Investors

  • 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

  • CLO 'stress indicator' launched

    Market updates and sector developments

    KopenTech has launched a multifactor measure designed to enhance the monitoring of secondary CLO market conditions. Called the K-Indicator, the tool combines five key factors: the did-not-trade (DNT) rate; colour rate; same-day BWIC rate; triple-A average traded price level; and triple-A average price talk deviation from colour (PTDC). Derived from analysing CLO BWIC volumes and granular CUSIP-level pricing data, .......

    Market Moves 21 February 2024

  • Challenger firm

    Having recently joined law firm Dentons, partner Toby Gray a...

    Q: Tell us about your recent move to Dentons and your targets within this new practice?
    TG: I joined Dentons in October 2023 (SCI 6 October 2023). After nearly 28 years at Linklaters, I was ready for a new challenge. Dentons was an attractive option for me, as it is what I like to refer to as a ‘challenger’ .......

    Provider Profile 20 February 2024

  • Record breakers

    SRT benefiting from 'greater public awareness'

    SRT issuance volumes reached another record last year, as new funded investors entered the market and bank interest in synthetic securitisation increased. At the same time, the sector continues to benefit from support by regulatory bodies, which bodes well for the future.

    Robert Bradbury, head of structured credit execution and advisory at Alvarez & Marsal, identifies four key themes .......

    News Analysis 19 February 2024

  • Survival of the biggest

    CLO platforms retain allure as M&As in alternative credit continue apace

    The volume of mergers and acquisitions in the alternative credit manager space grew last year, as large institutions and established managers responded to investor appetite. But, while deals for standalone CLO platforms remain popular, direct lending and multi-strategy continue to be the key drivers behind the trend.

    There were a record number of M&A deals in the alternative .......

    News Analysis 16 February 2024

  • Corporate flow

    SRT Market Update

    As the halfway mark in Q1 approaches, a backlog of European corporate mandates appears to be building in the SRT market.

    “From the main banks active in the SRT market, I’m mostly seeing a corporate flow right now,” confirms one SRT investor.

    He continues: “It seems that a lot of the European banks that were not in the .......

    News 16 February 2024

  • Job swaps weekly: Hogan Lovells adds dozens from Orrick

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Hogan Lovells snapping up a hoard of Italy-based finance and M&A lawyers from Orrick, including a number of securitisation partners. Elsewhere, First Eagle Alternative Credit (FEAC) has revealed its leadership transition plan, as its president prepares to leave the firm early next year, while Newmark has appointed a UK- and Europe-focused .......

    Market Moves 16 February 2024

  • On the cards?

    BBUK acquisition could spell end of DELAM issuance

    Barclays Bank UK (BBUK) last week entered into an agreement to purchase Tesco’s retail banking business for an estimated total consideration of £600m. Tesco Bank’s Delamare Cards MTN Issuer master trust (DELAM) is expected to transfer to BBUK upon completion of the acquisition, but the move could halt further new issuance from the programme, as the diversity of funding channels available .......

    News 13 February 2024

  • Capital velocity

    SRT market update

    With February now well underway, SRT investors repeatedly report a busy start to the year. Describing a context in which increasing volumes are mostly driven by growth and repeat issuance, participants already expect 2024 to be another record year for the SRT market.

    “I think that everyone at the moment is driven by capital velocity,” notes one SRT investor. .......

    News 9 February 2024

  • Break in the clouds

    2024 investment opportunities eyed across Europe

    With brighter skies forecast for 2024 as some normalcy returns to the European economy, several interesting pockets of investment opportunities are opening up in the structured finance market. Indeed, the outlook for European ABS in the year ahead is markedly more hopeful than 12 months ago – with interesting opportunities for investors in the French, Italian and UK structured .......

    News Analysis 8 February 2024

  • Transition boost

    Climate-focused guarantor eyes emerging markets

    The Green Guarantee Company (GGC), the first-ever climate-focused financial guarantor, is set to boost climate finance in developing countries by providing guarantees for institutional investors buying green loans issued in the private credit market and green bonds listed on the London Stock Exchange (LSE). Instruments that are eligible for a GGC guarantee include securitisation bonds that are certified under .......

    News 7 February 2024

  • FCA review spells uncertainty for UK auto ABS

    Market updates and sector developments

    The UK FCA last month announced a review of the historical commission structures across several auto lenders in the UK, with a warning that should widespread misconduct be found, appropriate redress measures will be taken to compensate customers. While the overall credit risk profile of UK auto ABS transactions is unlikely to be negatively affected, the investigation exposes the .......

    Market Moves 6 February 2024

  • Job swaps weekly: M&G lures new cio from Allianz GI

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees M&G Investments snap up a new private markets cio from Allianz Global Investors. Elsewhere, a London-based partner at Allen & Overy leaves the firm after 28 years, while Canopius bids to enhance its SRT business by appointing a new head of structured credit.

    M&G Investments has appointed Allianz Global Investors' .......

    Market Moves 2 February 2024

  • Office loans face global DFG challenges

    Market updates and sector developments

    AEW has published its first global commercial real estate debt funding gap (DFG) analysis, which provides insights on the relative refinancing challenges faced by three key regions. The findings indicate that Europe has the largest DFG on a relative basis, standing at 16% of loan originations, closely followed by the US at 14%, with Asia Pacific remaining relatively immune. .......

    Market Moves 30 January 2024

  • B note bonanza

    GSE CRT benefitting from 'bullish technical'

    The GSE credit risk transfer market posted one of the highest daily trading volumes on record last Thursday (25 January) at US$910m, exceeding the prior daily trading record of US$895m reached in March 2020. While the latter was driven primarily by the unwinding of levered positions, the former followed Fannie Mae’s strong CAS 24-R01 print (SCI 26 January).

    News 29 January 2024

  • Job swaps weekly: Dechert rings the changes in US securitisation group

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Dechert make two appointments to its US asset finance and securitisation team, including the appointment of a new head. Elsewhere, Fried Frank has appointed a structured finance expert as a London-based partner, while TCW Group has appointed a former Brigade Capital Management partner to lead its newly formed asset-backed finance (ABF) .......

    Market Moves 26 January 2024

  • Inside job

    Internal ESG assessments and SPOs favoured

    Second-party opinions (SPOs) are growing in importance as climate credit risks and sustainable impact efforts continue to converge. At the same time, although rating agency ESG criteria have developed extensively alongside regulation, many securitisation market participants still rely on internal ESG performance assessments and scoring.

    “We treat a second-party opinion how we’d treat an opinion from any other .......

    News Analysis 26 January 2024

  • Risk transfer round-up - 25 January

    The week's SRT developments and deal news

    Market news
    BofA Global Research analysts believe that there is potential for 2021-2022 GSE credit risk transfer transactions to be upgraded, as their credit enhancement levels and mark-to-market LTVs continue to improve and delinquencies remain low. Rating agencies upgraded 292 CRT bonds in 2023, 35 of which were upgraded from non-investment grade to investment grade.

    In particular, bonds rated .......

    News 25 January 2024

  • Pilot transaction

    IDB expands focus and lending capacity to the private sector

    The Inter-American Development Bank (IDB), the main source of development financing for Latin America and the Caribbean, recently completed a risk-transfer transaction using credit-insurance protection with private insurance companies to optimise the use of resources and unlock capital for additional lending to the region. This is the IDB's first such transaction with the private sector. 

    Previously, the IDB .......

    The Structured Credit Interview 25 January 2024

  • Building momentum

    Chinese consumer ABS market tipped for growth

    Chinese securitisation issuance posted a 7% decline in volumes last year. However, backed by solid mortgage originations, vehicle sales and foreign investor interest, China could well be on its way to long-term growth if its structured finance market can stay afloat.

    After seeing the market’s first triple-A rated consumer ABS last year, the consumer segment is likely to .......

    News 24 January 2024

  • Job swaps weekly: Permira Credit promotes pair to lead expansion

    People moves and key promotions in securitisation

    This week’s round-up of securitisation job swaps sees Permira Credit appoint two new co-heads to lead the firm’s expansion. Elsewhere, Hildene Capital Management has snapped up a Jefferies executive as head of capital markets, while Axonic Capital has promoted its head of credit to the newly created role of co-cio. 

    David Hirschmann and Ariadna Stefanescu have been appointed .......

    Market Moves 19 January 2024
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