Latest news
Latest news
Addition of 20 year veteran RMBS attorney David Sylofski to the firm will strengthen its structured finance practice
Investors want more ABS exposure after strong performance
Partnership should bolster non-agency mortgage lender's capacity to originate and securitize loans
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Landmark report addresses specific areas, and in doing so it provides the beleaguered market with a foundation for change
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Single regulator like SEC and help for securitization 'vital' for Europe's competitiveness
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Bank wants to grow leveraged capital markets alongside IG business
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CLO team’s senior figure is leaving for personal reasons
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Diana Reid to replace Michael Hutchins, who had been interim CEO since March
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Michael Guarda takes over DCM and syndicate
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Results of study for EU Commission calls for revival of securitization in Europe
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New CFO and treasurer promoted from within
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Former Uber exec aims to disrupt and innovate as Arc Analytics’ new CEO
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Christian Grane moves on to take up another role
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Arc Ratings’ sister company hires from tech world
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Replacement already in place after longstanding employee departs
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◆ Promising Risk Control paper ◆ Acer Tree returns to euro CLOs
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Risk Control's paper directs regulatory discussion at securitization's economic potential
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Sahil Chandiramani takes more senior role after nearly four years at the fintech
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Regulating securitization should be a matter of maximising its economic impact, not just simply preventing a crisis
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Huge looming maturities may look scary, but the CMBS market will chip away at the wall, rather than drive into it
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Alex Martin joins Milbank's alternative investment team after John Goldfinch's departure
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Elsewhere, Nuveen recruits new CLO MD and Arini promotes from within
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Natixis-owned investor takes on Ostrum’s €215m ABS portfolio and its managers
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Asset manager takes London specialist from CIFC amid increased hiring activity
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Pair of senior BofA bankers join different Apollo entities as CLO business grows
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The law firm is looking to beef up its ABS and CLO expertise
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Interim CFO returns to previous post at the firm
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Elsewhere, Volkswagen promotes from within for new head of ABS
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Interview with Lily Feng, founder of fine wine valuation and lending platform, Jera
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However, the asset class remains a fraction of insurers' portfolios due to punitive regulations
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The trader previously spent 15 years at Credit Suisse
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Alternative investment firm has over $9bn AUM
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Surprise elections in France could slow ABS issuance, but the more important long-term impact on regulation will emerge as the dust settles in the coming months
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Global ABS regulation panel 'most positive for 15 years'
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Avoid regret with this guide
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Other Scope ratings have been accepted since November with IT integration ‘expected shortly’
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Senior salesman to start new role in coming weeks
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Architect of 'stock and drop' RMBS scheme has joined the building society's investment arm
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FCA and PRA lay out new rules to take effect on November 1 but key questions deferred
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Jim Wiant has departed from the Danish credit investment firm's New York office
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Arlene Shaw sees middle-market CLOs as 'very efficient avenue' to finance private credit assets
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Christian Noyer has proposed that the safe savings asset that European leaders crave should be a securitization platform. But scepticism that this is a realistic project runs high
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Regulator clarifies and tweaks rules as it presses for November implementation
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Political leaders show interest as Enrico Letta and Christian Noyer feed them policy ideas
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Organiser of ABS East and Global ABS merges with operator of Global Borrowers' Forum and the Covered Bond Congress
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GlobalCapital takes you through the winners for Overall Bank, Private Securitization, and Deal of the Year
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New venture with Prytania Solutions could be useful benchmark for promising CLO ETF market
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CLO investor returns to Accunia after more than five years
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Executive had been central to top 10 EMEA bond franchise
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K-Indicator to give investors clearer picture of market performance
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Joshua White joins NatWest, Pepper appoints new UK managing director
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Rating agency expansion into booming private credit market continues
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S&P downgrades six tranches of legacy RMBS after discovering error, but disparity with Fitch should have raised alarm
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Joo Kim joins as partner from Cadwalader, bringing more than 23 years of experience
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Alan Rockwell and Heather Waters Borthwick join in New York, more additions likely
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Promotion signals markets push into Australia and New Zealand
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Fund comes as major private credit players increase their presence in asset-backed lending
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◆ UK BTL RMBS tightens ◆ CLO seniors eye 140bp ◆ Plus, a film debut on LinkedIn
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Top CLO law firm in ‘growth mode’ and will hire more, says partner
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◆ Glorious return for EU ABS ◆ BSL to bite back in CLOs ◆ Dilosk grievance
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Investment firm looking to increase its focus on the real estate sector in 'once-in-a-decade' environment
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Sharif Anbar-Colas has been with the asset manager since 2018
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Jeff Fields appointed to a newly created role at Atalaya Leasing
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◆ Europeans want UK RMBS ◆ ESMA perplexes investors ◆ CLO amortisation: a vanishing act
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Consultation says some investors not in favour of ‘dedicated and simplified templates’
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Fund will only invest in equity as the majority stakeholder, GlobalCapital understands
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◆ Flying start for UK RMBS ◆ Loan rally to scupper January CLO party ◆ Merv Hughes lookalike competition
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David Saitowitz's responsibilities will include investing in CLOs
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Consultation offers four potential options to simplify disclosure templates widely considered too onerous
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GlobalCapital's annual market quiz returns. Have you been paying close attention this year?
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Investors welcome efforts to harmonise ESG reporting but say the ultimate goal must be a comprehensive scoring system
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$49m of trades placed in first operational week
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Regulator warns about potential conflicts of interest but says report not driven by wrongdoing
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The law firm could grow the team further next year
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◆ Searching for an ABS 'greenium' ◆ Euro CLO pipeline building ◆ A new golfer in town?
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Market was key in helping UK Asset Resolution offload legacy collateral, even if some think it created the problem
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◆ Putting the AI in ABS ◆ Middle-market CLOs face more questions
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Trading tech firm will collaborate with Moody's Analytics
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Although it is incentivising issuance as US banks look to shore up balance sheets, the imminent regulation could end up being a ‘real drag’
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More initiatives to launch soon as almost half of market says it has already used chatbots for work
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Sumit Sasidharan will serve as the head of commercial real estate
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New European senior ABS fund was created in July, but held off media launch until portfolio was in shape, source said
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One of the two new co-heads of capital markets for the region will focus on asset finance and securitized products
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Scope Ratings is now the fifth external credit assessment institution to determine Eurosystem eligibility
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◆ Captive CLO equity teams race for funding ◆ Could there be regulatory reform in EU securitization next year? ◆ New York calling
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After years of slow progress and a failure to complete the project, stimulating the European ABS sector could be exactly what is needed
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The fund will invest across ABS, CLO and MBS sectors
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The pace of regulatory change coming from the Commission could damage US capital markets, says lawmaker Bill Hagerty
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UK regulator has shown a post-Brexit willingness to simplify rules
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Treasury official says financial firms should collaborate to fight state saboteurs and ransomware
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Ratings and research department headed up by Ana Arsov
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◆ PRA consultation paper provides further UK reg hints ◆ Life in European CLOs ◆ Babies in the office
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Changes proposed in paper on capital requirements tread carefully between Basel 3.1 standards and UK growth
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SRT-focused paper draws dividing lines with the EU
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UK fund sees distressed opportunities in US commercial real estate
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Take a close look at three emerging tech providers in capital markets, including AI and data platforms
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Rémi Kireche will focus on securitization, among other areas
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Investor group looks to promote greater collaboration and education within the market
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Ollie Waite will take a career break before deciding on his next venture
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Credit investor promotes senior portfolio manager, representative of firm’s proud women-driven business
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Banks to seek more capital relief before Basel III Endgame takes effect
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Piers Western was a well-respected CLO expert who had been at Commerz since 2009
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Issuers like Tesla return to programmatic issuance after seeing wider spreads than programmatic peers
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David Dwyer and Frank Tallerico join US securitization trade association
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Foreclosures could come without unemployment rise but RMBS will hope to ride it out
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Ronnie Jaber, co-head of Onex Credit, in an interview with GlobalCapital
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US issuers should address concerns over energy consumption if they want to maximize the potential of one of the sector's most promising assets
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He was a prominent figure in the securitization market before leading the bank's treasury function
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Spanish investment bank, based in London, adds to advisory headcount
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Former head goes to Natixis with structuring director promoted
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TwentyFour Asset Management's co-founder Rob Ford talks about his past, securitization's future and how, with plans to semi-retire, he will have more time for lunch
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Founding partners Rob Ford and Gary Kirk move to advisory roles
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Ex-CLO new issues head sets up own shop, McCormick heads to Scotia, BNPP promotes Khanna
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Annual Global ABS conference hasn’t mattered so much since the the fallout of the GFC
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Matthew Courey promoted to president following FSI strategic partnership
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Lakemore to provide equity funding for multiple CLOs in US
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Opportunities to buy floating rate paper at wide spreads before issuers stop coming are limited, investors are taking notice
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The wheels appear to be coming off the commercial real estate market but this is no run of the mill financial crisis — investors have had plenty of warning
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Aaron Scott joins after over four years at Paul Hastings
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Dmitrij Livitski hired as executive director
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Nikunj Gupta to leave after over seven years at bank
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CLO expert to lead global finance and real estate group amid growth in the sector
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Jimmy Wilson joins Japanese firm to help grow CLO and esoteric ABS businesses
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Stifel launches agency securitized products group with four former Credit Suisse bankers
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David Keys joined BNY Mellon as head of structured finance after 23 years at U.S. Bank
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Both hires to work in risk corporate securitization team
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Two MDs promoted in reshuffle
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Japanese bank lands SEB's former head of loan sales
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John Parker joins to head securitization trading
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Jacob Walton hired as Sona prepares to enter Europe's CLO market
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John Vibert will serve as president and CEO starting 2024
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Peter Knust joins law firm from BCLP
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Fiona Nelson leaves Funding Circle after less than two years
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Nuria Paredes was JP Morgan’s head of EMEA synthetic baskets
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Acquisition of Credit Suisse’s SPG will give the asset manager a flow of juicy assets
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Lack of nationwide programmes to promote ESG-related financing makes US-like progress difficult, lawyer says
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Christopher James leaves Lloyds after nearly seven years
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Credit Suisse says the transaction is designed to release capital and achieve significant risk reduction for the group
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Peter Cui to leave after nearly seven years at French bank
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Clarity is required as the sector grows, say panellists at the structured finance event in New York
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Karan Chabba joins asset manager from KLS Diversified
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Covered bond teams stretched by biggest quarter in 10 years
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UK law firm has hired Alexander Leff as renewable energy, project finance and tax partner in New York
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Mid-level employees receiving around 25% more to jump ship
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Japanese bank sets sights on aircraft ABS
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Bank poaches Jeana Curro from BlackRock
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Martin Sharkey joins as partner after six years at Dentons
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Senior recruit from Cadwalader to advise on ABS, MBS, CLOs
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Badrakhan to oversee expansion into new asset classes
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Natixis-owned private debt house builds CLO, liquid debt capacity as it opens Paris office
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Round of promotions includes two portfolio managers focusing on securitization
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Grady Frank to lead $3bn private credit investment business
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Matthew Moniot and Jonathan Imundo join Man Group as co-heads of CRS
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Texas-based CLO manager plans to issue deals in Europe under Trinitas brand
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Josh Soffer joins the manager after a career spent in tech and fixed income markets
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HilltopSecurities hired Tom Baurle to serve as managing director and investment banker, expanding its debt capital markets team. Baurle will focus on ABS, private debt originations and structured finance strategies across various sectors.
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A new level of harmonisation and simplicity in financial markets communication is on the horizon, according to supporters of the Common Domain Model — a coding framework that will allow bonds, repos and derivatives to be described in a single format, potentially making processing more efficient and less manual.
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The head of US CLO structuring at Barclays, Eric Glyck, has resigned to join Octagon Credit Investors, according to people familiar with the matter.
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Royal Dutch Shell and London asset manager Tramontana have created a carbon credit securitization product, forming a new asset class aimed at optimising the offsetting of carbon dioxide emissions. Tom Brown reports.
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Z Capital Credit Partners, the credit arm of Z Capital Group, has promoted a CLO portfolio manager in its investment team to managing director.
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The Federal Reserve kicked off its two-day policy meeting on Tuesday, with the officials deeply divided on when to make the move to tapering asset purchases. With no dot plot projections expected this time, sources are keeping a close eye on what Fed chairman Jerome Powell says, looking for hints about the central bank’s plans.
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A UK football club securitization has closed that offers investors exposure to future ticket sales. But sports securitizations, almost non-existent after the 2008 global financial crisis, have assumed a new, higher level risk in the eyes of many following the pandemic.
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The three-year restructuring plan for four Intu shopping centres is set to see cash poured into London, Nottingham and Glasgow retail hubs after the group collapsed into administration in June 2020. But CMBS noteholders are set to see yields recover to only 60% of the outstanding amount by the time of a likely asset sale, bringing into doubt the prospect of future shopping-centre securtiizations.
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Credit Suisse has promoted London-based Arun Cronin to be global co-head of CLOs, alongside New York-based co-head Brad Larson, according to people familiar with the matter.
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Apollo subsidiary Redding Ridge has hired Tom Frangione from Alcentra as it grows its assets under management and the number of CLOs it runs.
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Danish credit investor Capital Four has made three additions to its CLO and high yield business in the US.
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Japanese bank Mizuho has hired CLO specialist Nate Weber from Bank of Montreal Capital Markets as a managing director in its asset backed trading department.
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The European Commission signalled this week that it would extend regulation into many more aspects of sustainable finance, driving an agenda that could change the role of capital markets in society. But although responsible investing experts welcomed it, the complex package of at least 30 measures is likely to provoke a wide variety of reactions, from enthusiastic support to complaints that it is too slow and unambitious, to outright opposition. Jon Hay reports.
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Tough legacy mortgage securitizations are resisting the switch away from Libor, as the Financial Conduct Authority calls on issuers to contact investors before the six month deadline hits. A group of mortgage securitizations issued by defaulted Lehman Brothers pre-2008 are seen as particularly high risk.
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Orchard Global Asset Management has hired Rachit Prasad as a portfolio manager for its CLO team. Prasad will join after an 11 year stint as an ABS research analyst at Deutsche Bank.
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Bank of America's former Dubai-based head of Middle East and North Africa debt capital markets has relocated to New York, where he will be covering DCM for US financial institution clients.
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The UK government is launching a complete review of its securitization regulations in parallel with the European Union’s ambitions to reform the market. Sustainability, the 'simple, transparent and standardised' label, SME funding and risk retention are all under the microscope.
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The Federal Housing Finance Agency announced new leadership appointments under the new acting director Sandra Thompson on Tuesday, kicking off a wave of people and policy changes to come in at the agency.
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After one of the busiest quarters for ABS since the financial crisis, many market participants are eyeing a short break in August in anticipation of a slower market. The combination of working-from-home culture, lack of travel opportunities and physical meetings has prevented many in the market from taking a break.
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Following release after his imprisonment for contempt of court, Rizwan Hussain has launched a new attack on legacy RMBS transactions managed by Bluestone Mortgages, purporting to have taken over as a director of the SPV and attempting to replace crucial transaction parties with his own entities. Whether he has authority to do so is not yet clear.
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Jefferies appointed Crescent Capital's former CLO head Melissa Weiler and Ellis Kirk Group's CEO Matrice Ellis Kirk to its board of directors, starting from July 1.
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ABS lawyers are asking issuers to resist taking advantage of a legal loophole left via a regulatory quirk, where a number of CLO and CMBS deals are technically exempt from switching data over to the securitization repositories approved by the European Securities and Markets Authority (ESMA) on Friday.
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Securitization is set to receive a sustainability makeover later in 2021 when the European Banking Authority finalises its mandate. Market participants are asking for better capital treatment to put ABS on a level with covered bonds, but others worry political influence could leave the market behind, writes Tom Brown.
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Deutsche Bank has hired Alex Danehy as head of US CLO syndication, according to a person with knowledge of the matter. Danehy joins from JP Morgan, where he was an executive director responsible for CLO origination.
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Rhode Island Employees' Retirement System has allocated $250m to Sycamore Tree and Neuberger Berman to invest in CLO equity and mezzanine tranches, following a new strategy that targets CLOs rather than real estate investment trusts (Reits) and master limited partnership (MLPs).
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European banks are rushing to finalise the first synthetic ABS transaction to achieve a ‘simple, transparent and standardised’ (STS) verification. The debut deal, which marks a turning point for the significant risk transfer market, has already been signed and is set to arrive in the coming months.
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The University Superannuation Scheme, one of the UK’s largest pension schemes, has hired BlackRock’s Janet Oram as head of asset-backed securities at its investment management arm.
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Matt Blake, director of treasury at Together Money, has left the specialist mortgage lender for a position as treasurer at Pepper Money.
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A senior securitized products banker at Barclays Investment Bank is moving to the buy-side after 19 years with the bank. He will be replaced by a senior banker from Credit Suisse
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The pace at which central banks are accelerating towards skewing monetary policy to support the fight against climate change was brought home this week by a speech by Isabel Schnabel, an executive board member at the European Central Bank, in which she went further than ever before in calling for strong action and hinted at how the ECB might do it.
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Generali is marketing the first green catastrophe bond, a €200m deal called Lion Re III laying off European windstorm and Italian earthquake risk. The structure takes its cue from the growing ESG risk transfer market for banks, which enhances the green impact of a given deal by recycling not just the funding received but the capital saved into green assets.