Investors
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Real estate finance platform formed
Market updates and sector developments
Blue Owl Capital has launched a real estate finance strategy with the acquisition of Prima Capital Advisors for the aggregate consideration of US$170m. Jesse Hom, previously global head of real estate credit at GIC, will join Blue Owl to lead the newly created strategy as cio, reporting directly to Marc Zahr, co-president of Blue Owl and head of real .......
Market Moves 11 April 2024
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Skills gap?
Lack of specialist SRT talent on the market
The SRT sector is in a period of flux, with many new issuers and new investors entering the market (SCI 28 March). Although supply and demand dynamics are expected to find equilibrium in time, for the moment, there appears to be a skills gap among some players on the buy-side.
One long-standing SRT investor points out that the .......
News Analysis 10 April 2024
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SRT Monthly - March 2024
First significant wave of transactions of the year
Issuance overview
SRT Market Update 5 April 2024
During March, the SRT market experienced its first significant wave of transactions of the year (see SCI’s Capital Relief Trades Database). The sector saw longstanding programmes issue - such as CRAFT (Deutsche Bank) and Chakra (Standard Chartered) - as well as seasoned issuers, including Santander (with the Ducati trade) and BNP Paribas, come to the fore .......
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Blue Owl to form insurance solutions unit
Market updates and sector developments
Blue Owl Capital has entered into a definitive purchase agreement to acquire Kuvare Insurance Services (doing business as Kuvare Asset Management) (KAM) for US$750m. Separately, Blue Owl has made a long-term investment in Kuvare, purchasing US$250m of preferred equity. This investment is intended to create alignment between Blue Owl and Kuvare and provides growth capital to Kuvare’s insurance companies, each .......
Market Moves 4 April 2024
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AGL, Barclays ink cooperation agreement
Market updates and sector developments
AGL Credit Management and Barclays have launched a new private credit investment platform called AGL Private Credit (AGL PC). AGL PC combines AGL’s established credit competency with proprietary access to Barclays’ leading leveraged finance and investment banking origination capabilities through an exclusive long-term cooperation agreement.
“Across our client base, there is a strong desire to work with a .......
Market Moves 3 April 2024
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EARN unveils 'strategic transformation'
Market updates and sector developments
The board of trustees of Ellington Residential Mortgage REIT (EARN) has unanimously approved a strategic transformation of its investment strategy to focus on corporate CLOs. The company intends to build upon its current US$44m CLO portfolio, with an emphasis on secondary CLO mezzanine debt and equity tranches.
In connection with its strategic transformation, EARN has decided to revoke .......
Market Moves 2 April 2024
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Hot, hot, hot!
Four takeaways from IMN's SRT Symposium
SCI attended IMN’s SRT Symposium at Clifford Chance last week. Based on our takeaways from the conference, here are the four things every SRT enthusiast needs to know:
- Investor interest
“SRT is seriously hot!” Kaikobad Kakalia, cio of Chorus Capital Management and a speaker on the first panel of the day, told audience members. “Taylor Swift was .......
Talking Point 28 March 2024
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Navigating market volatility
Mike Nowakowski, md and head of structured products at Conni...
Institutional investors navigating market volatility increasingly seek asset classes offering unique yield opportunities and portfolio diversification. One such asset class garnering attention and capital is esoteric ABS.
Esoteric ABS are very similar to traditional auto and credit card ABS, but the collateral may be less familiar. Most esoteric ABS deals can be divided into three large categories based .......
Talking Point 27 March 2024
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NCSLT found to be 'covered persons'
Market updates and sector developments
In a case involving the CFPB and the National Collegiate Master Student Loan Trust (NCSLT), the Third Circuit has found that statutory trusts used to handle securitisations are considered ‘covered persons’ for purposes of the Consumer Financial Protection Act (CFPA) and thus are subject to CFPB jurisdiction. According to a recent Cadwalader memo, this effectively means that the trusts would .......
Market Moves 22 March 2024
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Job swaps weekly: ARMOUR reveals successors to Gruber
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees ARMOUR Residential REIT announce successors to outgoing cio Mark Gruber. Elsewhere, Palliser Capital has hired a securitisation veteran as chair of its US division, while Simmons & Simmons has appointed a new London-based partner in its financial markets practice.
ARMOUR Residential REIT has promoted Sergey Losyev and Desmond Macauley to co-cios, .......
Market Moves 22 March 2024
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Motor finance review sparks RWA optimisation
Market updates and sector developments
Close Brothers has unveiled plans to strengthen its capital position by optimising RWAs, including by reducing RWA growth by approximately £1bn through a combination of selective loan book growth, partnerships and significant risk transfer of assets related to its Motor Finance business through securitisations. The move comes amid the UK FCA’s review of the motor finance industry (SCI 6 .......
Market Moves 20 March 2024
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Tale of two markets
SRT Market Update
The outlook for the US SRT market currently appears to be mixed, with some banks reportedly waiting for the outcome of November’s presidential election before completing trades. Across the pond, meanwhile, Santander’s Portuguese subsidiary Totta is understood to be prepping a transaction for Q2.
Sources tell SCI that the Totta deal is likely to reference a granular portfolio .......
SRT Market Update 15 March 2024
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Job swaps weekly: Newmark launches Paris office with raft of senior hires
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Newmark Group appointing two commercial real estate veterans from JLL and CBRE to head up its new Paris office. Elsewhere, Obra Capital has hired an entire team from Pangea Mortgage Capital as part of its launch of Obra Real Estate, while Barclays has named a new head of principal funding and .......
Market Moves 15 March 2024
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Vintage matters
Adam Castle, partner and portfolio manager at Lord Abbett, answers SCI's questions
Q: When did Lord Abbett begin investing in securitised products? Was there a specific driver behind its decision to enter the market?
The Structured Credit Interview 14 March 2024
A: Lord Abbett has been a multi-sector fixed income investor since the 1970s and we started investing in securitised products in the early 1990s, so the firm has a long history of evaluating opportunities in a wide range .......
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CLO strategic partnership inked
Market updates and sector developments
Global alternative asset manager Sagard has begun laying the groundwork to expand its presence in the US CLO market through a new strategic partnership with US CLO manager HalseyPoint. As part of this partnership, Sagard will acquire a 40% stake in the HalseyPoint CLO platform, which will now go by new co-branded platform name Sagard|HalseyPoint.
Upon completion of the .......
Market Moves 13 March 2024