CLOs
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US CLO debuts
Transaction marks first for bank's AM arm
Morgan Stanley’s asset management division is entering the CLO space with a new transaction. Dubbed 522 Funding I, the US$457.25 million transaction is the first CLO to be managed by Morgan Stanley Investment Management.
The transaction is rated by S&P and Fitch as triple-A/triple-A on the US$279m class-A notes (three-month Libor plus 139bp) while just Fitch has rated the US$13.5m class .......
News 4 December 2019
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Credit analysts poached
Sector developments and company hires
Credit analysts poached
Cairn Capital has appointed José Ferrero and Vihren Jordanov as senior credit analysts, focusing on loans and reporting to credit research head Mark Stieler. Ferrero was previously a credit analyst at Partners Group, where he was responsible for European coverage of the business and consumer services, chemicals and healthcare sectors. Jordanov joins from Alcentra, where he was .......
Market Moves 4 December 2019
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First "true" ESG CLO launched
Transaction marks first of many ESG deals for issuer
NIBC recently priced the first fully-compliant ESG CLO, North Westerly VI, utilising a wholly exclusionary loan section process. The €410m transaction is expected to be the first of many ESG-compliant transactions from the firm, which also plans to bring North Westerly V onto the same reporting platform and in line with ESG best practices next year.
North Westerly VI is .......
News Analysis 3 December 2019
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Euro AM promotes three
Sector developments and company hires
AM promotes three
Alcentra has promoted Daniel Fabian to president and coo. In this role, he will manage the company’s growth strategy and oversee day-to-day operations in order to continue to drive value for clients and employees. Fabian has spent the past 12 years at Alcentra, of which the last four years have been as coo and cfo, bringing the .......
Market Moves 2 December 2019
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Euro lending support announced
Sector developments and company hires
Euro lending support announced
The EIF has committed €100m to online lending marketplace October. The investment renews its support to European SMEs, under the “Private Credit Tailored for SMEs” programme, alongside other institutional investors including CNP Assurances, Bpifrance and Zencap - all of whom were already part of the latest institutional fund launched in 2018.
This new €100m commitment will .......
Market Moves 28 November 2019
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Italian market developments 'positive' for ABS
Sector developments and company hires
Italian market developments ‘positive’ for ABS
Recent market developments in in the Cessione del Quinto (CDQ) and Delegazione di Pagamento (DP) loan market are credit positive for ABS, according to structured finance analysts from Moody’s. The analysts add that increasing regulatory scrutiny limits the risk of poor underwriting, while lower capital requirements support further loan growth. Both developments .......
Market Moves 27 November 2019
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Indian innovation
Diverse Indian ABS market sees growing, global investor base
The Indian securitisation market continues to grow and develop, with an increasingly global investor base eager to tap into an ever-innovating product range, including CLOs, green bonds and microfinance-backed transactions. On top of this, new legislation proposes a government-backed partial guarantee structure for select transactions, which has the potential to enable almost US$15bn worth of placements with public sector .......
News Analysis 26 November 2019
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Mortgage partnership announced
Sector hires and company developments
Euro credit team bulks up
CIFC has hired Anders Samuelsen from Muzinich as it continues to build its European team. Samuelsen, who began his career as a credit portfolio manager at Saxo Privatbank in Denmark, will be based in London, and joins as vp, focusing on northern Europe. CIFC has also announced the hire of Aidan Reynolds, from .......
Market Moves 25 November 2019
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SCI Start the week - 25 November
A review of securitisation activity over the past seven days
Transaction of the week
Alpha Bank is set to securitise a €12bn mixed portfolio of retail secured and unsecured loans, mortgage and wholesale non-performing loans in 1H20. Dubbed Project Galaxy, the transaction protects shareholders from dilution and is one of the first to utilise the Greek government's Hercules asset protection scheme (HAPS) (SCI 11 October).
Alpha .......
News 25 November 2019
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FRTB consultation launched
Sector developments and company hires
APAC poll highlights key risks
More than 80% of market participants polled by Moody’s at its recent Asia Pacific Structured Finance Conference in Singapore identified slowing global economic growth as posing a key risk for the Asia Pacific finance sector in 2020. In particular, 54% of respondents said that trade tensions were the biggest threat to Asia Pacific economies next year – .......
Market Moves 22 November 2019
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Ceo retires
Sector developments and company hires
Capital markets head appointed
23 Capital has hired Sreesha Vaman as md, head of capital markets. 23 Capital is a capital and solutions provider focused on the sports, music and entertainment sectors. Vaman has more than 15 years of experience across the finance, investment banking, sports and entertainment landscape and is joining the team’s New York office with .......
Market Moves 21 November 2019
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Legal firm beefs up
Sector developments and company hires
GSE capital rule eyed
The FHFA plans to re-propose the entire regulation on capital requirements for Fannie Mae and Freddie Mac sometime next year, stating that the 2018 capital rule was proposed before it began the process of retaining capital at the GSEs as a first step towards ending their conservatorships. The agency says that the new rule will be .......
Market Moves 20 November 2019
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Italian AM expands to US
Sector developments and company hires
Azimut expands
Italian asset manager Azimut has established a US-based operation named Azimut Alternative Capital Partners (AACP), with the purpose of investing in GP stakes of alternative managers specialised in the private markets space. Concurrently, it signed an investment and shareholder agreement with AACP’s new ceo Jeffry Brown to execute a 10-year business plan, which aims to build .......
Market Moves 19 November 2019
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SME programmes launched
EIF supports two inaugural funding initiatives
The EIF has for the first time provided funding support for a German online SME lending platform. In another first, the EIF has announced a funding guarantee to support lending to French cooperatives.
German online lending platform creditshelf has launched a diversified closed-ended private debt fund, with €30m being provided by the EIF. It will have a target size will be up .......
News 18 November 2019
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Morgan loan prepays
Sector developments and company hires
Coupon swaps planned
The New York Fed's open market trading desk plans to conduct four small value agency RMBS coupon swap operations on 19 and 21 November. On these days, the desk intends to swap out of three unsettled December TBA positions – 30-year UMBS 3% coupon, 15-year UMBS 2.5% coupon and 30-year Ginnie Mae II 3.5% coupon – for .......
Market Moves 15 November 2019
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Alhambra priced
SME ABS gets over the line at last
The long-awaited Spanish SME ABS Alhambra SME Funding 2019-1 has priced. The closest Europe has yet seen to a public middle market CLO came in broadly in line with updated guidance.
Originally called Alhambra SME Funding 2018-1, the deal was first announced in June last year and expected to price that December (SCI 21 November 2018). It consists of .......
News 14 November 2019
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ESG initiative launched
Sector developments and company hires
Alt heads named test
Allianz Global Investors has unveiled leadership changes that will take effect on 1 January 2020. Global head of distribution Tobias Pross and global head of alternatives Deborah Zurkow will succeed Andreas Utermann as ceo and global head of investments respectively. Utermann will remain at the firm on an advisory basis for the first half of next .......
Market Moves 13 November 2019
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First RMBS tied to AONIA marketing
Company hires and sector developments
AONIA debut
Commonwealth Bank of Australia’s new A$1bn Medallion Trust Series 2019-1 is set to become the first Australian RMBS linked to the Australian Overnight Index Average (AONIA) instead of one-month BBSW. The issuer is understood to be marketing classes A1, A2 and B, while classes C to F will not be offered to investors. The collateral backing .......
Market Moves 11 November 2019
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MPL ABS breaches liquidity covenant
Sector developments and company hires
EMEA
Market Moves 8 November 2019
BTIG has established a fixed income credit division in London to service clients across EMEA. The team is led by Michael Carley, md and head of European fixed income credit, who joined BTIG in New York last year. Bobby Dziedziech (director and senior high-yield and distressed trader), Laurent Jastrow (director and senior distressed sales trader and sourcing specialist), Noah .......
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Pursuing illiquidity premia
Corbin Capital ceo Tracy McHale Stuart and cio Craig Bergstrom answer SCI's questions
Q: How and when did Corbin Capital become involved in the securitisation market?
TMS: We’ve been involved in the securitised markets for roughly 13 years.In the early 2000s, the returns in structured credit were so compressed and we didn’t like the leverage profile required to generate our expected return targets, so we kept away. Then in 2007, we .......
The Structured Credit Interview 6 November 2019
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CMBS md recruited
Sector developments and company hires
North America
Incapital has appointed William White as md, CMBS. Based in Boca Raton, he will report to co-heads of fixed income George Holstead and Laura Elliot. White was previously md and head of CMBS trading at Raymond James, and before that worked at Wachovia Capital Markets and Bank of America Securities.Ropes & Gray has promoted 16 attorneys .......
Market Moves 6 November 2019