Investors
-
Leasing ABS inked
Sector developments and company hires
Leasing ABS inked
The EIB and the EIF have provided Alba Leasing with €490m via an SME securitisation financing operation. Alba Leasing has undertaken to double this, increasing the total amount available to €980m for projects across all economic sectors, with a particular focus on environmental investments (for which 20% of the resources have been reserved).The EIB Group has subscribed .......
Market Moves 20 October 2020
-
CLO structures reviewed
Sector developments and company hires
CLO structures reviewed
Post-Covid crisis US BSL CLO structures differ in a range of ways from their predecessors, beyond shorter reinvestment periods, according to a new report from S&P.“We reviewed a sample of almost 40 US BSL CLOs that closed in Q2 and Q3, and compared their portfolio metrics (as of the start of Q4) to the statistics .......
Market Moves 19 October 2020
-
Mezz opportunity
'Rare' bonds on offer via large BWIC
A sizeable UK mezzanine 2.0 RMBS BWIC is due on 22 October and is being seen as a good opportunity to source risk. The portfolio is believed to be being divested by a large US-based seller.
“The seller is a large US-based institution that has been active in the UK for a number of years,” says one ABS .......
News 19 October 2020
-
SME CRT completed
Intesa finalises mezz guarantee
Intesa Sanpaolo, the EIF and the EIB have completed a €90m mezzanine guarantee that references a €1.8bn static Italian SME portfolio. Dubbed GARC SME 9, the capital relief trade will enable the bank to provide €450m of loans to Italian SMEs and midcaps in regions negatively impacted by the economic effects of the Covid-19 pandemic.
According to Intesa: “The transaction .......
News 15 October 2020
-
First EGF guarantee inked
Sector developments and company hires
First EGF guarantee inked
Market Moves 14 October 2020
The EIB has approved €5.1bn of new financing to support investment by companies most impacted by Covid-19, alongside backing clean energy, water, sustainable transport and urban development. This includes up to €2.66bn of support – comprising €1bn of EIB-linked risk-sharing products and €1.66bn EIF guarantee and equity products - backed by the new European Guarantee Fund, .......
-
MPL platform ends note programme
Sector developments and company hires
MPL platform ends note programme
Market Moves 12 October 2020
LendingClub is winding down its retail note programme and has ceased accepting new accounts. The platform says it is no longer ‘economically practical’ to continue offering notes as it moves towards becoming a full-spectrum fintech bank. PeerIQ notes that the move is unsurprising, given that the programme exposed LendingClub to potential conflicts of interest and .......
-
US CLO recovery continues
Sector developments and company hires
US CLO recovery continues
US CLO OC cushions are continuing to recover, according to the latest quarterly US manager report from JPMorgan CLO research.It says: “In the upcoming final quarterly October payment (majority of CLOs), we estimate as much as circa 92% equity will pay a cashflow compared to circa 89% in July and circa 40% during the GFC. .......
Market Moves 9 October 2020
-
Direct access
For-profit social housing provider debuts
Deutsche Bank is in the market with an unusual UK CMBS. Dubbed Sage AR Funding No. 1, the £220m transaction is sponsored by a for-profit social housing provider owned by Blackstone.
“It is quite an unusual deal because it is not common for a registered provider of social housing to access the capital market directly. This used to .......
News 9 October 2020
-
Growth opportunities
Chapter five of SCI's Autumn 2020 CRT Research Report
The fifth and final chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report outlines the need for sensible significant risk transfer rules and the growth opportunities for the synthetic securitisation market once these are achieved. This section of the report consists of interviews with representatives from Integer Advisors, PCS and PGGM.
The future seems bright for synthetic ......
News Analysis 9 October 2020Premium Content
-
Capital preservation
Sharif Anbar-Colas, head of structured credit at Kartesia, answers SCI's questions
Q: How and when did Kartesia become involved in the securitisation market?
The Structured Credit Interview 9 October 2020
A: Kartesia has been involved in the securitisation market for more than 10 years and made investments in securitised products from the first fund raised in 2010. This involvement came from an appreciation of how the securitised tranches of portfolios were trading at a discount to the actual .......
-
Litigation finance fund formed
Sector developments and company hires
Litigation finance fund formed
Tetragon and its diversified alternative asset management business TFG Asset Management have entered into an agreement with Brandon Baer to invest in his newly-created company, Contingency Capital. The company – which is expected to formally launch on 1 November - is a multi-product global asset management business that will sponsor and manage litigation finance-related investment funds.Baer .......
Market Moves 8 October 2020
-
Stepping up
Chapter four of SCI's Autumn 2020 CRT Research Report
The fourth chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report highlights the role of the EIF in supporting European SMEs via synthetic securitisation and guarantees. This section of the report covers the EIF’s Covid-19 support measures, as well as its efforts to promote new lending and catalyse private capital across the European SME sector. For further information ......
News Analysis 8 October 2020Premium Content
-
IP transaction debuts
Sector developments and company hires
IP transaction debuts
Market Moves 7 October 2020
Aon has launched an intellectual property (IP) capital market solution with the close of an IP-backed ILS transaction, believed to be the largest such deal ever consummated. The deal involves agriculture technology company Indigo, which is borrowing over US$100m utilising its IP as collateral, with the value of that collateral insured by a group of insurance markets led .......
-
Structured finance solutions
Contributed thought leadership by Ocorian
Sonal Patel, md, head of sales - Americas, Bermuda and Caribbean, and Sinead McIntosh, business development director at Ocorian, a global leader in corporate and fiduciary services, fund administration and capital markets, highlight how structured finance solutions are coming to the fore across securitisation markets
Q: How is the securitisation industry responding to the Covid-19 fallout and .......
Talking Point 7 October 2020
-
Seeking clarity
Chapter three of SCI's Autumn 2020 CRT Research Report
The third chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report examines the impact of payment holidays on the SME significant risk transfer sector, as well as concerns over performance and data availability, and the emergence of multi-bank portfolios. This section of the report comprises interviews with representatives from Chorus Capital, the EIF, Integer Advisors, Intesa Sanpaolo, Latham & ......
News Analysis 7 October 2020Premium Content
-
Fix-and-flip profits
Low interest rates, inventory levels driving demand
The US fix-and-flip sector has experienced an increase in demand, fuelled by securitisation. Historic low interest rates and inventory levels are further boosting the market.
William Tessar, president of CIVIC Financial Services, says: “These are non-owner occupied investor property loans, not subject to regulations that owner occupied properties are subject to. Overall, interest rates are at historic lows. .......
News 7 October 2020
-
'Quick fix' draft legislation published
Sector developments and company hires
‘Quick fix’ draft legislation published
The European Parliament has published draft legislative resolutions on amendments to the Securitisation Regulation and CRR in connection with STS synthetics and non-performing exposures.Among the proposals is a tightening of the definition of an NPE securitisation and the introduction of stricter language on risk retention, according to Rabobank credit analysts. The regulatory treatment .......
Market Moves 6 October 2020
-
Olympic debut
Largest non-banking Greek ABS closed
Avis has completed a €186m securitisation of Greek auto leases and related residual value (RV) claims. Dubbed Cronus Finance, it is the first transaction from the jurisdiction since 2010 to achieve an investment grade rating by two major rating agencies and the largest non-banking ABS ever implemented in Greece.
The receivables were originated by Olympic Commercial & Tourist .......
News 6 October 2020
-
SRT for the real economy
Chapter two of SCI's Autumn 2020 CRT Research Report
The second chapter of SCI’s Autumn 2020 Capital Relief Trades Research Report explores how significant risk transfer can drive economic growth, supported by the recent High Level Forum recommendations, the European Commission’s Covid-19 recovery package and the STS synthetics framework. This section of the report comprises interviews with representatives from AFME, the High Level Forum, Intesa Sanpaolo, PCS and Santander.
News Analysis 6 October 2020
Premium Content
-
Synthetics seminar line-up finalised
Fireside chat, CRT workshop on the agenda
The line-up for SCI’s 4th Annual Risk Transfer & Synthetics Seminar has been finalised. Hosted virtually on 7 and 8 October, highlights of the event include a fireside chat between Clifford Chance’s Timothy Cleary and Christofferson Robb & Co’s Richard Robb, as well as a Mark Fontanilla & Co workshop on the US credit risk transfer market.
A market overview .......
News 6 October 2020
-
Range of moratoria take-up 'stark'
Sector developments and company hires
Range of moratoria take-up ‘stark’
Market Moves 5 October 2020
With payment holiday concentrations having fallen over the past few remittance periods, the range of payment holiday take-up across UK RMBS is stark, according to JPMorgan’s latest Covid-19 Payment Holiday Tracker. Reflecting data reported primarily through September and August, the report identifies zero percent (in the case of the MORTI 2020-1 deal) and 0.6% (TWIN .......