Market Moves

  • 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

  • Job swaps weekly: Khan heads to Natixis CIB

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Natixis CIB hiring a new head of structured credit capital markets. Elsewhere, Arrow Global has recruited two senior execs to its real estate and credit divisions, while Intesa Sanpaolo has appointed a new head of structured finance and loans legal advisory. 

    MUFG’s Asif Khan has joined Natixis CIB as md .......

    Market Moves 29 September 2023

  • Wilmington bank adds CLO expertise

    Market updates and sector developments

    WSFS Financial Corporation’s global capital markets team is expanding into the CLO market, as it seeks to grow its wealth business and generate fee income on a national scale. To support this expansion, the company has recruited two new associates with expertise in CLOs.

    WSFS Global Capital Markets provides global services to the leveraged loan and capital markets, .......

    Market Moves 28 September 2023

  • ESMA shines light on private securitisations

    Market updates and sector developments

    ESMA has published an overview of EU securitisation volumes, based on the data it receives under the Securitisation Regulation. The study shows that the size of the European securitisation market has decreased significantly since its peak of €2trn at end-2010. It also highlights that private deals represent 59% of STS securitisation notifications.

    As reported to the registered securitisation .......

    Market Moves 22 September 2023

  • Job swaps weekly: CBRE names new debt and structured finance president

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees CBRE appointing a successor to its outgoing US debt and structured finance president, Rachel Vinson. Elsewhere, the Structured Finance Association has appointed two industry veterans to its policy team, while Aon has recruited senior members in its structured credit solutions and reinsurance solutions teams. 

    CBRE has promoted James Millon to president .......

    Market Moves 22 September 2023

  • RFC issued on CMBS methodology

    Market updates and sector developments

    Scope is calling for comments on a proposal to update its CRE loan and CMBS rating methodology. The proposed changes are expected to affect existing ratings assigned by the agency by up to two notches on the upside and four notches on the downside.

    Most notably, the proposal introduces a scoring framework for determining assumptions and the rateability .......

    Market Moves 21 September 2023

  • BXCI to offer 'one-stop solution'

    Market updates and sector developments

    Blackstone has integrated its market-leading corporate credit, asset-based finance and insurance groups into a single new unit, named Blackstone Credit & Insurance (BXCI). Credit and insurance is Blackstone’s fastest-growing segment – more than doubling to US$295bn in assets under management over the last three years.

    The new structure is designed to further accelerate growth by creating a more .......

    Market Moves 15 September 2023

  • Job swaps weekly: M&G poaches Pimco's Scott

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees M&G Investments luring a former Barclays structured finance veteran from Pimco to take on the role of director. Elsewhere, Avenue One has added senior hires to its real estate capital partnerships and alternative capital partnerships teams, while Pinsent Masons has hired a new securitisation partner. 

    M&G Investments has appointed Pimco .......

    Market Moves 15 September 2023

  • RFC issued on CLO good practices

    Market updates and sector developments

    IOSCO has called for an improvement in practices in the leveraged loan market and is seeking feedback on a number of good practices it is proposing in connection with CLOs. The organisation notes that a “prolonged borrower-friendly environment” has impacted market practices, giving rise to covenant-lite leveraged loans, increased complexity of documentation and the aggressive use of EBITDA adjustments.  

    Market Moves 14 September 2023

  • Pressure on UK BTL loans in RMBS portfolios

    Market updates and sector developments

    The UK buy-to-let mortgage market is likely to see an increase in arrears, a reduction in origination volumes and higher rates of home repossessions in the months ahead. Analysis of RMBS portfolios by DBRS Morningstar highlighted headwinds in the form of tenant affordability, stricter regulations and changes in taxation that are likely to put pressure on BTL landlords.

    Market Moves 11 September 2023

  • Job swaps weekly: Pretium snaps up Morgan Stanley coo

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Pretium snap up a long-serving Morgan Stanley coo, as it looks to continue its acquisitive growth strategy. Elsewhere, Société Générale CIB has lured a new head of EMEA CLOs from Credit Suisse, while Annaly Capital Management has appointed two industry veterans as independent board members. 

    Residential real estate and structured .......

    Market Moves 8 September 2023

  • Energy performance regulations yet to impact RMBS

    Market updates and sector developments

    Climate transition risks linked to changes in energy-efficiency performance regulations are having a limited impact on the European RMBS market, according to research by S&P Global.  The view is the result of a scenario analysis conducted by S&P of properties in England, Wales, Ireland, France and the Netherlands with energy performance certificate ratings of F and G.

    The agency acknowledges that, should .......

    Market Moves 7 September 2023

  • GLAS strengthens European footprint

    Market updates and sector developments

    GLAS SAS is set to acquire Paris-based asset management and trust business Pristine, subject to regulatory approval and customary closing conditions. This is GLAS’s first acquisition as it seeks to strengthen its European footprint and fast-track global expansion.

    Established in 2016, Pristine provides fund structuring and management services to both international and domestic institutions with the primary purpose .......

    Market Moves 1 September 2023

  • Job swaps weekly: All change at Tikehau

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Tikehau Capital making a number of promotions, including the appointment of a new president of Tikehau IM and a new head of structured credit. Elsewhere, Way Capital has snapped up a new head of agency finance from First Foundations, while CBRE has poached two structured finance executives from Greystone & Co. 

    Market Moves 1 September 2023

  • European CRE debt faces €93bn funding gap

    Market updates and sector developments

    Updated AEW research shows an estimated European commercial real estate debt funding gap (DFG) of €93bn, representing the shortfall between the original amount of secured CRE debt originated in 2018-2021 and the amount available for refinance at loan maturity for the 2023-2026 period across all four property sectors in France, Germany, Italy, Netherlands, Spain and the UK (SCI .......

    Market Moves 31 August 2023

  • Bayview branches out into insurance AM

    Market updates and sector developments

    Bayview Asset Management has launched an Insurance Asset Management business, with the aim of appealing to an insurance industry that is increasingly seeking to diversify and expand beyond its traditional focus on corporate credit. The new division will be led by cio Nancy Mueller Handal, who formerly served as head of private fixed income and alternatives at MetLife, with .......

    Market Moves 29 August 2023

  • Job swaps weekly: Stream of hires at Flowcarbon

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees carbon fintech business Flowcarbon bulk up its structured finance muscles with a promotion and two new hires. Elsewhere, Atom Bank has appointed a former Arrow Global ceo as chair designate, while Bespoke Real Estate Advisers has promoted a founding member to chief investment officer. 

    Flowcarbon has promoted Martin Kessler to .......

    Market Moves 25 August 2023

  • Securitisation exempt from private fund rule

    Market updates and sector developments

    The US SEC has determined that securitised assets funds, including CLOs, are exempt from its Private Fund Advisers Rule. The new rules aim to protect private fund investors by increasing transparency, competition and efficiency in the private funds market. To enhance transparency, the rules will require private fund advisers registered with the Commission to provide investors with quarterly statements - .......

    Market Moves 25 August 2023

  • Nomura pays US$35m to settle RMBS fraud case

    Market updates and sector developments

    Nomura Securities International (NSI) has agreed to pay a US$35m penalty to the district of Connecticut and US$800,000 in additional restitution payments over alleged historical fraudulent trading of RMBS. The settlement is part of a non-prosecution agreement between NSI and the US Attorney’s Office for the district.

    The DOJ investigation found that the Japanese investment bank’s US broker-dealer .......

    Market Moves 23 August 2023

  • Janus Henderson rounds out securitisation ETF suite

    Market updates and sector developments

    Janus Henderson is preparing the launch of a new fund that the firm says will complete its suite of securitisation-focused ETFs and enable it to invest in almost all of the US securitised market. The US$253.3bn asset manager filed a preliminary registration statement with SEC for Janus Henderson Securitized Income Exchange Traded Fund on Friday.

    The new ETF’s objective is to “seek .......

    Market Moves 21 August 2023

  • Job swaps weekly: TCW snaps up American Century securitisation head

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees TCW Group appoint a successor to its recently departed global co-head of securitised products. Elsewhere, ARC Ratings has hired a European industry veteran as non-executive director, while Guy Carpenter has appointed a senior marketing and business development executive as md. 

    Los Angeles-headquartered asset manager TCW has appointed American Century Investments’ Peter Van Gelderen as .......

    Market Moves 18 August 2023
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