that this .......
Market Moves 24 May 2024
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Job swaps weekly: McCarthy Denning appoints CTLA-focused partner
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees McCarthy Denning hiring a former Greenberg Traurig shareholder as a securitisation-focused partner. Elsewhere, Sumitomo Mitsui Finance and Leasing (SMFL) has promoted a long-standing structured finance and corporate banking executive to head up its New York branch, while Offit Kurman has snapped up a former Greenspoon Marder partner as principal.
Helena Nathanson .......
Market Moves 24 May 2024
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Agency angle
SRT ratings on the rise?
Ratings for GSE credit risk transfer transactions are commonplace, given the US agencies’ desire to appeal to a wide range of investors. However, the volume of both public and private ratings for non-agency capital relief trades appears to be on the rise, as the market prepares for Basel 3 Endgame.
Andreas Wilgen, group credit officer for global structured .......
News 23 May 2024
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Transition finance: Mobilising capital - video
Morningstar Sustainalytics' Begum Gursoy speaks to SCI about...
....... News Analysis 23 May 2024
Lever up
Back leverage for CRT buying on the rise
It is becoming increasingly common for buyers of positions in synthetic capital relief trades to use leverage, say well-placed market sources.
Not only does this procedure enhance returns at a time of diminishing yields, there is a growing number of .......
News 23 May 2024
Picking up the PACE
Consumer protection measures bring benefits
The property assessed clean energy (PACE) ABS market could be set for a renaissance, following progress in bolstering consumer protection measures. Nevertheless, C-PACE activity continues to far outweigh that of the R-PACE sector (SCI 20 January 2023).
“We refer to it as PACE 2.0. We’ve built in many consumer protections, including making sure borrowers have the ability .......
News Analysis 22 May 2024
MPOWER graduates into securitisation
Provider of loans to international students says deal is first of many
MPOWER Financing, a provider of loans for international university students, has issued its first securitisation, in what it anticipates will develop into a regular stream of issuance. The transaction, MPOWER Education Trust 2024-A, consists of three tranches totalling US$198.1m, which received ratings by KBRA and Morningstar DBRS.
With an underlying collateral pool of US$215.2m, the deal represents the .......
News Analysis 22 May 2024
Agile framework
PRA and FCA publish new UK securitisation rules
Last month, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published policy statements and the new securitisation rules. Together, both UK regulators have triggered the countdown to 1 November 2024 when the new UK securitisation framework will come into force.
Structurally, both policy statements thoroughly acknowledge industry feedback (following consultation processes that occurred last year) .......
News Analysis 21 May 2024
CLOs: Improving arbitrage - video
TwentyFour Asset Management's Elena Rinaldi speaks to SCI ab...
....... News Analysis 16 May 2024
AI credit analysis project launched
Market updates and sector developments
Stratiphy and Chenavari Financial Group have joined forces to develop custom AI tools aimed at improving the quality of and mitigating the subjectivity within credit analysis. By harnessing the wealth of existing data and employing a range of AI techniques, the project aims to enhance efficiency, pricing capability and precision in forecasting within credit analysis.
Representatives of each .......
Market Moves 13 May 2024
Attraction stations
SRT relative value in focus
The relative value of SRT transactions is attracting a swathe of new as well as former investors to the space, despite the fact that spreads are tightening. Nevertheless, the creation of an active secondary market remains remote.
Several investors have recently returned to the SRT market after long spells away. For instance, Cheyne Capital last month announced it .......
News Analysis 13 May 2024
Job swaps weekly: Western Alliance Trust elevates CLO expert to president and ceo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Western Alliance Trust Company appointing a new president and ceo with a background in CLOs, levered loans and securities custody. Elsewhere, Aon has hired an executive md of capital advisory, while Eversheds Sutherland has snapped up a Clifford Chance veteran as a capital-markets-focused partner.
Western Alliance Trust has promoted md .......
Market Moves 10 May 2024
Golub launches insurance solutions team
Market updates and sector developments
Golub Capital has launched an insurance solutions team to be led by newly appointed md and head of insurance solutions Jennifer Potenta. The launch of the team forms part of the firm’s plan to expand its investor partners group, which is focused on supporting the “specialised investment needs of different investor segments”, according to a statement issued by Golub.
Market Moves 9 May 2024