Marketplace Lending

  • Servicers facing 'unprecedented' turnover

    Sector developments and company hires

    Servicers facing ‘unprecedented’ turnover

    US commercial mortgage servicers are facing unprecedented turnover levels and filling open positions in the tight labour market may ultimately increase the cost of servicing loans, Fitch suggests. However, the agency notes that to date, there have not been any noted declines in servicing proficiency among Fitch-rated primary, master and special servicers.

    Fitch reports lower-than-average employee .......

    Market Moves 4 November 2021

  • SLM EODs eyed

    Sector developments and company hires

    SLM EODs eyed

    Fitch has downgraded from single-B to double-C the outstanding class A4 and B notes of SLM Student Loan Trust 2007-7, 2008-1 and 2008-4, due to the legal final maturity date of the class A4 notes being approximately three months away in January 2022 for SLM 2007-7 and 2008-1 and less than 10 months .......

    Market Moves 2 November 2021

  • Securitisation stamp duty eyed

    Sector developments and company hires

    Securitisation stamp duty eyed
    The UK government is introducing legislation within Finance Bill 2021-22 that provides a power to make stamp duty and stamp duty reserve tax (SDRT) changes relating to securitisations and ILS by secondary legislation. The power will be a freestanding provision and will allow HM Treasury to make regulations to provide that stamp duty or SDRT is .......

    Market Moves 29 October 2021

  • Highland Capital lawsuit filed

    Sector developments and company hires

    Highland Capital lawsuit filed
    The latest lawsuit brought by Highland Capital Management (HCMLP) against former employees has been filed in the bankruptcy court of the northern district of Texas. The action seeks to “recover hundreds of millions of dollars in damages that HCMLP suffered at the hands of its founder, James Dondero, acting in concert with other entities that he owned .......

    Market Moves 25 October 2021

  • Rare agricultural MBS prints

    Sector developments and company hires

    Rare agricultural MBS prints
    The Federal Agricultural Mortgage Corporation (Farmer Mac) – a federally chartered corporation that provides a secondary market for a variety of loans made to borrowers in rural America, with the aim of increasing the availability and affordability of credit - has completed a US$302.7m securitisation of agricultural mortgage loans. The FARM Series 2021-1 agricultural MBS is backed by .......

    Market Moves 20 October 2021

  • Big bang?

    Tokenisation touted as a replacement for securitisation

    Tokenisation is being touted as a potential replacement for securitisation, given its many applications and benefits. However, a number of challenges remain before the technology can be fully adopted by the market.

    “Tokenisation could replace securitisation – but it won’t be a big bang. However, when you see the speed of digitisation in some areas, you see it has the .......

    News Analysis 14 October 2021

  • Chopra on the march

    CFPB to expand its role and come down harder on securitisation

    The securtisation market will see a more aggressive CFPB under the leadership of recently appointed director Rohit Chopra, with “more frequent enforcements and bigger fines,” according to Rachel Rodman, a partner with Cadwalader, Wickersham and Taft.

    Rodman was speaking yesterday (5 October) at the annual SFA conference in Las Vegas on a panel addressing the future of housing .......

    News 6 October 2021

  • CIFC, TRS launch leveraged loan partnership

    Sector developments and company hires

    CIFC, TRS launch leveraged loan partnership
    Teacher Retirement System of Texas (TRS) and CIFC Asset Management have established a new leveraged loan investment fund platform known as Texas Debt Capital (TDC). A CIFC affiliate is the general partner and investment manager of TDC, while TRS is the anchor investor limited partner and has committed significant equity to the fund. The .......

    Market Moves 4 October 2021

  • Synthetic Libor settings confirmed

    Sector developments and company hires

    Synthetic Libor settings confirmed
    The UK FCA has confirmed that to avoid disruption to legacy contracts that reference the one-, three- and six-month sterling and Japanese yen Libor settings, it will require ICE Benchmark Administration to publish these settings under a 'synthetic' methodology, based on term risk-free rates, for the duration of 2022. However, these six Libor settings will be .......

    Market Moves 29 September 2021

  • Fraud charges for Honor Finance pair

    Sector developments and company hires

    Fraud charges for Honor Finance pair
    The US SEC has announced fraud charges against James Collins and Robert DiMeo, the former principals of Honor Finance, for misleading investors about the subprime automobile loans that backed its US$100m offering. The SEC's complaint, filed in US District Court for the Northern District of Illinois, alleges that the pair were responsible for false .......

    Market Moves 24 September 2021

  • US CLOs, Trups CDOs under observation

    Sector developments and company hires

    US CLOs, Trups CDOs under observation
    Fitch has placed 102 tranches issued by 43 US CLOs and 13 tranches issued by seven Trups CDOs under criteria observation (UCO), following the publication of its CLO and corporate CDO rating criteria last week (SCI 17 September). The agency intends to resolve the UCO status by applying the updated criteria to each .......

    Market Moves 22 September 2021

  • Pandemic 'feedback loop' highlighted

    Sector developments and company hires

    Pandemic ‘feedback loop’ highlighted
    Secular changes affecting the recovery of in-person office occupancy in New York City is consequential not only for property-level cashflow, but may also have ripple effects on other sectors, Fitch suggests. The city is the largest US office market and the rating agency says it provides a good case study of the potential feedback loop of .......

    Market Moves 21 September 2021

  • Pagaya goes public via SPAC

    Sector developments and company hires

    Pagaya goes public via SPAC
    Fintech securitisation issuer Pagaya Technologies and EJF Acquisition Corp (EJFA), a publicly traded SPAC, have entered into a definitive business combination agreement. As a result of the transaction, which values the combined company at an estimated enterprise value of approximately US$8.5bn at closing, Pagaya will become a publicly listed entity.

    Founded in 2016 by .......

    Market Moves 20 September 2021

  • Specialist lender stake acquired

    Sector developments and company hires

    Specialist lender stake acquired
    BNP Paribas Asset Management (BNPP AM) is set to acquire a majority stake in Dynamic Credit Group, the Amsterdam-based asset manager and specialist lender with €9bn of assets under management. The deal will allow BNPP AM’s private debt and real assets (PDRA) investment division - which currently managed €11bn of client commitments - to significantly grow .......

    Market Moves 15 September 2021

  • Digital lender debuts

    German consumer collateral on offer

    Digital lending platform auxmoney Investments is in the market with its inaugural public securitisation – Fortuna Consumer Loan ABS 2021. The transaction, which will be certified as STS by SVI, is backed by a €227.75m portfolio of near-prime consumer loans granted to private individuals in Germany.

    The portfolio is concentrated in North Rhine-Westphalia (accounting for 21% of the .......

    News 15 September 2021

  • Cyberattack scenarios weighed

    Sector developments and company hires

    Cyberattack scenarios weighed
    S&P reports that it has seen more credit-relevant cyber events in the last six months than in the previous six years, including the first structured finance transaction reporting an operational disruption following a ransomware attack on the originator and servicer (SCI 28 May). The rating agency says it has explored several hypothetical scenarios to identify areas .......

    Market Moves 8 September 2021

  • Solar LDA partnership inked

    Sector developments and company hires

    Solar LDA partnership inked
    dv01 has partnered with GoodLeap with the aim of further promoting data transparency and accountability within the solar ABS market. Through this partnership, dv01 will serve as loan data agent (LDA) for Carbon Level Mitigation Trust (CLMTE) pass-through certificates.

    The shelf currently comprises CLMTE 2021-1 and CLMTE 2021-2, with an aggregate notional value of US$53.6m .......

    Market Moves 23 August 2021

  • APAC ILS issuance on the rise

    Sector developments and company hires

    APAC ILS issuance on the rise
    Continued efforts from Asia Pacific reinsurers to source alternative capital through the ILS market is anticipated, following on the heels of the seven catastrophe bonds that were issued using Singapore-domiciled vehicles through July. Indeed, the first Hong Kong-domiciled catastrophe bond is being prepped.

    The Singapore cat bonds issued in 2021 comprise: Security First .......

    Market Moves 20 August 2021

  • Corporate, PF businesses bolstered

    Sector developments and company hires

    Corporate, PF businesses bolstered
    KBRA has enhanced its corporate and project finance businesses by forming new sector teams to focus on the intersection of infrastructure, energy, renewables and middle market lending. The aim of the sector-focused teams is to meet demand for KBRA’s thought leadership across these segments.

    Andrew Giudici, senior md and global head of corporate, project and .......

    Market Moves 18 August 2021

  • DSW CMBS exposure gauged

    Sector developments and company hires

    DSW CMBS exposure gauged
    KBRA Credit Profile (KCP) has published a special report on CMBS exposure to footwear retailer Designer Brands, owner of the Designer Shoe Warehouse (DSW) store chain. The company reported EBITDA of negative US$316m in its fiscal year 2020, as sales plummeted in the wake of the Covid-19 pandemic. The company returned to profitability in 1Q21 after .......

    Market Moves 13 August 2021

  • Debt servicing spin-off inked

    Sector developments and company hires

    Debt servicing spin-off inked
    Credito Fondiario Banking Group has demerged its debt purchasing and servicing activities in favour of the newly established Gardant Group. As part of this reorganisation, it has redefined the bank's mission as a challenger bank, specialising in financing solutions for SMEs and corporates. The two companies will operate independently going forward.

    Panfilo Tarantelli has been .......

    Market Moves 6 August 2021
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