Investors

  • 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

  • IFC, SG team up on sustainable finance

    Market updates and sector developments

    Societe Generale and IFC have signed a Collaboration Framework Agreement to accelerate efforts on sustainable finance in developing countries, as part of both institutions' shared ambition to contribute to the UN Sustainable Development Goals (SDGs) and a strong commitment to the environmental transition and sustainability.

    As part of this agreement, the two institutions aim to further develop wide-ranging .......

    Market Moves 19 January 2024

  • IACPM 'stands ready' to work with US regulators on SRT

    Market updates and sector developments

    The IACPM says it stands ready to share data and experience on synthetic securitisation with US federal regulators, in order for US banks to share risk in an effective, safe and transparent manner with specialised long-term partners. The move follows recent positions taken in the press or in letters sent to the US agencies, notably by Sheila Bair and .......

    Market Moves 16 January 2024

  • Risk transfer round-up - 12 January

    The week's SRT developments and deal news

    Deal news
    Europejski Fundusz Leasingowy (EFL), owned by Crédit Agricole, has completed a synthetic securitisation with the EIB Group. The transaction is backed by a PLN2bn portfolio of Polish leasing receivables.

    The EIF guarantee on the PLN250m mezzanine tranche covers a reference portfolio of PLN2bn, while a counter-guarantee from the EIB mirrors the EIF’s obligation, whereby the EIB covers the .......

    News 12 January 2024

  • Job swaps weekly: All change at Voya as new ceo announced

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Voya Investment Management announce a successor to retiring ceo Christine Hurtsellers. Elsewhere, Greystone has snapped up an industry veteran as senior md for structured finance, while Slate Asset Management has promoted two executives to md in Chicago and Frankfurt.

    Matt Toms is to take over as ceo at Voya Investment .......

    Market Moves 12 January 2024

  • Project finance SRT finalised

    BBVA closes bilateral trade

    BBVA has closed a synthetic securitisation with PGGM referencing a project finance portfolio valued at €750m. The bilateral transaction allows BBVA to release up to 88% of the portfolio's capital. 

    Of the projects in the securitised portfolio, 60% are classified as sustainable, with renewable energy, digital infrastructure and transportation infrastructure the leading sectors. In terms of geography, the portfolio is .......

    News 11 January 2024

  • First-mover advantage

    SCI recently asked Georgi Stoev, head of Northern Europe &am...

    The EIF invested over €3bn in the securitisation market last year, of which €2.8bn was executed in a synthetic format. In terms of jurisdictions, the fund continues to strengthen its engagement across Central and Eastern Europe (CEE), with Romania (accounting for over €700m of investments), Bulgaria (close to €500m) and Poland (€450m) topping the investment list.

    Q: Is .......

    The Structured Credit Interview 10 January 2024

  • BNPL boom

    Middle East consumer ABS set for expansion

    The Middle East’s securitisation landscape is poised for expansion as the second local buy now, pay later (BNPL) transaction is unveiled. Coupled with a wave of new legislation and ever-growing interest from foreign investors, the future of Islamic structured finance appears bright.

    UAE-based BNPL service provider, Tabby, hit the market last month with a US$700m ABS - echoing .......

    News 10 January 2024

  • Reaching for the Starz

    Future of European CRE CLO market contemplated

    Despite no new issuance since Starz Realty Capital’s debut in 2021 (SCI 9 December 2021), the underlying message from those closest to the European CRE CLO market is simple: it’s better than the headlines are making it seem. With just one public deal closed in Europe thus far, CRE CLOs still stand up as a strong funding tool .......

    Talking Point 8 January 2024

  • Job swaps weekly: Greenberg Traurig appoints three new partners from Seward & Kissel

    People moves and key promotions in securitisation

    The first weekly roundup of securitisation job swaps of 2024 sees Greenberg Traurig appointing a trio of structured finance specialists as partners. Elsewhere, Obra Capital has hired two senior investment executives from AllianceBernstein and RiverRock Funds, while Stout’s md and co-lead of structured credit leaves the firm for a new project.

    Kalyan Das has joined Greenberg Traurig, along .......

    Market Moves 5 January 2024

  • Accretive process

    Wasif Kazi, structurer at UniCredit, forecasts continued gro...

    Q: Given that 2022 was widely viewed as a breakthrough year in terms of CEE capital relief trade issuance, is the Polish market still a trend to monitor, or is it becoming an established jurisdiction for SRT transactions?
    A: I would say it's somewhere in between the two. We see more transactions each year coming out of Poland. We see .......

    The Structured Credit Interview 5 January 2024

  • Obra acquires Unified and taps RiverRock's Annino

    Market updates and sector developments

    Obra Capital, the US-headquartered asset manager focused on insurance special situations, structured credit, asset-based finance and longevity, has acquired life and health insurance business Unified Life Insurance Company. The announcement coincides with the group’s appointment of RiverRock Funds’ ceo Anthony J Annino as senior md and head of longevity.

    The Unified deal is intended to expand Obra’s presence .......

    Market Moves 3 January 2024

  • Communication skills

    CRE loan-on-loan financing a 'relationship-oriented business'

    Speakers on the loan-on-loan financing panels at SCI’s inaugural European CRE Finance Seminar last month stressed the importance of a good working relationship between lender and borrower. They also noted that “capital is king” for banks, pointing to securitisation as an effective way to lower RWA treatment for such lending.

    Commercial real estate loan-on-loan financing is a relationship-oriented .......

    Talking Point 22 December 2023

  • Risk transfer round-up - 21 December

    The week's CRT developments and deal news

    Deal news
    The EIB Group has provided a €163m unfunded guarantee to Santander’s latest synthetic securitisation, supporting energy efficiency and climate action projects in the Spanish residential property market. The transaction will facilitate new green and sustainable mortgages, enabling individuals to invest in building renovations or new construction with high energy-efficiency standards, in compliance with the eligibility conditions defined by .......

    News 21 December 2023

  • Redefining moneyball

    European football clubs turn to securitisation for financing

    Multi-club and petrostate-backed projects are becoming increasingly headline-grabbing themes in global football, but securitisation is also emerging as somewhat of a trend in the financing landscape. Olympique Lyonnais became the latest big name to make use of the practice in November, closing a €385m refinancing arranged by Goldman Sachs, in a deal that represents the first securitisation for a French .......

    News Analysis 19 December 2023

  • Job swaps weekly: Reed Smith poaches Linklaters' Drury

    People moves and key promotions in securitisation

    This final weekly roundup of securitisation job swaps of 2023 sees Reed Smith snapping up a Linklaters partner and structured finance specialist. Elsewhere, ARIA Commodities has lured a Deutsche Bank veteran as head of structured trade finance, while CBRE has made two senior promotions in its European team.

    Linklaters veteran Mark Drury has joined Reed Smith as a .......

    Market Moves 18 December 2023

  • Definition debate

    Call to differentiate private credit CLOs

    The private credit market is booming, encompassing US$1bn-plus mega-deals, as well as traditional direct lending in the middle market space. Against this backdrop, defining what a private credit CLO is would be helpful for investors.

    “What’s interesting with private credit is that we don’t really have a uniform definition for it yet,” explains Arlene Shaw, md at Brightwood .......

    News Analysis 15 December 2023

  • Producing results

    PDP securitisations gaining traction

    The number of transactions executed in the nascent proved developed producing (PDP) wellbore oil and gas ABS sector is expected to reach double-digits this year, as familiarity with the product grows. Raisa Energy closed the debut PDP securitisation in September 2019, amid a pull-back from traditional reserve-based lending (RBL) by banks, and the market experienced a meaningful increase in .......

    News Analysis 14 December 2023

  • Job swaps weekly: EU finance ministers choose Calviño for EIB

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Nadia Calviño chosen to become head of the European Investment Bank (EIB). Elsewhere, the Structured Finance Association welcomes seven industry leaders to its new board of directors, while a Mayer Brown partner and structured finance specialist has joined Jones Day as partner in its London office.

    Spain’s deputy prime minister .......

    Market Moves 8 December 2023

  • Fix-and-flip fund debuts

    Market updates and sector developments

    Faes & Co, an investment firm led by LendInvest founder Christian Faes, has launched its maiden private credit fund focused on the US real estate bridging finance market. The Faes & Co Income Fund intends to capitalise on the firm’s domain knowledge of the short-term mortgage market to provide investors with consistent, superior risk-adjusted returns.

    The fund will .......

    Market Moves 5 December 2023

  • Salisbury sees momentum

    Lloyds' latest SME SRT unveiled

    Lloyds has executed Salisbury 2023-1, the seventh synthetic securitisation from its Salisbury programme, following Salisbury 2022-1 in April 2022.

    The significant risk transfer transaction references a £1.75bn portfolio of UK SME loans extended to circa 3,500 borrowers located across the UK and originated by Lloyds. In terms of sectors, the portfolio comprises 41% real estate exposures, 28% in healthcare, .......

    News 5 December 2023
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