CLOs

  • New hires

    Sector developments and company hires

    Greystone has announced several new senior hires as it continues to grow its CMBS platform. Jared Noordyk and Natalie Grainger will be joining the firm as head of securitisation and cco, respectively, and will report to head of CMBS, Rich Highfield Noordyk will join the firm from SitusAMC, where he served in a senior role for its CRE Advisory group working .......

    Market Moves 26 January 2022

  • New members

    Sector developments and company hires

    DBRS Morningstar has appointed two new independent non-executive members to its board of directors – Joseph M. Donovan and Katherine L. Frey. Both industry veterans, Donovan presently serves in similar roles on the board of directors at STORE capital and Trip Rail Holdings. Frey previously held role of md at Moody’s, and before this worked on municipal finance, derivatives and .......

    Market Moves 24 January 2022

  • Community-focused RMBS prepped

    Sector developments and company hires

    Community-focused RMBS prepped

    Change Lending is in the market with its inaugural RMBS – the US$297.26m CHNGE Mortgage Trust 2022-1. Change is certified by the US Treasury as a Community Development Financial Institution (CDFI). As such, the firm is required to lend at least 60% of its production to certain target markets, including low-income borrowers or other underserved communities.

    The .......

    Market Moves 21 January 2022

  • How will the CLO market fare in 2022?

    Vibrant Capital Partners shares how it expects CLOs to perform in 2022

    Once a niche, widely misunderstood asset class, CLOs have proven resilient across credit cycles, transforming into a core allocation for institutional investors. Today, the global CLO market is over US$1trn in size and includes participation from pension plans, insurance companies, and other mostly institutional investors who have reaped the rewards of CLOs’ solid performance. In sum, the tailwinds are strong, and the .......

    Talking Point 21 January 2022

  • Continued commitments

    Derek Dubois, md and treasurer at Deerpath Capital Management, answers SCI's questions

    Q: How does Deerpath differentiate itself from its competitors in the lower middle market?
    A: Deerpath Capital has been around for a number of years. It was founded in 2007 and we’ve always been focused on lower middle market US secured debt as our investment strategy. The lower middle market offers a nice dynamic for investors; it’s a little less .......

    The Structured Credit Interview 20 January 2022

  • Junior tranche guaranteed

    Sector developments and company hires

    Junior tranche guaranteed

    The EIB Group and Banco BPM have joined forces to support the working capital requirements and investments of Italian SMEs hit by the Covid economic crisis. In the first operation of this type in Italy, the EIB and the EIF will provide a guarantee of €91m on a junior tranche of a synthetic securitisation that references a portfolio of .......

    Market Moves 20 January 2022

  • UniCredit unveils ARTS

    Sector developments and company hires

    UniCredit, in cooperation with the EIB Group, has finalised a new synthetic securitisation under its Asset Risk Transfer Sharing (ARTS) programme. The transaction references a circa €2bn portfolio of Italian SME and mid-cap loans, with the EIF guaranteeing the mezzanine tranche, which is counter-guaranteed by the EIB. The capital freed up by the operation will be used to deploy €720m .......

    Market Moves 18 January 2022

  • New leadership

    Sector developments and company hires

    Crestbridge has appointed Martin Lambert as its new head of UK operations following the retirement of former boss Paul Windsor. Lambert will join the firm with more than 30 years of experience in the field, having most recently served as partner at Grant Thornton. Based in London, Lambert will work as part of the senior leadership team to continue its .......

    Market Moves 17 January 2022

  • Navient agrees multi-state settlement

    Sector developments and company hires

    Navient agrees multi-state settlement

    Navient has reached agreements with 39 US state attorneys general to provide relief totaling US$1.85bn to resolve their multi-state litigation and investigations in connection with allegations of unfair and deceptive student loan servicing practices and abuses in originating predatory student loans. In the agreements, Navient expressly denies violating any law - including consumer-protection laws - or causing .......

    Market Moves 14 January 2022

  • Greek NPL JV agreed

    Sector developments and company hires

    Mount Street Group has received regulatory approval from the Bank of Greece to form a strategic partnership with Technical Olympic, a real estate, construction, shipping and investment group. The joint venture is effectuated through Technical Olympic’s subsidiary, PFC Premier Finance Corporation (Cyprus), and will pursue investment and co-investment non-performing loan opportunities in the real estate, shipping, infrastructure, renewable energy, hospitality .......

    Market Moves 13 January 2022

  • JBBB ETF launched

    Sector developments and company hires

    Janus Henderson has launched the Janus Henderson B-BBB CLO ETF for US investors. The ETF is the first to focus on providing exposure to B-BBB rated CLOs and will be managed by portfolio managers John Kerschner and Nick Childs, with Jessica Shill serving as associate portfolio manager. The launch of JBBB follows the launch of the Janus Henderson AAA CLO .......

    Market Moves 12 January 2022

  • New partnership

    Sector developments and company hires

    Morningstar has announced the enhancement of its DealView product with the inclusion of climate risk data through partnership with property climate risk data provider, ClimateCheck. The firm’s subsidiary, Morningstar Credit Information and Analytics, will incorporate the new feature alongside its existing in-depth commercial real estate analytics to enhance existing efforts to inform investors on natural risk factors in their CMBS transactions. .......

    Market Moves 11 January 2022

  • New moves

    Sector developments and company hires

    EMEA

    Ashurst is set to further expand its European securitisation team with the appointment of new global capital markets partner, Agathe Motte. Motte will join the law firm in Paris from Linklaters, where she advised French and European banks, corporates, and funds on structured finance deals. She brings extensive experience in both domestic and multijurisdictional securitisation transactions, in a variety .......

    Market Moves 10 January 2022

  • Rising star

    Gordon Neilly, executive chairman at WhiteStar Asset Management, answers SCI's questions

    Q: Gordon, what are your expectations for WhiteStar as it expands further into the European CLO space?

    A: So, this is our entry point into the European CLO space. If you look at the industry today, not only is the European CLO market far less developed than the US CLO market, it’s also quite fragmented with about 50 players in the European .......

    The Structured Credit Interview 4 January 2022

  • Decision notice issued against BlueCrest

    Sector developments and company hires

    Decision notice issued against BlueCrest
    The UK FCA has published a decision notice against BlueCrest Capital Management (UK) (BCMUK) setting out its decision to impose a financial penalty of £40.81m on the firm. BCMUK has elected to refer the case directly to the Upper Tribunal, which will determine the appropriate action, if any, for the FCA to take.

    The .......

    Market Moves 24 December 2021

  • Regulatory redemption?

    European CLO sustainability disclosures eyed

    ESG investment criteria are rapidly becoming a standard feature across the European CLO market. Enhanced ESG disclosure is anticipated to be the next step in the sector’s evolution, with more information being made available by CLO managers.

    “You can see from the stats already: the sheer number of deals that include ESG investment criteria has sharply increased and .......

    News Analysis 21 December 2021

  • Nephila taps LBR vehicle

    Sector developments and company hires

    Nephila taps LBR vehicle
    Nephila Capital has funded its newly launched Syndicate 2358, which focuses on short- to medium-term insurance business lines, with capital provided through Lloyd’s London Bridge Risk PCC vehicle. The transaction provides reinsurance capital from a diverse group of investors, including four pension funds, to support underwriting beginning with the 2022 Year of Account.

    Nephila has .......

    Market Moves 21 December 2021

  • RFC issued on non-sequential amortisation

    Sector developments and company hires

    RFC issued on non-sequential amortisation
    The EBA has launched a public consultation on draft regulatory technical standards (RTS) specifying and, where relevant, calibrating the minimum performance-related triggers for STS synthetic securitisations that feature non-sequential amortisation. For the purpose of standardisation, the amended securitisation regulation sets out that sequential amortisation shall be applied to all tranches of STS synthetic securitisations. However, .......

    Market Moves 20 December 2021

  • Spanish private debt fund wins EIF backing

    Sector developments and company hires

    Spanish private debt fund wins EIF backing
    Beka Finance has formed a private debt management unit, dubbed Beka Credit, which it hopes will help consolidate the firm’s growth and leadership position in the alternatives market. The unit is already preparing to launch its first private debt fund, with which it expects to raise around €250m.

    The Luxembourg-based vehicle will .......

    Market Moves 17 December 2021

  • UK review released

    HMT 'broadly supportive' of securitisation market

    The UK government has published its report on the review of the securitisation regulation (SCI 28 June), which outlines specific areas of the regime that HM Treasury may revisit to ensure it “best delivers” for the UK securitisation market. The report appears to be broadly supportive of the industry - although notably isn’t supportive of extending the public .......

    News 14 December 2021

  • Record breakers

    Strong Euro CLO market set to continue

    European CLO issuance volume is set to hit a post-financial crisis high of €40bn by year-end, boosted by record reset and refinancing activity. Prospects for the market in 2022 remain positive, reflecting strong leveraged debt issuance expectations, improving CLO arbitrage and a positive macroeconomic outlook.

    “It’s been a very busy market – even if there has been a .......

    News 10 December 2021
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