Market Moves

  • 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

  • Job swaps weekly: Succession at Oaktree

    People moves and key promotions in securitisation

    This week’s securitisation job swaps have seen Oaktree Capital Management announce the retirement of ceo Jay Wintrob and a succession plan that sees three senior executives stepping onto its executive committee. Elsewhere, Deutsche Bank has appointed a new CLO implementation head, while Moody’s welcomes back a structured finance professional after a two-and-a-half-year stint with BFF Banking. 

    Oaktree ceo Wintrob will retire in .......

    Market Moves 7 July 2023

  • CVC Credit closes US$800m third CLO equity fund

    Market updates and sector developments

    CVC Credit closes US$800m third CLO equity fund

    CVC Credit has held an US$800m final close for its third CLO equity fund, bringing the total amount of capital raised for the strategy to US$1.66bn. The new vehicle is intended to support more than US$10bn of global issuance for the firm’s performing credit platform throughout the course of its deployment period.

    The .......

    Market Moves 6 July 2023

  • EIB, ICO support Spanish SMEs

    Market updates and sector developments

    The EIB Group and Instituto de Crédito Oficial (ICO) have invested in senior and mezzanine tranches of ABS issued by BBVA to support Spanish SMEs and mid-caps by addressing their working capital and liquidity requirements. Proceeds worth €60m will also be channelled into energy efficiency projects.

    Under the transaction, the EIB makes an investment commitment of €430m, while €30m .......

    Market Moves 5 July 2023

  • Fannie Mae prices fifth CAS deal of 2023

    Market updates and sector developments

    Fannie Mae has priced a $738m four tranche CAS transaction, its fifth of the year and designated CAS 2023-R05. This trade follows its sixth and seven CIRT credit risk reinsurance deals, announced at the end of last week (SCI 26 June).

    The $288.2m M1 tranche, rated A-/A- has been priced at 30-day average SOFR plus 190bp, while .......

    Market Moves 30 June 2023

  • Job swaps weekly: US Modular Capital lures Transwestern veteran

    People moves and key promotions in securitisation

    Job swaps weekly: US Modular Capital lures Transwestern veteran

    This week’s securitisation job swaps have seen an industry veteran leave her role as head of structured finance at Transwestern to take up a new C-suite position at US Modular Capital. Elsewhere, US Bank has named a successor to Stephen Philipson as head of commercial products, while Barclays, Winston & Strawn and .......

    Market Moves 30 June 2023

  • Securitising impact in Africa

    Market updates and sector developments

    Africa50 and Blue Like an Orange Sustainable Capital have launched a structured finance- and mezzanine-focused partnership to fund sustainable infrastructure in Africa. The announcement was timed to coincide with the recent New Global Financing Pact summit held in Paris, which focused on climate, development, debt and “innovative financing” for infrastructure to support economic growth.

    Africa50, a pan-African infrastructure investment platform, and Latin .......

    Market Moves 28 June 2023

  • Seventh heaven

    Market updates and sector developments

    Seventh heaven

    Fannie Mae has executed its sixth and seventh reinsurance deals of the year, designated CIRT 2023-6 and CIRT 2023-7, for a total of US$786bn of mortgage risk. Both trades were brokered by Aon, and the risk was shared by 21 insurance and reinsurance companies.

    The two loan pools referenced through this brace of .......

    Market Moves 26 June 2023

  • Job swaps weekly: Triumph for VPC

    People moves and key promotions in securitisation

    Job swaps weekly: Triumph for VPC

    This week’s securitisation job swaps have seen two senior directors at Santander US subsidiary Amherst Pierpont Securities leave the firm to take up leadership roles at a newly launched structured finance firm. Elsewhere, Carlyle has named a successor to outgoing cfo Curt Buser, while Sumitomo Mitsui Banking Corporation (SMBC), Challenger Investment Management, and BMS .......

    Market Moves 23 June 2023

  • BNY turns to AccessFintech for digital innovation

    Market updates and sector developments

    BNY turns to AccessFintech for digital innovation

    BNY Mellon has become the first trustee to join the data management platform, AccessFintech, as it continues in its commitments to improving loan data management, operations, and digitisation across the financial universe.

    The collaboration intends to significantly improve BNY Mellon’s loan data management capabilities by addressing historical issues, .......

    Market Moves 22 June 2023

  • UBP launches new fixed income fund

    Sector developments and company hires

    Union Bancaire Privée (UBP), the Geneva-headquartered private bank, has launched a new fixed-income strategy spanning high-yield bonds, subordinated debt and securitised credit. The fund, named UBAM Strategic Income, will seek a double-B rating risk profile and target an average return of 7% per annum across its lifespan.

    UBAM Strategic Income, which will invest in CLOs in addition to .......

    Market Moves 20 June 2023

  • FCA urged to address 'regulatory redundancies'

    Sector developments and company hires

    FCA urged to address ‘regulatory redundancies’
    The Managed Funds Association (MFA) has submitted a letter to the UK FCA, proposing improvements to the country’s regulatory framework for securitisations that would expand capital investment in the UK and optimise risk management on behalf of UK investors. The letter encourages the FCA to “address regulatory redundancies” and enhance compatibility with the rules .......

    Market Moves 15 June 2023

  • Walker steps up to global credit head

    Sector developments and company hires

    Walker steps up to global credit head
    Aon has established a new global credit team structure within its Reinsurance Solutions unit, appointing Ben Walker as head of global credit. The global credit team now combines Reinsurance Solutions’ existing mortgage, trade credit, structured credit and political risk and surety businesses to form one global function.

    The aim is to facilitate .......

    Market Moves 14 June 2023

  • Strategic partnerships 'positive' for CLO managers

    Sector developments and company hires

    Strategic partnerships ‘positive’ for CLO managers
    The number of US broadly syndicated loan CLOs for which managers retained their majority equity stake continues to exceed the number of CLOs where equity was sold to third parties, according to data published in Fitch’s latest CLO Asset Manager Handbook. The percentage of US managers that retained a majority in their CLOs’ equity .......

    Market Moves 8 June 2023

  • Call for 'proper discussion' about risk

    Sector developments and company hires

    Call for ‘proper discussion' about risk
    Securitisation issuance in the EU equaled 0.3% of the bloc’s GDP last year, while UK issuance equaled 0.9% of the country’s GDP, according to AFME data. In contrast, Australian, Chinese and US issuance respectively equaled 2.8%, 1.8% and 1.4% of GDP in 2022.

    In newly published research, AFME highlights that Europe languishes far behind .......

    Market Moves 6 June 2023

  • Stonepeak eyes structured solutions

    Sector developments and company hires

    Stonepeak eyes structured solutions
    Michael Leitner has joined Stonepeak as a senior md. Based in the firm’s New York office, he will help lead the continued buildout of Stonepeak’s credit investing capabilities. The firm believes there is a clear opportunity to leverage its broader platform and institutional knowledge to support the growth of the infrastructure marketplace through investments in credit .......

    Market Moves 2 June 2023

  • Sun King supported via solar ABS

    Sector developments and company hires

    Sun King supported via solar ABS
    British International Investment (BII), the UK’s development finance institution (DFI), and Stanbic Bank Kenya have unveiled commitments to off-grid solar energy company Sun King via a US$130m-equivalent securitisation and a joint US$20m working capital facility. These commitments will enable the purchase of more inventory - such as solar home systems and solar lanterns - and .......

    Market Moves 31 May 2023

  • ESG impact disclosure RTS inked

    Sector developments and company hires

    ESG impact disclosure RTS inked
    The three European Supervisory Authorities (ESAs) have jointly submitted to the European Commission draft RTS on ESG impact disclosures for STS securitisations under the Securitisation Regulation (SECR). The amended SECR introduced new optional disclosure provisions related to the principal adverse impacts (PAIs) on sustainability factors of the assets financed by the underlying exposures for both .......

    Market Moves 26 May 2023

  • USAUT noteholders bag successor servicer

    Sector developments and company hires

    USAUT noteholders bag successor servicer
    KBRA reports that it has received an omnibus amendment, assignment, assumption and consent agreement on each outstanding US Auto Funding Trust (USAUT) securitisation specifying that Westlake Portfolio Management (WPM) has been assigned as successor servicer and the servicing fee has increased to 4.10%, from 3.75%. WPM has assumed the duties and obligations of the servicer, .......

    Market Moves 25 May 2023

  • Indian MSE ABS fund debuts

    Sector developments and company hires

    Indian MSE ABS fund debuts
    Vivriti Asset Management has launched Vivriti India Retail Asset Fund (VIRAF), a first-of-a-kind ABS fund in India. The fund aims to strengthen the country’s securitisation market and address gender gaps in formal finance, while expanding additional financing for micro and small enterprises (MSEs).

    The IFC has invested US$30m in VIRAF, which is backed by .......

    Market Moves 23 May 2023

  • Debutant bank plots 'social CLOs'

    Sector developments and company hires

    Debutant bank plots ‘social CLOs’
    A first-of-its-kind investment bank has launched with the goal of driving institutional capital to small businesses and non-profits in the US, positioning ‘social impact’ as a fully investable asset class for institutional investors. Momentus Securities - a New York-based registered broker-dealer and FINRA member - seeks to address the current scale and liquidity limitations in .......

    Market Moves 22 May 2023
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