Operations

  • Alternatives ESG disclosure template launched

    Sector developments and company hires

    Alternatives ESG disclosure template launched

     

    A group of leading alternative asset managers and industry bodies in the private and broadly .......

    Market Moves 10 November 2022

  • Irish, UK NPE disposals inked

    Sector developments and company hires

    Irish, UK NPE disposals inked

     

    The Bank of Ireland has reached agreements to dispose of portfolios of Irish and UK non-performing exposures, through two .......

    Market Moves 9 November 2022

  • New landscape

    ABS litigation 'rules of engagement' explained

    US subprime RMBS disputes could impact ABS deal structures and related litigation in five pivotal ways. Against this backdrop, it is incumbent on parties to plan accordingly to navigate the new ABS litigation landscape.

    “A lot of the changes over the years and more recently have been in favour of defendants, who have been gaining momentum,” says .......

    News Analysis 8 November 2022

  • British buffer

    UK RMBS set to weather recession

    The outlook for UK RMBS remains uncertain - despite optimism over borrower wealth buffers - as the country enters into its third government in three months. Amid such a rapidly changing policy environment, monetary policy and inflation rates – which continue to rise – are expected to be the two chief trends determining prospects for the housing market as .......

    Talking Point 7 November 2022

  • Existential challenge

    Activist agency, 'originalist' Court clash

    The US Court of Appeals for the Fifth Circuit last month ruled that the CFPB is unconstitutionally funded. This Premium Content article investigates what this landmark judgment means for the securitisation industry.

    Those in the securitisation industry concerned by the implications of the lawsuit brought by the Consumer Financial Protection Bureau (CFPB) against National Collegiate Master Student ......

    News Analysis 4 November 2022

    Premium Content

  • Call for Och 'feud' to end

    Sector developments and company hires

    Call for Och ‘feud’ to end
    Sculptor Capital Management’s independent board members and Jimmy Levin, the firm’s current cio and ceo, have issued statements in response to a recent court filing related to a dispute brought by former chairman and ceo Daniel Och. The filing mentions a “personal issue” from Levin’s past, which was thoroughly reviewed at the time and .......

    Market Moves 3 November 2022

  • Stress-testing resilience

    Climate-change risk assessment approach debuts

    Scope has introduced a stress-testing methodology to assess climate-change impacts on securitisations. The objective is to help gauge the resilience of a transaction to transition and physical risks.

    “We have introduced a quantitative and scenario-based stress-testing approach to assessing climate change impacts on the credit risk of securitisation transactions. The climate-change scenarios identified offer a range of outcomes for .......

    News 2 November 2022

  • Euro CLO footprint established

    Sector developments and company hires

    Euro CLO footprint established

     

    Cross Ocean Partners has completed Bosphorus .......

    Market Moves 2 November 2022

  • Chinese CMBS 'structural deficiencies' eyed

    Sector developments and company hires

    Chinese CMBS ‘structural deficiencies’ eyed
    The recent near-default of a Chinese CMBS issued by Yango Group - together with the two previous defaults of PKU TechPark and Hongbo Exhibition Center - expose several structural deficiencies in Chinese CMBS transactions, according to Fitch. Such deficiencies include low DSCR and collateral quality - due to weak underlying cashflow - limited protection through .......

    Market Moves 31 October 2022

  • Apollo, PIMCO set to acquire Credit Suisse SPG

    Sector developments and company hires

    Apollo, PIMCO set to acquire Credit Suisse SPG
    Credit Suisse has unveiled its new strategy and transformation plan, following a strategic review of the bank’s businesses (SCI 28 July). The bank says it is taking “extensive measures” to deliver a more integrated business model, with the goal of creating value for shareholders.

    Over the next three years, Credit .......

    Market Moves 28 October 2022

  • Irish reperforming RMBS stress tested

    Sector developments and company hires

    Irish reperforming RMBS stress tested
    S&P has conducted a scenario analysis of seven of the Irish reperforming RMBS it rates, to investigate the impact of the rising cost of living, since legacy mortgage loans are particularly vulnerable to rate increases as the borrowers in these transactions predominantly (94%) pay variable interest rates. The combination of an expected increase in debt .......

    Market Moves 26 October 2022

  • NPL guidelines released

    Sector developments and company hires

    NPL guidelines released
    The European Commission last week published voluntary guidelines on best execution processes for non-performing loan sales in the secondary market. The guidelines define practices across the seven stages of an NPL transaction – from portfolio selection through to post-closing obligations – and cover unsecured and secured portfolios. Debitos notes that the objective is to accelerate the development and .......

    Market Moves 24 October 2022

  • Reaching milestones

    John Beacham, ceo and founder of Toorak Capital Partners, answers SCI's questions

    Q: Toorak recently hit a US$10bn milestone in whole loan funding for housing rehab and construction since its inception in 2016. What does this mean to your company? 
    A: We’re extremely proud of hitting this milestone and excited for many more to celebrate in the future. When we first started Toorak, we saw an opportunity to provide stable, long-term capital to .......

    The Structured Credit Interview 24 October 2022

  • GSE social disclosures readied

    Sector developments and company hires

    GSE social disclosures readied

    Fannie Mae and Freddie Mac are set to begin publishing pool-level Social Index disclosures for their single-family MBS. The move follows the release of Fannie’s proposed methodology for single-family social disclosure that aims to provide investors with insights into socially-oriented lending activities (SCI 18 August).

    The attributes are at-issuance measures and will not be updated .......

    Market Moves 19 October 2022

  • Natural evolution

    CLO docs, structures adapting to macroeconomic conditions

    Challenging market conditions have dampened European CLO issuance this year, but they have not stalled it completely. Indeed, transaction structures and documentation are expected to continue evolving to meet equity and debt investors' expected returns.

    “It has been a good story for CLO 1.0s, which have had less than half a percent of CLO tranches defaulting over the last 20 .......

    News Analysis 19 October 2022

  • CRE CLOs: time to zig when others zag

    When it comes to structured commercial real estate (CRE) credit, the European market is at a pivotal juncture, explains Iain Balkwill, partner at Reed Smith.

    Last year proved to be a ground-breaking year for the asset class; we saw a record volume of CMBS issuance and in an industry first, Starz Real Estate brought Europe’s first ever CRE CLO to .......

    Talking Point 19 October 2022

  • UK CRE CLO programme prepped

    Sector developments and company hires

    Aeon Investments has closed its first commercial real estate CLO warehouse in the UK, backed by three strategic loan agreements totalling £900m, as it continues to grow its private credit business. Loans will be funded through Aeon's balance sheet and a three-year revolving senior warehouse facility provided by Credit Suisse. Aeon expects to issue three CRE CLOs in Europe over .......

    Market Moves 12 October 2022

  • 'Too early to tell' for Sec Reg

    Sector developments and company hires

    ‘Too early to tell’ for Sec Reg

    The European Commission has released its report on the functioning of the Securitisation Regulation, as mandated under Article 46 of the Securitisation Regulation. The headline takeaway is that since the regulation only came into force in 2019, the Commission believes it is too early to tell whether the regulation is working and so no meaningful .......

    Market Moves 11 October 2022

  • Keeping it competitive

    Greystone's Jenna Unell, senior md in special servicing, and...

    Q: Greystone recently purchased its first primary B-piece in a US$1.09bn conduit CMBS. What makes now the right time to enter this market?
    RR: We purchased what was C-III Asset Management at the end of 2019, just before the pandemic, and we are working towards growing that business - which was special servicing. The best way to grow that business .......

    The Structured Credit Interview 11 October 2022

  • Non-calls to continue?

    Extension risk on the rise, particularly for non-bank issuers

    Following the announcement that buy-to-let RMBS Towd Point Mortgage Funding 2019 - Auburn 13 will not be called at its first call date this month, “given current market conditions”, extension risk in the European ABS/MBS market is expected to increase. Indeed, noting continued rate volatility, Barclays European securitised research analysts have revised their earlier opinion (SCI 31 August) .......

    News 10 October 2022

  • Syco Entertainment lands US$125m deal

    Sector developments and company hires

    A landmark US$125m securitisation of intellectual property has been completed by the Simon Cowell-founded company, Syco Entertainment. The intellectual property is the Got Talent Franchise, including the America’s Got Talent and Britain’s Got Talent formats commissioned in 72 territories across the globe. The complex transaction marks the first instance of leveraging royalty income streams for the securitisation of the intellectual .......

    Market Moves 7 October 2022
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