Weekly Issue Archive »

Issue 654 - 9th August

  • News Analysis

    • Asset-Backed Finance

      • Keeping it private

        Public European middle market CLOs are struggling, but private deals are booming

        The success of middle market CLOs in the US and the ever-present search for yield has led to much talk about the European market following suit. However, the European middle market is much smaller than its US counterpart and has different hurdles to...

    • CLOs

      • New ventures

        Asset manager building out structured credit strategies

        BlueBay is expanding its structured finance and CLO investment strategies. As well as aiming to launch a US focused structured credit strategy this year, the firm is looking at the possibility of issuing a debut CLO in 2020...

      • Track record

        Middle market origination processes scrutinised

        A deteriorating credit environment is expected to prove challenging for new US middle market loan platforms, whose fee revenue may not be enough to support them through stressful periods. Against this backdrop, a manager’s track record, ali...

    • Capital Relief Trades

      • Senior mezz eyed

        CRT issuers target asset managers

        Banks are targeting asset managers for the senior mezzanine tranches of dual-tranche capital relief trades, given that the market for the senior mezzanine remains less deep relative to that of the junior mezzanine tranche. Asset managers are drawn to...

  • News

    • ABS

      • Whole biz debut double

        Early learning, pet supply franchises securitised

        Two US whole business securitisations are marketing, representing debut transactions from both firms. The deals comprise the US$250m Primrose Funding 2019-1, from an early childcare education company and the second is a US$355m ABS dubbed PSP Funding...

      • Branching out

        UK marketplace lender brings US deal

        Funding Circle Holdings is in the market with its first ABS collateralised by loans made to SMEs incorporated in the US. Dubbed Small Business Lending Trust 2019-A, the US$198.45m transaction is backed by 1,394 loans originated via the Funding Circle...

      • Venture ABS prepped

        Horizon Technology Finance hits the market

        Horizon Technology Finance is marketing an ABS backed by secured liens on non-investment grade performing loans made to growth stage companies in the technology, life sciences and healthcare sectors. Venture debt ABS is an emerging asset class, but i...

    • Structured Finance

      • SCI Start the Week - 5 August

        A review of securitisation activity over the past seven days

        Market commentary Portuguese RMBS outperformed other securitisation asset classes last week, boosted by the surprise call of the Lusitano Mortgages No. 2 transaction (SCI 22 July). The sector is expected to continue to perform strongly at tight leve...

    • Capital Relief Trades

      • Risk transfer round-up - 9 August

        CRT sector developments and deal news

        BNP Paribas is rumoured to be prepping a corporate capital relief trade for 3Q19. The lender’s last risk transfer transaction closed last month. Dubbed AutoFlorence 1, the true sale deal is its first post-crisis Italian SRT (SCI 22 July). ...

    • NPLs

      • NPL disposals sealed

        Two banks offload Italian loan portfolios

        Two disposals of Italian non-performing and performing loans (NPLs) originated by Unicredit and ING have been sealed. The first transaction comprises a portfolio of unsecured SME NPLs while the second, from ING, comprises performing and non-performin...

      • JV agreed

        Intesa readies UTP securitisation

        Intesa San Paolo has reached an agreement with Prelios that involves the securitisation of a €3bn (GBV) corporate and SME unlikely-to-pay portfolio. The deal follows a similar NPL agreement with Intrum that was finalised last year and is par...

  • Market Moves

    • Structured Finance

      • CLO partner appointed

        Sector developments and company hires

        CLO firm partner promotion DFG Investment Advisers has promoted Timothy Milton to partner. Since joining the firm in 2014, Milton has been responsible for the management of the Vibrant Capital CLO platform in his capacity as co-portfolio manager. I...

      • Alt credit co-head hired

        Company hires and sector developments

        Alt credit co-head nabbed Ares has hired Joel Holsinger to its credit group as co-head of alternative credit, effective immediately. Holsinger will serve on the Ares management committee and work alongside Keith Ashton as...

      • AM acquisition

        Sector developments and company hires

        Asset management acquisition Assured Guaranty US Holdings is set to acquire all of the outstanding equity interests in BlueMountain Capital Management and its associated entities for approximately US$160m, subject to certain adjustments, as part of...


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