Investors

  • 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

  • Constructive engagement

    What it takes to close a debut SRT trade

    Completing an SRT transaction from a first-time issuer takes time and resources, but investors are incentivised to participate in such trades for the diversification benefits. Nevertheless, first-time issuers should be prepared to work constructively with investors to ensure a smooth execution.

    Kaikobad Kakalia, cio at Chorus Capital, says his firm takes into account both the primary objective of .......

    News Analysis 13 March 2024

  • Relaunched CMU prioritises securitisation

    Market updates and sector developments

    The ECB Governing Council has agreed a new roadmap for advancing the Capital Markets Union (CMU), with the aim of making full use of Europe’s capital markets to mobilise the private investment necessary to fund the green and digital transitions, and to enhance the EU’s productivity and competitiveness in a shifting geopolitical landscape. The statement places the .......

    Market Moves 12 March 2024

  • Growth expectations

    Alastair Pickett, co-portfolio manager of Chenavari's risk sharing strategy, answers SCI's questions

    Q: As the team prepares to launch a new fund around its risk sharing strategy within the next few months, can you give us some background to SRT at Chenavari?
    A: Our risk sharing business sits alongside and is complementary to our private credit investment strategy, through which we cover both portfolio acquisitions and warehouse financing extended to our non-bank .......

    The Structured Credit Interview 12 March 2024

  • Job swaps weekly: Cadwalader appoints former FDIC deputy general counsel as partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Cadwalader appoint an industry veteran as a New-York-based partner. Elsewhere, Willkie Farr & Gallagher has snapped up a Katten Muchin Rosenman partner for its energy transactions and structured finance team, while Paul Hastings has lured a McDermott Will & Emery partner to its real estate team.

    Cadwalader has recruited former .......

    Market Moves 8 March 2024

  • SCI In Conversation Podcast: Ruhi Patil, Dentons

    We discuss the hottest topics in securitisation today...

    In this special International Women's Day episode of the SCI In Conversation podcast, SCI deputy editor Kenny Wastell speaks to Ruhi Patil, a counsel in Dentons' London office, about gender diversity and inclusion in the structured finance industry. Patil discusses her personal experiences of attitudes towards diversity and inclusion; the roles that allies can play in tackling the challenges; .......

    News Analysis 8 March 2024

  • Develop, advance and retain

    IWD 2024: Inclusion in structured finance

    Diversity is a cornerstone of the practice of securitisation, but the same cannot be said for the make-up of securitisation practices worldwide. To mark 2024’s International Women’s Day, Claudia Lewis highlights the need to acknowledge the often-overlooked intersectional challenges many women face on top of those of gender.

    The theme of this year’s International Women’s Day celebration, ‘Inspiring .......

    News Analysis 8 March 2024

  • Ares forms equipment financing shop

    Market updates and sector developments

    Ares Alternative Credit has launched Ansley Park Capital, a newly-formed lending and specialty finance company that delivers full spectrum, customised financing solutions for essential-use, large-ticket equipment. Ansley Park’s management team and integrated operating platform were acquired from BciCapital, the equipment finance business of City National Bank of Florida.

    Ansley Park will offer scaled, flexible equipment-based capital solutions ranging .......

    Market Moves 5 March 2024

  • Greater visibility?

    SRT Market Update

    As the last month of Q1 begins, a number of banks are expected to close SRT trades imminently. Consequently, more clarity is likely to emerge around where spreads are heading.

    “Generally, there is not a lot of new information coming out of the SRT market. However, we are definitely getting to the point where trades are starting to price, .......

    SRT Market Update 1 March 2024

  • Job swaps weekly: Starwood to draft in Blackstone exec as president

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Starwood Capital Group appoint a new president, as Jeffrey Dishner prepares to transition to a new role. Elsewhere, Siepe has added two structured finance professionals to its leadership team, while Accunia Credit Management has rehired a former senior portfolio manager as head of investments.

    Jonathan Pollack is set to join .......

    Market Moves 1 March 2024

  • Toorak debut

    New asset class gets first time rating

    Toorak Capital Partners has closed the inaugural rated securitization of residential transition loans, it announced yesterday (February 29).

    Designated Toorak 2024-RRTL1, the US$240m trade consists of five tranches, rated low A to low B.

    There is also an unrated P tranche.

    It was underwritten by Morgan Stanley, which was also an initial purchaser alongside Deutsche, JP Morgan, Performance Capital Trust Partners and KKR Capital .......

    News 1 March 2024

  • CEE momentum

    EIB inks pair of green transition deals

    The EIB Group this week executed two synthetic securitisations that support the green transition, one in Austria and the other in Bulgaria. The move comes amid a ramping-up of SRT activity in the Central and Eastern Europe region by the EIF (SCI 10 January).

    Cyril du Boispean, investment officer at the EIF, confirms that the fund’s investments .......

    News 1 March 2024

  • Barclays inks 'strategic' credit card sale

    Market updates and sector developments

    Barclays Bank Delaware (BBDE) has entered into an agreement with insurance accounts managed by Blackstone’s asset-based finance group to sell approximately US$1.1bn of currently outstanding credit card receivables in relation to a defined set of Barclays-branded credit card accounts in the US. This is the first in a series of activities Barclays plans to conduct to reduce its RWAs .......

    Market Moves 28 February 2024

  • Budding partnerships

    Hope for newcomers to tap opportunities in US private-label RMBS

    Fitch and subsidiary dv01 launched a new RMBS presale platform in February with the intention of boosting access to data and luring more investors to US RMBS, including the private-label securities (PLS) market. The tool, named Interactive RMBS Presale Report, is the first in a pipeline of projects born out of Fitch’s acquisition of the structured-finance-focused loan-level data and .......

    News Analysis 28 February 2024

  • Into the blue

    Alpha Bank's latest SRT unveiled

    Further details have emerged regarding Alpha Bank’s synthetic securitisation that it executed in Q4 last year. The significant risk transfer trade – called Project Blue – references a €1.6bn portfolio of Greek corporate and SME loans.

    The financial guarantee on the mezzanine tranche was executed with a diversified pool of investors, going against the norm of bilateral transactions usually experienced in .......

    SRT Market Update 23 February 2024

  • Getting ahead

    SRT Market Update

    Investors continue to highlight the notable pipeline of European corporate mandates in the SRT market as a clear trend. Meanwhile, across the pond, what to expect from the US market in terms of volume and growth for this year remains unclear.

    Asked if, as reported last week, the significant number of European corporate SRT trades currently in .......

    SRT Market Update 23 February 2024

  • Landmark DFC facility inked

    Market updates and sector developments

    Fintech provider StoneCo has obtained a landmark commitment of US$467.5m from the US International Development Finance Corporation (DFC) in the form of a revolving securitisation facility. The facility - which has a final maturity of seven years and a six-month availability period - finances the acquisition of up to US$14bn accounts receivables due by over 20 Brazilian financial institutions .......

    Market Moves 23 February 2024

  • Job swaps weekly: Allen & Overy lures five from Milbank

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Allen & Overy hiring five structured finance professionals from Milbank, including a new partner, ahead of its merger with Shearman & Sterling. Elsewhere, Howden CAP has appointed a new head of execution to its tax and contingent risks team, while Winston & Strawn has added a transactions partner to its New .......

    Market Moves 23 February 2024

  • SCI In Conversation Podcast: Ian Wolkoff, Pretium Partners

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Ian Wolkoff, structured credit and CLO liabilities md at Pretium Partners, about the CLO market’s outlook for 2024. Wolkoff discusses the types of loans that are likely to see default rates tick upwards; refinancing challenges; the high levels of issuance seen .......

    News Analysis 23 February 2024

  • Historic opportunity?

    MPL ABS set to benefit from credit card refinancing needs

    Marketplace loan ABS issuance in the US posted volumes of US$7.6bn last year, lower than the US$9.5bn of supply seen in 2022, as post-pandemic headwinds combined with macroeconomic pressures to drive underperformance across the sector. However, the market is poised to benefit from an influx of private credit money and the need to address historic levels of credit card .......

    News Analysis 22 February 2024

  • Unlocking new frontiers

    TRS market to grow as investor demands and market needs collide

    The trade receivables securitisation (TRS) market is set for growth, as strong investor appetite and the ongoing squeeze in SME financing boost the asset class’s potential. TRS programmes – particularly those in emerging markets – could evolve into a new frontier in SME funding, as banks retrench in response to concerns over weak economic growth and potential recessions. 

    News Analysis 22 February 2024

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