Market Moves

  • 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

  • CLO heavyweight to lead combined platform

    Sector developments and company hires

    CLO heavyweight to lead combined platform
    Sound Point Capital Management has appointed Gunther Stein as head and cio of its US performing credit and CLO platform. The move follows Sound Point’s recently announced agreement to acquire Assured Investment Management, the institutional asset management business of Assured Guaranty that was formerly known as BlueMountain Capital Management (SCI 6 April).

    Market Moves 19 May 2023

  • AG acquisition creates credit powerhouse

    Sector developments and company hires

    AG acquisition creates credit powerhouse
    TPG is set to acquire Angelo Gordon in a cash and equity transaction valued at approximately US$2.7bn, based on TPG’s share price as of 12 May, including an estimated US$970m in cash and up to 62.5 million common units of the TPG Operating Group and restricted stock units of TPG. The transaction also includes an .......

    Market Moves 16 May 2023

  • Rapid rise in defaults for Gedesco TRS

    Sector developments and company hires

    Rapid rise in defaults for Gedesco TRS
    The ratings on €191.8m of notes issued by Gedesco Trade Receivables 2020-1 have been downgraded in light of the significant and rapid increase in defaults observed in March, following the start of the securitisation’s amortisation phase in January. Specifically, Moody's states that most obligors have reportedly stopped paying and recoveries are likely to .......

    Market Moves 9 May 2023

  • Prytania hires business development md for US and Canada

    Sector developments and company hires

    Prytania hires business development md for US and Canada

    London-headquartered Prytania Asset Management has appointed former Schultze Asset Management executive Angela Lui as managing director to head up business development activity across the US and Canada. The appointment comes seven months after private equity group Nile Capital Group Holdings acquired a minority stake in Prytania ( Market Moves 4 May 2023

  • Apollo launches new platform for global wealth investors

    Sector developments and company hires

    Apollo launches new platform for global wealth investors

    Apollo Global Management has launched an investment platform aimed at global wealth investors, as the firm looks to expand its wealth business outside of the US. Apollo Private Markets SICAV, which will offer investors in EMEA, Asia and Latin America tailored access to a portfolio of alternative investment .......

    Market Moves 3 May 2023

  • LendInvest expands financing syndicate

    Sector developments and company hires

    LendInvest expands financing syndicate
    Wells Fargo has joined LendInvest’s £200m financing syndicate with NAB to support the continued growth of the lender’s buy-to-let proposition. Wells Fargo joins a growing roster of global financial institutions choosing to support LendInvest's mortgage products, including banks such as Lloyds, JPMorgan, HSBC, Barclays and Citi.

    Established five years ago, LendInvest was the first fintech .......

    Market Moves 28 April 2023

  • Aegon AM buys CLOs, inks partnership

    Sector developments and company hires

    Aegon AM buys CLOs, inks partnership
    NIBC is set to sell its European CLO management activities to Aegon Asset Management, further accelerating its strategy to streamline its business model and focus on asset-backed financing. The sale comprises NIBC's North Westerly CLO platform in its entirety - including the NIBC CLO team, collateral management of three outstanding CLOs with assets under .......

    Market Moves 27 April 2023

  • SES RTS a 'sensible result'

    Sector developments and company hires

    SES RTS a ‘sensible result’
    The EBA has published its final draft RTS specifying the determination by originator institutions of the exposure value of synthetic excess spread (SES). These draft RTS clarify the calculation of the components that should be included in this exposure value, taking into account the relevant losses expected to be covered by SES.

    The components .......

    Market Moves 26 April 2023

  • ACC ratings on watch downgrade

    Sector developments and company hires

    ACC ratings on watch downgrade
    KBRA has revised five ACC watch developing placements to watch downgrade, following notification by Wilmington Trust - the trustee for three American Car Center (ACC) Trust securitisations - that collections for payment to the ABS noteholders were not received on the 20 April payment date from the servicer, Westlake Portfolio Management (WPM). However, on 21 .......

    Market Moves 24 April 2023

  • RFC issued on synthetic STS criteria

    Sector developments and company hires

    RFC issued on synthetic STS criteria
    The EBA has launched a public consultation on its draft guidelines on the criteria related to simplicity, standardisation and transparency and additional specific criteria for on-balance sheet securitisations. The aim is to ensure a harmonised interpretation of STS criteria, in alignment with the EBA guidelines for traditional securitisations.

    With the introduction of STS .......

    Market Moves 21 April 2023

  • Surge in refi SLABS predicted

    Sector developments and company hires

    Surge in refi SLABS predicted
    The US Supreme Court is expected to render its decision regarding the legality of President Biden’s student loan forgiveness programme (SCI 31 August 2022) by the end of June. A resolution will provide borrowers with more clarity about their federal student loan debt balances and obligations - which is anticipated to spark further refinance .......

    Market Moves 20 April 2023

  • 'Meaningful' layoff exposure for TAMI CMBS leases

    Sector developments and company hires

    ‘Meaningful’ layoff exposure for TAMI CMBS leases
    KBRA has identified 266 US CMBS lease exposures to 45 large companies that have recently announced combined layoffs of 216,905 white-collar employees. The rating agency focused on companies announcing layoffs of at least 1,000 employees from 2022 through mid-March 2023, among the universe of nearly 5,700 office and mixed-use properties in CMBS 2.0 .......

    Market Moves 17 April 2023

  • Risk advisory appointment inked

    Sector developments and company hires

    Risk advisory appointment inked
    African Risk Capacity (ARC) has selected Gallagher Re as its reinsurance broker and risk advisor. The appointment includes the placement of portfolio cover in the reinsurance and capital markets, and the provision of strategic advisory for sustainable growth and portfolio diversification. The design of alternative risk transfer mechanisms, such as ILS, is a core component of .......

    Market Moves 14 April 2023

  • Capital solutions head poached

    Sector developments and company hires

    Capital solutions head poached
    Howden CAP has appointed Colin Reddy as md, head of financial institutions and advisory, based in London. He will leverage his industry expertise to provide clients with balance sheet and regulatory advisory solutions, while deepening Howden CAP’s existing structuring expertise.

    Reddy has over 20 years’ experience in financial services and joins Howden CAP from Mizuho .......

    Market Moves 12 April 2023

  • Cross Point tapped for CLO expertise

    Sector developments and company hires

    Cross Point tapped for CLO expertise
    Performance Trust Capital Partners has formed a new CLO trading desk, with the addition of members from the Cross Point Capital team led by Jared Gogek and Alex Navin. The group will expand Performance Trust's presence in credit products by adding in-house expertise in CLOs.

    Gogek and Navin were co-presidents and managing partners .......

    Market Moves 11 April 2023

  • AssuredIM, Sound Point create CLO powerhouse

    Sector developments and company hires

    AssuredIM, Sound Point create CLO powerhouse
    Assured Guaranty has announced an agreement with Sound Point Capital Management, pursuant to which Assured Guaranty will contribute its entire equity interest in Assured Investment Management and - with certain exceptions - its related asset management entities to Sound Point. In addition, US insurers Assured Guaranty Municipal Corp and Assured Guaranty Corp will engage .......

    Market Moves 6 April 2023

  • Strategic partnership to boost CLO platform

    Sector developments and company hires

    Strategic partnership to boost CLO platform
    TCW has entered into a strategic partnership with Lakemore Partners, with the aim of supporting the growth of TCW’s CLO platform. Lakemore primarily invests in super-majority control CLO equity.

    Under the agreement, Lakemore will make a material equity investment in the TCW CLO platform, providing equity for the issuance of multiple CLOs over .......

    Market Moves 5 April 2023

  • UCI's sustainable finance strategy supported

    Sector developments and company hires

    UCI’s sustainable finance strategy supported
    The EIB Group and Instituto de Crédito Oficial (ICO) have disclosed their participation in UCI’s recent RMBS Green Prado XI, which was partially preplaced last month (see SCI’s ABS Markets Daily – 23 March). Under the transaction, the two organisations aim to promote the renovation and construction of homes using sustainable criteria in Spain .......

    Market Moves 4 April 2023

  • Enpal backed for Germany's first solar ABS

    Sector developments and company hires

    Enpal backed for Germany’s first solar ABS 
    Renewable energy company Enpal has secured €356m from Citi and M&G to fund a warehouse facility for Germany’s first residential solar securitisation. The deal will provide Enpal customers access to financing for around 12,500 photovoltaic systems spanning energy storage and electric vehicle charging.

    Citi has made a senior debt commitment of €300m to .......

    Market Moves 30 March 2023

  • HPC buys into L Catterton to support credit strategy

    Sector developments and company hires

    HPC buys into L Catterton to support credit strategy
    Hunter Point Capital (HPC) has acquired a minority stake in L Catterton to support the launch of the consumer-focused private equity firm’s new credit strategies. In recent months, L Catterton has launched platforms dedicated to impact investing and private credit, as well as a renminbi-denominated growth capital fund.

    HPC co-founder .......

    Market Moves 29 March 2023
×