Market Moves

  • 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

  • UBS to pay US$1.4bn over pre-crisis RMBS

    Market updates and sector developments

    UBS has agreed to pay US$1.435bn in penalties to settle a case relating to historical alleged misconduct surrounding the underwriting and issuance of RMBS pre-financial crisis. The US Department of Justice filed a civil action in 2018 alleging that UBS defrauded investors in connection with the sale of 40 transactions between 2006 and 2007 by making “false and misleading statements” about .......

    Market Moves 15 August 2023

  • Prelios acquisition agreed

    Market updates and sector developments

    ION subsidiary X3 Group is set to acquire Prelios from Davidson Kempner Capital Management. Established in 1990 in Milan, Italy, Prelios has more than €40bn of assets under management across non-performing loans, unlikely-to-pay exposures and real estate funds. Since investment funds advised by Davidson Kempner acquired the business in 2018, Prelios has grown its revenue from €100m to over .......

    Market Moves 14 August 2023

  • Empirical study reveals blockchain efficiency

    Market updates and sector developments

    Blockchain technology can reduce the yield spread on securitisations by approximately 25bp, according to a new BIS Working Paper. Based on an analysis of circa 5,000 ABS products issued in China between 2015 and 2020, the study examines whether blockchain-based ABS enjoy better pricing than those not based on blockchain.

    Specifically, the study analyses whether the adoption of .......

    Market Moves 11 August 2023

  • Job swaps weekly: New faces for Newmark

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Newmark Group making a number of senior appointments to its debt and structured finance team. Elsewhere, Helaba has hired a former Deutsche Bank md to lead its asset finance team, while CRED iQ has appointed a new head of data and analytics. 

    Commercial real estate manager Newmark has made three senior appointments in its .......

    Market Moves 11 August 2023

  • California judge backs investors in clean-up call dispute

    Market updates and sector developments

    A court has ruled in favour of investors, in a case centred around RMBS trusts held by Deutsche Bank National Trust and a related clean-up call transaction by mortgage servicer PHH Mortgage Corp. The mortgage servicer had previously announced its intention to exercise its clean-up call rights and purchase the trusts’ assets at a contractually defined price. 

    The Superior Court .......

    Market Moves 10 August 2023

  • FCA seeking a 'more proportionate' SecReg

    Market updates and sector developments

    The UK FCA has issued its own consultation on proposed changes to the securitisation regime, following the publication of HM Treasury’s near-final statutory instrument (SI) (SCI 13 July) and the UK PRA’s consultation (SCI 28 July) last month. The document appears to focus on fixing some technical issues and clarifying others, rather than recommending any wholesale changes .......

    Market Moves 7 August 2023

  • Job swaps weekly: Sixth Street signs Salisbury

    People moves and key promotions in securitisation

    This week’s round-up of securitisation job swaps includes the announcement that Julian Salisbury will join ex-Goldman Sachs colleagues and Sixth Street co-founding partners Alan Waxman and Joshua Easterly next year. Elsewhere, Marsh has made a couple of senior promotions in its credit specialties division.

    Salisbury is set to join Sixth Street as a partner and co-cio, alongside ceo Waxman, .......

    Market Moves 4 August 2023

  • Innovative financing inked for Deutsche Bahn

    Market updates and sector developments

    The EIB and HypoVereinsbank are providing credit lines totalling up to more than €2bn to Deutsche Bahn for the procurement of 90 new trains for the Munich S-Bahn. Deutsche Bahn will receive financing for the new vehicles from Bayerische Eisenbahngesellschaft (BEG), which plans, finances and controls the regional and S-Bahn traffic in Bavaria on behalf of the Bavarian Ministry .......

    Market Moves 3 August 2023

  • Groundbreaking cannabis CMBS closed

    Market updates and sector developments

    Groundbreaking cannabis CMBS closed
    Pelorus Capital Group has closed PCG 2023-1, the first-ever securitisation backed by cannabis-linked real estate assets. The firm retained a third of the US$70m offering, selling US$45m of bonds, which it says attracted a range of institutional investors and hedge funds that were “drawn to the high yield and growth of the businesses”. The single-tranche CMBS .......

    Market Moves 2 August 2023

  • PRA launches SecReg consultation

    Market updates and sector developments

    The UK PRA has launched a public consultation on proposed changes to the retained EU Securitisation Regulation and the accompanying technical standards on risk retention and disclosure. Rather than a complete overhaul, the authority is seeking to introduce targeted adjustments to the existing EU securitisation framework by 2Q24.

    The key changes include a more principles-based approach to due .......

    Market Moves 28 July 2023

  • Job swaps weekly: Angelo Gordon beefs up in structured credit

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Angelo Gordon poach a new head for its commercial real estate debt division from Tilden Park Capital Management, alongside a raft of senior promotions in its structured credit team. Elsewhere, law firm Blank Rome has launched a new Dallas office with two senior hires from Alston & Bird partners, while ARC Ratings has .......

    Market Moves 28 July 2023

  • 'Transformational' merger agreed

    Market updates and sector developments

    Rithm Capital is set to acquire Sculptor Capital Management in a transaction valued at approximately US$639m, which includes US$11.15 per Class A share of Sculptor. This transaction will leverage Sculptor’s US$34bn of AUM with Rithm’s US$7bn of permanent equity capital and US$30bn-plus balance sheet to create what the firm describes as a “world-class” asset management business.

    Sculptor’s investment .......

    Market Moves 26 July 2023

  • Obra adds CLO issuance capabilities

    Market updates and sector developments

    Obra Capital has acquired the assets of asset management and investment research firm KDP and its affiliated companies. The transaction supports Obra’s expansion of its existing liquid markets capabilities in structured credit into the fundamental credit space. By combining KDP’s established research with Obra’s diversified asset management capabilities, the firm expects to augment its product suite to include the .......

    Market Moves 21 July 2023

  • Job swaps weekly: Oppenheimer's blockbuster appointment

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Oppenheimer & Co appoint a new head for its Latin America investment banking group. Elsewhere, Angel Oak Companies has poached a new chief legal officer from Reverence Capital Partners, while Fitch has a new head of structured finance product strategy in New York. 

    Oppenheimer & Co has stepped up its .......

    Market Moves 21 July 2023

  • Barings and Lakemore partner up

    Market updates and sector developments

    Charlotte-headquartered global asset manager Barings has entered into a partnership with CLO-focused private credit investor Lakemore Partners. Lakemore, which primarily takes super-majority control equity positions in new US CLOs, says the partnership will expand its global reach, deepen its institutional client base and boost its Aquatine CLO equity platform.

    Barings has around US$351bn in assets under management, spanning public equities and fixed .......

    Market Moves 20 July 2023

  • Vertical rebrands

    Market updates and sector developments

    Vertical Capital Income Fund has appointed Carlyle Global Credit Investment Management as its investment manager and rebranded as Carlyle Credit Income Fund (CCIF). Following the agreement, CCIF will begin focusing on investing in equity and debt tranches of collateralised loan obligations.

    The development is part of an agreement that also sees Carlyle building towards a 40% stake in CCIF. In January, the .......

    Market Moves 18 July 2023

  • Angelo Gordon REIT moves to poach WMC

    Market updates and sector developments

    Angelo Gordon’s real estate investment trust, AG Mortgage Investment Trust (MITT), has offered to buy Western Asset Mortgage Capital Corporation (WMC) in a deal that would give the business an enterprise value of around US$300m. The proposed transaction comes shortly after WMC, which is managed by Franklin Templeton, announced an agreement to merge with Mavik Capital Management’s Terra Property Trust (TPT).

    MITT .......

    Market Moves 14 July 2023

  • Job swaps weekly: All change at Deutsche Bank

    People moves and key promotions in securitisation

    This week’s bumper roundup of securitisation job swaps sees Deutsche Bank Investment Bank appoint two new co-heads on its EMEA capital markets team. Elsewhere, a Virgin Money veteran has retired after 15 years with the bank, while there have been a flurry of senior hires in the US commercial real estate finance space. 

    Deutsche Bank Investment Bank has promoted two company veterans to .......

    Market Moves 14 July 2023

  • Gen II's Euro vision drives Crestbridge bolt-on

    Market updates and sector developments

    New York-headquartered private markets fund administrator Gen II Fund Services has agreed to acquire European competitor Crestbridge, in a move designed to expand its international presence. The acquisition will increase Gen II’s assets under administration to more than US$1trn and give it a foothold in new European jurisdictions including the UK, Jersey and Ireland.

    The transaction, which is subject to regulatory approval, .......

    Market Moves 13 July 2023

  • Generali inks Conning acquisition

    Market updates and sector developments

    Generali Investment Holdings (GIH) is set to acquire Conning and its affiliates, with the aim of enhancing the long-term growth plans of both companies. Conning will continue to execute its growth strategies with support from the company’s current owner, Cathay Life Insurance Co, and Generali.

    Conning and its affiliates will continue to operate independently under their current management .......

    Market Moves 10 July 2023
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