Securitization Insight

Justin Bharucha , managing partner at Bharucha & Partners joins host Patrick Dolan to discuss activity in the Indian securitization market, including the most common asset classes that are securitized, as well as the typical structure of an Indian securitization. We delve into whether the bankruptcy concepts of true and non-consolidation are applicable in the Indian securitization market and t...

Kristi Leo , president of the Structured Finance Association (SFA) , returns to speak with host Patrick Dolan about the SEC’s proposed conflict of interest rule. The rule would prohibit securitization participants from engaging in transactions that could incentivize a participant to structure an asset-backed security to put their interests ahead of other investors. We discuss SFA’s proposed revisi...

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 Designatio...

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...

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...

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 ban...

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 “c...

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...

Xilun Chen , managing director at Kroll Bond Rating Agency (KBRA) , joins host Patrick Dolan to 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 a...

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...

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 I...

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 cred...

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 securi...

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 po...

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 pre...

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 trans...

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...

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 sub...

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 h...

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 i...

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 avai...

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 t...

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 credi...

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...