Complete news archive

  • CLO UCITS fund debuts

    Fair Oaks Capital has launched the first UCITS fund to offer global access to senior secured corporate loans through investments in CLOs. The Fair Oaks Dynamic Credit Fund is actively managed, with a strong emphasis on bottom-up fundamental credit analysis.

    The fund primarily seeks exposure to investment grade rated CLO securities on a long-only basis, with no leverage used at .......

    News Round-up 14 September 2016

  • Carlyle hires credit head

    The Carlyle Group has brought in Mark Jenkins for the newly created role of head of global credit in New York, where he will lead the growth of its credit platform. Carlyle's platform includes loans and structured credit, as well as private, energy and distressed credit.

    Jenkins, who will also be md and member of each credit fund investment committee at .......

    Job Swaps 14 September 2016

  • Tikehau closes direct lending fund

    Tikehau IM has closed its Tikehau Direct Lending III fund at €610m. This "new generation of direct lending fund" will provide private debt financing to companies based in Europe.

    Over 40% of the fund is already invested through 15 portfolio companies based in France, Spain and Norway. The investor base mainly consists of insurance companies, pension funds, private banks and .......

    News Round-up 14 September 2016

  • Nine FFELP deals extended

    Nelnet has extended the final maturity date on nine FFELP student loan ABS deals following investor consent. The firm expects to add five-year maturity extensions over the next week on the following transactions: NSLT 2014-4 A1, 2014-4 A2, 2014-4 B, 2011-1 A, 2010-1 A, 2015-3 A3, 2015-3 A2, 2015-3 B, 2015-1 A, 2015-1 B, 2015-2 A2, 2015-2 B, 2014-6 A, 2014-6 .......

    News Round-up 14 September 2016

  • Climate fund adds investor

    ASN Bank has invested US$25m in a note issued by the Global Climate Partnership Fund (GCPF). Of the total investment, US$20m will come from the bank's treasury, with foundations advised by the bank providing the remaining US$5m.

    Set up in 2009 as a public-private partnership, the GCPF is a structured fund that aims to mitigate climate change through targeted investments .......

    News Round-up 14 September 2016

  • TigerRisk adds London pro

    TigerRisk Capital Markets & Advisory has appointed Leo Beckham as md. He will be based in London and take responsibility for building the business in the UK and Europe, reporting to Tony Ursano, TigerRisk Partners president and TigerRisk Capital Markets & Advisory ceo.

    Beckham's appointment becomes effective at the start of November. He joins from Willis Capital Markets & Advisory .......

    Job Swaps 14 September 2016

  • US CLOs keep busy

    The US CLO secondary market is continuing to see a healthy amount of lists in the lead up to the ABS East conference next week.

    "We're seeing a lot of volume today, which includes a large equity-dominated BWIC," says one trader. "I wouldn't expect everything to trade, but there are some interesting pieces in there that will likely go."

    Meanwhile .......

    SCIWire 13 September 2016

  • Single-name CDS supported

    A new academic literature review commissioned by ISDA shows that single-name credit default swaps remain an efficient tool for hedging credit risk and can have a positive impact on the economy. Written by Christopher Culp and Andria van der Merwe - both research fellows at the Johns Hopkins Institute for Applied Economics, Global Health and the Study of Business Enterprise .......

    News Round-up 13 September 2016

  • Second SFR deal repaid

    American Homes 4 Rent (AH4R) has repaid the US$342.1m loan that backs the American Residential Properties 2014-SFR1 single-family rental securitisation. The move follows the merger of the sponsor American Residential Properties with AH4R earlier this year.

    Unlike other single-family rental transactions, ARP 2014-SFR1 had to satisfy a specific debt yield in order to extend its loan terms (SCI 15 April). .......

    News Round-up 13 September 2016

  • ABS expertise enhanced

    Capital One has expanded its financial institutions group (FIG) by appointing four senior figures. These include Mahesh Rajagopalan and Dave Donofrio as mds, and Dan Tsacoumangos and Daniel Strong as directors.

    Donofrio has assumed the role of a relationship manager for the group. Before joining Capital One, he served as a director of the asset-backed finance division of HSBC. His .......

    Job Swaps 13 September 2016

  • Radian regains SF pro

    Peter Danna has returned to Radian for a second stint, serving as svp in structured products. He joins from Morningstar, where he was director of business development, focusing on the agency's ABS client relationships. Prior to that, he was at Radian in his first stretch at the insurer, where he focused on originating, analysing and structuring deals across the structured finance spectrum.

    .......

    Job Swaps 13 September 2016

  • Canadian RMBS transferred

    Equitable Bank has entered into an agreement with Canada Mortgage and Housing Corporation (CMHC) to become the successor issuer on C$3.1bn of outstanding National Housing Act (NHA) MBS pools originally issued by Maple Bank's Toronto branch and bought by third-party investors. The move follows Maple's Chapter 15 bankruptcy filing in February after Germany's BaFin initiated a tax probe into the .......

    News Round-up 13 September 2016

  • Chinese issuance gains momentum

    China's structured finance market will continue expanding in both scope and scale, with increased asset class diversification, says Fitch. A total of CNY193.4bn of Chinese structured finance transactions were issued in 2Q16, representing a 96% year-over-year increase.

    In its latest quarterly publication on Chinese structured finance, the rating agency says the increase in issuance was principally driven by 242% growth .......

    News Round-up 13 September 2016

  • Euro secondary unmoved

    The European securitisation secondary markets have been unmoved by recent broader market volatility.

    Tone continues to be positive across the board and secondary spreads were generally insulated from last week's wider market sell-off. Whereas, boosted by the stronger macro sentiment seen yesterday afternoon widespread tightening looked set to resume at this morning's open.

    Shortage of primary supply continues to be the .......

    SCIWire 13 September 2016

  • Housing boost for Spain

    The bottoming-out of house prices in Spain will reduce the expected severity of mortgage defaults, resulting in the improvement of the performance of Spanish RMBS, SME ABS and covered bonds, according to Scope Ratings.

    Analysts at the agency suggest that concerns about the near-term volatility of expected recovery rates on defaulted mortgage loans backed by residential properties in Spanish deals .......

    News 13 September 2016

  • UK ILS bill set for 2017

    The London Market Group (LMG) has welcomed a letter from HM Treasury that outlines early 2017 as the target for implementing an ILS framework within the UK. The letter, signed by Economic Secretary to the Treasury Simon Kirby, notes that the next phase involves drafting the regulations for consultation later this Autumn prior to putting legislation before Parliament.

    Nicolas Aubert, chairman of .......

    News Round-up 12 September 2016

  • CMBS 1.0 late-pays rising

    Fitch reports that US CMBS delinquencies fell last month for the first time since March, even though late-pays on older vintages continue to rise. Delinquencies declined by 5bp in August to 3.15% from 3.20% a month earlier.

    Portfolio run-off of US$8.1bn outweighed new issuance volume of US$4bn from six transactions in July, causing a decrease in the overall index denominator. .......

    News Round-up 12 September 2016

  • Ocwen fails two tests

    Ocwen failed two compliance tests in 4Q15 due to force-placed insurance, according to the latest US National Mortgage Settlement monitor review by Joseph Smith. The failures came after the servicer had passed all tests in the previous quarter.

    Smith says that Ocwen failed metrics 28 and 29, the former of which tests the timeliness of communications regarding a lapse in .......

    News Round-up 12 September 2016

  • Green bond grading assigned

    Moody's has assigned a green bond assessment (GBA) of GB1 to US$320.24m of HERO Funding 2016-3 class A1 and class A2 notes, marking the first time a PACE securitisation has been assigned such a grading. The green bonds will fund energy efficiency, renewable energy and water conservation improvements on residential properties in California.

    The PACE bond issuers are Western Riverside .......

    News Round-up 12 September 2016

  • Babson merges firms

    Babson has completed the integration of four Massachusetts Mutual Life Insurance affiliates. Babson Capital Management, Cornerstone Real Estate Advisers, Wood Creek Capital Management and Baring Asset Management are now operating as a unified company with over US$275bn AUM under the Barings name.

    The combination of the four firms results in a presence in 17 countries. Leadership roles will include Russ .......

    Job Swaps 12 September 2016

  • CRE investment firm founded

    An independent commercial real estate investment management firm has launched, funded by new investors and a management team that has moved from FirstKey Lending. Dubbed Allegiant, it has also inked advisory and consulting agreements with FirstKey over its existing US$215m loan portfolio.

    Additionally, Allegiant will deploy up to US$500m for investment in and management of commercial real estate debt opportunities, .......

    Job Swaps 12 September 2016
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