Investors

  • Servicer strategies

    BNPL affordability dynamic eyed

    The rapid growth of the buy now, pay later (BNPL) sector (SCI 25 March), coupled with heightened costs of living, is altering the affordability dynamic within existing RMBS portfolios. Against this backdrop, investors are being encouraged to question servicers about their strategies for BNPL schemes.

    “From a securitisation point of view, there aren’t huge issuances at the moment - and .......

    News 10 May 2022

  • ITRN 'club deal' debuts

    Sector developments and company hires

    NN Investment Partners (NN IP) has launched the first vintage of a customised solution to invest in trade finance through its Insured Trade Receivables Notes (ITRN) strategy. Structured as a club deal and delivered via a mutual debt vehicle (a fonds commun de titrisation), the offering was specifically designed for a group of high-profile insitutional investors in France, with initial .......

    Market Moves 9 May 2022

  • ICE to acquire Black Knight

    Sector developments and company hires

    Intercontinental Exchange (ICE) is set to acquire the software, data, and analytics company, Black Knight. Unanimously agreed by the boards of both companies, the definitive agreement to acquire Black Knight would help boost Intercontinental Exchange’s rapidly expanding mortgage technology business. Black Knight is valued by the cash and stock transaction to hold a market value of US$13.1bn, which translates to US$85 per .......

    Market Moves 5 May 2022

  • Warehouse woes?

    Turnkey solution offered amid labour shortages

    US mortgage warehouse lenders face an increasing competitive landscape, with labour shortages posing an additional challenge. Against this backdrop, turnkey solutions could help lenders scale their businesses.

    “The mortgage warehouse financing competitive landscape is increasing. The workplace environment is also evolving; many employees are looking for remote or hybrid working arrangements. Our clients have noted that it is .......

    News 5 May 2022

  • Consolidation considerations

    CLO manager acquisition activity set to continue

    CLO manager consolidation is expected to continue, following a marked rise in acquisition activity in Q1 this year. However, the trend could be challenging for new entrants going forward and potentially increase exposure to obligor overlap risk.

    “I think a lot of it is pent-up demand from the pandemic,” explains Russ Thomas, a director in US structured finance at Fitch. .......

    News Analysis 3 May 2022

  • MSCI and MarketAxess collaborate

    Sector developments and company hires

    MSCI has announced its entry into a strategic collaboration with MarketAxess to establish new portfolio analytics solutions and fixed income indexes. The two firms hope to improve the fixed income investment process, empower investors, and drive innovation through their collaboration by developing portfolio optimisation, trading, and analytics tools. The collaboration will rely on MarketAxess’ fixed income indexes and AI-informed pricing .......

    Market Moves 29 April 2022

  • A buyer's market

    European ABS/MBS market update

    Following a flurry of deal announcements (SCI 22 April 2022), the primary European and UK ABS/MBS markets were extensively testing investor demand during the week. With so many deals to absorb, deal performance has been disparate.

    In a context of large volumes of paper, UK RMBS transactions were playing a central role with four transactions hitting the market. On .......

    News Analysis 29 April 2022

  • Annaly Capital Management to sell middle market lending portfolio

    Annaly Capital Management has announced its entry into an agreement to sell its middle market lending portfolio to the global alternative investment manager, Ares Capital Management. The US$2.4bn transaction represents Annaly’s middle market assets across the balance sheet of primarily first and second lien loans in defensive, counter-cyclical industries, as well as assets managed for third parties. The transaction offers .......

    Market Moves 27 April 2022

  • The Importance of ESG in credit ratings

    Matthew Mitchell, senior director at S&P Global Ratings, explains why ESG is becoming an increasingly important factor when it comes to credit ratings of all types

    That is why S&P Global Ratings recently announced it will publish ESG credit indicators for structured finance transactions to increase the transparency of how these factors influence its credit rating analysis. The ESG credit indicators .......

    Talking Point 26 April 2022

  • Transatlantic hurdles

    CLO managers aim to overcome infrastructure issues

    CLO managers are increasingly tapping transatlantic opportunities. However, risk retention financing and transparency requirements can be challenging.

     “It tends to be firms that have experience in one market or the other, because they already have some of the structuring expertise and infrastructure necessary to undertake a CLO transaction,” explains Alex Martin, finance partner at Latham & Watkins.

    News 22 April 2022

  • Ex-employees resurrect Highland

    Sector developments and company hires

    Ex-employees resurrect Highland
    A trio of former senior Highland Capital Management portfolio managers have resurrected the firm under a new moniker, Highland ERA Management. Patrick Daugherty – who was partner, senior CLO portfolio manager and head of distressed/special situations at Highland – is partnering with ex-Highland team members Kevin Rourke and Niles Chura in the venture.

    Through a sub-advisory .......

    Market Moves 22 April 2022

  • 17Capital closes largest debut private credit fund

    Sector developments and company hires

    17Capital has closed its inaugural NAV lending fund with €2.6bn in capital raised, exceeding its €1.5bn target. The 17Capital Credit Fund marks one of the largest debut private credit funds to be raised, and comes as demand for NAV financing continues to rise and is expected to grow from a US$100bn market today to become a US$700bn market by 2030.  .......

    Market Moves 20 April 2022

  • PCMA appoints new MD

    Sector developments and company hires

    PCMA welcomes Thien Nguyen to its senior leadership and investment team as the firm bolsters its expertise in super prime, private client credit. Nguyen will focus on establishing new and managing existing investment strategies and capital market solutions across secondary market trading, structured credit, syndication, and credit risk exposure across the firm’s enterprises. Nguyen joins PCMA as md for capital .......

    Market Moves 12 April 2022

  • Hellenic ABS inked

    Project Starlight package transaction agreed

    Hellenic Bank has agreed a package transaction involving the securitisation of the Starlight Portfolio – which comprises circa €1.32bn of non-performing exposures - and the sale of its servicing platform, APS Debt Servicer, to Oxalis Holding. Upon completion, the agreement will de-risk the bank's balance sheet by reducing NPEs by €720m, resulting in a residual NPE portfolio of circa .......

    News 11 April 2022

  • Perfect storm

    Cat bond market set for exponential growth?

    With the climate threat menacing ever more, is the catastrophe bond market set to see exponential growth? This Premium Content article investigates.

    This year, the catastrophe bond sector reached a landmark anniversary, marking 25 years since its inception. This follows record levels of issuance in 2021, with the market seeing volumes of US$12.5bn, surpassing the previous record of US$11bn ......

    News Analysis 11 April 2022

    Premium Content

  • Dual shocks

    Securitisation well positioned to withstand headwinds

    The Covid-19 shock has been replaced by two others - war and worse-than-expected inflation (SCI 7 April). However, the securitisation market appears to be well positioned to withstand these headwinds.

    “We came into the year coming out of one shock – pandemic - only to be hit by two others: worse-than-expected inflation and now war. Those new shocks are .......

    News Analysis 8 April 2022

  • Lakemore Partners appoints independent board member

    Sector developments and company hires

    Lakemore has appointed Howard Tiffen as an independent member on its board of directors. With more than four decades of experience in credit, product, and portfolio management, Tiffen brings extraordinary knowledge in high yield capital markets to the firm. Tiffen has held senior credit management positions at numerous firms, including Continental Bank, Bank of America, and Van Kempen (now Invesco). .......

    Market Moves 8 April 2022

  • Nuveen closes CLO issuance fund

    Sector developments and company hires

    Nuveen has announced the close of its inaugural CLO equity fund with over US$375m in committed capital. The Nuveen CLO Issuance Fund was supported by global public and private pension plans, family offices, as well as insurance companies, and will provide the opportunity to invest alongside Nuveen’s parent company, TIAA. The firm hopes the fund will offer exposure to the .......

    Market Moves 6 April 2022

  • Mind the gap

    Alternative data, RMBS to help address wealth inequality

    Securitisation could prove a useful tool in addressing the growing wealth inequality gap. Indeed, the technology is already channelling capital towards underserved communities, aided by CDFI-backed RMBS and alternative data being used to calculate credit scores.

    Elen Callahan, head of research at the Structured Finance Association, believes that the use of alternative data to assess consumer credit scores .......

    News Analysis 6 April 2022

  • WhiteStar acquires Carlson Capital's CLO business

    Sector developments and company hires

    WhiteStar Asset Management has announced its acquisition of five reinvesting CLOs of more than US$2bn managed by Carlson CLO Advisers. WhiteStar will take on all collateral management duties of the Cathedral Lake branded CLOs, effective from 31 March 2022. WhiteStar and Carlson were represented in the transaction by Milbank and Mayer Brown, respectively. The acquisition follows WhiteStar’s recent expansion, acquiring .......

    Market Moves 4 April 2022

  • BNP Paribas Asset Management acquires majority stake in Dynamic Credit Group

    Sector developments and company hires

    BNP Paribas Asset Management has announced the completion of its acquisition of a majority stake in Dutch asset manager, Dynamic Credit Group (DCG). The acquisition marks an important step in BNPP AM’s strategic plan to expand its investment business, and particularly its private debt platform. The firm hopes the integration of DCG into BNPP AM teams will enhance its private .......

    Market Moves 1 April 2022
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