CLOs

  • Indian ABS soars

    Sector developments and company hires

    CLO business announced

    AllianceBernstein has announced a new loan and CLO management business, hiring Scott Macklin to lead the effort. Macklin was previously head of research in Och-Ziff’s credit business and the new firm will be initially funded with investments from AXA Equitable Life Insurance Company, expanding on the existing relationship between AB and AXA Equitable Holdings.

    Market Moves 15 October 2019

  • Serbian NPL disposal plans announced

    Sector developments and company hires

    Associate appointed

    Channel Capital Advisors has hired Pouya Jafari as an associate in London. He was previously a credit analyst at Wells Fargo, in London.

    Serbian NPL disposal planned

    The Serbian Deposit Insurance Agency has invited bids for the sale of a €1.82bn NPL portfolio. Letters of interest can be submitted up to 8 November and .......

    Market Moves 14 October 2019

  • Structured finance head appointed

    Sector developments and company hires

    EBA’s agenda released

    The EBA has published its 2020 agenda, detailing its work activities for the coming year. On the securitisation side, its work will mainly be focused on STS-related mandates. In 4Q20, the authority plans to publish recommendations regarding significant risk transfer practices, as well as the hierarchy of approaches for calculating CRR risk weights. Before then, .......

    Market Moves 11 October 2019

  • Co-founder to depart

    Company hires and sector developments

    Co-founder moves on

    BlueMountain’s co-founder and co-president Stephen Siderow is set to leave the firm, but he will continue in his current management role through the end of this year to support an orderly transition. The firm was acquired by Assured Guaranty at the start of the month and is making a number of changes to its platform, .......

    Market Moves 10 October 2019

  • Danish firm's debut CLO prepped

    Inaugural ESG-compliant deal likely to be first of many

    Capital Four is set to price its debut BSL CLO this week, dubbed Capital Four CLO I.  The €359.4m transaction, arranged by Goldman Sachs, is also ESG-compliant and likely to be the first of many for the firm.

    Tim Smith, head of strategic planning at Capital Four, comments that, while this is the firm’s first CLO, its founders began working .......

    News 10 October 2019

  • Performance hurdles

    Loan sell-offs hampering US CLOs

    Increasing numbers of loan sell-offs are hampering performance in US CLOs relative to other US credit markets. The issue is not yet a major one and could still be overcome, but the emerging trend signals the potential for larger problems ahead. 

    “You have a lot more loans trading in the 80 and 90 ranges and that’s causing problems .......

    News Analysis 10 October 2019

  • Credit system "positive" for China SF deals

    Sector developments and company hires

    Credit system a positive for China SF deals

    China’s plan to establish a comprehensive, nationwide credit information system by 2020 is credit positive for the country’s structured finance deals, because this system will reduce the risk of loan defaults and bolster recovery prospects, according to Moody’s. The rating agency says this development will also help break down credit information barriers .......

    Market Moves 9 October 2019

  • Bank leaves CDS committee

    Sector developments and company hires

    Bank leaves CDS committee

    Societe Generale has decided to leave the Credit Determinations Committee. The bank is not however scaling back in flow credit trading but, while remaining active in the market and trading CDS, it is opting for a more selective strategy in terms of sector and clients.

    Firm nabs aviation vet

    PwC has appointed .......

    Market Moves 7 October 2019

  • ILS acquisition announced

    Company hires and sector developments

    Acquisition announced

    Artex Risk Solutions has announced that it has reached agreement to acquire Horseshoe Insurance Services Holdings., significantly strengthening its ILS operations. The transaction is subject to regulatory approval and expected to complete before the end of the year. On completion, Horseshoe will become the global brand of ILS services for Artex, which will operate as one .......

    Market Moves 3 October 2019

  • CLO firm co-founder to retire

    Sector developments and company hires

    30-year CIRT debuts

    Fannie Mae has completed its sixth Credit Insurance Risk Transfer transaction of 2019: CIRT 2019-3 covers US$14.8bn in unpaid principal balance of 21- to 30-year original term fixed-rate loans. The deal marks the first time a 30-year bulk CIRT transaction was structured with an extended policy term of 12.5 years and a 40bp retention layer, .......

    Market Moves 2 October 2019

  • B-piece service bulks out

    Sector developments and company hires

    B-piece service bulks out

    Greystone, has added Paul Smyth, Cary Williams, and Paul Jankovsky as mds and Robert Farrington as a director to its CMBS platform. Based in Irving, Texas, the team brings to Greystone extensive expertise in CMBS B-Piece acquisitions as well as special servicing. While originating debt for clients across all of Greystone’s lending platforms, Smyth and his team will also pursue B-Piece investment .......

    Market Moves 30 September 2019

  • Aussie auto ABS debut prepped

    Sector developments and company hires

    Aussie auto debut prepped

    The first public term securitisation backed by collateral originated by Mercedes-Benz Financial Services Australia is marketing. The A$580m transaction is to be issued by Perpetual Corporate Trust as trustee of Silver Arrow Australia 2019-1 and is backed by a pool of commercial and consumer loan contracts backed by new and used motor vehicles, trucks .......

    Market Moves 26 September 2019

  • US CLO firm leadership shake-up

    Sector developments and company hires

    CLO firm makes md appointment

    MidOcean Partners has hired Natalya Michaels as md, focusing on marketing, investor relations and business development across both the private equity and credit businesses as MidOcean looks to grow the firm and expand its investor relationships. Michaels joins MidOcean with over two decades of industry experience and, most recently, she was an md at Artisan .......

    Market Moves 25 September 2019

  • Ceo appointed

    Sector developments and company hires

    Ceo appointed

    CAC Specialty has appointed Michael Rice as ceo, bringing more than 25 years of experience in the insurance brokerage industry. Most recently, he served as the founding ceo and executive chairman of JLT Specialty USA. Previously, he spent more than 20 years at Aon, serving in various leadership capacities.

    Morgan refis due

    The August .......

    Market Moves 24 September 2019

  • Master trust margins amended

    Sector developments and company hires

    Holmes Master Trust margins amended

    Moody’s comments that the proposed amendments to the 2017-1 Class A2 and 2018-1 Class A3 notes issued by Holmes Master Trust will not, in and of themselves and at this time, result in a reduction or withdrawal of all the notes ratings currently assigned to Holmes Master Issuer. The proposal is to change .......

    Market Moves 23 September 2019

  • Law firm nabs SF vet

    Sector developments and company hires

    Law firm beefs up

    Orrick has hired structured finance lawyer Richard Hanson as a partner based in London. He joins from Ropes & Gray and advises on structured finance, securitisation and derivatives-based financings for funds, asset managers and investment trusts. His experience includes advising on funding structures backed by commercial real estate and other asset classes, including loan-on-loan .......

    Market Moves 20 September 2019

  • Credit-granting guidance outlined

    "Bright-line" verification test still absent

    The EBA recently published an answer to a question posed by AFME in relation to Article 9(3) of the Securitisation Regulation, pertaining to credit-granting criteria for exposures in a securitisation. While the answer provides some guidance on how those issuing securitisations may satisfy Article 9(3), it doesn’t provide a clear test for when extensive verification of credit-granting standards will .......

    News 19 September 2019

  • CMBS NOI slowing

    Sector developments and company hires

    Aircraft ratings review

    Moody’s has published a new overview which examines ABS issued in the US since 2013, backed primarily by commercial aircraft and their associated leases. The report details an asset description and its structure as well as asset-related credit risks in securities backed by aircraft and related leases. In addition, Moody’s has issued a Request for .......

    Market Moves 19 September 2019

  • Broader base

    New investors come to STS, but for what reason?

    A growing number of new investors, including bank treasuries, are participating in European STS securitisations, according to panellists at KNect 365’s European Securitisation Regulation seminar today. They added, however, that there is uncertainty about whether this is due to STS or other factors, such as a lack of yield in other asset classes.

    Nicholas Curmi, head of securitisation and .......

    News 18 September 2019

  • CLO downgrade announced

    Sector developments and company hires

    CDS hire announced

    Axiom Alternative Investments has appointed Bedis Gharbi as senior portfolio manager, to support the continued development and diversification of its growing London office and fund range. Gharbi brings over 20 years’ experience in the investment management industry, most recently as head of synthetic credit funds at RiverRock European Capital Partners. He will join Axiom’s London .......

    Market Moves 16 September 2019

  • SCI Start the week - 16 September

    A review of securitisation activity over the past seven days

    Transaction of the week

    Alior Leasing has launched a 12 month revolving cash securitisation of auto leasing loans and leases extended to sole traders and SME obligors in Poland. Dubbed AL Poland Securitisation 01, the transaction is the first to receive a public rating by Moody's.

    Moody's has assigned a rating of Baa2 on the PLN359.9m floating rate secured notes, .......

    News 16 September 2019
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