Investors

  • Maritime financing facility agreed

    Sector developments and company hires

    Maritime financing facility agreed
    Maritime and offshore alternative capital provider Fleetscape Capital has entered into an innovative financing structure with Macquarie that provides a more efficient offer to vessel owners seeking higher leverage situations. The structure utilises securitisation principles and enables Fleetscape to provide sale-and-leaseback or unitranche financing on competitive terms. Coupled with Fleetscape’s transaction execution capabilities and streamlined documentation, the .......

    Market Moves 16 February 2021

  • MBIA litigation settled

    Sector developments and company hires

    MBIA litigation settled
    MBIA Insurance Corporation has entered into an agreement to settle the litigation it filed in 2009 against Credit Suisse and certain affiliated entities (SCI passim). The settlement follows a post-trial decision by the Court awarding MBIA Corp approximately US$604m in damages and, pursuant to the settlement, Credit Suisse has paid MBIA Corp US$600m.

    This amount materially .......

    Market Moves 15 February 2021

  • Consumer SRT prints

    Santander finalises capital relief trade

    Santander has priced Santander Consumo Four, its latest full-stack capital relief trade. Backed by a €1.5bn Spanish consumer loan portfolio, the transaction is significant for its size and can only be matched by a German full-stack deal that the lender completed in October 2020 (SCI 29 January).

    Rated by DBRS and Moody’s, the transaction consists of €1.26bn .......

    News 15 February 2021

  • UKML tender offers mooted

    Sector developments and company hires

    UKML tender offers mooted
    Coventry Building Society subsidiary Godiva Mortgages is set to purchase from UK Mortgages Corporate Funding two buy-to-let mortgage portfolios originated by Godiva and currently financed within the Cornhill No. 6 and Malt Hill No. 2 RMBS vehicles. Subject to successful completion, the timing of these sales is expected to coincide with the transactions’ payment dates in .......

    Market Moves 12 February 2021

  • EIF supports impact lending platform

    Sector developments and company hires

    EIF supports impact lending platform
    Tikehau Capital has completed the first closing for its private debt impact lending investment platform, raising circa €100m from the EIF - backed by the European Commission’s Investment Plan for Europe - as anchor investor, alongside other key institutional investors. Tikehau Capital intends to contribute to a sustainable European economy while providing investors with competitive .......

    Market Moves 11 February 2021

  • Structural change

    Restructuring eyed for Covid-impaired mortgages

    The UK non-conforming and buy-to-let RMBS market is expected to continue to benefit from the positive supply technical of TFSME. Nevertheless, the Covid-19 fallout appears to have precipitated structural change across the sector.

    With respect to the BTL segment, ‘generation rent’ drives performance, according to Galen Moloney, head of securitised product strategy at NatWest Markets. An uptick in .......

    News Analysis 11 February 2021

  • UK industrial CMBS prepped

    Sector developments and company hires

    UK industrial CMBS prepped
    Bank of America is in the market with a £340.1m CMBS sponsored by Blackstone. Dubbed Taurus 2021-1 UK, the transaction is backed by a two-year floating rate loan (with three one-year extension options) secured by the borrower’s interests in 45 industrial assets across the UK totalling 4.1 million square-foot of floor area.

    The largest asset .......

    Market Moves 10 February 2021

  • ILS innovation

    UK platform to support additional capacity, emerging risks

    London Bridge Risk PCC is the first UK ILS structure that has the PRA’s approval for use for multiple, market-wide transactions (SCI 14 January). The platform can be used for investors to support underwriting at Lloyd's through acquiring ILS.

    “This platform - which has been sponsored by Lloyd's but is independent of the Society - can be .......

    News Analysis 10 February 2021

  • Special situations strategy launched

    Sector developments and company hires

    Special situations strategy launched
    Bardin Hill Investment Partners has announced the final close of the Bardin Hill Opportunistic Credit Fund and a parallel side-car vehicle, with total commitments of approximately US$600m. The firm’s flagship closed-end strategy received backing from new institutional investors globally, as well as from existing Bardin Hill clients.

    The strategy identifies and executes on stressed, distressed, .......

    Market Moves 9 February 2021

  • Constructive outlook

    Deborah Shire, global head of structured finance at AXA Inve...

    Q: What were the drivers behind restructuring the AXA IM business into two key divisions – the Alts unit and the Core unit?
    A: The business was restructured in March last year (SCI 11 March 2020), with the objective of developing two strategic businesses and boosting the commercial momentum behind them. The aim was to create a dedicated salesforce .......

    The Structured Credit Interview 9 February 2021

  • NPL SRT agreement inked

    Sector developments and company hires

    NPL SRT agreement inked
    Hoist Finance has signed a co-operation agreement with Magnetar Capital that provides for new portfolio investments on a pan-European level and will create a framework for future purchases in the current regulatory environment. The aim is to make securitisation an integral part of a sustainable business model for Hoist and strengthen its purchase capabilities.

    The .......

    Market Moves 8 February 2021

  • Fly or goodbye - can airlines survive without taking to the skies?

    Contributed thought leadership by Ocorian

    As once profitable airlines look to survive and raise liquidity to weather the turbulence of the Covid-19 pandemic, Ocorian director Abigail Holladay and Watson Farley & Williams aviation partner Patrick Moore assess the use of alternative assets as a means to raise finance.

    With airlines having lost an estimated US$118.5bn in 2020, it's easy to forget the aviation industry had been .......

    Talking Point 8 February 2021

  • Iberian NPL ABS performance eyed

    Sector developments and company hires

    Iberian NPL ABS performance eyed
    The cumulative collection ratio for the DUERO 1 non-performing loan securitisation has consistently breached its trigger level for an interest subordination event – which is set at 90% - since the April 2020 reporting period, according to JPMorgan’s latest Portuguese & Spanish NPL ABS Performance Tracker publication. After dropping to 68.4% in April from 106.1% .......

    Market Moves 5 February 2021

  • Motor insurer preps ILS strategy

    Sector developments and company hires

    Motor insurer preps ILS strategy
    UK specialist motor insurer ERS Group is set to launch an integrated ILS offering as part of its plans to progress its commercial expansion. Three complementary investment strategies will be offered: an open-ended mandate with a remit to invest across both public, private and non-life ILS, with semi-annual liquidity; a closed-ended, higher risk and higher .......

    Market Moves 4 February 2021

  • Credit manager merger

    Sector developments and company hires

    Credit manager merger
    Cairn Capital Group is set to acquire and merge with Bybrook Capital, a specialist distressed credit manager based in London. The merger will create a diversified alternative credit manager with approximately US$8bn in assets under management across public, private, performing and distressed investment opportunities. Through the transaction, Mediobanca will reaffirm its position as a majority shareholder in .......

    Market Moves 3 February 2021

  • Origination innovation

    Fintechs, specialist mortgage lenders gaining traction

    The coronavirus fallout appears to be accelerating innovation in mortgage products and origination practices. At the same time, complexity surrounding borrower circumstances is facilitating increased activity by capital markets-funded specialist mortgage lenders.

    “There is certainly potential for growth in the non-conforming market, as customers increasingly have complex situations. For example, the self-employed. In times like these, it is .......

    News Analysis 3 February 2021

  • Positive prospects

    Secondary CRT market gains traction

    The coronavirus crisis has increased the prospects for a more active secondary market for capital relief trades. Nevertheless, relatively small clip sizes and a dearth of syndicated transactions means that it will be some time before activity matches last year’s all-time record.

    According to investor data, approximately US$1bn notional in CRT paper was traded last year as the .......

    News Analysis 28 January 2021

  • Liquidity impact

    Post-Brexit divergence highlighted

    Liquidity is one area of concern following the UK’s withdrawal from the EU, given that UK securitisations are no longer considered eligible collateral at the ECB. Potential divergence over the revised retention regulatory technical standards is another.

    “The ECB will look at EU deals and data templates. UK securitisations are no longer eligible collateral, which may impact liquidity. .......

    News 28 January 2021

  • UK social bond debuts

    Sector developments and company hires

    UK social bond debuts
    Kensington is prepping its inaugural STS and what is believed to be the UK market’s first ESG RMBS. Dubbed Gemgarto 2021-1, the £472m transaction is labelled as a social bond and is backed by a pool of UK specialist prime, performing, first-ranking owner-occupied mortgages.

    The loans are made to underserved borrowers with complex incomes and .......

    Market Moves 27 January 2021

  • Mind the gap

    Innovative ILS structures creating Asian capacity

    MS Amlin’s recent Phoenix 1 Re deal marks the tenth catastrophe bond issued in Singapore (SCI 11 January). The transaction is also an example of how innovative ILS structures can help narrow the insurance protection gap in Asia.

    Asia leads the world in economic growth but is also the continent that experiences the largest number of natural .......

    News Analysis 27 January 2021

  • Call for aircraft ABS protections

    Sector developments and company hires

    Call for aircraft ABS protections
    Fitch reports that a material number of aircraft failed to be novated to two aircraft ABS - START III and Lunar 2020-1 – last year, following closing. The failure of aircraft to novate in START III resulted in the asset count falling to just two aircraft from 19 initially, while six of 18 initial aircraft .......

    Market Moves 26 January 2021
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