CLOs
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Investment chief appointed
Sector developments and company hires
Business Mortgage Finance 6 update
Business Mortgage Finance 6, the issuer, has informed noteholders that on 4 July 2019 it issued a claim against the Issuer issued a claim against the following defendants in the High Court of Justice in London: Greencoat Investments, Greencoat Holdings Limited, Portfolio Logistics Limited, Alfred Oyekoya, Patrick FitzSimons and Maria Stoica. The claim seeks declarations .......
Market Moves 10 July 2019
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New deals surge
Quarterly SCI data update
2Q19 saw a surge in new issuance volume across securitisation markets either side of the Atlantic. The second quarter typically sees an uptick over the previous quarter (SCI 11 April 2019), but this year's boost in European volumes was a reflection of greater regulatory certainty as the new STS rules bedded in and pent-up supply met pent-up demand.
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News Analysis 10 July 2019
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Senior CLO trader poached
Sector developments and company hires
CLO expert nabbed
BlueBay has appointed Alex Navin to join its structured credit team as pm. Based in London, Navin will report to Sid Chhabra, head of structured credit and CLO management, and will support him in managing BlueBay’s global structured credit strategies. Navin has nearly a decade of structured credit experience. He joins from Citigroup, where he held a number of roles, .......
Market Moves 8 July 2019
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EBRD appoints Greece, Cyprus lead
Company hires and sector developments
EBRD hires NPL vet
The EBRD has appointed Andreea Moraru to lead its operations in Greece and Cyprus from November, following the retirement of the current holder of the role, Sabina Dziurman. Based in Athens, Moraru will continue the EBRD’s efforts to support the private sector in the two countries, improve competitiveness and strengthen the regional integration of the local .......
Market Moves 4 July 2019
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Pre-summer rush
European ABS market update
Activity levels are currently high across the European ABS/MBS and CLO markets and that looks set to continue.
“It’s very busy in both primary and secondary,” confirms one trader. “It feels like the usual rush before the summer holidays, but we’re also feeling the effects of pent-up issuance from the quiet first quarter. We’re seeing lots of new .......
Market Reports 3 July 2019
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CLO firm boosts research team
Company hires and sector developments
CEDE made public
AIR Worldwide has published its Catastrophe Exposure Data Exchange (CEDE) database schema publicly. The aim is to facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and to encourage additional analytics on a greater number of exposures. In addition, AIR is actively supporting the ModEx Open Exposure Data Format (OED) by freely providing .......
Market Moves 2 July 2019
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Latest podcast now live!
Mascots, Japanese CLO investors and STS struggles
In this month's edition of the SCI podcast, the editorial team get stuck into some interesting topics affecting the securitisation market today. First, our editor, Corinne Smith discusses some recent structural innovations in US CLOs, including MASCOTs - or modifiable and splitable/combinable tranches - and the benefits these offer investors.
Next up, Stelios Papadopoulos, senior reporter, looks at some of the .......
News 1 July 2019
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GSE reform study released
Sector developments and company hires
Private credit double announced
Solar Capital Partners has hired two senior private credit investment professionals. Eric Herr joins as a partner, to help lead investment origination across the firm's multi-credit strategy platform. Most recently, he served as an md of loan originations at NewStar Financial and previously worked at Churchill Financial, GE Antares and GE Commercial Finance. Eduard .......
Market Moves 27 June 2019
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Aussie Investment principles discussed
Sector developments and company hires
Australian business investment principles explored
The Australian Office of Financial Management (AOFM) has released for public comment its draft guiding investment principles for Australian Business Securitisation Fund (ABSF) investment. The guiding investment principles are intended to be “principles based” rather than prescriptive and will be used by the AOFM for identifying transactions that will meet the government’s primary .......
Market Moves 24 June 2019
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Chinese law firm nabs SF expert
Sector developments and company hires
China
Han Kun has hired Li Huhuan as partner to the firm’s Shanghai office. Huhuan focuses his practice on asset securitization, insurance fund management, and mergers and acquisitions. Prior to joining Han Kun, Huhuan practiced with several well-known PRC law firms for more than eleven years.
Industry body rebrand
The Structured Finance Industry Group (SFIG) has .......
Market Moves 21 June 2019
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Global reinsurance consolidation
Sector developments and company hires
HATS 2016-1 redeemed
KBRA has withdrawn its ratings from Honor Automobile Trust Securitization 2016-1, after the notes were paid in full on 17 June. Given the remaining pool factor was less than 20% of the cut-off date pool balance, the servicer exercised its option to purchase the trust property and redeem the notes. Westlake took over servicing of .......
Market Moves 20 June 2019
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Securitised products head retires
Sector developments and company hires
Bank SPG head retires
Lloyds Bank is making several changes to leadership positions in its North America business, to boost services provided to clients in the region focused on Lloyds Bank’s US-UK gateway. Parker Russell, head of the US securitised products group (SPG), has decided to retire after eleven years with the group and a finance career spanning over thirty .......
Market Moves 19 June 2019
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Ratings slip-up leads to downgrade
Company hires and sector developments
Acquisitions
PERILS has acquired Toronto-based Catastrophe Indices & Quantification (CatIQ), a provider of catastrophe loss and exposure information in Canada. CatIQ will continue to be managed day-to-day by Joel Baker, ceo and founder, while md Laura Twidle will continue to lead the CatIQ team. The firm will also maintain its 11-member advisory board, which includes senior representatives from .......
Market Moves 18 June 2019
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New Japanese investors 'on verge' of US CLO market
Large banks' track record tempts new entrants
Several Japanese firms are looking to invest in US CLOs for the first time, while many others that retreated after the financial crisis are considering re-entering the sector. At the same time, there is strong appetite from European investors, even for US CLOs issued in dollars, because of portfolio diversification and spreads on offer.
In April this year, DFG Investment .......
News Analysis 18 June 2019
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Risk firm in international ILS hiring spree
Sector developments and company hires
BD appointed
IHS Markit has appointed Sandrine Markham director, business development for Debtdomain in EMEA and APAC, reporting to Patricia Tessier, md and co-head of loan platforms at the firm. With more than 20 years’ experience in financial data and financial technology, Markham played a transformational role at Debtdomain from start-up to becoming a leading loan syndication platform in EMEA. .......
Market Moves 17 June 2019
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Line-up takes shape
Middle market CLO seminar to include private debt panel
The line-up for SCI’s 1st Annual Middle Market CLO Seminar on 26 June is taking shape. Supported by Cadwalader and Dechert, the event is being held at 200 Liberty Street, New York, and features six panel discussions - including one on the growth of the private debt market.
In the market overview panel, speakers will explore current and future .......
News 17 June 2019
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Law firm expands SF expertise
Company hires and sector developments
Clean energy firm names cfo
Renew Financial has named Mary Kathryn Lynch cfo, having previously served as the firm’s evp of finance and leading its capital markets team in executing three rated securitisations in 2017 and 2018. She has 10 years of experience in the clean energy industry, working with Sunrun and VoteSolar. Prior to that, she worked at UBS, .......
Market Moves 14 June 2019
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Slow but steady
Sentiment around STS warms, although issuance forecasts remain muted, say Global ABS panellists.
Extention of the STS regime to more asset classes would benefit the European ABS market, according to panellists at Global ABS today. They also shared muted optimism about the next six months for the sector, predicting steady but slow growth.
Salim Nathoo, partner, Allen & Overy, highlighted that the Securitisation Regulation is an extra step issuers have to go through, .......
News 12 June 2019
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CLO firm boosts originations expertise
Company hires and sector developments
CLO firm boosts originations team
Monroe Capital has expanded its direct originations team with the addition of seven experienced investment professionals: David Fischer and Nick McDearis in the firm’s Atlanta office; Dan Letizia and Tommy Ryan in its Chicago office; and Jack Bernstein in the New York office. In particular, Fischer and McDearis have been named mds and will co-lead .......
Market Moves 12 June 2019
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Europe sees 1Q issuance dip
Sector developments and company hires
ABS vet nabbed
Angelo, Gordon & Co has hired Sunil Kothari as md, responsible for originating and executing on residential and consumer debt investment opportunities across Europe. Kothari reports to TJ Durkin, co-head of structured credit at Angelo Gordon. Kothari most recently served as evp, pm at PIMCO Europe, where he was head of the European ABS and covered bond desks .......
Market Moves 10 June 2019
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Debut European ESG CLO sealed
Inaugural transaction sees some structural changes
Fair Oaks recently priced its debut European CLO, Fair Oaks Loan Funding, backed by an ESG compliant portfolio. Between marketing and pricing, the €332.6m transaction underwent some structural changes, and received a wide range of participation across the capital stack, including US and European investors.
Tyler Wallace, pm at Fair Oaks, comments that, overall, the transaction has .......
News 10 June 2019