Investors

  • Job swaps weekly: Khan heads to Natixis CIB

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Natixis CIB hiring a new head of structured credit capital markets. Elsewhere, Arrow Global has recruited two senior execs to its real estate and credit divisions, while Intesa Sanpaolo has appointed a new head of structured finance and loans legal advisory. 

    MUFG’s Asif Khan has joined Natixis CIB as md .......

    Market Moves 29 September 2023

  • Risk transfer round-up - 28 September

    The week's CRT developments and deal news

    People moves
    ArrowMark Partners has recruited Moritz Ruhdorfer as a senior member of its securitised credit investment team. Based in ArrowMark’s London office, Ruhdorfer will assist the team with origination, structuring and execution for banks of SRT investments. With over 12 years of industry experience, his relationships in the asset class will expand the diversity of the firm’s sourcing networks .......

    News 28 September 2023

  • Wilmington bank adds CLO expertise

    Market updates and sector developments

    WSFS Financial Corporation’s global capital markets team is expanding into the CLO market, as it seeks to grow its wealth business and generate fee income on a national scale. To support this expansion, the company has recruited two new associates with expertise in CLOs.

    WSFS Global Capital Markets provides global services to the leveraged loan and capital markets, .......

    Market Moves 28 September 2023

  • Risk transfer round-up - 21 September

    The week's CRT developments and deal news

    Market news
    Approximately US$1.28bn in aggregate original principal amount of notes was validly tendered last week in Freddie Mac’s latest offer to purchase STACR securities. The tender offer comprised 16 class of notes from the 2017-2019 vintages, across the DNA, FTR, HQA and HRP programmes, with noteholder take-up ranging from 4.17% to 100% of the original principal amount. BofA Securities .......

    News 21 September 2023

  • BXCI to offer 'one-stop solution'

    Market updates and sector developments

    Blackstone has integrated its market-leading corporate credit, asset-based finance and insurance groups into a single new unit, named Blackstone Credit & Insurance (BXCI). Credit and insurance is Blackstone’s fastest-growing segment – more than doubling to US$295bn in assets under management over the last three years.

    The new structure is designed to further accelerate growth by creating a more .......

    Market Moves 15 September 2023

  • NPL proposal questioned

    ABS industry baulks at Italian borrower buy-back plan

    Italian non-performing loan securitisation cashflows could be delayed until a proposal to allow non-performing borrowers to buy back exposures is passed or rejected. But prime minister Meloni’s government appears on course to water down the controversial measures, with doubts arising as to how many borrowers would take up the option, should it pass.

    Proposal AC 843 would allow .......

    News Analysis 15 September 2023

  • Lift-off

    CLO issuance takes flight in active summer

    CLO volumes in both the primary and secondary markets have accelerated in the third quarter so far, particularly in the US, after a slow first half of the year. But a sluggish syndicated loan market, dominated by a glut of refinancings and amend and extend deals, mean the flurry of activity could settle somewhat in the months ahead.

    News Analysis 15 September 2023

  • Job swaps weekly: M&G poaches Pimco's Scott

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees M&G Investments luring a former Barclays structured finance veteran from Pimco to take on the role of director. Elsewhere, Avenue One has added senior hires to its real estate capital partnerships and alternative capital partnerships teams, while Pinsent Masons has hired a new securitisation partner. 

    M&G Investments has appointed Pimco .......

    Market Moves 15 September 2023

  • RFC issued on CLO good practices

    Market updates and sector developments

    IOSCO has called for an improvement in practices in the leveraged loan market and is seeking feedback on a number of good practices it is proposing in connection with CLOs. The organisation notes that a “prolonged borrower-friendly environment” has impacted market practices, giving rise to covenant-lite leveraged loans, increased complexity of documentation and the aggressive use of EBITDA adjustments.  

    Market Moves 14 September 2023

  • Risk transfer round-up - 14 September

    The week's CRT developments and deal news

    Market news
    M&G Investments’ latest Insights publication explores why now could be a good moment for patient investors to consider SRT transactions and why this opportunity could be short-lived, given the current economic cycle. The firm notes that in sterling terms, it has recently seen SRT transactions pay out coupons of 10% and higher returns.

    “With the generally fairly .......

    News 14 September 2023

  • Optimistic outlook

    SRT Market update

    While SRT market participants generally describe a sluggish beginning to the month, further details on some of the deals in the pipeline are emerging. Overall, an optimistic outlook for Q4 prevails.

    “We really have not seen many deals outside of those referencing corporate and leveraged loan portfolios,” notes one European SRT investor. “Banks appear to be focusing on hedging corporate risk and the .......

    News 12 September 2023

  • Job swaps weekly: Pretium snaps up Morgan Stanley coo

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Pretium snap up a long-serving Morgan Stanley coo, as it looks to continue its acquisitive growth strategy. Elsewhere, Société Générale CIB has lured a new head of EMEA CLOs from Credit Suisse, while Annaly Capital Management has appointed two industry veterans as independent board members. 

    Residential real estate and structured .......

    Market Moves 8 September 2023

  • Latest SRTx fixings released

    Index values indicate incremental widening in spreads, while...

    The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. Following three months of improved tone across the sub-indexes, sentiment has become more varied since August’s fixings (SCI 3 August), with incremental widening in spreads and increased negative outlook in the credit risk index.

    This month’s survey responses suggest that spread estimates have .......

    News 7 September 2023

  • Tapping the nest egg

    Growth in ERM demand presents securitisation opportunities in Europe

    Europe is experiencing growing demand for equity release mortgages (ERM) as its ageing population looks to release funds for retirement or to pass on to younger generations. This demand has started translating to a handful of securitisation deals in the continent over the past two years, and some market participants expect deal volumes to increase steadily.

    A number .......

    News Analysis 7 September 2023

  • GLAS strengthens European footprint

    Market updates and sector developments

    GLAS SAS is set to acquire Paris-based asset management and trust business Pristine, subject to regulatory approval and customary closing conditions. This is GLAS’s first acquisition as it seeks to strengthen its European footprint and fast-track global expansion.

    Established in 2016, Pristine provides fund structuring and management services to both international and domestic institutions with the primary purpose .......

    Market Moves 1 September 2023

  • Refi resolution

    Clavel 2 'selective default' an idiosyncratic event

    Non-payment of the principal amount outstanding in full at the time of early redemption of Spanish reperforming RMBS Clavel Residential 2 last month (SCI ABS Markets Daily - 4 August) “turned the concept of principal seniority and subordination on its head”, according to DBRS Morningstar. The rating agency highlights in a recent commentary that the deal’s class A .......

    News 1 September 2023

  • Bayview branches out into insurance AM

    Market updates and sector developments

    Bayview Asset Management has launched an Insurance Asset Management business, with the aim of appealing to an insurance industry that is increasingly seeking to diversify and expand beyond its traditional focus on corporate credit. The new division will be led by cio Nancy Mueller Handal, who formerly served as head of private fixed income and alternatives at MetLife, with .......

    Market Moves 29 August 2023

  • Job swaps weekly: Stream of hires at Flowcarbon

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees carbon fintech business Flowcarbon bulk up its structured finance muscles with a promotion and two new hires. Elsewhere, Atom Bank has appointed a former Arrow Global ceo as chair designate, while Bespoke Real Estate Advisers has promoted a founding member to chief investment officer. 

    Flowcarbon has promoted Martin Kessler to .......

    Market Moves 25 August 2023

  • Securitisation exempt from private fund rule

    Market updates and sector developments

    The US SEC has determined that securitised assets funds, including CLOs, are exempt from its Private Fund Advisers Rule. The new rules aim to protect private fund investors by increasing transparency, competition and efficiency in the private funds market. To enhance transparency, the rules will require private fund advisers registered with the Commission to provide investors with quarterly statements - .......

    Market Moves 25 August 2023

  • Risk transfer round-up - 24 August

    The week's CRT developments and deal news

    Deal news
    Standard Chartered has executed the eighth synthetic securitisation from its Chakra programme. The significant risk transfer transaction – Chakra 8 – references a portfolio of global corporate revolving facilities, 30% of which are US exposures.

    Two tranches were offered to investors. According to market sources, the first loss tranche (0%-6.5%) priced at SOFR plus 12%, while the mezzanine tranche .......

    News 24 August 2023

  • Nomura pays US$35m to settle RMBS fraud case

    Market updates and sector developments

    Nomura Securities International (NSI) has agreed to pay a US$35m penalty to the district of Connecticut and US$800,000 in additional restitution payments over alleged historical fraudulent trading of RMBS. The settlement is part of a non-prosecution agreement between NSI and the US Attorney’s Office for the district.

    The DOJ investigation found that the Japanese investment bank’s US broker-dealer .......

    Market Moves 23 August 2023
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