ABS in Mind

Lord Abbett's Harris Trifon on his brightening CMBS outlook, why it's hard to make a bear case for the sizzling resi market, and "bad" bonds.

Point, a company that developed the Home Equity Investment, is finding its product in greater demand as homeowners seek liquidity without taking on debt. HEIs are already in the hands of mortgage servicers looking to help borrowers catch up on payments missed while their income dropped, for instance. Investors who've seen double-digit unlevered returns are hoping to see greater scale. Debtwire ABS Assistant Editor Al Yoon hosts

A conversation with Wells Fargo's Gigi Dixon and the National Bankers Association's Robert James II about Wells Fargo's move to invest in Black-owned banks and the state of play of CRE lending in communities of color.

CRTx's Mark Fontanilla joins Albert Yoon on ABS in Mind to discuss the latest performance trends in CRT bonds and relative value.

Dan McNamara, principal at alternative asset manager MP Securitized Credit Partners, explains the state of play in CMBX6, why the firm has doubled down on its CMBX6 short trade, and forecasts that the BB tranche of the synthetic index will fall to a price in the 20s in the next 1-2 years before it expires.

Voya's David Goodson lays out the opportunities and potential pitfalls in securitized debt in today's ultra-low interest rate environment. Some thoughts on ESG investing.

In this episode, Moody’s Investors Service analysts Ola Hannoun-Costa and Yehudah Forster detail their findings on the performance of non-agency, SFR and CRT reference pool loans since the pandemic hit, and muse about what’s to come in 2021. Forster discusses the CFPB’s new QM rule.

In this episode, Leland Abrams, the CIO of Wynkoop LLC and a lead portfolio manager for the Catalyst Enhanced Income Strategy Fund discusses some of his favorite themes within the legacy non-agency mortgage bond market and his outlook for 2021. Housing fundamentals should be fine, but be aware of bond structure and Libor cessation, he says.

In this episode, Eric Kaplan, who heads the housing finance program at the Milken Institute Center for Financial Markets, lays down his agenda in another role, the leader of the Fixed Income Investors Network’s mortgage task force. He also discusses upcoming changes to the QM rule and the impact that’ll have for non-agency investors.

Iron Hound Management was established in 2009 by Rob Verrone to advise on the workouts of commercial real estate loans following the financial crisis. The newfound urgency in workouts due to the COVID-19 economy has him drawing on that experience and more. Rob delivers the state-of-play on how servicers and CMBS investors are handling the distress.

For this episode, host Al Yoon and Debtwire Assistant Editor Maura Sadovi welcome Jen Ripper and John Swarr, investment specialists at Penn Mutual Asset Management. We discuss just how bad commercial and residential mortgage losses could be, and where it’s safe to invest ahead of the fallout. While historical CMBS losses have been low, Penn Mutual’s actions speak loudly: It’s sticking with “up in quality” bonds with lots of credit support.

For this episode, host Al Yoon welcomes Paul Norris, head of structured products at Conning. We discuss how his team is putting money to work in residential mortgage investments when it’s anybody’s guess how distressed the sector will become during the COVID-19 pandemic. We also discuss other ABS sectors he likes, and doesn’t like.

For this episode, the team hosts Gregory Michaud, head of real estate finance for Voya Investment Management. We discuss not only where insurance money is being deployed in commercial real estate but drill down to the origins of some opportunities, like financings stranded when the CMBS market seized up in March.

For this episode, host Al Yoon and Debtwire ABS Managing Editor John Wilen host SFA CEO Michael Bright, who lays down his priorities for keeping the ABS markets functioning, with integrity. We provide an update on the phase-out of Libor.

For this episode, the team hosts Scott Buchta, managing director and the head of fixed income strategy at Brean Capital. Buchta provides an update on investment activity in CMBS and RMBS, as well as discusses forbearance trends in both sectors.

For this episode of ABS in Mind, the team hosts Dave Goodson, head of securitized products at Voya Investment Management. Goodson provides an overview on attractive investment opportunities he sees in securitized products, specifically CMBS, RMBS and consumer ABS.

In this episode of ABS in Mind, the team hosts Caroline Chen, senior vice president, research analyst at Income Research + Management, a fixed income manager with USD 75bn in AUM, and Gene Tannuzzo, deputy global head of fixed income at Columbia Threadneedle, which manages about USD 500bn in assets. The two experts share their thoughts on risk and returns in various securitized assets.

For this episode of ABS in Mind, the team hosts Jim Shevlin, president of CWCapital, who provides an update on the most recent trends in the commercial real estate sector, one of the hardest-hit segments throughout the COVID-19 outbreak. Additionally, the team discusses some early signs of optimism in the CMBS liquidity crisis.

In this episode, Debtwire ABS descusses the RMBS trading frenzy of the past weeks. In addition, we provide an update on the M&A deal pipeline and where investors are seeing near-term opportunities. We end the episode with a discussion around the small business lending sector, arguably one of the first lending sectors to be hit due to the global pandemic.

In this episode, Debtwire ABS hosts Sharadiya Dasgupta, a consultant for Flat Rock Global, to provide an update on ESG lending. In addition, the team provides an overview of the challenges ahead for hotel and retail values in the wake of the store closures and travel disruptions due to the coronavirus.

The crowd at this year’s SFVegas left the conference less optimistic this year, as macro trends — including concerns about the spread of coronavirus — left investors wondering whether the long-anticipated economic downturn is underway.

In this episode, Debtwire ABS hosts John Beacham, CEO of Toorak Capital Partners, to provide an update on fix and flip lending. In addition, the team provides an overview of Simon Group’s “contrarian” strategy in the retail space. Also, we give a sneak-peak of an upcoming story on challenges in cannabis debt investments.

In this episode, Debtwire ABS hosts Brent Houston, co-founder of non-QM lender ALTRA Mortgage Capital, for a discussion around the recent trends in the non-QM sector. In addition, Nelson Chu, CEO of the digital securitization platform Cadence, gives us a rundown on the inaugural rated tokenized whole business ABS transaction. The team also discusses top trends in the traditional WBS space.

For this episode of ABS in Mind, Debtwire ABS hosts Richard Jones, a partner and co-chair of Dechert LLP's global finance and real estate practice group, to provide an update on the CRE and CMBS sectors, including emerging funding structures, election risks and tech disruption.

For Episode 8 of ABS in Mind, Debtwire ABS hosts Mark Fontanilla, founder of the CRTx indexes. In addition, John Mizzi of Bond.One provides an update on the state of blockchain tech utilization in ABS markets. Next, the team outlines trends to watch in subprime auto and marketplace lending ABS in 2020.

For Episode 7 of ABS in Mind the Debtwire ABS team hosts Dushyant Shahrawat, director at Rosenblatt Securities' fintech investment banking group to chat about equity investment trends in the online lending and fintech space overall. Next, Perry Rahbar, CEO of dv01 talks about the major trends and outlook for the burgeoning non-QM sector.

In the sixth episode of ABS in Mind, the Debtwire ABS team hosts Mike Li, portfolio manager with Dynamic Credit, to explore opportunities in less-established corners of marketplace lending. The team also discusses first Fannie Mae CRT deal backed by multifamily loans, as well as provides and update on CMBS investors and mall owners in the midst of an ongoing retail apocalypse.

In this episode of ABS in Mind, the Debtwire ABS team hosts Gal Krubiner, CEO of Pagaya Asset Management, to explore the new funding structures in the unsecured consumer sector, as well as touch on the role of AI in active loan selection. The episode also features a discussion around the potential consequences of the Vantage-NCSLT litigation for the broader ABS industry, if Vantage walks out a winner. Lastly, we look at the aircraft ABS sector, including growth trends, downturn concerns and the 737 Max grounding issue.

In this week’s episode, the Debtwire ABS team hosts ING’s Sandeep Srinath to discuss the growing popularity C-PACE. We also touch on the regulatory chaos that haunts the student loan sector following the Corinthian collapse, as well as the long and short debate in the CMBX space.

This week’s special episode rounds up the hottest topics and asset classes discussed during Miami ABS East conference.

With a looming IPO, WeWork has topped the business headlines in the past weeks. From the buzz around valuation cuts, to management conflicts, and dropping bond values, the real estate firm has the markets divided on the resilience of its model. In this episode of ABS in Mind, we dive into the CMBS investors’ perspective, discuss the latest chatter among the landlords and brokers and hear the European perspective. Our guest for this episode is Manus Clancy, managing director at analytics platform Trepp.

ABS in Mind, the new podcast series from Debtwire ABS, presents listeners with the most top-of-mind issues in the asset backed markets, from real estate to fintech.

In this episode of Debtwire ABS podcast, Jeremy Berger and Igor Pesin discuss Arival bank’s plans in the US, their fundraising efforts and plans for global expansion. The bank will target ‘abnormal’ customers, including businesses in the cryptocurrency sector, tech startups, freelancers and micro businesses, which have limited to no access to traditional banking services.

In this episode of Debtwire ABS podcast, reporter Diana Asatryan and Funding Circle’s Bernardo Martinez discuss the lender’s ABS plans in the US, its recent partnership with LendingClub and the state of the small business lending sector overall.

In this episode of the Debtwire ABS podcast, ABS reporters Diana Asatryan and Larissa Padden discuss the latest study by TransUnion, which found that in some instances providing an additional personal loan to delinquent consumers could help them become current on their debt. They are joined by TransUnion’s Kristen Bataillon and Matt Komos, who also provide an overview on the current state of consumer health.

Description: In this episode of the Debtwire ABS podcast, ABS reporters Diana Asatryan and Larissa Padden provide an overview of the growing landscape of the Commercial Property Assessed Clean Energy (C-PACE) funding and discuss potential investment opportunities in the sector. They are joined by some of the most active players in the sector, including Alexandra Cooley, COO of Greenworks Lending, Sandeep Srinath, director of ING’s structured solutions group and Mansoor Ghori, co-founder and managing director of Petros PACE Finance.

Mariana Gomez de la Villa, global program manager of Distributed Ledger Technology at ING, and Charles Moore, CEO of Global Debt Registry, join the Debtwire ABS team to discuss current and future blockchain use cases in capital markets and structured finance.