Market Moves

  • Homogeneity RTS released for STS synthetics

    Sector developments and company hires

    Homogeneity RTS released for STS synthetics
    The EBA has published its final draft regulatory technical standards (RTS) setting out the conditions for the assessment of the homogeneity of underlying exposures in STS on-balance sheet securitisation pools. At the same time, the authority has extended the existing work on the RTS on homogeneity for both ABCP and non-ABCP securitisations to ensure .......

    Market Moves 14 February 2023

  • MK&C acquisition prompts CS carveout

    Sector developments and company hires

    MK&C acquisition prompts CS carveout
    Credit Suisse has progressed the carveout of CS First Boston as a distinct capital markets and advisory-led business (SCI 28 October 2022) through the acquisition of The Klein Group (MK&C), for a purchase price of US$175m. The seller will receive equity in CS First Boston in the form of a convertible note, while Michael .......

    Market Moves 10 February 2023

  • SPG spin-out rebranded as ATLAS

    Sector developments and company hires

    SPG spin-out rebranded as ATLAS
    Apollo and Credit Suisse have completed a substantial first close of their previously announced transaction, under which affiliates of the former purchased a significant portion of the latter’s securitised products group (SCI 28 October 2022). A majority of the assets and professionals associated with the transaction are now part of or managed by the .......

    Market Moves 9 February 2023

  • Green auto ABS debuts

    Sector developments and company hires

    Green auto ABS debuts
    Toyota Financial Services Italy is in the market with Koromo Italy, an Italian STS auto ABS backed by a €412.4m portfolio fully comprising new hybrid, plug-in and electric vehicles (SCI ABS Markets Deal Alert - 7 February). The pool consists of 22,344 auto finance contracts extended to 22,298 borrowers, with a weighted average seasoning of .......

    Market Moves 8 February 2023

  • Survey shows rise in ESG disclosure, investing activity

    Sector developments and company hires

    Survey shows rise in ESG disclosure, investing activity
    ESG disclosure and investing activity within structured finance grew by 15% over the last two years, according to the SFA’s 2nd Biennial ESG Market Sentiment Survey: Securitisation Issuer and Investor Perspective. The findings suggest that issuer disclosure is growing thoughtfully, with 40% of respondents reporting that they provide some ESG disclosure and .......

    Market Moves 7 February 2023

  • Alternatives combination agreed

    Sector developments and company hires

    Alternatives combination agreed
    FS Investments and Portfolio Advisors have entered into a definitive agreement to combine their firms. The move is set to see a joint growth in excess of their combined US$73bn in assets under management and a significant expansion to their resources - including a permanent capital base and a new distribution platform. As a combined company, the .......

    Market Moves 6 February 2023

  • Electronic loan trade completed

    Sector developments and company hires

    Electronic loan trade completed
    Octaura has completed its first entirely electronic syndicated loan trade. The news comes after the official launch of Octaura Holdings last year, which was founded with the intention to improve efficiency, liquidity and transparency in the CLO and syndicated loan trading processes (SCI 14 June 2022).

    At present, the US$1.5trn syndicated loan market functions .......

    Market Moves 2 February 2023

  • Life ILS partnership inked

    Sector developments and company hires

    Life ILS partnership inked
    Twelve Capital has joined forces with Farsight Partners in a bid to boost their provision of life ILS opportunities. The two firms believe that ILS can offer capital and risk capacity to the life insurance industry – ultimately promoting the growth and efficiency of the industry. The new strategic partnership will allow the pair to combine .......

    Market Moves 30 January 2023

  • ABS conflicts of interest eyed

    Sector developments and company hires

    ABS conflicts of interest eyed
    The US SEC has proposed a rule intended to address conflicts of interests in the securitisation market. Specifically, the rule would prohibit securitisation participants from engaging in certain transactions that could incentivise a securitisation participant to structure an ABS in a way that would put the securitisation participant's interests ahead of those of ABS investors. .......

    Market Moves 26 January 2023

  • Panagram CLO ETF debuts

    Sector developments and company hires

    Panagram CLO ETF debuts
    Panagram Structured Asset Management has launched its first ETF - the Panagram BBB-B CLO ETF (CLOZ). The portfolio will primarily comprise triple-B and double-B rated CLO bonds and is expected to pay a monthly dividend.

    The firm says its goal is to provide investors with a liquid alternative to traditional fixed income, with attractive structural .......

    Market Moves 25 January 2023

  • ECON votes on output floor

    Sector developments and company hires

    ECON votes on output floor
    The European Parliament's Committee on Economic and Monetary Affairs (ECON) has voted to apply the capital requirements output floor at the consolidated EU level under CRR3, in order to engender comparable risk weights and avoid variations in capital levels. Additionally, the Committee has agreed transitional adjustments for low-risk exposures secured by residential mortgages to mitigate .......

    Market Moves 24 January 2023

  • Alternative credit acquisitions hit record AUM

    Sector developments and company hires

    Alternative credit acquisitions hit record AUM
    The AUM of acquired alternative credit managers hit a record US$326bn across 37 transactions in 2022, according to Gapstow Capital Partners figures, with acquisitions of private lending firms accounting for nearly half of this activity (15 acquisitions at US$161bn in target AUM). In comparison, the tally for the prior two years was US$140bn in .......

    Market Moves 23 January 2023

  • Chenavari bolsters continental footprint

    Sector developments and company hires

    Chenavari bolsters continental footprint

    The Chenavari Group has established a French subsidiary – Chenavari Asset Management .......

    Market Moves 17 January 2023

  • Call for additional index granularity

    Sector developments and company hires

    Call for additional index granularity
    SFA has submitted a letter to Fannie Mae and Freddie Mac in response to their Social Index (SCI 19 October 2022) that strongly advocates for additional transparency and granularity in how existing social metrics are reported to investors beyond the index. While the association commends the GSEs for their efforts to improve ESG data .......

    Market Moves 13 January 2023

  • Cyber cat bond debuts

    Sector developments and company hires

    Cyber cat bond debuts

    Specialist insurer Beazley has launched what is believed to be the first cyber catastrophe bond. The US$45m private Section 4(2) bond is tradeable under Rule 144A resale and .......

    Market Moves 11 January 2023

  • CAS trade launched

    Sector developments and company hires

    Fannie Mae is in the market with its first CAS trade of 2023, designated CAS 2023-R01, consisting of M-1, M-2 and B-1 notes. The A minus-rated $429.9m M1 has a tranche thickness of 2% and .......

    Market Moves 10 January 2023

  • CMBS ARAs at 'inflection point'

    Sector developments and company hires

    CMBS ARAs at ‘inflection point’
    US conduit CMBS appraisal reduction amounts (ARAs) have reached an inflection point, according to KBRA. A recent analysis undertaken by the rating agency shows that ARAs outstanding totalled US$3.6bn across 322 loans, as of November 2022, .......

    Market Moves 6 January 2023

  • SASB CMBS IRC agreements eyed

    Sector developments and company hires

    SASB CMBS IRC agreements eyed

    Nearly 75% of US floating rate single-asset/single-borrower (SASB) CMBS loans in KBRA-rated transactions have current interest rate cap (IRC) agreements with strike rates below their .......

    Market Moves 4 January 2023

  • Raiffeisen inks Romanian trade

    Sector developments and company hires

    Raiffeisen inks Romanian trade
    Raiffeisen Bank has partnered with the EIB Group to strengthen its financing capacity in Romania through a synthetic securitisation. The transaction enables Raiffeisen to provide up to RON523m of new financing to eligible SMEs and MidCaps over the next two years, with a reduced interest rate compared to other similar financing.

    The securitisation references a .......

    Market Moves 3 January 2023

  • NPL forward flow sale agreed

    Sector developments and company hires

    NPL forward flow sale agreed
    NPL Markets has acted as advisor to UniCredit on the sale of a portfolio of Italian non-performing unsecured loans with a claim value of approximately €90m to a vehicle managed by Kruk and to Credit Factor. Concurrently, the forward flows of Italian consumer loans that will be classified as bad loans in 2023 and 2024, .......

    Market Moves 23 December 2022

  • Italian mid-cap deal debuts

    Sector developments and company hires

    Italian mid-cap deal debuts
    illimity Bank has closed what is believed to be the first securitisation backed by a portfolio of 82 unsecured loans granted to Italian mid-caps and corporates that are predominantly guaranteed by the country’s export credit agency SACE. Dubbed Colt SPV, the €570.11m transaction was originated based on the ‘Liquidity decree’, enacted in June 2020 to help .......

    Market Moves 21 December 2022
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