CMBS
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THEAT 2007-1 and 2007-2 set to repay
Sector developments and company hires
Asia Pacific
Market Moves 7 January 2020
ISDA has appointed Su Yen Chia as its new head of Asia-Pacific public policy. Chia previously served as alternate chief executive for Euroclear Bank (Hong Kong branch) from June 2017. In this role, she played an integral part in developing policy positions and interacting with regulatory and government authorities across the Asia-Pacific region. Prior to Euroclear, Chia was head .......
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Canadian restructuring
Alberta energy market stress hits CMBS
Calgary-based real estate investment firm Strategic Group last week submitted an initial application filing under Canada’s Companies’ Creditors Arrangement Act (CCAA), citing 50 named entities and associated commercial properties within its portfolio. Of the affected office properties, five secure loans securitised in four Canadian CMBS within DBRS Morningstar’s rated book.
According to Strategic Group, prolonged stress in the Alberta economy .......
News 20 December 2019
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GSE price-fixing lawsuit settled
Sector developments and company hires
CLO manager transfer
Hunt Investment Management has assigned collateral manager duties for the Hunt CRE 2017-FL1 and Hunt CRE 2018-FL2 CRE CLOs to OREC Investment Management. Moody's has confirmed that the move will not result in any adverse rating action. For more CDO manager transfers, see SCI’s database.Credit opportunity fund
Market Moves 18 December 2019
Arrow Global’s new Arrow Credit Opportunities SCSp fund has raised €628.5m .......
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Structured credit pro returns to the buy-side
Sector developments and company hires
EMEA
Market Moves 17 December 2019
Kingswood Holdings has appointed Lindsey McMurray and Howard Garland to its board from Pollen Street Capital. The move is as per the terms of the investment completed in September, which saw up to £80m committed by way of an issue of irredeemable convertible preference shares to certain investors and funds managed or advised by Pollen Street. McMurray founded Pollen Street in .......
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Sticking with the programme
ABSPP hits new high, but total volumes remain low
Latest figures from the ECB show that its ABSPP holdings are at an all-time high. However, the programme remains far from the market moving purchaser it was once expected to be.
Bank of America European structured finance analysts report that ECB net purchases under the ABSPP in October and November were €1.16bn and €1.266bn respectively, representing the highest monthly net .......
News 12 December 2019
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Alternative credit platform expands
Sector developments and company hires
CFO appointed
Market Moves 10 December 2019
Annaly Capital Management has appointed Serena Wolfe as cfo and a member of its operating committee. Glenn Votek, the company’s cfo and interim ceo and president (SCI 21 November), has stepped down from his role as cfo. Wolfe most recently served as a partner at Ernst & Young since 2011 and as its Central Region Real Estate Hospitality .......
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Core qualities
Caroline Chen, svp and research analyst at Income Research &...
Q: How and when did Income Research & Management become involved in the securitisation market?
The Structured Credit Interview 9 December 2019
A: Income Research & Management is a privately-owned fixed income investment manager that serves institutional and private clients. The firm is headquartered in Boston and was founded in 1987 by managing principals John Sommers and Jack Sommers. Originally a credit-oriented manager, IR+M has been involved in .......
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Turbo feature for CLO reset
Sector developments and company hires
Early upgrade
Market Moves 9 December 2019
DBRS Morningstar has taken the unusual step of upgrading from double-B (low) to double-B the class E notes issued by Autonoria Spain 2019 a week after the transaction priced (SCI 2 December). The move follows the final pricing of the coupons on the notes and the three interest rate swaps, which resulted in an overall reduction in costs .......
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Alternative appetite
Euro CMBS specialist property exposure to rise
Appetite for European CMBS secured by specialist or alternative assets is expected to grow in 2020, as the sector becomes less niche. Such properties are characterised by their operating nature, with the availability of alternative operators being a key driver in their assessment.
Stephen Hughes, avp - analyst at Moody’s, notes that there are two main factors driving increased appetite .......
News 6 December 2019
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ABS head retired
Sector developments and company hires
ABS head retires
Janus Henderson’s head of ABS investment Ed Panek has now retired from the company and the industry. Colin Fleury, the head of secured credit will assume direct responsibility for the ABS team. Fleury has extensive experience working with ABS, having previously fulfilled the head of ABS investment role. A more junior securitisation expert is being recruited to .......
Market Moves 6 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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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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Structured credit head announced
Sector developments and company hires
Acquisition finalised
Artex has completed the acquisition of Horseshoe Insurance Services Holdings. This acquisition significantly strengthens its ILS operations and furthers the company’s goal to become the best service provider to the world’s risk capital. Horseshoe will become the global brand of ILS services for Artex, which will operate as one global team across multiple jurisdictions. Andre Perez and his .......
Market Moves 18 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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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