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Issue 729 - 12th February

  • News Analysis

    • CLOs
      • True to form

        Top tier CLO managers lead the way, but some distinguish themselves further

        Leading US CLO managers for the most part continued to retain their position as the most consistent top performers throughout last year in the face of Covid-driven volatility. However, four managers managed to distinguish themselves still further by...

    • ABS
      • ILS innovation

        UK platform to support additional capacity, emerging risks

        London Bridge Risk PCC is the first UK ILS structure that has the PRA’s approval for use for multiple, market-wide transactions (SCI 14 January). The platform can be used for investors to support underwriting at Lloyd's through acqu...

    • RMBS
      • Structural change

        Restructuring eyed for Covid-impaired mortgages

        The UK non-conforming and buy-to-let RMBS market is expected to continue to benefit from the positive supply technical of TFSME. Nevertheless, the Covid-19 fallout appears to have precipitated structural change across the sector. With respect to th...

  • News

    • ABS
      • Lockdown exposure gauged

        Geographic footprint to shape pub performance

        The estate securing the Mitchells & Butlers Finance transaction has the most diversified geographic footprint of the UK pub whole business securitisations S&P rates, while Marston’s Issuer’s is the least diversifie...

    • Structured Finance
      • SCI Start the Week - 8 February

        A review of securitisation activity over the past seven days

        Last week's stories Beware the ides of March The end of mortgage forbearance schemes is ominous for MBS Big Brother Biden Democrat control of key committees puts securitised market on alert Origination innovation Fintechs, specialist mort...

    • Capital Relief Trades
      • Muskoka called

        BMO exercises call option

        Bank of Montreal has decided to call a capital relief trade backed by senior secured and senior unsecured US and Canadian corporate loans. Dubbed Muskoka Series 2017-2, the transaction was finalised in 2017 and was first eligible to be called in Sept...

  • Talking Point

    • ABS
      • Fly or goodbye - can airlines survive without taking to the skies?

        Contributed thought leadership by Ocorian

        As once profitable airlines look to survive and raise liquidity to weather the turbulence of the Covid-19 pandemic, Ocorian director Abigail Holladay and Watson Farley & Williams aviation partner Patrick Moore assess the use of al...

  • The Structured Credit Interview

    • Structured Finance
      • Constructive outlook

        Deborah Shire, global head of structured finance at AXA Investment Managers and deputy head of AXA I...

        Q: What were the drivers behind restructuring the AXA IM business into two key divisions – the Alts unit and the Core unit? A: The business was restructured in March last year (SCI 11 March 2020), with the objective of developing two strat...

  • Market moves

    • Structured Finance
      • NPL SRT agreement inked

        Sector developments and company hires

        NPL SRT agreement inked Hoist Finance has signed a co-operation agreement with Magnetar Capital that provides for new portfolio investments on a pan-European level and will create a framework for future purchases in the current regulatory environm...

      • Special situations strategy launched

        Sector developments and company hires

        Special situations strategy launched Bardin Hill Investment Partners has announced the final close of the Bardin Hill Opportunistic Credit Fund and a parallel side-car vehicle, with total commitments of approximately US$600m. The firm’s...

      • UK industrial CMBS prepped

        Sector developments and company hires

        UK industrial CMBS prepped Bank of America is in the market with a £340.1m CMBS sponsored by Blackstone. Dubbed Taurus 2021-1 UK, the transaction is backed by a two-year floating rate loan (with three one-year extension options) secured by...

      • EIF supports impact lending platform

        Sector developments and company hires

        EIF supports impact lending platform Tikehau Capital has completed the first closing for its private debt impact lending investment platform, raising circa €100m from the EIF - backed by the European Commission’s Investment Plan...

      • UKML tender offers mooted

        Sector developments and company hires

        UKML tender offers mooted Coventry Building Society subsidiary Godiva Mortgages is set to purchase from UK Mortgages Corporate Funding two buy-to-let mortgage portfolios originated by Godiva and currently financed within the Cornhill No. 6 and Malt...

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