Caitlin Colvin, Senior Managing Director and Head of Investor Relations within the business development group at Kroll Bond Rating Agency (KBRA), joins host Patrick Dolan to discuss the recent proposal by the Securities Valuation Office (SVO) within the National Association of Insurance Commissioners (NAIC), which allows the SVO to review and potentially challenge a filing exempt NAIC Designation. The proposal is open for comment until July 14. We delve into various concerns raised by...

Elen Callahan, Managing Director and Head of Research of the Structured Finance Association, joins host Patrick Dolan to discuss recent trends in the leveraged loans and collateralized loan obligations (CLOs) markets. The April 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices reported tighter bank lending standards for commercial and industrial loans in the first quarter of 2023. We discuss what impact this has on loan issuances and demand to purchase and refinance these...

Securitization Insight Ep 42: Impact of Recent Regulatory Enforcement Actions on Bank-FinTech Partnerships Eamonn Moran, senior counsel in our Washington, DC office, joins host Patrick Dolan to discuss the Federal Deposit Insurance Corporation’s (FDIC) recent Consent Order relating to Cross River Bank (CRB) and its partnership with FinTech firms. The Consent Order is intended to resolve charges that CRB engaged in unsafe or unsound practices related to its fair lending compliance. We...

Scott Millar, partner in our Melbourne banking and finance practice, joins host Patrick Dolan to discuss the Australian securitization market. We examine the most popular asset classes and typical parties involved in an Australian securitization transaction. We review both private and public transactions, including residential mortgage-backed securities (RMBS) as a common asset class for both bank and non-bank issuers, and discuss recent regulatory developments affecting the Australian...

Elliot Ganz, head of advocacy and co-head of public policy of the Loan Syndications and Trading Association (LSTA), joins host Patrick Dolan to discuss the SEC’s re-proposed Securities Act Rule 192, which would prevent securitization participants from entering into a “conflicted transaction.” We examine the primary issues associated with the rule’s definition of “securitization participant” and “conflicted transaction” and explore what this means for investors and securitization participants,...

Ann Battle, senior counsel, market transitions and head of benchmark reform at the International Swaps and Derivatives Association (ISDA), joins host Patrick Dolan to discuss the transition from USD LIBOR to SOFR and how it will impact the derivatives market. We consider whatrole the ISDA 2020 IBOR Fallbacks Protocol will play, how the various tough legacy solutions for USD LIBOR fit together and how they affect derivatives. We also explore what role Term SOFR will play in the derivatives...

Xilun Chen, managing director at Kroll Bond Rating Agency (KBRA), joins host Patrick Dolanto discuss predictions for 2023 for the whole business securitization (WBS) market. We talk about the restaurant industry, which makes up a large portion of WBS issuers, and how it has adapted to the post-COVID environment. We also explore the impact of the current inflationary environment on franchisees and the key considerations and trends KBRA is focusing on. Listen and subscribe to the...

Securitization Insight Ep 37: The Impact of Higher Interest Rates on the Commercial Mortgage-Backed Securities (CMBS) Market Lonnie Hendry, senior vice president and head of commercial real estate and advisory servicesat Trepp, Inc., joins host Patrick Dolan to discuss the effect high interest rates have on the commercial mortgage-backed securities (CMBS) market. We examine the steady decline of rental rates and sublease levels and the significant increase of insurance, labor and maintenance...

Securitization Insight Ep 36: Litigation Finance, Law Firm Equity and Securitization David Perla, co-chief operating officer of Burford Capital, joins host Patrick Dolan to examineopportunities and limitations in the litigation finance market. We discuss the increased demand for capital and the expansion of both size and type of investments available. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify, or your preferred podcast app.

Alan Greenblatt, Managing Director in the Commercial ABS Group at Kroll Bond Rating Agency (KBRA), joins host Patrick Dolan to discuss the aviation ABS market as global passenger air traffic returns to pre-pandemic levels. We discuss how COVID-19 and the Russian invasion of Ukraine affected the aviation industry and how the industry and aviation ABS has adapted to these events. We cover key credit considerations in 2023 and the impact of the increased demand for aircraft on lease rates and...

Securitization Insight Ep 34: Kirshner Litigation: Potential Impact on CLOs Elliot Ganz, Head of Advocacy and Co-Head of Public Policy of the Loan Syndications and Trading Association (LSTA), joins host Patrick Dolan to discuss the appeal of Kirschner v. JPMorgan Chase Bank, N.A., a case that considered whether the origination and distribution of a syndicated bank loan is subject to state securities laws. We discuss the potential impact on loan syndication, trading activity and the CLO...

Kristi Leo, president of the Structured Finance Association, returns to speak with host Patrick Dolan about the new no-action letter regarding Rule 15c2-11, which extends the waiver-of-compliance period for 144A securitizations to two years. We discuss implications the no-action letter will have for securitizations and potential issues including the definition of “fixed income security”.

Eric Daucher, Head of Restructuring in our New York office, joins host Patrick Dolan to discuss the crypto exchange FTX bankruptcy filing. We discuss the potential fraud claims with respect to the transfer of assets out of FTX proper into an affiliated entity and the jurisdictional and creditor rights issues to be addressed in bankruptcy court. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify, or your preferred podcast app.

David Do, Commissioner of the New York City Taxi & Limousine Commission (TLC), joins host Patrick Dolan to discuss the NYC Medallion Taxi Loan Restructuring Program. We discuss the reasons behind its creation as well as the eligibility criteria, terms and successes of the debt relief program to date. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify, or your preferred podcast app.

Securitization Insight Ep 30: EU Securitization Regulation: Due Diligence and Transparency Requirements when Purchasing non-EU Securitizations David Shearer, partner in our London office, joins host Patrick Dolan to discuss the European Commission’s (EC) report on EU securitization regulation. We discuss the various interpretations of Article 5(1)(e) and how they impact the due diligence and transparency requirements under Article 7 when purchasing non-EU securitizations. Listen and...

Securitization Insight Ep 29: CFPB, Consumer Protection, and Securitization: Current Topics Eamonn Moran, senior counsel in our Washington, DC office, joins host Patrick Dolan to discuss consumer protection and the Consumer Financial Protection Bureau’s (CFPB) recent priorities. We discuss Director Rohit Chopra’s new approach to regulatory oversight and enforcement, and the CFPB’s increased focus on issues of fair lending and racial equity, including credit discrimination and algorithmic...

Celia Cohen, a partner in our New York office, joins host Patrick Dolan on Securitization Insight to speak about the current state of ESG regulation in the US. We discuss the three ESG components, why it’s crucial for companies to be compliant, and what issues they may face in complying with ESG regulations. We also touch on what ESG regulations may look like in the next five years. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify, or your preferred...

Eric Reither, a partner in our Toronto office, joins host Patrick Dolan on Securitization Insight to discuss the recent developments in the covered bond market. We touch on the history of covered bonds, why banking regulators outside of the US are comfortable with this concept, and where we see the covered bond market in the next few years. We also discuss why Canadian bank covered bond issuance has become such a substantial part of worldwide issuance, and how the recent decline in...

Securitization Insight Ep 26: Recent Developments in the ABS Securitization Market Brock Wolf, Managing Director and Head of ABS Banking at Truist Securities, returns to join host Patrick Dolan on Securitization Insight to discuss how the ABS capital markets have responded to this year’s market volatility. We discuss primary concerns for ABS investors today, including inflation and interest rate increases, and explore trends and opportunities in the ABS warehouse market and the equipment...

Securitization Insight Ep 25: SEC’s Rule 15c2-11 and its Impact on Securitizations Kristi Leo, President of the Structured Finance Association, returns to join host Patrick Dolan on Securitization Insight to discuss the requirements of the amended SEC Rule 15c2-11 and its impact on the fixed income market. We explore the issues for securitizations related to the Rule’s requirement of publicly available information for Rule 144A securities, and what it means for broker-dealers, legacy...

Brett Govett, a litigation and disputes partner in our Dallas office, joins Patrick Dolan to discuss litigation funding and what factors and disclosures determine the type of litigation funding arrangement. Litigation funding, an emerging type of a non-recourse loan, is most often seen across the intellectual property sector in commercial cases such as patent infringement, breach of contract and trade secrets, in addition to international arbitration disputes.

Brian Farnen, General Counsel and Chief Legal Officer of the Connecticut Green Bank, joins Patrick Dolan to discuss renewable and energy efficient financing options, including green securitizations like C-PACE, green liberty bonds, notes and small business loans. Brian talks about leveraging federal subsidized bonding programs like clean renewable energy bonds and solar home renewable energy credits to bring down the cost of capital and encourage more clean energy deployment. In the future,...

Meredith Coffey, Executive Vice President of Research and Co-Head of Public Policy of the Loan Syndications and Trading Association (LSTA), returns to Securitization Insight to discuss the latest developments in the LIBOR (London Interbank Offered Rate) transition. Meredith talks to our host Patrick Dolan about what’s been good and what’s been challenging, including the transition of new loans to LIBOR, the economics of the transition, remediating the existing LIBOR loans, and the big...

Paul Rerick, Chief Financial Officer at Global Jet Capital, joins Patrick Dolan to discuss the aviation asset-backed securitization (ABS) market. Having just closed a 144A securitization of aviation asset-backed securities, Paul talks about the deal process and investor comfort. They touch on the current business aviation trends, and discuss several issues specific to securitizing business jets as opposed to leases of commercial aircraft. The discussion also explores the future of the...

Rafi Golberstein, principal at PACE Loan Group, joins Patrick Dolan to discuss his career trajectory, why he got into the commercial property assessed clean energy (C-PACE) space, and where the C-PACE industry is now. They also explore some of the biggest misconceptions in the C-PACE industry and what could help lenders and developers to better understand and consent to C-PACE in their capital stacks.