Securitization Insight: Recent Episodes
Norton Rose Fulbright
Securitization Insight features in-depth discussions on the latest industry developments. The podcast is hosted by partner Patrick Dolan who interviews key business leaders and policy makers to investigate important trends affecting the securitization space.
Rachel Rosenfeld, senior counsel in our Washington, DC office, joins host Patrick Dolan to discuss the evolving market of data center financings, including how large operators fund and structure projects, key considerations for lenders and investors, and the financial, regulatory and market factors shaping the development of hyperscale data centers.
The data center industry is evolving rapidly. As a result, some of the facts, figures and market conditions discussed in this episode may have changed since it was recorded.
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Jair Martinez, Chief Commercial Officer at Finacity, joins host Patrick Dolan to discuss cross-border trade receivables financings and securitizations. Jair covers how these deals are typically structured, the complexities that come with operating across borders, how to manage the key risks involved and the trends shaping the market’s future. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify or your preferred podcast app.
Stefan Reisinger, partner in our Washington, DC office, joins host Patrick Dolan to examine tariff refund claims. Stefan covers eligibility requirements, explains who may be entitled to refunds and outlines what businesses need to know when filing a claim. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify or your preferred podcast app.
Eric Silberstein Lerner, partner at Ritch Mueller, joins host Patrick Dolan to discuss securitizations in the Mexican market, including the typical transaction structure and the types of securities issued. Eric provides an overview of the legal considerations that arise under Mexican law, and the challenges market participants may face.
Brendan Kennedy, Partner at Arthur Cox, joins host Patrick Dolan to discuss the securitization market in Ireland. Brendan covers the fundamentals of Irish securitization including tax implications, the regulatory framework and the parties typically involved in these transactions. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify or your preferred podcast app.
Dallin Merrell, Head of Policy at Structured Finance Association (SFA), joins host Patrick Dolan to discuss the fraud task force that was recently launched by the SFA. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify or your preferred podcast app.
Edwin E. Smith, Senior Consultant at Morgan, Lewis & Bockius LLP, joins host Patrick Dolan to review New York’s new Article 12 of the Uniform Commercial Code. Edwin covers how Article 12 sets the rules for handling digital assets, highlights the differences between cryptocurrencies and government‑backed digital money, and explains the key terminology and transition rules introduced by Article 12.
Lewis Cohen, Partner at Cahill Gordon & Reindel LLP, joins host Patrick Dolan to review the recent regulatory and enforcement developments for digital assets and distributed ledger technology (DLT) including the role of stablecoins in banking, oversight by the SEC and CFTC
and the integration of digital assets into financial services.
Rick Antonoff, Partner at Chapman and Cutler and David Rosenzweig, Partner in our New York restructuring practice join host Patrick Dolan to discuss the role of independent directors and managers in structured finance and securitization. Our guests will also explore how these roles have impacted the First Brands bankruptcy.
Ann Lipton, professor at Colorado Law, joins host Patrick Dolan to discuss President Trump’s proposal to shift corporate earnings reports from a quarterly to a semiannual schedule. Explore the history of reporting, alternatives to full elimination and hear Ann’s insights into the potential benefits and drawbacks of the proposed change.
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Don Layton, Senior Visiting Fellow at the NYU Furman Center, joins host Patrick Dolan to discuss GSE reform. Don shares his insight on the evolving landscape of GSEs and the path toward reform, including governance structures, shareholder rights and the viability of their business model. Additionally, we discuss what it may look like for GSEs as they move to exit conservatorship, the realities around launching an IPO and the ongoing oversight of federal regulation.
Andrew Lom, US Head of Financial Services and Global Head of Private Wealth in the New York office, joins host Patrick Dolan to discuss how tokenization is reshaping asset-backed finance. Andrew shares insights into how the foundational components of tokenization work together to reduce costs, boost transparency and accelerate settlement through near-instant transactions. We also examine the potential impact of the GENIUS Act and CLARITY Act on driving broader adoption of tokenization.
Chris Killian, Managing Director, Corporate Credit and Securitization at SIFMA, joins host Patrick Dolan to discuss compliance programs in relation to SEC Rule 192. They focus on the impact of clause (a)(3)(iii) and the SEC’s no-action relief issued on May 16, 2025.
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Pratik Gupta, Managing Director and Head of Global CLOs and US RMBS Strategy at BofA Securities, joins host Patrick Dolan to discuss the CLO market, covering the key factors that shaped 2024 and the outlook for 2025. Pratik walks us through how syndicated and private credit is reshaping the landscape, the growth of the ETF market and the evolving buyer base.
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Keith Martin, co-head of projects, United States at Norton Rose Fulbright, joins host Patrick Dolan to discuss the recently signed budget reconciliation bill, referred to as the ‘Big Beautiful Bill.’ Keith provides his insight on the implications of the bill, including whether the legislation has accelerated the push to launch renewable energy projects before the deadlines in 2025 and 2026, how changes to technology-neutral tax credits may shift incentives and what the new Foreign Entity of Concern (FEOC) rules mean for sourcing and compliance. We also cover the executive order issued shortly after the bill, examining how stricter enforcement directives may complicate timelines and increase regulatory uncertainty for developers.
Join Christine Dalton, Director, S&P Global and host Patrick Dolan for a deep dive into the growing interest in music securitization. This episode unpacks the music assets involved, the qualities that define strong music investments and the key characteristics of a well-structured securitized pool while also exploring the risks associated with these transactions. We also discuss the potential impact of artificial intelligence (AI) on music valuation and the music industry’s outlook amid global uncertainty.
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Derek Moran, Senior Vice President of US RMBS Ratings at Morningstar DBRS, joins host Patrick Dolan to explore home equity sharing agreements, their repayment structures, fees and how they compare to HELOCs. The discussion highlights key risks and increasing regulatory attention under the Trump Administration’s CFPB.
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Fred Perreten, Managing Director of CMBS at KBRA, joins host Patrick Dolan to discuss the current landscape of the data center securitization market. We examine the market's performance in 2024, discuss potential shifts in 2025 under the Trump Administration, and break down the ratings criteria that play a role in these unique transactions.
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Rahel Avigdor, Managing Director of Consumer ABS at KBRA, joins host Patrick Dolan to discuss trends in auto loan securitizations. Rahel provides her perspective on how the prime and sub-prime auto loan securitization markets performed in 2024, changes she may expect in these markets in 2025 under the Trump Administration, key ratings criteria for rating auto loan securitizations and any new features that she is seeing in auto loan securitizations.
Michael Bright, CEO at Structured Finance Association joins host Patrick Dolan to discus the complexities of GSE reform. We explore key issues including the balance between nurturing the private RMBS market and ending conservatorship, adjustments to loan limits, and restrictions on GSE activities. Fred provides his insight on administrative reform risks, the role of credit risk transfers, capital requirements, government guarantees, and the SEC's oversight on reporting standards.
Alan Todd, CFA, Head of US Commercial Mortgage Backed Securities (CMBS) Research at BofA Securities, joins host Patrick Dolan to discuss the trends and expectations for the CMBS market in 2025. Alan shares his outlook on CMBS delinquency rates, special servicing rates, investor interest in alternatives such as data centers, single family rentals and self-storage and CRE CLO issuance as compared to 2024 levels. We also cover the office market dynamics in major cities, including quality shifts, supply shortages and tenant demand for second-tier office space as well as the outlook for the multifamily sector.
Robin Wigglesworth, editor of Alphaville, the Financial Times financial blog, joins host Patrick Dolan to discuss the differences between synthetic and non-synthetic CRTs, common types of CRTs and their appeal to investors. Robin also reviews the historical developments and differences of the European and US markets, and their impact on the private credit market. We'll also cover regulatory changes like Basel III, and explore the current and future market trends.
Sergey Moiseenko, Managing Director, Credit Ratings of the US ABS group atDBRS Morningstar joins host Patrick Dolan to discuss recent trends and developments in the equipment finance sector, including the performance and credit quality of equipment ABS, M&A activity, loans vs. leasing and more. Sergey examines the evolving funding strategies for programmatic issuers in comparison to one-off issuers and the best entry methods for lessors. He also shares his thoughts on the equipment finance sector’s outlook, including the impact of increasing private credit adoption.
Leslie Sack, Director of Advocacy at the Structured Finance Association, joins host Patrick Dolan to review the latest shifts in financial regulation and leadership. Sack provides her perspective on French Hill's expected agenda as the new chair of the House Financial Services Committee, the challenges facing Caroline Crenshaw’s renomination to the SEC, and Tim Scott's priorities as the new chair of the Senate Banking Committee. We also examine the potential candidates for leading the CFPB, OCC, FDIC, and the SEC.
Alison Bisbey, Senior Writer at Green Street News, joins host Patrick Dolan to discuss the potential for increase in Federal Family Education Loan Program (FFELP) Asset-Backed Securities (ABS) issuance as prepayments rise. She explores the impact of prepayments on FFELP ABS, the factors behind them, and whether sponsors may wait for spreads to narrow.
This episode also highlights the continued dialogue between insurers and bank regulators about unfunded guarantees in bank credit risk transfer (CRT) and synthetic risk transfer transactions and the concerns raised by regulators. Alison examineswhether the revised Basel III proposal will address these issues.
Greg Hertrich, Managing Director at Nomura Securities International, Inc., joins host Patrick Dolan to discuss the changing world of Synthetic Risk Transfers (SRTs) and Credit Risk Transfers (CRTs). Greg explores the potential impact of increased regulation under a Trump administration on SRTs and CRTs, and how Basel III and other regulatory changes could shape these sectors, including both current and future issuance volumes. Additionally, we look at risk profiles for different loan and asset types, such as large corporate, SME, consumer and commercial sectors.
Van Hesser, Senior Managing Director and Chief Strategist at KBRA, joins host Patrick Dolan to discuss the current state of credit markets. Van provides his perspective on how investors are interacting with the market and whether their appetite for risk has shifted.
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Mansoor Ghori, Chief Executive Officer and Founder of Petros PACE Finance, joins host Patrick Dolan to discuss the state of the Commercial Property Assessed Clean Energy (C-PACE) financing market. Mansoor shares his insights on current trends and the unique challenges the commercial sector may face over the next five years. We also discuss the recent IRS private letter ruling in regards to C-PACE, and Mansoor provides his thoughts on the recent changes to the NYC C-PACE program.
David Dwyer, General Counsel for Policy and Regulatory Affairs at the Structured Finance Association, joins Patrick Dolan to offer insights into Rule 192 under the SEC.
David breaks down complex industry terms, explores rules around short sales and substantial economic equivalents and delves into the intricacies of conflicted transactions under prong (iii). We also discuss pre-securitization activities, disclosure impacts and what it means to be a securitization participant.
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Eamonn Moran, senior counsel in our Washington, DC office, joins host Patrick Dolan to discuss the US Supreme Court’s majority opinion in the Chevron case and the potential impact on the CFPB and other US financial services regulators.
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David Dyer, senior counsel, joins host Patrick Dolan to discuss the Corporate Transparency Act. David shares insight on substantial control over securitization issuing entities, qualifications for the subsidiary exemption and compliance with the Investment Company Act.
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Thomas B. Michaud, President and Chief Executive Officer of Keefe, Bruyette & Woods, joins host Patrick Dolan to discuss the Basel III proposal and its potential reissue by the banking regulators. Thomas also shares insights on how stringent regulatory requirements are affecting institutions and their pursuit of mergers.
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Mirella Hart, senior knowledge lawyer in our London office, joins host Patrick Dolan to discuss the new UK securitization regulation framework. Mirella provides insight on the process behind how the final rules were approved by the FCA and PRA, including significant changes made to the draft proposals.
We review the regulations and their impact for UK institutional investors, the non-refundable purchase price discount for non-performing securitizations and the risk retainer. Additionally, we discuss the reporting templates published by the FCA and PRA and their implications for stakeholders.
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Laurent Morali, CEO of Kushner Properties, joins host Patrick Dolan to discuss the current landscape of the office building and multi-family housing markets in New York City and beyond.
Morali shares his insight on the state of the office market, demand trends and how lenders are handling maturing loans. We explore what amenities landlords are adding to attract tenants to office buildings and the challenges associated with converting office space for residential use. We also discuss the state of the multi-family housing market and the potential impact of sustained elevated interest rates.
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Eamonn Moran, senior counsel in our Washington, DC office, joins host Patrick Dolan to discuss the underlying Colorado case that the FDIC has weighed in on. Eamonn details the Colorado law being challenged and the specifics of the “opt-out” right in the US Depository Institutions Deregulation and Monetary Control Act (DIDMCA).
Eamonn also breaks down the main arguments presented by the industry and trade groupsand explores the primary points in the FDIC’s amicus brief. He also shares thoughts regarding how the court might rule in this case.
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Joe Lau, Chief Operating Officer of Lord Capital joins Patrick Dolan to discuss the SEC's new Conflict of Interest Rule and its impact on investors. Joe sheds light on investor considerations surrounding C-PACE assets and shares insight on the implications of the Structured Finance Association’s comment letter on Basel III implementation.
We also evaluate the significance of “Green Bond” designations for renewable ABS, and consider the effects of the US Risk Retention Rule and Rule 17g-5 on investor protection and transparency. Lastly, we discuss the recent removal of the Cayman Islands from the EU Anti-Money Laundering (AML) list and its potential implications for investors.
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Returning guest Eamonn Moran, Senior Counsel in our Washington, DC office, joins host Patrick Dolan to discuss the US Court of Appeals for the Third Circuit ruling on a case involving the Consumer Financial Protection Bureau (CFPB) and a group of trusts associated with the National Collegiate Student Loan Trust. Eamonn clarifies why CFPB initiated enforcement proceedings against the trusts and their alleged violations related to servicing and collecting student loans, the trusts’ counterargument, and finally, why the court held that the trusts were indeed "covered persons" under the CFPA.
Eamonn shares why this ruling has implications for securitization trusts and their classification as “covered persons” under the CFPA, as well as potential enforcement actions by the CFPB in the future.
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Christine Dalton, Director, S&P Global, joins host Patrick Dolan to discuss the corporate securitization sector. We explore the assets being securitized and the companies active in the market, and Christine sheds light on the structure and rating of corporate securitizations. Additionally, we discuss the anticipated credit and issuance trends for 2024.
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Returning guest Eamonn Moran, Senior Counsel in our Washington, DC office, joins host Patrick Dolan to shed light on the US Supreme Court's reconsideration of its 1984 Chevron decision. Eamonn breaks down the oral arguments, highlighting the significance of readdressing the case. We delve into the questions raised by individual justices, along with the potential implications of the issues for the case. Finally, Eamonn provides insight into our expectations regarding the potential ruling of the US Supreme Court in this case.
Andrew Lom, Global Head of Private Wealth and Head of Financial Services in our New York office, and Rachel Browndorf, Senior Associate based in Denver, join host Patrick Dolan to explore the latest developments across the crypto space including bitcoin Exchange-Traded Funds (ETFs).
We discuss the latest SEC-approved changes that permit the creation of bitcoin ETFs. We compare a spot bitcoin ETF with a bitcoin futures ETF, examine the price correlation between the ETFs and the actual bitcoin and look at the current state of trading activity. In addition, we discuss what a spot bitcoin ETF means for investors.
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Stephanie Mah, Senior Vice President, Structured Finance Research at Morningstar DBRS, joins host Patrick Dolan to discuss the latest trends across the commercial and residential Property Assessed Clean Energy (PACE) financing. We examine the current size and scope of the commercial PACE market in comparison to the residential PACE market, and discuss the challenges faced by the residential PACE market including the factors influencing its trajectory. Additionally, Stephanie sheds light on potential reasons for the slow uptake of the NYC C-PACE program and explores factors that could catalyze its acceleration.
Fouad Onbargi, Founder and CEO of ABS Advisory, joins host Patrick Dolan to discuss the evolving landscape of the asset-backed securities (ABS) market. We explore the emerging trends in the ABS warehouse financing andABS capital markets and uncover current growth opportunities for investors.
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Eamonn Moran, Senior Counsel in our Washington, DC office, returns to speak with host Patrick Dolan about the US Supreme Court’s oral arguments in the case regarding funding of the Consumer Financial Protection Bureau (CFPB). The CFPB was created in 2011, following the 2008 financial crisis, and receives funding from the Federal Reserve. We discuss the questions and issues raised by the individual justices, and how we think the US Supreme Court could rule in this case.
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Rachel Browndorf, Senior Associate in our Denver office, joins host Patrick Dolan to discuss the Corporate Transparency Act. Effective January 1, 2024, the new law requires reporting companies to provide Beneficial Ownership Information to the Financial Crimes Enforcement Network (FinCEN).
We delve into the Corporate Transparency Act, exploring the steps to determine whether an entity is considered a reporting company, the distinction between beneficial owners and applicants, the required information for filing, including deadlines, penalties for non-compliance and potential exemptions.
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Andrew Lom, Partner and Global Head of Private Wealth in the New York office, joins host Patrick Dolan to discuss significant rule changes for private fund advisors. The new rule requires all registered advisors to hedge funds, private equity funds, and other private funds to provide investors with quarterly statements detailing certain information regarding fund fees, expenses and performance in addition to an annual compliance review for any registered advisor, whether they advise private funds or not.
We explain how securitized asset funds are excluded from most of these new rules and why the new provisions relating to sales practices, conflicts of interest and compensation will prohibit private fund advisors from providing preferential treatment and doing certain things without prior disclosures.
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Dallin Merrill, Director of Residential Mortgage-Backed Securities (RMBS) Policy at the Structured Finance Association (SFA), joins host Patrick Dolan to discuss the formation of the SFA RMBS Data Tape Task Force. We assess the main areas of discussion for issuers, investors, rating agencies and third-party review and diligence firms, and explore the benefits of revised data tape fields for the RMBS securitization market.
Frank Borchert, Chief Legal Officer at Best Egg, joins host Patrick Dolan to discuss how COVID-19 and the rising interest rate environment has affected marketplace lending, specifically in the FinTech space. We review recent legal and regulatory developments impacting technology and FinTech companies and new factors for rating agencies.
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 touch on recent regulatory and legal developments affecting the Indian securitization market.
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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 revisions to the rule, including changes to several definitions such as “conflicted transaction” and “synthetic asset-backed security,” carve outs to the definition of “sponsor”, additional guidance to help clarify the more ambiguous provisions and more.
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 insurance companies and other market participants regarding the proposal, and discuss what issuers and investors within the fixed income market can do to learn more.
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 loans. We also explore the effect of credit deterioration on CLO structures and loan portfolio ratings.
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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 examine key provisions of the Consent Order and actions the FDIC requires CRB to take to comply, including how the FDIC defines “new credit products.” We discuss whether we anticipate this to be part of a wider investigation and whether the FDIC will issue similar consent orders to other banks involved in the FinTech partnership space.
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Scott Millar, partner is 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 securitization market.
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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, including the potential for information barriers as a mitigant to the proposed rule.
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 markets.
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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.
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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 costs among underutilized assets, and how these factors have led to market uncertainty.
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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.
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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 aviation ABS.
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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 market if the Second Circuit reverses the lower court’s decision.
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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.
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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.
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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.
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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 bias.
We also cover the potential impact of the recent ruling that student loan trusts are subject to CFPB enforcement authority on consumer securitizations and other whole loan buyers, and what’s next for the CFPB and consumer protection under Director Chopra.
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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.
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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 residential property values in Canada has affected Canadian bank covered bonds.
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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 asset class.
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 securitizations and market liquidity.
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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, Brian expects to see an increased volume of clean energy bonding and expansion into environmental infrastructure to mitigate the effects of climate change.
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 takeaways one year before LIBOR ends.
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 residual interest market and the business aviation ABS market.
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.
Lewis Cohen, co-founder of DLx Law, joins Patrick Dolan to discuss blockchain technology, securitization, decentralized finance and more. Lewis provides an overview of blockchain technology for listeners new to the topic, and addresses how to move from securitization in to the world of blockchain, the idea of “permissioned” blockchains, the recent implosion of major “stablecoin” UST and what it means for the future of securitization and blockchain and the relevance of decentralized finance to securitization.
Mark Adelson, the editor of the Journal of Structured Finance, the content director at Portfolio Management Research, and an independent consultant, joins Patrick Dolan to discuss the Serta Simmons Bedding case. They examine the big picture of the case and dive into key issues related to “covenant lite” loans, “trap door” financings, and the details of the Serta Simmons Bedding case financing. They also address where the case stands now and what happens next.
Andrew Lom, a partner in the New York office and Global Head of Norton Rose Fulbright’s Private Wealth and FinTech teams, joins Patrick Dolan to discuss innovative products and services relating to blockchain, smart contracts and other disruptive technologies and their use in securitization. The discussion covers tokenization, distributed ledger technology, token offerings, cryptocurrency, NFTs and what these technologies can offer leading companies and private individuals. They also touch on some of the challenges digital assets present to the financial regulatory environment.
Mansoor Ghori, Chief Executive Officer and Co-Founder of Petro Partners, joins Patrick Dolan to discuss Commercial Property Assessed Clean Energy (what C-PACE) financing: what it is, why property owners and /developers use it, where it is available and which asset types qualify. They also explore some of the financing parameters for C-PACE, what we can expect of from the C-PACE industry, looking forward and how environmental, social and governance (ESG) initiatives are driving growth in the C-PACE market.
Eric Neglia, Senior Managing Director and Head of Consumer ABS at Kroll Bond Rating Agency, joins Patrick Dolan to discuss the market conditions that cultivated a record year for Solar ABS issuances, and what we can expect looking forward. They explore how inflation, higher energy costs, supply chain disruptions and rising interest rates are impacting the industry, the strong credit performance of the solar loan sector throughout the pandemic, and the impact of ESG programs in the solar market in terms of investor demand and market accessibility.
On Tuesday, February 8, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) received favorable court rulings in cases challenging their so-called “valid when made” rules. The plaintiffs in each case were the attorneys general of California, Illinois and New York. The plaintiffs claimed that each rulemaking (1) exceeded their authority, (2) were arbitrary and capricious, and (3) violated federal rulemaking standards.
In this episode of Securitization Insight, Jen Earyes, head of policy at the Structured Finance Association, joins Patrick Dolan to discuss the details of the OCC and FDIC rules at the center of this litigation, and how the court ruled on the plaintiffs’ claims in the cases against the OCC and the FDIC. They also discuss what these rulings mean for other “valid when made” litigation and for the securitization industry, and more.
Patrick Belica, Managing Director of S L Capital Strategies, joins our host Patrick Dolan to discuss student loan securitization, including current and emerging trends in this space. They explore student loan securitization volume, structural nuances between the various student loan sub-asset classes (FFELP, private in-school loan and private refinancing loan), and the conversion of the “income share agreement loan” to the “income-based repayment loan”. They also discuss LIBOR transition for legacy LIBOR student loan securitizations, and what to expect from the CFPB in the student loan space in 2022.
In this episode, our host Patrick Dolan talks to David Meneret, Founder and Chief Investment Officer (CIO) of Mill Hill Capital about the aviation asset-backed securitization (ABS) market. The discussion covers recent market trends and factors to consider when evaluating an aircraft lease portfolio securitization or an enhanced equipment trust certificates (EETC) securitization. They also touch on environmental, social and governance (ESG) considerations and green bonds in the aviation space, as well as hybrid transactions that involve aspects of EETC deals and portfolio lease securitization deals.
In this episode, our host Patrick Dolan talks to Meredith Coffey, Executive Vice President of the Loan Syndications and Trading Association (LSTA), who runs the Research Department and co-heads the LSTA’s regulatory and CLO efforts. The discussion touches on why leveraged loans and Collateralized Loan Obligations (CLOs) are still being syndicated on LIBOR, whether Secured Overnight Financing Rate (SOFR) will become the only replacement rate and how it behaves. They also discuss the pricing mechanics of SOFR loans and CLOs including the future of Credit Spread Adjustments (CSAs), why you might need a Chicago Mercantile Exchange (CME) Term SOFR license and what will happen when LIBOR ends.
Greg Saunders, CFO of Ygrene Energy Fund, joins us to discuss PACE financing and what asset-backed securities (ABS) investors like about the asset class, how Ygrene differentiates itself from competitors, how he foresees the PACE market changing in the coming months and years, given the increased focus on clean energy from the White House, what is really going to create scale in the PACE asset class, and how environmental, social and governance (ESG) plays into securitization.
Jonah Lansky, co-founder and deputy CIO of Varadero Capital, joins us to discuss investing in commercial real estate collateralized loan obligations (CRE CLOs) and commercial mortgage-backed securities (CMBS), as well as the considerations in deciding to lend to a specialty finance lender in the consumer or business marketplace lending space. Jonah will also share his thoughts on , some of the potential issues regarding the “buy now pay later” (BNPL) receivables asset class from an investor’s perspective, and his thoughts regarding housing price inflation.
Brian Foley, Managing Director of Warehouse Finance for SVB, joins us to discuss how warehouse facilities fit into a typical fintech's capital stack, what types of fintech originators, life-stage wise, need warehouse funding, how a warehouse is different from a securitization, the most common regulatory hurdles consumer fintechs face and other non-credit risks to focus on as a lender.
Lain Gutierrez, CEO of CleanFund Commercial PACE Capital, Inc., joins us to discuss national commercial PACE trends. We discuss new developments in the world of commercial PACE, the implication for securitizations with these larger deals, and new trends in the ABS market for CPACE.
Adrian Katz, CEO, President and founder of Finacity Corporation, joins us to discuss his company, the impact of challenged and elongated supply chains due to COVID on trade finance, the impact of increasing inflation and potentially higher interest rates in the future on trade finance, trends and changes Finacity has encountered across different industries that are worth noting and how technology is changing the landscape of trade finance.
Peter Erwin, Associate Director of NYCEEC, joins us to discuss commercial PACE (C-PACE) and some of the barriers that may have delayed launching the program. We discuss incentives to use C-PACE, the similarities and differences in the eligibility requirements for projects in New York City versus other jurisdictions, and the most significant closing costs associated with PACE financings and how the city has tried to minimize these closing costs. Erwin shares the lessons NYCEEC has learned from the first few closed transactions that will inform program design elements going forward, the priorities for NYCEEC and the city in administering this program over the next six to twelve months and any potential changes that may happen under Mayor-Elect Adams.
Kristi Leo, President of the Structured Finance Association, joins us to discuss the securitization industry’s progress transitioning away from LIBOR, the status of draft LIBOR transition legislation, potential issues regarding CME licensing of SOFR term rate, CLO transactions and the mismatch between the underlying loans tied to LIBOR and asset-backed bonds and the transactions being issued at different rates, the efforts of the Department of Education to focus on the student loan securitization space in regards to the LIBOR transition, and more.
Brock Wolf, managing director at Truist Securities in the Structured Products Group, joins us to discuss trends in the asset-backed securities (ABS) warehouse financing market, trends in the ABS capital market, which asset types are “hot” right now, growth opportunities for investors, new asset classes the company is currently working on and more.
In our first full-length episode, Lenny Giltman, Chief Credit Officer at Kroll Bond Rating Agency (KBRA), joins us to discuss his experience at KBRA. We go over the role of the ratings legal department at KBRA, the importance of legal review in credit analysis, Lenny’s background in legal and how it informs his new position as Chief Credit Officer, the asset classes KBRA is most active in, how KBRA is distinguished from other ratings agencies and the obstacles it faces in building its market share, how it has responded to the increased focus on ESG risk and more.
Securitization Insight features in-depth discussions on the latest industry developments. The podcast is hosted by partner Patrick Dolan who interviews key business leaders and policy makers to investigate important trends affecting the securitization space.