Operations

  • Meeting of worlds

    Opportunities for ABS originators as private and syndicated debt markets converge

    Private credit transactions are playing an increasingly prominent role in the structured finance landscape, owing to the continued global growth of the direct lending space. The trend is being reinforced by high-profile entrants into private debt, as banks and asset managers look to diversify into new asset classes.

    “Structured credit has not really played a significant role in .......

    News Analysis 12 May 2023

  • A European ecosystem

    Continental solar ABS primed for growth

    Continental solar ABS is primed for growth as governments and consumers seek energy independence. This Premium Content article investigates.

    Europe could soon see its first public solar securitisation, after renewable energy firm Enpal announced a €356m warehousing facility to finance more than 12,500 photovoltaic (PV) systems in Germany (SCI 30 March). The continent’s solar ABS market has .......

    News Analysis 11 May 2023

  • Rapid rise in defaults for Gedesco TRS

    Sector developments and company hires

    Rapid rise in defaults for Gedesco TRS
    The ratings on €191.8m of notes issued by Gedesco Trade Receivables 2020-1 have been downgraded in light of the significant and rapid increase in defaults observed in March, following the start of the securitisation’s amortisation phase in January. Specifically, Moody's states that most obligors have reportedly stopped paying and recoveries are likely to .......

    Market Moves 9 May 2023

  • Best interests

    Eric Brown, head of Performance Trust's Institutional Group, answers SCI's questions

    Q: Performance Trust announced its entry into the CLO market with the creation of its new CLO trading desk last month (SCI 11 April). What makes now the right time?
    A: CLOs are something that we’ve been looking into for quite some time now and figuring out the right time for us to get involved isn’t necessarily market-based, but .......

    The Structured Credit Interview 9 May 2023

  • LendInvest expands financing syndicate

    Sector developments and company hires

    LendInvest expands financing syndicate
    Wells Fargo has joined LendInvest’s £200m financing syndicate with NAB to support the continued growth of the lender’s buy-to-let proposition. Wells Fargo joins a growing roster of global financial institutions choosing to support LendInvest's mortgage products, including banks such as Lloyds, JPMorgan, HSBC, Barclays and Citi.

    Established five years ago, LendInvest was the first fintech .......

    Market Moves 28 April 2023

  • Don't compare

    Collaboration key to ESG progress

    Comparison may be the thief of all ESG-joy for the securitisation market, as attendees at SCI’s 2nd Annual ESG Securitisation Seminar this week reflected on how far the industry has come since the inaugural ESG issuance seven years ago. Different financial sectors adopt different definitions for ESG and thus also face different challenges. However, given such differences, more praise .......

    Talking Point 28 April 2023

  • Aegon AM buys CLOs, inks partnership

    Sector developments and company hires

    Aegon AM buys CLOs, inks partnership
    NIBC is set to sell its European CLO management activities to Aegon Asset Management, further accelerating its strategy to streamline its business model and focus on asset-backed financing. The sale comprises NIBC's North Westerly CLO platform in its entirety - including the NIBC CLO team, collateral management of three outstanding CLOs with assets under .......

    Market Moves 27 April 2023

  • The iceman cometh?

    Signs of a thaw emerging in US CRT

    The recent Merchants Bank of Indiana deal could herald a thaw in the US capital relief trades market, as this Premium Content article outlines.

    While the European significant risk transfer market has enjoyed two successive record-breaking years of issuance, the US market has been in a new ice age. While there has been the occasional deal from ......

    News Analysis 27 April 2023

    Premium Content

  • SES RTS a 'sensible result'

    Sector developments and company hires

    SES RTS a ‘sensible result’
    The EBA has published its final draft RTS specifying the determination by originator institutions of the exposure value of synthetic excess spread (SES). These draft RTS clarify the calculation of the components that should be included in this exposure value, taking into account the relevant losses expected to be covered by SES.

    The components .......

    Market Moves 26 April 2023

  • ACC ratings on watch downgrade

    Sector developments and company hires

    ACC ratings on watch downgrade
    KBRA has revised five ACC watch developing placements to watch downgrade, following notification by Wilmington Trust - the trustee for three American Car Center (ACC) Trust securitisations - that collections for payment to the ABS noteholders were not received on the 20 April payment date from the servicer, Westlake Portfolio Management (WPM). However, on 21 .......

    Market Moves 24 April 2023

  • Surge in refi SLABS predicted

    Sector developments and company hires

    Surge in refi SLABS predicted
    The US Supreme Court is expected to render its decision regarding the legality of President Biden’s student loan forgiveness programme (SCI 31 August 2022) by the end of June. A resolution will provide borrowers with more clarity about their federal student loan debt balances and obligations - which is anticipated to spark further refinance .......

    Market Moves 20 April 2023

  • DDEs surveyed

    'More favourable' outcomes for participating CLOs

    Fitch has examined the holding outcomes of two leveraged loan issuers - MLN US HoldCo (Mitel) and Envision Healthcare - that underwent out-of-court restructurings last year. The analysis finds that recovery outcomes vary widely across CLOs, with more favourable outcomes achieved for CLOs that participated in the restructurings.

    Indeed, CLO vintages as old as 2017 were able to .......

    News 17 April 2023

  • 'Meaningful' layoff exposure for TAMI CMBS leases

    Sector developments and company hires

    ‘Meaningful’ layoff exposure for TAMI CMBS leases
    KBRA has identified 266 US CMBS lease exposures to 45 large companies that have recently announced combined layoffs of 216,905 white-collar employees. The rating agency focused on companies announcing layoffs of at least 1,000 employees from 2022 through mid-March 2023, among the universe of nearly 5,700 office and mixed-use properties in CMBS 2.0 .......

    Market Moves 17 April 2023

  • Risk advisory appointment inked

    Sector developments and company hires

    Risk advisory appointment inked
    African Risk Capacity (ARC) has selected Gallagher Re as its reinsurance broker and risk advisor. The appointment includes the placement of portfolio cover in the reinsurance and capital markets, and the provision of strategic advisory for sustainable growth and portfolio diversification. The design of alternative risk transfer mechanisms, such as ILS, is a core component of .......

    Market Moves 14 April 2023

  • Capital solutions head poached

    Sector developments and company hires

    Capital solutions head poached
    Howden CAP has appointed Colin Reddy as md, head of financial institutions and advisory, based in London. He will leverage his industry expertise to provide clients with balance sheet and regulatory advisory solutions, while deepening Howden CAP’s existing structuring expertise.

    Reddy has over 20 years’ experience in financial services and joins Howden CAP from Mizuho .......

    Market Moves 12 April 2023

  • Cross Point tapped for CLO expertise

    Sector developments and company hires

    Cross Point tapped for CLO expertise
    Performance Trust Capital Partners has formed a new CLO trading desk, with the addition of members from the Cross Point Capital team led by Jared Gogek and Alex Navin. The group will expand Performance Trust's presence in credit products by adding in-house expertise in CLOs.

    Gogek and Navin were co-presidents and managing partners .......

    Market Moves 11 April 2023

  • Benchmarking commitments

    Importance of private securitisation to real economy underlined

    Over 70% of European private cash securitisations fund sellers in the EU and over 68% directly fund the real economy, according to the latest European Benchmarking Exercise (EBE) report. Further, 88% of all transactions by volume were undertaken by sellers with ratings of triple-B and below at inception, with 95.4% of transactions achieving investment grade ratings - demonstrating that private cash securitisations provide a .......

    News 11 April 2023

  • AssuredIM, Sound Point create CLO powerhouse

    Sector developments and company hires

    AssuredIM, Sound Point create CLO powerhouse
    Assured Guaranty has announced an agreement with Sound Point Capital Management, pursuant to which Assured Guaranty will contribute its entire equity interest in Assured Investment Management and - with certain exceptions - its related asset management entities to Sound Point. In addition, US insurers Assured Guaranty Municipal Corp and Assured Guaranty Corp will engage .......

    Market Moves 6 April 2023

  • Securitising shared ownership

    RMBS plugging gap left by end of Help to Buy scheme

    Growth in the UK shared ownership housing sector is fuelling a spike in interest in new RMBS products, as the government-backed Help to Buy equity loan scheme draws to a close. The final deadline for the government scheme – intended to facilitate home ownership among borrowers with steady incomes but limited ability to raise substantial deposits – passed at .......

    News Analysis 6 April 2023

  • UCI's sustainable finance strategy supported

    Sector developments and company hires

    UCI’s sustainable finance strategy supported
    The EIB Group and Instituto de Crédito Oficial (ICO) have disclosed their participation in UCI’s recent RMBS Green Prado XI, which was partially preplaced last month (see SCI’s ABS Markets Daily – 23 March). Under the transaction, the two organisations aim to promote the renovation and construction of homes using sustainable criteria in Spain .......

    Market Moves 4 April 2023

  • Enpal backed for Germany's first solar ABS

    Sector developments and company hires

    Enpal backed for Germany’s first solar ABS 
    Renewable energy company Enpal has secured €356m from Citi and M&G to fund a warehouse facility for Germany’s first residential solar securitisation. The deal will provide Enpal customers access to financing for around 12,500 photovoltaic systems spanning energy storage and electric vehicle charging.

    Citi has made a senior debt commitment of €300m to .......

    Market Moves 30 March 2023
×