FGI’s Post

KBRA UK released a report exploring the increasing number of #amortising European #CLO transactions that have reached the end of their reinvestment period and are not expected to be refinanced in the near term due to the prevailing rate environment. As such, they have begun to amortise and return principal to noteholders. Read the full report here: https://lnkd.in/epxC3JYy | #StructuredCredit

KBRA released an updated report that tracks several reported metrics within recurring revenue loan (#RRL) securitizations. In this report, KBRA continues to track several key metrics sourced from quarterly #collateralloan tapes provided by the issuers of KBRA-rated RRL securitizations. Read the full report here: https://lnkd.in/eQGQNCpg | #structuredcredit #insightfulresearch #financialmarket

In our Leveraging Underwriting History: Conservatism vs. Optimism session, moderator, Adam Fox, and panelists, Scott Epperson, Jason Nick, Raul Orozco, Rebecca Rockey, and Chris Tokarski have taken the stage to discuss evolving credit standards, from CMBS 1.0 to 3.0 - where they started, how they’ve responded to the market, and where they are going. 💡 Did you know? CREFC is running a complimentary trial membership promotion for anyone interested in exploring the benefits of our organization. Learn more here: https://lnkd.in/eUVyH6j4 #CREFCHighYield #CRE #CREFinance #CMBS

KBRA released its Business Development Company Ratings Compendium, which looks at results for the quarter ended December 31, 2023, and offers a review of perpetual continuously offered non-traded BDCs as well as recent industry developments. In this quarter’s Compendium, KBRA examines the BDC sector’s #fundingsources, highlighting that the use of traditional #bank revolving #creditfacilities continues to decline due to constraints on bank #balancesheets and the pending Basel 3 Endgame proposal. Read full report here: https://lnkd.in/eKNxkVtq | #financialinstitutions #bankcredit #interestrates

KBRA released the latest BDC compendium, which highlights the performance of our rated #BDCs in 4Q23 and some sector themes. Here are a few takeaways: -BDCs have diversified #fundingsources away from revolving bank credit facilities and tapping into the unsecured debt markets, issuing CLOs and establishing SPV asset facilities. - Liquidity remains solid. -Balance sheets of the KBRA-rated BDC's remain solid with modest leverage. Check out the full report with this link: https://lnkd.in/eKNxkVtq #privatecredit #financialinstitutions

KBRA released a report that examines how some #creditunions are turning to the ABS market. Credit unions have traditionally sourced funding through member deposits, wholesale borrowings and, to a lesser extent, through #loanparticipation sales and alternative sources such as repurchase agreements and committed lines of #credit. Read the full report here: https://lnkd.in/euADmnVb | #assetbacked #insightfulresearch

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MBIA Inc. experienced a significant cash release and one-time dividend following insurance regulations approval. The company's National subsidiary displays strong financial standing, hinting at potential future liquidity releases. Despite risks, further payouts are anticipated, offering a 10% to 60% share upside. The recent $500 million dividend signals positive prospects amid ongoing de-risking efforts.</div><div class="read-more"><a href="" class="more-link">Continue reading</a>https://lnkd.in/g_4UVZTt

KBRA released the August 2024 issue of #CMBS Trend Watch. With the #FederalReserve signaling its intent to cut its key #interestrate, additional #commercialrealestate financing is expected as borrowing costs eventually decline. Although the timing and volume of this increase remain uncertain, it will likely contribute to the ongoing rebound in the CMBS private label market. Read the full report here: https://lnkd.in/dE8F-pP4 | #CRE #commercialbacked

🎧 Watch our new webinar covering our recently issued Fault Based Primary Delayed Settlement Compensation (PDSC) timeline and guidance. Presented by Nick Voisey, Matthew Dunn, Deborah Neale, Jonathan Butler at PGIM and Frank Hewitt, who all worked on the project, this webinar focuses on: 🎤 The overarching themes and principles of the timeline and sets out what needs to be achieved and when. 🎤 How the fault-based element operates and what the parties need to consider. The LMA will ensure the timeline is kept under review as we all work together to improve settlement times in the primary leveraged loan market. Many thanks again to all those from the LMA Board, both buyside and sellside, who assisted with this important initiative, especially: Jonathan Butler at PGIM, Jeremy Selway, Fiona Hagdrup, Charlotte Conlan, Frank Hewitt, Sebastian Potocean, Tim Spray, and Michael Craig. https://lnkd.in/ec8FGYgv #LMA #LoanMarkets #LeveragedLoans