Securitization - Article Archive

  • Fannie Mae prices inaugural CRT REMIC deal

    Fannie Mae on Wednesday priced a $922m note offering from its Connecticut Avenue Securities (CAS) programme, using a REMIC structure for the first time to allow more investors to participate in the burgeoning credit risk transfer (CRT) market.

    • 31 Oct 2018
  • Hedge fund claims first reverse mortgage securitization

    Waterfall Asset Management, a credit-focused hedge fund that specializes in ABS investments, is in the market with what it claims is the first publicly rated securitization of reverse mortgages.

    • 31 Oct 2018
  • Still no solution for legacy Libor debt as SOFR momentum builds

    After years of work and numerous consultations, US regulators are still grappling with guidance for new floating rate note (FRN) contracts and the problem of how to fairly reset existing financial agreements that use Libor as a reference rate.

    • 31 Oct 2018
  • CLO spreads stable as loan market holds steady

    US CLO debt has held in despite volatile conditions across credit and stock markets, thanks to a steady loan market.

    • 31 Oct 2018
  • Tesco PF targets US with credit card mandate

    Tesco Personal Finance, the lending arm of the UK supermarket, is targeting US demand with a new dollar mandate from its Delamare credit card ABS shelf.

    • 31 Oct 2018
  • STS concerns weigh on ABS demand

    Uncertainty over the ultimate shape of the European Union’s simple transparent and standardised (STS) securitization framework may be hampering investor demand for top quality securitizations, according to bankers.

    • 31 Oct 2018
  • European governments agree softer NPL provisions

    The Council of the European Union agreed on a softer line for writing down non-performing loans on Wednesday, extending the timeline that European banks will be given to provision bad loans down to 0%. The Council’s proposals also add a third category of NPLs to the planned distinction between ‘secured’ and ‘unsecured’, giving separate treatment to loans secured on 'movable' collateral.

    • 31 Oct 2018
  • Focus on growth could hurt housing reform, say mortgage execs

    At a concluding panel at the SFIG Mortgage Symposium in New York on Tuesday, experts and executives in mortgage finance expressed concerns that the Trump administration’s sharp focus on boosting economic growth could hinder plans to scale back the footprint of Fannie Mae and Freddie Mac.

    • 30 Oct 2018
  • Apollo markets $5bn debt package for LifePoint buyout

    Apollo-sponsored RegionalCare Hospital Partners is marketing almost $5bn of sub-investment grade debt to support its acquisition of LifePoint Healthcare, which operates a network of non-urban hospitals.

    • 30 Oct 2018
  • Sunnova, Hannon Armstrong light up solar ABS

    A deal from solar finance company Sunnova that was priced at the end of last week and a first time solar securitization from Hannon Armstrong, announced on Monday, are rekindling the market for solar ABS in the fourth quarter.

    • 30 Oct 2018
  • Cyber bond splurge could remain stuck in the ether

    Recent developments may help push the risk of cyber attacks onto the capital markets through catastrophe bonds and other insurance-linked securities (ILS). But investors are likely to be wary about taking on too much exposure.

    • 30 Oct 2018
  • EBRD buys Greek NPL book with US hedge fund

    The European Bank for Reconstruction and Development has made its first Greek non-performing loan (NPL) investment, part of a €300m programme to help banks in central, eastern and south-eastern Europe to clean up their balance sheets.

    • 30 Oct 2018
  • RMBS outperforms amid market volatility, equities selloff

    With October’s steep stock market plunge signaling the market is in correction territory, while the Federal Reserve pumps the brakes on expansionary monetary policy, RMBS has managed to outperform versus other asset classes this month.

    • 29 Oct 2018
  • Bankers predict decline in US home ownership

    The steady creep upwards in interest rates and a brewing affordability crisis had bankers and investors at the SFIG Residential Mortgage Finance Symposium on Monday on edge, leading even some executives to declare that it has become impossible for many middle-income Americans to afford a mortgage.

    • 29 Oct 2018
  • ABS vulnerable to corporate volatility, says BAML

    Asset-backed bonds have shown resistance to broader volatility in credit markets over the past week, but analysts at Bank of America Merrill Lynch said weakness in corporate bonds could easily spill over into securitization markets.

    • 29 Oct 2018
  • Northview to test global demand for UK RMBS

    Northview Group will test global demand for its UK RMBS, Finsbury Square 2018-2, despite the all-sterling capital structure of the deal.

    • 29 Oct 2018
  • Curve flattens as Fannie Mae issues second SOFR deal

    Fannie Mae priced its second issuance of securities tied to the Secured Overnight Finance Rate (SOFR) on Thursday, helping provide additional duration points on the SOFR curve as markets navigate the early days of LIBOR alternatives.

    • 26 Oct 2018
  • BC Partners lists US direct lending business

    The credit arm of private equity firm BC Partners has listed a new direct lending business, Mount Logan Capital, with the firm eyeing better returns in private credit compared with more liquid markets.

    • 26 Oct 2018
  • Issuers sell largest CMBS deal in five years

    BX 2018-IND, a $2.4bn single loan CMBS deal from Blackstone and the largest CMBS since 2013, was priced on Wednesday. Strong investor demand helped drive all classes under average spread levels on newly originated CMBS deals this fall.

    • 25 Oct 2018
  • Lloyd’s identifies finance tools for disaster protection

    Lloyd’s of London has identified several financial instruments that could boost investment in resilience against disaster. The solutions incorporate features of loans, bonds, catastrophe bonds and securitization.

    • 25 Oct 2018
  • Loans in Brief: 26/10/2018

    • 25 Oct 2018
  • RBC boosts European real estate investment banking

    RBC Capital Markets announced a series of hires in European real estate investment banking on Wednesday, part of the firm’s gradual expansion across industries in European IB.

    • 25 Oct 2018
  • Heavy deal flow slows ABS trades more than market turmoil

    Securitization investors in Europe are likely occupied more with analysing the heavy deal flow in the market than concerned about the overnight crash in US and Asian stock markets, with three trades in syndication, three more on the road, plus brisk CLO flow.

    • 25 Oct 2018
  • South Korean bond issuers take charge amid volatility

    South Korean bond issuers have defied a volatile market over the past week or so, selling $2.5bn of offshore bonds and giving a rare bit of good news for debt bankers — who admit they are nervous about the future. Addison Gong reports.

    • 25 Oct 2018
  • Market participants hopeful on Chinese securitisation market

    Foreign appetite for China’s ABS market is growing fast, although the trade war and market infrastructure still pose challenges, according to panellists at IMN’s first Asian Structured Credit Summit on October 24.

    • 25 Oct 2018
  • United Rentals taps US high yield for acquisition financing

    Equipment rental company United Rentals was in the US high yield market with a $1.1bn bond on Wednesday to support its $2.1bn acquisition of peer BlueLine Rental, after pricing a $1bn term loan to support the deal earlier this month.

    • 24 Oct 2018
  • ABS trades push ahead despite soft markets

    Weaker markets this week have not deterred European ABS issuers from moving ahead with deals already marketed last week, with initial price thoughts on three trades published on Wednesday, following a slow start on Monday and Tuesday.

    • 24 Oct 2018
  • Deutsche non-core mortgages out on RMBS BWIC

    The whole bottom of the rated capital structure in Rochester No. 2, a UK RMBS originally structured from Deutsche Bank’s non-core book, was out for sale in a BWIC on Wednesday afternoon, according to data from Empirasign.

    • 24 Oct 2018
  • Piraeus waits it out for tier two

    The ECB would like Piraeus Bank to raise tier two capital, but issuance over the past few months has proved too difficult. The bank can afford to wait for now — but it has a challenging road ahead.

    • 24 Oct 2018
  • KAL returns to ticket receivables ABS

    Korean Air Lines (KAL) closed a $350m secured deal on Tuesday backed by future ticket sales between the US and South Korea, executing the drive-by trade using a credit facility from Shinhan Bank.

    • 24 Oct 2018
  • Tax-friendly ‘Opportunity Zone’ CRE funds take shape

    The US federal government issued tax guidance for Opportunity Zone funds last week, leaving commercial real estate debt brokers and investors to eye up what this "opportunity" will mean for them.

    • 23 Oct 2018
  • Sunnova reignites solar ABS with new deal

    Residential rooftop solar developer Sunnova is in the market this week with its second securitization, a $262.7m offering backed by a pool of leases and power purchase agreements (PPAs).

    • 23 Oct 2018
  • Netflix lands $2bn bond wide of initial levels

    Netflix tapped the high yield market again this week to help finance its heavy spending on new content. But the euro and dollar notes were both priced wide of initial levels.

    • 23 Oct 2018
  • Together, Northview line up UK RMBS deals

    Two regular UK RMBS issuers announced new deals on Tuesday, adding to a busy pipeline for next week. The Northview Group mandated a new Finsbury Square deal, its second this year, while Together Financial Service unveiled its first securitization of the year.

    • 23 Oct 2018
  • French CMBS deal to put crisis-era worries behind it

    Arrow CMBS 2018, a new French CMBS sponsored by Blackstone, aims to put the pre-crisis problems of the French market, exemplified by the drawn-out litigation over Lehman’s Coeur Defense deal, behind it, using a “double Luxco” structure to reassure investors that they will be able to enforce security.

    • 23 Oct 2018
  • Court ruling could cost Spanish banks up to €17bn

    The Spanish supreme court’s recent ruling that banks should pay certain taxes on mortgage loans harmed the lenders’ trading levels and hindered primary debt market access. Ratings agency DBRS estimates that, in the unlikely worst-case scenario, the sector could face a retroactive bill of €16.9bn.

    • 23 Oct 2018
  • CLO debt avoids sell-off as issuance slows

    US CLO managers have slowed the pace of primary issuance in recent weeks, helping to firm up secondary market debt spreads while other credit markets suffered a sell-off.

    • 22 Oct 2018
  • Morningstar hires new head of CMBS

    Morningstar Credit Ratings has hired Kurt Pollem to head up its CMBS and commercial real estate (CRE) ratings, the company announced on Monday.

    • 22 Oct 2018
  • Netflix out with $2bn bond to fund new content

    Netflix is tapping the high yield market for its second high yield bond of the year following last week’s earnings report and upgrade by S&P Global.

    • 22 Oct 2018
  • Aegon announces rare five-handed Saecure RMBS

    Aegon’s mortgage subsidiary mandated five banks on Monday for a new Dutch RMBS, Saecure 16. It is an unusually large syndicate size, but one which reflects the vanilla nature of prime Dutch RMBS. Aegon is a rare issuer in the market, last doing a deal in 2014.

    • 22 Oct 2018
  • Barclays wins Irish RMBS mandate with risk retention role

    Barclays has won a role as lead manager and "managing sponsor" on a new Irish RMBS from specialist finance group Dilosk, thanks partly to its willingness to hold the 5% risk retention in the deal. NatWest Markets arranged the deal, and is also a joint lead.

    • 22 Oct 2018
  • Green Climate Fund’s October meeting far better than July stalemate

    The Green Climate Fund’s 21st board meeting, which ended on Saturday in Bahrain, proved far more fruitful than the last one, which produced four days of painful gridlock and failed to agree any new projects. This time, the UN body approved 19 projects totalling $1.04bn.

    • 22 Oct 2018
  • AfDB finds London's insurers a deep pool for risk transfer

    The African Development Bank is set to announce on Monday afternoon the other risk transfer transaction it has been working on, in parallel with the ground-breaking $1bn securitization it closed in September. Like that, this portfolio credit insurance transaction could serve as a model for other supranationals.

    • 22 Oct 2018
  • AfDB, IFC explore new risk-sharing territory

    The African Development Bank’s $500m portfolio credit insurance deal, to be announced on Monday October 22, is one of the first of its kind, but is very likely to be followed by further such transactions, as experience in this area grows and other development finance institutions explore the potential benefits.

    • 22 Oct 2018
  • Securitization in reverse — the IFC’s MCPP

    Multilateral development banks are increasingly seeking creative ways to strengthen their arms by getting private capital to invest alongside them, magnifying their efforts. The International Finance Corp has long been one of the most active in this field, and thanks to a fund it launched five years ago, it last year achieved a co-investment ratio of over 100%.

    • 21 Oct 2018
  • Soured real estate loans at Bank OZK drive big sell-off

    A posterchild for post-crisis construction and commercial real estate lending, Bank OZK hit a major bump last week as it reported a drop in quarterly net income of 22.7%, marking one of its worst quarters in recent memory.

    • 19 Oct 2018
  • Green finance jolts forward with Bank’s push

    Green finance experts have hailed the Bank of England’s announcement this week that it intends to tighten supervision of financial firms’ climate risks as an important step forward in greening the financial system. But doubts remain as to whether the Bank will push firms far enough, fast enough.

    • 18 Oct 2018
  • PRA’s four part plan for greening finance supervision

    The UK's Prudential Regulation Authority will soon begin supervising banks and insurance companies on their approach to the physical and transition risks of climate change.

    • 18 Oct 2018
  • Wells sees value in PL RMBS despite rising competition

    The recent pricing of WFMBS 2018-1, Wells Fargo's first private-label RMBS deal since the financial crisis, is the tip of the iceberg for big banks mulling how best to get back into mortgage securitization.

    • 18 Oct 2018
  • BPCE expands funding options with first RMBS deal

    The inaugural French RMBS transaction from Bancassurance group BPCE drew increasingly high levels of demand even as spread guidance tightened, leaving the book well oversubscribed across 34 investors on Thursday.

    • 18 Oct 2018
  • Loans in Brief - October 18, 2018

    • 18 Oct 2018
  • VW’s ABS head Rolf to leave firm as successor waits in wings

    Volkswagen's long standing head of ABS structuring, Stefan Rolf, is set to leave the company by the end of the year. An internal candidate is likely to take over, writes Asad Ali.

    • 18 Oct 2018
  • Central banks express concern on growth of leveraged lending

    Central banks in the US and UK have both raised concerns in recent weeks on the growth of leveraged loan markets and the potential impact on financial stability.

    • 17 Oct 2018
  • Issuer readies rare life sciences securitization

    A business development company that specializes in making loans to venture capital backed life sciences and technology companies is in the market this week with a $200m securitization.

    • 17 Oct 2018
  • Demand allows VW to pocket extra funding with latest ABS

    Volkswagen Bank’s VCL 27 auto lease ABS deal garnered enough investor demand this week to allow VW to upsize the deal and bank roughly €200m of extra funding.

    • 17 Oct 2018
  • Mortgage finance edges closer to automation

    Obtaining a mortgage in the US has become a long and difficult process since the 2008 crisis. But can a mix of upstart financial technology firms and industry veterans meet the challenge of adapting mortgages to the digital economy? Participants at this week’s Mortgage Bankers Association conference in Washington DC said the market is certainly headed in that direction.

    • 16 Oct 2018
  • Generous debt baskets risk loan recovery prospects, says Fitch

    Fitch Ratings said on Tuesday that the increasing ability of leveraged borrowers to add additional debt without investor pushback would adversely affect the recovery rates for lenders in the event of a default.

    • 16 Oct 2018
  • England expects — but how much?

    The Bank of England will steer banks and insurers to think seriously about climate change. This is great news in itself. But what will count is how far the Bank is willing to push them.

    • 16 Oct 2018
  • Mixed outlook for US housing emerges at DC industry summit

    Industry executives and federal regulators descended on Washington DC on Monday for the Mortgage Bankers Association's annual housing finance conference, with an uncertain outlook for US housing in a heated economy providing the backdrop.

    • 15 Oct 2018
  • More unsolicited comments on the way, says Fitch

    Fitch Ratings said on Monday that it expects to issue unsolicited ratings more frequently on deals it has not been mandated to rate, as the agency looks to respond to more widespread late-cycle lending behaviour in securitization markets.

    • 15 Oct 2018
  • Sears files for long awaited bankruptcy

    Sears filed for Chapter 11 bankruptcy on Monday as a $134m interest payment came due and efforts to restructure the firm’s debt out of court failed.

    • 15 Oct 2018
  • UK RMBS pricing dodges fresh Brexit angst

    A pair of UK RMBS deals offering exposure to non-conforming and second lien mortgage pools were sold to investors last Friday, with both deals successfully placed just before a fresh round of Brexit jitters surfaced this week.

    • 15 Oct 2018
  • Yellen eyes end of red hot economic performance

    Janet Yellen, former chairwoman of the Federal Reserve, told attendees at the annual meeting of the Mortgage Bankers Association in Washington DC on Monday that she was expecting US economic growth to slow by 2020 as the central bank raises rates to counter inflation.

    • 15 Oct 2018
  • Actiam tries to sail within planet’s nine boundaries

    Actiam, the Dutch asset manager, has launched what it believes is the first investment strategy built around the nine planetary boundaries — an attempt to describe the ecological limits within which humans can live sustainably on Earth.

    • 15 Oct 2018
  • ABS veteran takes director role at Amundi Pioneer

    Duke University professor and former co-founder of Smith Breeden, Douglas T. Breeden, has taken up a position with Amundi Pioneer as director of securitized assets and portfolio manager.

    • 12 Oct 2018
  • Ford’s ABS increased as investors shrug off market noise

    Following on from PSA Bank’s well received car loan securitization, which was priced inside price talk on Wednesday, pricing for Ford’s GlobalDrive Auto Receivables 2018-A on Thursday points to rosier investor sentiment towards euro ABS deals in the near term, reversing the lacklustre demand just before summer.

    • 12 Oct 2018
  • Disaster wake-up call: Indonesia sets the stage for cat bonds

    The terrible earthquake and tsunami that hit Indonesia’s Sulawesi island last month has served as a wake-up call for the country’s Ministry of Finance, which is now looking at issuing catastrophe bonds.

    • 12 Oct 2018
  • Retail, media issuers in focus despite low defaults

    S&P Global said that consumer products, media and oil and gas were the most represented sectors on its list of ‘weakest links’ in sub-investment grade corporate debt, which remains relatively small in a low default environment.

    • 11 Oct 2018
  • US mortgage rates touch seven-year highs as yield curve steepens

    According to weekly data released by Freddie Mac, the average 30-year fixed-rate mortgage rate jumped 19 basis points over the past week to 4.90 percent, its largest weekly increase since 2016 and the highest level seen in seven years.

    • 11 Oct 2018
  • Record outflows in US HY as yields spike and vol bites

    A jump in US Treasury yields at the end of last week sparked a bout of volatility in US equity markets and dented appetite for US high yield bonds, with investors pulling record volumes of cash from funds tracking the sector on two consecutive days this week.

    • 11 Oct 2018
  • Coffee group Jacobs Douwe Egberts smells tighter margins

    The leveraged loan markets are so awash with demand that investors appear willing to allow Jacobs Douwe Egberts (JDE) to cut funding costs even as it extends maturities.

    • 11 Oct 2018
  • Pair of conduits prepped as CMBS sees pickup

    A pair of conduit CMBS deals emerged this week, but volumes of the once staple product of the commercial real estate bond market are lagging last year's figures as floating rate CRE CLOs and single asset deals draw more attention.

    • 10 Oct 2018
  • US high yield retreats from post-crisis tights

    High yield spreads have widened by 25bp in the past week as the rise in Treasury yields dents fixed rate products, although the market remains at historically tight levels.

    • 10 Oct 2018
  • Developing countries set to open up to catastrophe bonds

    Catastrophe bonds and the emerging markets fit well together, with perils in China and Southeast Asia particularly well placed to be covered. Can the insurance-linked securities market take off?

    • 10 Oct 2018
  • WeWork bond jumps on SoftBank investment reports

    WeWork’s sole high yield bond rose by three points in secondary trading on Wednesday after reports that Japan’s SoftBank Group was in talks to buy a majority stake in the shared workspace provider.

    • 10 Oct 2018
  • Second UK government student loan ABS hits primary

    The UK government has launched the second securitization of income contingent student loans, roughly a year after the first deal was closed.

    • 10 Oct 2018
  • Storm Florence blows a hole in US flood insurance numbers

    Catastrophe bondholders barely felt the flooding unleashed by storm Florence in the Carolinas, highlighting the lack of market exposure to US flood risk.

    • 10 Oct 2018
  • Wells Fargo files for first post-crisis PL RMBS deal

    Wells Fargo filed a 15-G form with the Securities and Exchange Commission on Tuesday, confirming that the bank is set to launch its first private-label residential mortgage-backed security since the financial crisis.

    • 09 Oct 2018
  • S&P warns on corporate leverage but investors eye growth

    S&P Global Ratings said on Tuesday that a post-crisis borrowing binge has put US corporate leverage at an all-time high, leaving firms vulnerable to downgrades and defaults. But a strong US economy and receptive capital markets are soothing investor concerns for now at least.

    • 09 Oct 2018
  • Rialto Capital said to be up for sale as housing market bites

    The Wall Street Journal reported on Tuesday that Rialto Capital, a financial subsidiary of US home builder Lennar Corporation, may be sold off to Stone Point Capital, a private equity firm with a substantial footprint in the US real estate market.

    • 09 Oct 2018
  • October jam-packed in US ABS with 17 deals lined up

    The US securitization market is enjoying the usual post-Miami conference pick-up in activity, with as many as 17 deals lined up to be priced this week.

    • 09 Oct 2018
  • CIFC taps Apollo exec for European CIO

    Corporate and structured credit specialist CIFC is building out of its European operation, hiring Dan Robinson from Apollo Global Management as CIO.

    • 09 Oct 2018
  • VakifBank prints $300m 10 year DPR

    VakifBank returned to capital markets for the first time since January on Monday, raising $300m through a 10 year diversified payment rights securitization.

    • 09 Oct 2018
  • ABS volumes stand out in sluggish bond markets

    Market volatility has cut into global bond volumes this year, with trade tensions weighing on S&P Global’s issuance outlook for the remainder of the year, but strong CLO activity and a growing esoteric ABS sector have helped the securitization market buck that trend.

    • 08 Oct 2018
  • Swings in US high yield flows as rates spike

    The early part of last week saw US high yield bond funds enjoy big inflows, with spreads grinding to post-crisis record tight levels. But a spike in Treasury yields on Friday has helped reverse some of those flows, and polarise investor sentiment on the asset class.

    • 08 Oct 2018
  • Optimum Credit brings new second lien RMBS

    Following on from its debut £242.3m deal last year, second lien mortgage specialist Optimum Credit has mandated Natwest Markets as arranger and lead manager for a slightly larger second offering.

    • 08 Oct 2018
  • White & Case adds partner for securitization push

    Thomas Falkus has joined White & Case as a partner in its global capital markets practice to help expand the firm’s CLO and securitization business.

    • 08 Oct 2018
  • ABS: Foreign names seek deals in comfort zone

    Supply of asset-backed securities (ABS) is growing in China. But most international banks, investors and originators are sticking to the segment of the market they know best — auto loan ABS. To get these foreign players out of their comfort zone, China needs to introduce more diversity in the market, bankers say. Noah Sin reports.

    • 08 Oct 2018
  • Obstacles emerge as CRE CLOs enjoy boom times

    Commercial real estate CLOs have boomed as an asset class in 2018 and have been a major driver of steepening competition among CRE lenders. But investors and issuers at CREFC’s inaugural CRE CLO conference in New York highlighted that there are still speed bumps that may prevent the market from taking off in 2019.

    • 04 Oct 2018
  • Hopes of order in chaotic thinking on impact

    As environmental and social “impact” becomes a ubiquitous buzzword in financial markets, the risk of muddle and conflict over what it means has intensified, even giving rise to the term “impact washing”. But efforts to shed light and bring harmony are advancing rapidly, with three major contributions in the space of three weeks.

    • 04 Oct 2018
  • IFC offers Operating Principles to guide impact investing

    The International Finance Corp will launch next week at the World Bank/IMF annual meetings in Bali a set of Operating Principles for Impact Management, which are designed to complement the framework for analysing impact produced by the Impact Management Project.

    • 04 Oct 2018
  • American Tire files for Chapter 11 battling industry pressures

    American Tire Distributor (ATD) filed for Chapter 11 bankruptcy on Thursday after battling shifts in the tire industry that saw two major manufacturers cut ties with the firm earlier this year.

    • 04 Oct 2018
  • UK buyers give debut Atom RMBS a warm reception

    Atom, a UK challenger bank, priced its first RMBS deal on Wednesday, retaining some of the triple-A bonds while placing the rest with UK investors.

    • 04 Oct 2018
  • European Parliament plots ‘no-action letter’

    The European Parliament’s influential economic affairs committee has published a draft report proposing to bring the ‘no-action letter’ to Europe, a move which has been on the finance industry’s wishlist for years.

    • 04 Oct 2018
  • NYC office market at risk of overheating

    While job growth and economic expansion in New York City are still strong, a number of headwinds including rapidly increasing supply and slumping rents may put investors at the bottom of the capital stack at risk, said commercial real estate analysts at Amherst Capital.

    • 03 Oct 2018
  • German auto lenders most at risk from car residual values, under Fitch stress

    German captive auto lenders could be most at risk from softer used car prices, with a hit to profitability of up to 82% under a hypothetical stress scenario, according to Fitch Ratings.

    • 03 Oct 2018
  • IFC to unveil Operating Principles to guide impact investing

    Work to clarify thinking about impact in investment – meaning its effects on society or the environment – is going on apace. The International Finance Corp will launch next week at the World Bank/IMF annual meetings in Bali a set of Operating Principles for Impact Management, which are designed to complement the framework for analysing impact produced by the Impact Management Project.

    • 03 Oct 2018
  • Non-banks to storm CRE with repo and CLO leverage in tow

    Real estate investment trusts (REITs) with ties to private equity firms such as KKR, Apollo Global Management and TPG Capital are originating loans at a blistering pace this year. To keep up, some life insurers and balance sheet lenders are mulling using leveraged instruments that non-traditional lenders are popularising.

    • 02 Oct 2018
  • Hedge fund adds senior Deutsche trader to growing CRE fund

    Hedge fund Shrewsbury River Capital has hired Dan Voloshin as a senior member of its commercial real estate investment team, according to an announcement from the firm on Tuesday.

    • 02 Oct 2018
  • Tesla taps project finance pro for capital markets role

    Tesla has hired a capital markets professional who previously worked in project finance at a solar developer in California.

    • 02 Oct 2018