Market Moves

  • Call for more 'hard' credit enhancement

    Sector developments and company hires

    The rise in Euribor swap rates will lead to materially lower excess spread for euro-denominated consumer ABS that close in the near term, Fitch suggests. The rating agency warns that higher hedging costs at closing mean that more ‘hard’ credit enhancement is needed to achieve the same ratings, particularly for high investment-grade ratings.

    “How long this situation persists will depend on .......

    Market Moves 26 May 2022

  • Arnold & Porter hires new partner

    Sector developments and company hires

    Arnold & Porter welcomes a new partner to its corporate and finance practice in New York in a move to bolster its offering to lenders and borrowers. Scott Berson joins the firm from Norton Rose Fulbright, with more than 25 years of experience across both secured and unsecured financings. Berson holds expertise on receivables-based transactions across different industries and products .......

    Market Moves 24 May 2022

  • Wilmington Trust adds new hires

    Sector developments and company hires

    Wilmington Trust has announced a further expansion to its CLO and loan administration division with three new senior hires. Michael Mooneyham, Ryan Murray, and Madhura Swadi all join the firm in an effort to boost the development of client relationships and increase innovation across the team. They will each join the firm as vps, with Mooneyham and Murrary leading the .......

    Market Moves 23 May 2022

  • Stonehill announces leadership additions

    Sector developments and company hires

    Stonehill is set to expand its commercial lending business with four new senior executive hires to its leadership team. Daniel Siegel, Greg Koenig, Nisu Mehta, and Taylor Pike each join Stonehill from Ardent with several decades of real estate business shared between them. The firm hopes the new hires will assist in widening its product offering across all real estate .......

    Market Moves 19 May 2022

  • Principles-based cybersecurity approach urged

    Sector developments and company hires

    The SFA has responded to the US SEC’s proposed new rules to enhance and standardise disclosures made by public companies regarding cybersecurity risk management, strategy, governance and incident reporting. The association believes the proposed rule to be focused almost exclusively on corporate registrants, ignoring the extensive fundamental and technical differences between the potential impact of cybersecurity risks and incidents .......

    Market Moves 17 May 2022

  • Transportation investment platform founded

    Sector developments and company hires

    Onex has established a new platform focused on investing in transportation-related assets used for land, air, marine and industrial applications. The strategy will involve investments in hard assets with long lives, contractual cashflows and an element of inflation protection.

    The firm has recruited Wes Dick to lead the strategy as md and head of Onex Transportation Partners, based in San .......

    Market Moves 16 May 2022

  • 'Investor-friendly' features introduced

    Sector developments and company hires

    Rising interest rates and widening spreads have spurred changes in US non-prime RMBS structures that introduce investor-friendly features for senior noteholders, Fitch reports. The move comes amid growing concern over coupon cap shortfalls and lower availability of excess spread.

    As such, many issuers have reduced the aggregate servicing fee to 25bp (which historically has been 50bp), while some have introduced .......

    Market Moves 11 May 2022

  • ITRN 'club deal' debuts

    Sector developments and company hires

    NN Investment Partners (NN IP) has launched the first vintage of a customised solution to invest in trade finance through its Insured Trade Receivables Notes (ITRN) strategy. Structured as a club deal and delivered via a mutual debt vehicle (a fonds commun de titrisation), the offering was specifically designed for a group of high-profile insitutional investors in France, with initial .......

    Market Moves 9 May 2022

  • ICE to acquire Black Knight

    Sector developments and company hires

    Intercontinental Exchange (ICE) is set to acquire the software, data, and analytics company, Black Knight. Unanimously agreed by the boards of both companies, the definitive agreement to acquire Black Knight would help boost Intercontinental Exchange’s rapidly expanding mortgage technology business. Black Knight is valued by the cash and stock transaction to hold a market value of US$13.1bn, which translates to US$85 per .......

    Market Moves 5 May 2022

  • UHNW securitisation under scrutiny

    Sector developments and company hires

    UHNW securitisation under scrutiny
    Pomerantz has filed a class action lawsuit against Credit Suisse Group and certain of its officers in the US District Court for the Eastern District of New York, on behalf of purchasers of Credit Suisse securities between 19 March 2021 and 25 March 2022 inclusive. The case seeks to recover damages caused by the defendants’ alleged violations .......

    Market Moves 3 May 2022

  • MSCI and MarketAxess collaborate

    Sector developments and company hires

    MSCI has announced its entry into a strategic collaboration with MarketAxess to establish new portfolio analytics solutions and fixed income indexes. The two firms hope to improve the fixed income investment process, empower investors, and drive innovation through their collaboration by developing portfolio optimisation, trading, and analytics tools. The collaboration will rely on MarketAxess’ fixed income indexes and AI-informed pricing .......

    Market Moves 29 April 2022

  • Annaly Capital Management to sell middle market lending portfolio

    Annaly Capital Management has announced its entry into an agreement to sell its middle market lending portfolio to the global alternative investment manager, Ares Capital Management. The US$2.4bn transaction represents Annaly’s middle market assets across the balance sheet of primarily first and second lien loans in defensive, counter-cyclical industries, as well as assets managed for third parties. The transaction offers .......

    Market Moves 27 April 2022

  • Ex-employees resurrect Highland

    Sector developments and company hires

    Ex-employees resurrect Highland
    A trio of former senior Highland Capital Management portfolio managers have resurrected the firm under a new moniker, Highland ERA Management. Patrick Daugherty – who was partner, senior CLO portfolio manager and head of distressed/special situations at Highland – is partnering with ex-Highland team members Kevin Rourke and Niles Chura in the venture.

    Through a sub-advisory .......

    Market Moves 22 April 2022

  • ESG cat bond fund launched

    Sector developments and company hires

    Paschal Brooks and Justin Hull have co-founded Sustain ILS Management. Headquartered in New Jersey, the firm is an independent investment manager with a focus on sustainability and ESG within the catastrophe bond and reinsurance sectors. Brooks was previously ceo of AlphaCat Capital, which he joined in December 2011 as a portfolio manager. Before that, he worked at Goldman Sachs and .......

    Market Moves 21 April 2022

  • 17Capital closes largest debut private credit fund

    Sector developments and company hires

    17Capital has closed its inaugural NAV lending fund with €2.6bn in capital raised, exceeding its €1.5bn target. The 17Capital Credit Fund marks one of the largest debut private credit funds to be raised, and comes as demand for NAV financing continues to rise and is expected to grow from a US$100bn market today to become a US$700bn market by 2030.  .......

    Market Moves 20 April 2022

  • Amended risk retention RTS published

    Sector developments and company hires

    Amended risk retention RTS published
    The EBA has published its final draft regulatory technical standards (RTS) specifying the requirements for originators, sponsors and original lenders related to risk retention, as laid down in the Securitisation Regulation and as amended by the Capital Markets Recovery Package (CMRP). The RTS aim to provide clarity on the risk retention requirements, thereby ensuring a .......

    Market Moves 13 April 2022

  • PCMA appoints new MD

    Sector developments and company hires

    PCMA welcomes Thien Nguyen to its senior leadership and investment team as the firm bolsters its expertise in super prime, private client credit. Nguyen will focus on establishing new and managing existing investment strategies and capital market solutions across secondary market trading, structured credit, syndication, and credit risk exposure across the firm’s enterprises. Nguyen joins PCMA as md for capital .......

    Market Moves 12 April 2022

  • Lakemore Partners appoints independent board member

    Sector developments and company hires

    Lakemore has appointed Howard Tiffen as an independent member on its board of directors. With more than four decades of experience in credit, product, and portfolio management, Tiffen brings extraordinary knowledge in high yield capital markets to the firm. Tiffen has held senior credit management positions at numerous firms, including Continental Bank, Bank of America, and Van Kempen (now Invesco). .......

    Market Moves 8 April 2022

  • Nuveen closes CLO issuance fund

    Sector developments and company hires

    Nuveen has announced the close of its inaugural CLO equity fund with over US$375m in committed capital. The Nuveen CLO Issuance Fund was supported by global public and private pension plans, family offices, as well as insurance companies, and will provide the opportunity to invest alongside Nuveen’s parent company, TIAA. The firm hopes the fund will offer exposure to the .......

    Market Moves 6 April 2022

  • WhiteStar acquires Carlson Capital's CLO business

    Sector developments and company hires

    WhiteStar Asset Management has announced its acquisition of five reinvesting CLOs of more than US$2bn managed by Carlson CLO Advisers. WhiteStar will take on all collateral management duties of the Cathedral Lake branded CLOs, effective from 31 March 2022. WhiteStar and Carlson were represented in the transaction by Milbank and Mayer Brown, respectively. The acquisition follows WhiteStar’s recent expansion, acquiring .......

    Market Moves 4 April 2022

  • BNP Paribas Asset Management acquires majority stake in Dynamic Credit Group

    Sector developments and company hires

    BNP Paribas Asset Management has announced the completion of its acquisition of a majority stake in Dutch asset manager, Dynamic Credit Group (DCG). The acquisition marks an important step in BNPP AM’s strategic plan to expand its investment business, and particularly its private debt platform. The firm hopes the integration of DCG into BNPP AM teams will enhance its private .......

    Market Moves 1 April 2022
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