Market Moves

  • CAS and out

    Fannie Mae prints 8th and final CAS of 2023

    Fannie Mae has printed its US$609m CAS 2023-08, the eighth and final CAS offering of 2023.

    Morgan Stanley was the lead structuring manager, and joint bookrunner. Wells Fargo is the co-lead and also joint bookrunner.

    There are three tranches to the trade. The A-/A- US$278m M1 has been priced at 30-day SOFR plus 150bp, the BBB/BBB+ US$206m M2 at SOFR plus 250bp and .......

    Market Moves 17 November 2023

  • Manulife acquires CQS

    Market updates and sector developments

    Manulife Investment Management is to acquire London-based alternative credit manager CQS. The transaction will see CQS’s investment team continue to operate autonomously, though Manulife will take ownership of the firm’s brand and credit platform.

    Following completion of the deal, CQS will benefit from exposure to new investors and the scaling of its distribution footprint, according to a statement. .......

    Market Moves 17 November 2023

  • Job swaps weekly: BNP bulks up in Americas

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees BNP Paribas building out its Americas-focused advisory and solutions teams, with two senior securitisation-focused appointments among a number of hires. Elsewhere, American Century Investments has appointed two industry veterans to its securitised markets team, while Academy Securities has snapped up a senior Citi exec as md and head of RMBS capital .......

    Market Moves 17 November 2023

  • Angel Oak ABS-focused ETF reaches US$100m in AuM

    Market updates and sector developments

    Angel Oak Capital Advisors, based in Atlanta, has announced its Ultra Short Income ETF, chiefly invested in ABS, has grown to over US$100m in assets under management in the year since launch. Most ultra short ETFs with assets of a year or less in duration are invested in commercial paper and Treasury bills, but Angel Oak perceived a gap .......

    Market Moves 15 November 2023

  • Job swaps weekly: ESG debt-swap pioneer transitions to UBS

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees a Credit Suisse veteran take on a senior ESG- and structured-credit role at UBS Group following the latter’s acquisition of the former. Elsewhere, Colliers has lured two ex-George Smith Partners (GSP) executives as vice presidents, while a senior Federal Housing Finance Agency (FHFA) exec has joined Guy Carpenter.

    Credit Suisse .......

    Market Moves 10 November 2023

  • Scope sees ratings drift reverse in Q3

    Market updates and sector developments

    Ratings drift in structured finance instruments improved in the third quarter of 2023 for the first time in more than a year, Scope Ratings has revealed. The metric measures the ratio between upgrades minus downgrades and the total number of monitored ratings over the past year.

    While the agency oversaw just 12% of 294 instruments upgraded against 17% .......

    Market Moves 7 November 2023

  • Job swaps weekly: Balance sheet distribution head steps up

    People moves and key promotions in securitisation

    This week’s round-up of securitisation job swaps sees ING promoting its global head of balance sheet distribution. Elsewhere, Orrick strengthens its structured finance group in New York.

    ING has appointed Gertjan van Toorn as global head of the loan distribution group within its wholesale banking capital markets and advisory unit. He was previously global head of balance sheet .......

    Market Moves 3 November 2023

  • CLO ESG scores compared

    Market updates and sector developments

    Sustainable Fitch reports that European CLOs – with an average ESG Score of 50.4 - have noticeably higher ESG scores, environmental scores and social scores than North American CLOs, which demonstrate an average ESG Score of 47.9. Governance scores are broadly similar across the two regions, however.

    These insights are based on an assessment of 317 European CLOs .......

    Market Moves 2 November 2023

  • PRA consults on CRR rules

    Market updates and sector developments

    The UK PRA has launched a consultation on draft rules to replace firm-facing requirements regarding securitisation under the CRR in 2H24. As such, it has published a discussion paper (DP) that raises certain key issues for feedback, in order to inform its approach - including the use of unfunded credit risk mitigation (CRM) in SRT transactions.

    In particular, the .......

    Market Moves 1 November 2023

  • EIB Group backs BNP's €627m energy efficiency drive

    Market updates and sector developments

    The EIB Group has signed its first true sale securitisation in France in more than 15 years, in support of BNP Paribas’s commitment to provide €627m of financing for home energy efficiency equipment.

    The deal sees the European Investment Bank contributing €400m and the European Investment Fund providing a further €50m. The investors will take senior and mezzanine .......

    Market Moves 31 October 2023

  • Job swaps weekly: Antares beefs up team after strategy launch

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Antares Capital hiring multiple senior executives, as it closes its debut broadly syndicated loan CLO. Elsewhere, Prosperise Capital has appointed PC2 Capital’s founder as partner and head of CRE following its acquisition of the firm, while S&P Global has promoted three securitisation execs to md in the Americas.

    Antares Capital .......

    Market Moves 27 October 2023

  • 'Endgame' comment period extended

    Market updates and sector developments

    US federal bank regulatory agencies have extended the comment period for both the Basel Endgame risk-based regulatory capital proposal and the G-SIB surcharge proposal until 16 January 2024 (SCI 28 July). Comments on both proposals were originally due by 30 November, but the comment period has been extended to allow interested parties more time to analyse the issues .......

    Market Moves 23 October 2023

  • Sculptor merger hit by litigation

    Market updates and sector developments

    Rithm Capital has responded to a complaint filed in the Delaware Court of Chancery by the Former EMD Group regarding the proposed merger between Rithm and Sculptor Capital Management (SCI 26 July). The group comprises the founding partners of Sculptor, including Daniel Och, Harold Kelly, Richard Lyon, James O’Connor and Zoltan Varga.

    The lawsuit asks the Court .......

    Market Moves 20 October 2023

  • Job swaps weekly: Octagon elevates Lam to ceo

    People moves and key promotions in securitisation

    This week’s round-up of securitisation-related job swaps sees Octagon Credit Investors appointing senior portfolio manager Gretchen Lam as its new ceo. Elsewhere, structured finance lawyers Martin Bartlam and Elana Hahn have joined Xfinite Global and Fasken respectively.

    The appointment of Lam as Octagon’s new ceo comes as the firm’s cofounder Andrew Gordon transitions into a new role as executive .......

    Market Moves 20 October 2023

  • US CLN market could reach US$220bn

    Market updates and sector developments

    JPMorgan securitised products research analysts estimate that the potential size of the US CLN market could amount to US$220bn, as banks become more comfortable with issuing the notes for capital relief purposes, following the Federal Reserve’s clarification of what defines a synthetic securitisation (SCI 29 September). Indeed, they suggest that the move may mark the beginning of a .......

    Market Moves 16 October 2023

  • Job swaps weekly: Fearon steps up at Arch

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Arch Capital Group appoint a new ceo in its global mortgage group. Elsewhere, Gallagher Re has hired a new head of global credit and political risk, while Cushman & Wakefield has snapped up a Patterson Real Estate Advisory exec as md.

    Arch Capital Group has promoted Seamus Fearon to ceo, international mortgage for the .......

    Market Moves 13 October 2023

  • Freddie B-piece investments closed

    Market updates and sector developments

    Sabal Investment Holdings has closed a series of five B-piece investments, representing approximately US$2bn in collateral balance, across three Freddie Mac multifamily CMBS programmes. The programmes comprise SB-Deals, K-Deals and Q-Deals.

    Three SB-Deals closed by Sabal are backed by Freddie Mac multifamily small balance loans (SBLs), totalling US$90m in bond balance across US$933m in collateral balance and 338 .......

    Market Moves 12 October 2023

  • Rithm strengthens MSR capabilities

    Market updates and sector developments

    Rithm Capital has entered into a definitive agreement with Computershare to acquire Computershare Mortgage Services and certain affiliated companies, including Specialized Loan Servicing (SLS), for a purchase price of approximately US$720m. The acquisition includes approximately US$136bn in unpaid principal balance of mortgage servicing rights, of which US$85bn is third-party servicing, along with SLS’s origination services business. Following the close .......

    Market Moves 6 October 2023

  • Job swaps weekly: HSBC snaps up former Deutsche Bank CLO head

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees a former head of CLOs at Deutsche Bank taking up a director role at HSBC. Elsewhere, CBRE has promoted a London-based executive md to president and coo in its Tokyo office, while SLC Management has appointed two new co-heads for its private fixed income team.

    Deutsche Bank’s former head of CLOs, .......

    Market Moves 6 October 2023

  • RRAM acquires second slate of CLOs

    Market updates and sector developments

    Redding Ridge Asset Management has acquired CLO management contracts totalling US$2.8bn in AUM from Gulf Stream Asset Management. With the close of the transaction, Redding Ridge will have more than US$26bn of AUM and expects a seamless integration of the contracts and to actively manage the new portfolios consistent with its disciplined CLO strategy.

    Redding Ridge is an .......

    Market Moves 3 October 2023

  • Fed clarifies CLN definition

    Market updates and sector developments

    The US Fed has updated its FAQs on Regulation Q to provide guidance in connection with the recognition of CLNs under the capital rule, a step that the US CRT market has been awaiting for over a year. Under the capital rule, a Fed-regulated institution can recognise the credit risk mitigation of the collateral on a reference portfolio under the .......

    Market Moves 29 September 2023
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