Investors
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Structured credit pro returns to the buy-side
Sector developments and company hires
EMEA
Market Moves 17 December 2019
Kingswood Holdings has appointed Lindsey McMurray and Howard Garland to its board from Pollen Street Capital. The move is as per the terms of the investment completed in September, which saw up to £80m committed by way of an issue of irredeemable convertible preference shares to certain investors and funds managed or advised by Pollen Street. McMurray founded Pollen Street in .......
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Economic efficiency
Standardised bank SRT pros, cons weighed
Various factors should be considered when contemplating whether to execute a significant risk transfer transaction, especially from a standardised bank perspective. The key is to choose the most economically efficient portfolio and the rest is optimisation, according to SCI’s inaugural CRT Research Report.
Steve Gandy, md and head of private debt mobilisation, notes and structuring at Santander Corporate and .......
News Analysis 16 December 2019
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Brand value
WBS issuer differentiation highlighted
In an unsolicited comment, Fitch last week suggested that the overall benefits of US whole business securitisation are often overstated, especially considering the increase in market activity and sectoral breadth seen this year (SCI 9 December). However, with the understanding that not every issuer is created equal, good relative value opportunities can still be found across the sector.
While .......
News Analysis 16 December 2019
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Riding the wave
NBG offloads secured NPL exposures
The National Bank of Greece has completed its first secured non-performing loan transaction. Dubbed Project Symbol, the €900m portfolio is riding a wave of secured NPL transactions in Greece.
The portfolio references 12,800 borrowers and is backed by a variety of collateral types, including land, industrials, residential and commercial real estate. Bidding as a percentage of the portfolio totalled 28%. .......
News 13 December 2019
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Alternative credit platform expands
Sector developments and company hires
CFO appointed
Market Moves 10 December 2019
Annaly Capital Management has appointed Serena Wolfe as cfo and a member of its operating committee. Glenn Votek, the company’s cfo and interim ceo and president (SCI 21 November), has stepped down from his role as cfo. Wolfe most recently served as a partner at Ernst & Young since 2011 and as its Central Region Real Estate Hospitality .......
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Mutual agreement
BPPB SRT debuts
Further details have emerged about the EIF and Banca Popolare di Puglia e Basilicata’s (BPPB) €60m financial guarantee under the SME Initiative Italy (SCI 6 December). Referencing a €120m Italian SME portfolio, the transaction is BPPB’s first risk transfer trade and is the first under the SME Initiative Italy to free up mutual guarantees known as confidi.
“This is .......
News 9 December 2019
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Core qualities
Caroline Chen, svp and research analyst at Income Research &...
Q: How and when did Income Research & Management become involved in the securitisation market?
The Structured Credit Interview 9 December 2019
A: Income Research & Management is a privately-owned fixed income investment manager that serves institutional and private clients. The firm is headquartered in Boston and was founded in 1987 by managing principals John Sommers and Jack Sommers. Originally a credit-oriented manager, IR+M has been involved in .......
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Turbo feature for CLO reset
Sector developments and company hires
Early upgrade
Market Moves 9 December 2019
DBRS Morningstar has taken the unusual step of upgrading from double-B (low) to double-B the class E notes issued by Autonoria Spain 2019 a week after the transaction priced (SCI 2 December). The move follows the final pricing of the coupons on the notes and the three interest rate swaps, which resulted in an overall reduction in costs .......
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ABS focus
Music, sports, entertainment firm grows securitisation capabilities
23 Capital recently made a number of hires to boost their securitisation capabilities, signalling the firm’s commitment to securitisation as a key part of its funding strategy. After an inaugural securitisation backed by football royalties successfully closed in 2016, it may also look to offer deals backed by different collateral in the future.
Sreesha Vaman, hired to the role .......
News Analysis 6 December 2019
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ABS head retired
Sector developments and company hires
ABS head retires
Janus Henderson’s head of ABS investment Ed Panek has now retired from the company and the industry. Colin Fleury, the head of secured credit will assume direct responsibility for the ABS team. Fleury has extensive experience working with ABS, having previously fulfilled the head of ABS investment role. A more junior securitisation expert is being recruited to .......
Market Moves 6 December 2019
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Moving into the mainstream
Booming aviation ABS sector shakes off esoteric label?
Aviation ABS issuance has seen strong growth, with 2019 set to be a bumper year and investors also drawn to the asset class due its long term, stable nature, prompting some market participants to suggest it has shaken off its esoteric label. The asset class isn't without any concerns, however, with a small number of issuers lacking skin in the game .......
News Analysis 5 December 2019
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US CLO debuts
Transaction marks first for bank's AM arm
Morgan Stanley’s asset management division is entering the CLO space with a new transaction. Dubbed 522 Funding I, the US$457.25 million transaction is the first CLO to be managed by Morgan Stanley Investment Management.
The transaction is rated by S&P and Fitch as triple-A/triple-A on the US$279m class-A notes (three-month Libor plus 139bp) while just Fitch has rated the US$13.5m class .......
News 4 December 2019
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Credit analysts poached
Sector developments and company hires
Credit analysts poached
Cairn Capital has appointed José Ferrero and Vihren Jordanov as senior credit analysts, focusing on loans and reporting to credit research head Mark Stieler. Ferrero was previously a credit analyst at Partners Group, where he was responsible for European coverage of the business and consumer services, chemicals and healthcare sectors. Jordanov joins from Alcentra, where he was .......
Market Moves 4 December 2019
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First "true" ESG CLO launched
Transaction marks first of many ESG deals for issuer
NIBC recently priced the first fully-compliant ESG CLO, North Westerly VI, utilising a wholly exclusionary loan section process. The €410m transaction is expected to be the first of many ESG-compliant transactions from the firm, which also plans to bring North Westerly V onto the same reporting platform and in line with ESG best practices next year.
North Westerly VI is .......
News Analysis 3 December 2019
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Confidentiality issues persist
Disclosure questions unresolved for CRT market
ESMA’s updated questions and answers on the Securitisation Regulation, clarifies different aspects of the European Commission’s draft technical standards on securitisation disclosures (SCI 18 October). However, as with the Commission’s paper, the document doesn’t explain how CRT issuers can comply with the disclosure requirements while preserving client confidentiality.
David Saunders, structurer at Santander, comments: “The confidentiality issues remain, so .......
News 2 December 2019
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Euro AM promotes three
Sector developments and company hires
AM promotes three
Alcentra has promoted Daniel Fabian to president and coo. In this role, he will manage the company’s growth strategy and oversee day-to-day operations in order to continue to drive value for clients and employees. Fabian has spent the past 12 years at Alcentra, of which the last four years have been as coo and cfo, bringing the .......
Market Moves 2 December 2019
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Risk transfer round-up - 28 November
Risk transfer round-up - 28 November
HSBC is rumoured to be readying a UK and European corporate loan SRT. This is one of two rumoured corporate SRTs that the bank is believed to be prepping. The second transaction is thought to reference UK corporate loans.
The deals would follow a four year gap from the issuer’s last transaction, dubbed Metrix Portfolio Distribution (see SCI’s capital relief trades .......
News 2 December 2019
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Dutch consumer ABS prepped
Transaction features several departures from previous deals
Credit Agricole is marketing a securitisation of Dutch consumer loans originated via subsidiaries of Credit Agricole Consumer Finance Nederland (CACF NL). Dubbed Magoi, the transaction references a €418m eight-month revolving pool of 23,282 unsecured, fixed-rate personal loans and displays several differences compared to previous transactions from the firm.
This ABS is also structured to meet the STS criteria, .......
News 29 November 2019
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Euro lending support announced
Sector developments and company hires
Euro lending support announced
The EIF has committed €100m to online lending marketplace October. The investment renews its support to European SMEs, under the “Private Credit Tailored for SMEs” programme, alongside other institutional investors including CNP Assurances, Bpifrance and Zencap - all of whom were already part of the latest institutional fund launched in 2018.
This new €100m commitment will .......
Market Moves 28 November 2019
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RMBS 'milestone' prepped
Inaugural non-bank transaction marks post-crisis first
Provident Funding Associates, a non-bank mortgage lender, has prepped its inaugural securitisation of residential mortgages, marking the first post-crisis, private label securities (PLS) transaction backed entirely by agency conforming consumer-purpose residential mortgage loans. Dubbed Provident Funding Mortgage Trust 2019-1, the US$338m transaction is the first in which Provident Funding is the sole originator and servicer and is backed by 947 .......
News 27 November 2019
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Italian market developments 'positive' for ABS
Sector developments and company hires
Italian market developments ‘positive’ for ABS
Recent market developments in in the Cessione del Quinto (CDQ) and Delegazione di Pagamento (DP) loan market are credit positive for ABS, according to structured finance analysts from Moody’s. The analysts add that increasing regulatory scrutiny limits the risk of poor underwriting, while lower capital requirements support further loan growth. Both developments .......
Market Moves 27 November 2019