Versana’s Post

We’re now a proud member of the Loan Market Association (LMA), alongside 850+ esteemed organizations in the European loan market!   Our commitment to fostering a more transparent and efficient loan market aligns perfectly with LMA's mission. Here's to collaboration, transformation and growth of both the U.S. and European #syndicatedloan markets!   #europeanloanmarket #lma #creditmarket #leveragedloans #europeanleveragedfinance

We're one week out from the AFME (Association for Financial Markets in Europe) 15th Annual Spanish Capital Markets Conference in Madrid, where Morningstar DBRS VP of European NPL Ratings, Alberto Cruces, CFA, will be joining the afternoon Track A panel discussion on Spanish NPL/RPL Markets. If you're attending, make sure you stop by to hear about reforms to pre-insolvency regulations, the EBA #NPL reporting impact, the CRA approach to each product, and more. Additional details are available via the link below. Register here: https://lnkd.in/eAQ9E25x #Securitisation #CapitalMarkets

A must read article that highlights persisting challenges and deficiencies faced by banks to value Commercial Real Estate throughout the world. Property valuations are essential to a sound financial and banking system. As a matter of fact, the very core idea of InterVal - an RICS / IVS standard compliant valuation software - emerged after its founders conducted an Asset Quality Review (AQR) on 14 commercial banks on behalf of an institutional client. We’re quite excited - although not surprised - to see that InterVal aligns fully on the recommendations made in this article, and helps valuers and all valuation users achieve the highest level of transparency and standard compliance.

The European Central Bank #ECB has released an informative newsletter highlighting the importance of independent valuations to lender’s risk management frameworks for #CRE and shortcomings in models utilised for valuing large #realestate portfolios. Applicable insights in all global locations in the current market environment. #API #IVSC

ARC Ratings has assigned public Long-Term Ratings to multiple tranches created under Santander UK’s Synthetic Securitisation Credit Linked Note Issuance Programmes, Colossus 2024-1 and Colossus 2024-2. The transactions are a Synthetic Collateralised Loan Obligation (Synthetic CLO) created via Santander's Synthetic Securitisation Credit Linked Note Issuance Programme of primarily Small and Medium-sized Enterprise (‘SME’) loans which are collateralised by Commercial Real Estate (CRE), and CRE loans provided in the United Kingdom, Isle of Man, Jersey and Guernsey. Full details on the issuers can be found at https://lnkd.in/dbQ8PU9D and https://lnkd.in/d265QPFP #ratings #creditratings #structuredfinance #synthetic #clo #sme #finance #cre #bank #capitalrelief #balancesheet

ARC Ratings has assigned public Long-Term Ratings to Tranches A, B, C, D and E created under Santander UK’s Synthetic Securitisation Credit Linked Note Issuance Programme, Colossus 2024-2. The transaction is a Synthetic Collateralised Loan Obligation (Synthetic CLO) created via Santander’s Synthetic Securitisation Credit Linked Note Issuance Programme of primarily Small and Medium-sized Enterprise (‘SMEs’) loans which are collateralised by Commercial Real Estate (CRE), and CRE loans provided in the United Kingdom, Isle of Man, Jersey and Guernsey. Full details on the issuer can be found at https://lnkd.in/d265QPFP #ratings #creditratings #structuredfinance #synthetic #clo #sme #finance #cre #bank

Have you checked out our FY23 European Direct Lending Rankings 👉 https://lnkd.in/eqxhkAf3 A total of 660 deals were signed throughout 2023, marking a 20% year-on-year reduction. Despite the decline, direct lending maintained a market share of 30% versus institutional loan and high yield bond activity, and further cemented the asset class as a mainstay of the leveraged capital market. Ares Management Corporation took first place in the overall European FY23 rankings table, having signed 62 deals to secure a 9% share of the market. Download the full report now: https://lnkd.in/eqxhkAf3

Exciting developments at the Loan Market Association (LMA)! We’re intensifying our focus on the SRTs market, acknowledging its growing importance. Under the leadership of CEO Scott McMunn, the LMA is evolving to better represent today’s loan markets and expanding our community to include single-strategy funds dedicated to SRTs. Scott and Amelia Slocombe recently discussed the LMA’s efforts to prioritise SRTs and expand its membership community in talks with Structured Credit Investor. We are now focusing on expanding SRT-related initiatives as a key part of our work plan in the coming months. Read more ttps://https://lnkd.in/eedZAMCy #LMA #LoanMarketAssociation #SRT #Finance #MarketInsights

In the latest SC Lowy European credit update, CEO Michel Lowy and Portfolio Managers Alessandro Esposito and Jonathan Graber along with analyst Francesco Russo explain the attractiveness of special situations lending in the current market environment.   Higher interest rates, slowing economies, and tighter lending conditions are creating a very attractive environment in Europe for opportunistic credit strategies. Locally rooted, creative, fast-executing specialized asset managers with the ability to negotiate and interact with local stakeholders in the origination and analysis phases, and that can help expedite restructuring negotiations, strategic initiatives, as well as the execution of exit strategies, will be critical differentiators in generating portfolio returns in the current environment. The rich and diverse set of opportunities currently under consideration include: (i) stretch senior bridge lending opportunities secured by hard assets in the real estate sector; (ii) cherry-picking opportunities in NPL portfolios that are returning to market in secondary re-offers; and (iii) middle-to-upper market direct lending opportunities, particularly to Italian corporates seeking to refinance guarantee-backed loans and/or re-size bloated balance sheets. Giorgia Pozzoli #EuropeanCredit #specialsituations #restructuring #directlending #npl #realestate #assetmanager #SCLowy #Europe #Italy

📣 We are pleased to announce the launch of our Primary Delayed Settlement Compensation Guidelines to facilitate efficiency in the primary leveraged loan market. 📅 Improving efficiency, particularly around settlement times, in the primary and secondary loan markets continues to be one of the key goals of our Association and our members. Working with the buy and sell side, the LMA Board have approved a recommended timeline for settlement of primary leveraged loan syndication, incorporating fault based delayed settlement compensation. The timeline seeks to address the delays occurring by providing a set of recommended timings for key steps in the syndication process and where the recommended settlement time is not met, the introduction of a fault based delayed settlement compensation mechanism. ✔ The timeline is a statement of recommended best practice with a target of 10 business days, meaning that it requires settlement - namely the potential lender/buyer becoming lender of record - within 10 business days from the later of the allocation date and the funding date. ✔ The compensation mechanism only applies to syndications where the facility agent, security agent, and underwriter are all part of the same group. Nick Voisey, from the LMA, who led this initiative, says "The timeline and provision for the payment of delayed settlement compensation is ambitious and looks to balance the interests of both parties to the transaction, whilst motivating them to greater settlement efficiency." Further information and the guidelines can be accessed here: https://lnkd.in/eKezMPce #lma #loanmarkets #leveragedfinance