ABS

  • 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

  • Marketplace lender beefs up

    CommonBond has bolstered its capital markets team by hiring Beth Starr as vp and head of capital markets. The marketplace lender has also secured a warehousing line of funding totalling US$275m from Barclays, Macquarie Capital and others. This takes CommonBond's total funding to date to US$625m, including both equity and lending capital.

    Starr was previously md at Jeffries and Lehman .......

    Job Swaps 6 January 2016

  • First-loss investments revealed

    Chenavari Investment Managers has disclosed recent direct investments made by two of its funds - Chenavari Capital Solutions and Toro. Senior finance for the investments was provided by a leading global bank and financial services firm.

    Chenavari Capital Solutions has invested €4m in junior instruments in a short-term loan warehousing transaction backed by a portfolio of diversified leveraged corporate loans. .......

    Job Swaps 6 January 2016

  • Special counsel named

    Schulte Roth & Zabel has promoted Jay Williams to special counsel in the New York office, where his practice focuses on securitisations and other structured finance transactions, as well as derivatives. He represents issuers, underwriters and investment managers in the structuring and negotiation of a wide variety of structured finance transactions, including CLOs, warehouse facilities and repackagings.

    Williams has extensive .......

    Job Swaps 6 January 2016

  • Euro secondary constructive

    A constructive tone is generating a good start to the year for the European securitisation secondary market.

    "The past few days have been relatively constructive, especially given weaker broader markets," says one trader. "We've seen quite a bit of activity across the board with investors coming back in to the market, especially real money."

    Buying interest has emerged in most .......

    SCIWire 6 January 2016

  • Bank sheds large NPL portfolio

    Banca Monte dei Paschi di Siena (BMPS) has sold a non-performing loan portfolio to Epicuro SPV, a securitisation vehicle financed by affiliates of Deutsche Bank. The portfolio is composed of just under 18,000 borrowers, with a total book value of around €1bn.

    The loans are mainly unsecured and related to corporate counterparties, with the majority having become non-performing before 2009. .......

    News Round-up 5 January 2016

  • Direct lender launches UK fund

    Beechbrook Capital has completed the first close of its inaugural UK SME Credit Fund with commitments of more than £100m. A second close is expected to be held in 2Q16, with a target fund size of up to £200m.

    Institutional investors that made commitments to the fund include the British Business Bank and European Investment Fund. The fund will provide .......

    News Round-up 5 January 2016

  • Euro secondary eases in

    The European securitisation secondary market is easing in to the New Year despite broader market volatility.

    The first trading day of 2016 saw thin liquidity but strong market tone as securitisation asset classes remained insulated from the weakening in wider credit yesterday. Secondary spreads held up across the board as levels echoed those seen at the end of December and there .......

    SCIWire 5 January 2016

  • ED hires for growth

    The European DataWarehouse (ED) has appointed Christian Thun as coo and deputy ceo, effective from the start of this year. He takes responsibility for key operational areas such as data management, customer account management and research.

    Thun previously spent 14 years at Moody's Analytics while he has also worked at Baetge & Partner and was also involved in structured finance .......

    Job Swaps 4 January 2016

  • Rating agencies making progress

    The US SEC has issued its two annual staff reports on credit rating agencies registered as nationally recognised statistical rating organisations (NRSROs). The reports show the NRSROs have made operational improvements and have enhanced process accountability, controls and governance.

    The SEC says that its reports show that all NRSROs have enhanced their understanding of their obligations as regulated entities and .......

    News Round-up 4 January 2016

  • SF lawyer appointed in London

    Lisa Cargill has joined the structured transactions team at Morgan Lewis. She brings extensive structured finance experience across numerous jurisdictions and asset classes.

    Cargill will be based in London but will also partner with the firm's US team to help clients there with their European business dealings. She was previously at Sidley Austin.

    .......

    Job Swaps 4 January 2016

  • BNP adds to ABS expertise

    BNP Paribas has brought in Alex Nixon as vp in investment banking, focusing on non-flow ABS. He joins the bank from KGS-Alpha Capital Markets. Nixon has also held a number of roles at Ascent Biomedical Venutres and Ernst & Young.

    .......

    Job Swaps 24 December 2015
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