Investors
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Feedback loop
CRE CLO confluence to continue?
US CRE CLO issuance volumes exceeded conduit CMBS issuance volumes for the first time ever last year. Such record growth, illustrated through 51 deals across 28 issuers - amounting to around US$45bn – underlines a shift in commercial real estate financing towards floating rate loans and transitional properties.
“It has clearly been a record year for the [CRE .......
News Analysis 2 March 2022
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Team building
Brian Roelke, president and cio of Kuvare Insurance Services, answers SCI's questions
Q: What were the motivations behind the launch of Kuvare Insurance Services’ new third-party asset management business (SCI 8 February)?
The Structured Credit Interview 2 March 2022
A: Unlike a lot of entrants into this space, Kuvare Insurance Services (KIS) started as an insurance-focused asset manager, as all of our activities today are focused on our affiliated insurance balance sheets. The announcement of the new platform signifies .......
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Pemberton hires head of new CLO platform
Sector developments and company hires
Pemberton, the alternative credit specialist, has announced the appointment of Rob Reynolds as head of its new CLO platform. The new CLO platform, which is subject to FCA UK regulatory approval, compliments existing lines of strategic focus. Reynolds will lead its expansion into the European CLO market, using his European CLO and leveraged loan markets expertise to build the new business .......
Market Moves 1 March 2022
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Going digital
Stablecoin securitisation tipped for growth
Appropriate regulation of digital payment could pave the way for the issuance of securitisations in stablecoins. However, this Premium Content article argues that further standardisation across the blockchain ecosystem is needed for the technology to reach a critical mass.
The regulatory attention that digital payment is currently attracting – as exemplified by the US Fed’s recent report on central ......
News Analysis 25 February 2022Premium Content
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TEAK wins CIFC philanthropic support
Sector developments and company hires
CIFC Asset Management has unveiled the second annual donation made on behalf of the CLO Initiative for Change, its philanthropic programme in connection with CLOs issued by CIFC. In support of educating and empowering students to reach their full potential regardless of financial means, CIFC has partnered with the deal parties of its latest CLO - CIFC Funding 2022-II – .......
Market Moves 24 February 2022
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Compare and contrast
US auto CLN issuance examined
Santander’s recent auto CRT echoed those previously issued by JPMorgan Chase. This Premium Content article examines the similarities and differences between the transactions.
Last December, Santander returned to the US capital relief trade market with its first synthetic securitisation of auto loans since 2019. The structure of the deal mimicked to a large extent similar CLNs previously brought by ......
News Analysis 23 February 2022Premium Content
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Greater progression
Sector developments and company hires
Maples Group has announced the hire of two new structured finance professionals, expanding its offering in its London and Jersey offices. Emma Tighe will join the firm in its London office as vp, having spent more than 14 years working in structured finance and most recently serving as relationship manager on the US Bank CLO team. Tighe has expertise across .......
Market Moves 17 February 2022
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Continued growth
Sector developments and company hires
Briarcliffe has made two more new appointments as it continues the expansion of its private credit business. Kyle Abel joins the firm as new head of GP advisory from First Avenue, where he served as md and US head of project management. Additionally, Robert Molina has been promoted to head of origination, having previously worked as md of GP advisory, .......
Market Moves 16 February 2022
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Aligning interests
Greek NPL market tipped for further growth
Activity across the Greek non-performing loan market is gathering pace. New players are expected to enter the sector this year, with a further uptake seen under the HAPS programme.
“There will be further uptake of HAPS – it has worked well to allow people to manage the size of investments that [they] made in the NPL space, so .......
News Analysis 16 February 2022
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Social mobility
'Cultural progression' puts social bonds in focus
Securitisations designated as social bonds are gaining traction, with the underlying asset classes expected to broaden. Indeed, at present, it is easier to define lending in a socially responsible way than defining it as ‘green’.
Edward Baker, capital markets director at Prodigy Finance, attests to the reasons this may be. “I think it perhaps chimes with the broader ethical and .......
News Analysis 15 February 2022
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HKMC inks infrastructure MoUs
Sector developments and company hires
HKMC inks infrastructure MoUs
Market Moves 11 February 2022
The Hong Kong Mortgage Corporation (HKMC) has signed a memorandum of understanding on an infrastructure loans framework with 14 partner banks. The MoUs set out the principal terms for potential infrastructure loan cooperation between the HKMC and the partner banks on both primary participation and secondary sale bases, including the loan selection criteria, mode of participation .......
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Increasing allocation
Innovation, transparency attracting institutional investors
The majority of institutional investors polled in a recent Aeon Investments survey have increased their allocation to structured credit investments across different asset classes over the past 18 months. When asked why there is growing interest in structured credit investment vehicles, the top three reasons were given as greater innovation in the sector, an improving regulatory environment and greater .......
News Analysis 11 February 2022
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Positive change
Investor demand set to broaden CLO ESG screening
CLO ESG screening has to date largely been conducted on an exclusion basis. However, a shift towards positive screening is anticipated, as CLO managers work to meet rising investor demand and comply with the Sustainable Finance Disclosure Regulation.
A recent European Leveraged Finance Association (ELFA) ESG investor survey suggests that the switch to a more integration-based positive screening .......
News Analysis 11 February 2022
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Agencies win 'valid-when-made' cases
Sector developments and company hires
Agencies win ‘valid-when-made’ cases
The US OCC and FDIC yesterday received favourable court rulings in cases challenging their ‘valid-when-made’ rules. In each case, the plaintiffs were three states – California, Illinois and New York – challenging the validity of the rulemakings.The states' attorney generals alleged that both federal agencies violated the Administrative Procedure Act. In particular, the plaintiffs .......
Market Moves 9 February 2022
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Emulating efforts
Jim Wiant, ceo, partner and portfolio manager of Capital Four US, answers SCI's questions
Q: Capital Four launched its first US CLO last year. What were the motivations behind expanding into the US market?
The Structured Credit Interview 8 February 2022
A: If you look at Capital Four’s history and its path to growth, since 2007 the firm has meaningfully extended its investment capabilities beyond just European high yield. The firm now covers a wider range of investment capabilities in Europe – having broadened .......
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KIS embraces asset management
Sector developments and company hires
Kuvare Insurance Services (KIS) has launched a third-party asset management business. Over the past two years under the leadership of president and cio Brian Roelke, KIS has built a seasoned team of insurance industry professionals and asset class specialists to drive portfolio performance across Kuvare’s operating companies. The firm now plans to extend its experience across private asset-backed and structured .......
Market Moves 8 February 2022
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CIP, Whitecroft partner for infrastructure SRT
Sector developments and company hires
Copenhagen Infrastructure Partners (CIP) is marketing its inaugural debt fund – the CI Green Credit Fund I (CI GCF I) – having secured €320m in seed capital. Targeting a size of €1bn, the fund will provide private project finance debt with subordinated risk characteristics supporting renewable energy projects globally.
Focus will be on green- and brownfield projects in offshore wind, .......
Market Moves 7 February 2022
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STS register rolled out
Sector developments and company hires
ESMA has launched its STS Register for the notification of securitisations under the Securitisation Regulation. The entry into force of the Securitisation Regulation on 1 January 2019 introduced an obligation for originators and sponsors to jointly notify ESMA and their National Competent Authorities that a securitisation meets the STS criteria for being granted the STS label.
ESMA has put in .......
Market Moves 4 February 2022
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Big business
Strategic shift favours alternative credit M&A activity
The alternative credit industry might be at an inflection point in its development, with a decisive change anticipated in M&A activity in terms of the dominant acquirer from a financial to strategic buyer. Such a transition would inevitably benefit leading alternative credit managers.
“After five years of real and incredible growth in alternative credit acquisitions, we have witnessed .......
News Analysis 3 February 2022
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Maltese SME guarantee inked
Sector developments and company hires
Bank of Valletta and the EIB Group have renewed their partnership to support the business needs of SMEs in Malta. Under this new agreement, the bank will provide an additional €28m to Maltese SMEs on favourable terms and with long tenors over the next two years.
The favourable conditions on the loans are achieved through risk transfer, implemented by combining .......
Market Moves 1 February 2022
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Impact investor acquired
Sector developments and company hires
M&G is set to acquire a majority stake in impact investor responsAbility Investments. Headquartered in Zurich, responsAbility has invested more than US$11bn in private assets across emerging markets since it was founded in 2003 and currently has approximately US$3.7bn of assets under management (as at year-end 2021).
The acquisition is in line with M&G’s strategy to grow its sustainable investment .......
Market Moves 28 January 2022