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SCI Start the Week - 24 May

Category: ABS Capital Relief Trades CLOs


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A review of securitisation activity over the past seven days

Last week's stories
Gaining momentum
European solar ABS issuance tipped to emerge
Revving up
Strong demand continues for CRE CLOs
SRT boost
Barclays expands Colonnade platform

Other deal-related news

  • OneMain has become the first US securitisation issuer to offer a SOFR-linked floating-rate tranche (SCI 17 May).
  • US CMBS loan refinancings are likely to remain under pressure over the next 18 months, given continued business interruption at many properties, uneven reopening of the country, depressed in-place cashflows and secular shifts caused by the coronavirus pandemic (SCI 17 May).
  • Angel Oak last week priced the first US non-agency RMBS that qualifies as a social bond - the US$231m non-QM RMBS Angel Oak Mortgage Trust 2021-2 (SCI 17 May).
  • Auto finance provider 247 Money has completed its first private securitisation, which will help support the firm's strong origination pipeline (SCI 17 May).
  • The Joint Committee of the European Supervisory Authorities has published an analysis of the implementation and functioning of the EU Securitisation Regulation, including recommendations on how to address initial inconsistencies and challenges, which may affect the overall efficiency of the current securitisation regime (SCI 17 May).
  • The European Commission and the EIB Group have increased their cooperation to implement a new EU Sustainable Blue Economy policy (SCI 18 May).
  • A new KBRA report shows that US CMBS appraisals were on average 30.2% lower than valuations available at the time of securitisation, based on 1,078 commercial real estate valuations from 1 April 2020 through March 2021 (SCI 18 May).
  • S&P is requesting comments on its proposed methodology articulating the principles it applies to incorporate ESG credit factors into credit ratings analysis (SCI 18 May).
  • A number of wholesale data centre securitisations issued in recent years carry elevated leverage that is inconsistent with the single-A rating category, Fitch suggests (SCI 19 May).
  • The UK FCA has published a consultation on its proposed policy framework for exercising two of its new powers under the Benchmarks Regulation, which will be introduced by the Financial Services Act 2021 (SCI 21 May).
  • KBRA reports that the Libor benchmark in two of its rated US CRE CLOs, AREIT 2020-CRE4 and BXMT 2020-FL3, has been replaced by SOFR (SCI 21 May).

Company and people moves

  • Black Knight has acquired eMBS, which provides agency MBS performance data and analytics (SCI 17 May).
  • Guy Carpenter has appointed Luca Tres as head of strategic risk and capital life solutions, EMEA, effective from 1 June (SCI 17 May).
  • Peak Reinsurance has hired Sascha Bruns as director, head of global retrocession (SCI 17 May).
  • RBC Capital Markets has hired Alex Hu as head of CLO structuring, based in New York (SCI 17 May).
  • CIFC Asset Management has launched the CLO Initiative for Change, a philanthropic programme in connection with CLOs issued by the firm, dedicated to supporting organisations driving social, economic or environmental change (SCI 19 May).
  • Blackstar Capital has appointed James Paul as head of sport, responsible for leading the firm's expansion into the sporting portfolio segment (SCI 19 May).
  • The Investment Management Corporation of Ontario has closed a US$500m commitment with a new strategic partner, Ares Management Corporation (SCI 20 May).
  • Conister Finance & Leasing has hired Marcus Gregory as its new executive director (SCI 20 May).
  • Volta Finance has appointed Dagmar Kent Kershaw as an independent non-executive director, with effect from 30 June (SCI 20 May).
  • Marcel Grandi has joined Twelve Capital's Zurich office as senior advisor, ILS, responsible for supporting the investment team with the sourcing of ILS transactions (SCI 21 May).
  • W R Berkely has appointed Vincent Myers vp - alternative capital (SCI 21 May).

Data

Recent research to download
TCBI Deal Profile - May 2021
The Collins Amendment - March 2021
2021 Outlook - March 2021
CLO Case Study - Spring 2021

Upcoming events
SCI's 1st Annual CLO Special Opportunities Seminar
29 June 2021, Virtual Event
SCI's 3rd Annual NPL Securitisation Seminar
September 2021, Virtual Event
SCI's 7th Capital Relief Trades Seminar
13 October 2021, In Person Event

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