CLOs

  • 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

  • ECB stimulus announced

    Sector developments and company hires

    ECB stimulus package outlined

    The ECB has announced that it is cutting the interest rate on the deposit facility will be decreased by 10 basis points to -0.50%. The interest rate on the main refinancing operations and the rate on the marginal lending facility will remain unchanged at their current levels of 0.00% and 0.25% respectively.  Additionally, net purchases will .......

    Market Moves 13 September 2019

  • CLO firm incorporates ESG approach

    Company hires and sector developments

    Cayman CLO first

    Maples Group has supported the first ever US CLO to issue out of the Cayman Island. The transaction was a US$501m middle market CLO from Natixis, which closed on 13 August 2019.

    ESG implementation

    THL Credit has developed and begun utilising a new investment framework for assessing environmental, social, and governance (ESG) factors .......

    Market Moves 11 September 2019

  • Performance questions

    CMV conflict concerns aired

    Scepticism about whether CLO managers and their investment affiliates can be truly independent of each other has accompanied the rise of CLOs anchored by risk retention capital raised via capitalised manager vehicles (CMVs). As the first iterations of these vehicles near the end of their reinvestment periods (SCI 26 June 2017), a better understanding of their performance could .......

    News Analysis 10 September 2019

  • Maltese benefits

    Jurisdiction especially suited to innovative transport ABS

    Malta provides a legal and tax framework that provides the same benefits for the establishment of SPVs as more well-known jurisdictions, such as Luxembourg and Ireland. Malta is also especially well suited to shipping and aviation securitisations, with several innovative transactions of this kind having been successfully completed through Maltese SPVs.

    A legal framework for securitisation was enacted in Malta .......

    News Analysis 10 September 2019

  • CLO firm bulks up

    Company hires and sector developments

    CLO firm bulks up

    Adrienne Dale has joined MidOcean Credit Partners a portfolio manager for its CLO strategies. She will report to Jim Wiant, who oversees MidOcean’s existing CLO business, as the firm looks to expand and scale the business further. Most recently, Dale held senior positions in Credit Suisse Asset Management’s credit investments group, where she spent the past .......

    Market Moves 9 September 2019

  • ILS deputy head hired

    Company hires and sector developments

    Blockchain standardisation steps taken

    The standardisation of blockchain technology, which the International Organisation for Standardisation (ISO) and others are promoting, will be credit positive for future securitisations that utilise the technology, says Moody’s. Although the technology itself has the potential to provide many benefits to the securitisation market, namely via interoperability and operational efficiencies, the current lack of .......

    Market Moves 6 September 2019

  • Ceo appointed

    Sector developments and company hires

    Analytics head nabbed

    Merion Square Capital has hired Jeff Fraser as head of analytics, based at the firm’s Ardmore, Pennsylvania headquarters. Fraser joins Merion Square from Chubb, where he was an avp of CAT Pricing and Systems, responsible for Chubb’s catastrophe pricing, portfolio optimisation and global risk aggregation platforms.

    Ceo appointed

    Cairn Capital Group has appointed .......

    Market Moves 5 September 2019

  • Navigating the new

    New European CLO investors must chart a steady course

    The remainder of the year looks set to be an active one for European CLOs. To sustain growth, the market needs to find new investors, but they have a challenging course to navigate.

    Some potential new CLO investors are understandably hesitant, given widely voiced regulatory concerns and related alarmist mainstream press reports about the next financial crisis being .......

    Talking Point 5 September 2019

  • Structured credit vets nabbed

    Sector developments and company hires

    EBA makes STS digital move

    The EBA has announced that it has added the STS Regulation to its online Interactive Single Rulebook and Q&A. It allows market participants to access the EBA’s guidelines, and it will also enable them to ask questions on any aspect of the criteria where it is felt require clarification under the EBA’s .......

    Market Moves 4 September 2019

  • Tesco portfolio disposal sealed

    Company developments and sector hires

    Auto deal debut

    Oodle Financial Services is marketing an inaugural static cash securitisation of auto receivables extended to obligors located in the UK. Dubbed Downson 2019-1, the £353.4m transaction is provisionally rated Aaa on the £229.8m class A notes, A2 on the £75.9m class Bs, Baa3 on the £15.9m class C notes, Ba3 on the £14.1m class Ds .......

    Market Moves 3 September 2019
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