ABS

  • Fund offers core assets access

    AXA Investment Managers has launched a fund offering investors access to the core lending activity of major European commercial banks. The AXA IM Partner Capital Solutions fund raised €230m last year.

    As banks increase lending to their core professional clients, regulatory requirements to provide more upfront capital provide an opportunity for capital relief trades where the fund identifies suitable lending portfolios .......

    Job Swaps 12 January 2016

  • Capital relief deal agreed

    Dutch pension fund PGGM and Banco Santander have entered into a risk-sharing transaction regarding a €2.3bn portfolio of SME loans originated in Spain. The portfolio of the synthetic transaction consists of more than 6,000 Santander loans to its clients and will see PGGM sell credit protection against potential losses on a portion of the loans.

    Mascha Canio, head of credit and insurance-linked .......

    News Round-up 12 January 2016

  • European property platform boosted

    HIG Capital has added Graham Emmett to its real estate team. He joins as md and will be based in London.

    Emmett was most recently an investment partner in Cheyne Capital's real estate division. He has also worked at firms such as ICG Longbow and was head of the European mezzanine debt investments team for Goldman Sachs' special situations group .......

    Job Swaps 12 January 2016

  • Euro secondary seeks change

    The European securitisation secondary market is still stable and fairly quiet, but that could change quickly.

    "The market remains stable as it has been for the last week despite broader market volatility," says one trader. "Not a lot went on yesterday even though the wider market was calm."

    However, the trader continues: "Secondary market tone feels constructive and while wider volatility means .......

    SCIWire 12 January 2016

  • SEC punishes insider trading

    The US SEC has prohibited Steven Cohen from supervising funds that manage outside money until 2018 in order to settle charges that he failed to supervise a portfolio manager who engaged in insider trading while employed at his firm. Cohen's family office firms will also be subject to SEC examinations and must retain an independent consultant to review their activities.

    Job Swaps 11 January 2016

  • Nevada sets 'negative' solar standard

    New tariffs approved by the Public Utilities Commission of Nevada are credit negative for the solar ABS sector and could spur other states to follow precedent, according to Moody's latest Credit Outlook publication. The tariffs, which went into effect on 1 January, cut the rates at which consumers with installed rooftop solar systems can sell excess power to the electric .......

    News Round-up 11 January 2016

  • UK Mortgages staff strengthened

    TwentyFour Asset Management has recruited Silvia Piva as a portfolio manager in its ABS team. She joins the team to work primarily on UK Mortgages, the firm's closed-ended fund launched in July 2015, which invests in UK residential mortgage pools and funds them in the UK RMBS market (SCI passim).

    Piva was most recently a director in RBS's UK & .......

    Job Swaps 11 January 2016

  • Euro secondary solid

    Last week closed on a solid note in the European securitisation secondary market.

    Secondary spreads were once again firm across the board on Friday, though volumes were lower than previous sessions. Prime and peripheral assets remain in the foreground.

    For the former, focus is primarily on shorter tenors, but levels have held up across the sector more widely. Meanwhile, peripherals .......

    SCIWire 11 January 2016

  • NPL pro recruited

    Crayhill Capital Management has appointed Thomas Wickwire as md in its New York office. He will serve as a key member of the firm's investment team and help source, underwrite, structure, manage and exit asset-based investment opportunities, particularly in the real asset space. Specifically, he is tasked with identifying mispriced opportunities with attractive fundamental, regulatory or technical dynamics.

    Wickwire brings .......

    Job Swaps 8 January 2016

  • Justifiable reliance affirmed

    The purchaser of an unrated junior tranche in the CDO transaction STACK 2006-1 adequately pled justifiable reliance by stating that it relied on the credit ratings of the senior tranches, according to a recent New York Supreme Court appellate ruling. Judge David Friedman dismissed an appeal by Morgan Stanley, in a case that has significant implications for the limits on .......

    News 8 January 2016

  • Milbank names new partner

    Milbank, Tweed, Hadley & McCloy has appointed John Goldfinch as partner. Goldfinch is a member of the law firm's alternative investments group and has a broad structured finance, securitisation and transactional derivatives practice. This includes specialising in European CLOs and regulatory developments.

    .......

    Job Swaps 8 January 2016

  • Euro secondary still insulated

    The European securitisation secondary market continues to remain insulated from broader market volatility and has seen a boost in activity.

    Yesterday ended up being a busy day across asset classes with focus, as expected, surrounding the large number of BWICs. Secondary market tone remained firm as the BWIC supply was readily absorbed and spreads generally held up.

    In particular, prime .......

    SCIWire 8 January 2016

  • Fintech-focused office opens

    Clayton Holdings has opened a new consulting office in Silicon Valley. Senior md and head of Clayton Consulting Andrew Pollock will lead the office in Los Gatos, California, and manage the fintech consulting team.

    The move is meant to help serve the growing number of fintech companies that are forming in the San Francisco Bay Area, particularly those involved in the .......

    Job Swaps 7 January 2016

  • DCM duo drafted in

    Cantor Fitzgerald has appointed Kevin Reynolds and Timothy Swift to lead its debt capital markets origination team. The pair join from Cowen and Company.

    Reynolds joins as md and will be responsible for bringing new issue debt products and developing a distribution-driven banking and financing practice for corporate issuers. He was head of capital markets origination at Cowen and has .......

    Job Swaps 7 January 2016

  • Resolution in sight for DSB deals

    Noteholder meetings have been scheduled for 27 January for defunct DSB Bank's Monastery 2004-I and 2006-I, and Chapel 2003-I and 2007-I transactions. The meetings are in connection with offers made by the DSB bankruptcy trustees to the relevant SPVs to settle unpaid duty of care claims in full (SCI passim). Rabobank credit analysts note that further resolution of the duty .......

    News Round-up 7 January 2016

  • Distressed debt vet enlisted

    Cerberus Capital Management has appointed David Abrams as senior md of Cerberus UK Advisors. He will be based in London and focus on unique and compelling distressed opportunities in emerging markets, Europe and other sectors of interest.

    Abrams was most recently at Apollo Management, where he was the managing partner of the Apollo European Principal Finance Funds franchise. He has .......

    Job Swaps 7 January 2016

  • EM credit team spins off

    Argentem Creek Partners has completed a management buyout from Black River Asset Management. Argentem Creek is staffed by Black River's former emerging markets credit investment team and will focus on serving institutional investors.

    The new entity is employee-owned and led by ceo and cio Daniel Chapman, president and coo Charles Friedberg and global head of business development Angela Samfilippo Gorder. .......

    Job Swaps 7 January 2016

  • Marketplace best practices outlined

    Orchard Platform has published a paper outlining eight essential best practices for marketplace lending investing. The report highlights the challenges for institutional investors and investment managers when approaching this emerging asset class, including via securitisation.

    A primary consideration when investing in marketplace lending is whether to employ an alpha or a beta investment strategy, according to Orchard. Origination platforms can .......

    News 7 January 2016

  • Euro secondary picks up

    After a lull for a holiday in many European jurisdictions yesterday, the European securitisation secondary market is picking up again today, at least in terms of BWICs.

    "We saw a pick-up in activity on Tuesday, but it slowed again yesterday as a lot of people were away," says one trader. "I expect flows to remain fairly quiet overall today as .......

    SCIWire 7 January 2016

  • Sukuk market to shrink

    The global sukuk market will remain below peak levels in 2016, says S&P, as the market's historic largest issuer has ceased issuing. Total annual issuance is expected to be US$50bn-US$55bn.

    Issuance in 2015 was US$63.5bn, which was down sharply from the US$116.4bn issued in 2014. The decrease can largely be attributed to the central bank of Malaysia - Bank Negara .......

    News Round-up 6 January 2016

  • Canada chief appointed

    DBRS has appointed Douglas Turnbull as vice chairman and country head, Canada. He reports to Dan Curry, the company's ceo.

    In this newly created leadership position, Turnbull will be responsible for overseeing all of the rating agency's day-to-day operations in Canada. As part of the global management team, he will also focus on the strategic development of DBRS's rating business .......

    Job Swaps 6 January 2016
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