Sector developments and company hires

A rarely seen public Swedish RMBS is in the market with an unusual structural twist – Hypoteket Mortgages 3 AB. "Credit enhancement is provided through overcollateralisation and can increase as the transaction captures all excess spread available," explains Rodrigo Conde Puentes, vp senior analyst, structured finance, at Moody’s. "A rare feature in European RMBS, but one we may start to see elsewhere.”

The transaction is a 30-month revolving securitisation of loans backed by residential properties in Sweden. The initial portfolio consists of loans extended to 253 prime borrowers, both owner-occupiers and those with tenant owner rights. It is one of only a few Swedish public deals in recent years and the first to be rated by Moody’s since 2007. 

In other news..

North America

Castlelake has announced five new hires in latest expansion of its new lending team. Established in November 2020, the lending team has provided over US$3bn in financing to the aviation sector under the leadership of Armin Rothauser. Joining the team’s work to mitigate the aviation industry’s lack of financing capacity will be Wilhelm Steinmark, who will work as european head of aviation lending in direct structured credit and capital markets. Additionally, Fouad Onbargi will join as md of the direct structured credit team and will work alongside new direct structured credit directors Chris Turner, Brian Banschick, and Ricardo De Armas.