Market Moves

  • Risk assessment platform bolstered

    Sector developments and company hires

    Risk assessment platform bolstered
    Moody's is set to acquire climate and natural disaster risk modeling and analytics firm RMS from Daily Mail and General Trust for approximately US$2bn. The acquisition will immediately increase Moody’s insurance data and analytics business to nearly US$500m in revenue and accelerate the development of the company’s global integrated risk capabilities to address the next generation of .......

    Market Moves 5 August 2021

  • Pretium strengthens resi credit capabilities

    Sector developments and company hires

    Pretium strengthens resi credit capabilities
    Sarah Kong, Andrew Miller and Peter Morreale have joined Pretium as mds, based in New York. Kong will be responsible for mortgage whole loan trading at Pretium and joins from Goldman Sachs, where she spent 15 years in the firm's mortgage business. Miller was previously at Fortress Investment Group and will be responsible for the .......

    Market Moves 4 August 2021

  • SOFR term rates recommended

    Sector developments and company hires

    SOFR term rates recommended
    The Alternative Reference Rates Committee (ARRC) is now formally recommending CME Group’s forward-looking SOFR term rates, following the completion of a key change in interdealer trading conventions on 26 July under the SOFR First initiative. SOFR term rates marks a major milestone in the transition away from US dollar Libor and the completion of the paced .......

    Market Moves 2 August 2021

  • BTL issuer acquired

    Sector developments and company hires

    BTL issuer acquired
    Starling Bank has acquired specialist buy-to-let mortgage lender Fleet Mortgages in a £50m cash and share deal. To date, Fleet Mortgages has originated £2.3bn of mortgages and experienced zero credit losses. It currently has circa £1.75bn of mortgages under management and has executed nine RMBS.

    Starling will become the sole funder of future originations, with Fleet .......

    Market Moves 29 July 2021

  • Call for more risk-sensitivity in Sec Reg

    Sector developments and company hires

    Call for more risk-sensitivity in Sec Reg
    The European Commission has launched a consultation on the Article 46 review of the Securitisation Regulation, seeking stakeholder feedback on a broad range of issues. The questionnaire covers: the effects of the regulation; private securitisations; the need for an equivalence regime in the area of STS securitisations; disclosure of information on environmental performance .......

    Market Moves 26 July 2021

  • CRC in French portfolio sale

    Sector developments and company hires

    CRC in French portfolio sale
    French financial guarantee provider Crédit Logement has expanded its non-performing loan servicing capabilities to begin partnering with third parties for the assignment of real estate NPL receivables. The firm’s external servicing business launched with an NPL portfolio sale to Christofferson Robb & Company, with Société Générale acting as adviser.

    Crédit Logement has more than .......

    Market Moves 23 July 2021

  • Pension scheme taps credit managers

    Sector developments and company hires

    Pension scheme taps credit managers
    Local government pension scheme Brunel Pension Partnership has launched a multi-asset credit fund, to which its clients have committed approximately £2.1bn of funds that will be spread across three separate mandates. The fund is split between three separate sub-funds: 60% is allocated to Neuberger Berman Brunel Multi Asset Credit Fund (an Irish QIAIF), 20% to .......

    Market Moves 22 July 2021

  • Jamaica in cat bond first

    Sector developments and company hires

    Jamaica in cat bond first
    The World Bank/IBRD has priced a catastrophe bond that will provide the government of Jamaica with financial protection of up to US$185m against losses from named storms for three Atlantic tropical cyclone seasons ending in December 2023. The government of Jamaica is the first government in the Caribbean region, and the first of any small island .......

    Market Moves 20 July 2021

  • Euro CLO BWICs down, but staying strong

    Sector developments and company hires

    Euro CLO BWICs down, but staying strong
    European CLO 2.0 BWIC activity contracted sharply in the first half of 2021 versus 1H20. However, secondary liquidity remains more sustained compared to pre-pandemic levels, reflecting the market's maturity and expansion in recent years, according to Bank of America European CLO research analysts.

    BofA estimates overall BWIC volumes of €5.3bn for 1H21, .......

    Market Moves 19 July 2021

  • Structured products dealer acquired

    Sector developments and company hires

    Structured products dealer acquired
    Santander Holdings USA is set to acquire independent broker-dealer Amherst Pierpont Securities - through the acquisition of its parent holding company Pierpont Capital Holdings - for a total consideration of approximately US$600m. Well known for its fixed-income and structured product franchise, Amherst Pierpont will become part of the Santander Corporate & Investment Banking global business line.

    Market Moves 16 July 2021

  • New CLO committee to tackle 'greenwashing'

    Sector developments and company hires

    New CLO committee to tackle ‘greenwashing’
    The European Leveraged Finance Association (ELFA) has created a new committee to establish industry best practice and serve investors in the CLO market. The CLO Investor Committee will provide a forum for members to identify CLO investors’ requirements, facilitate discussion on general market progress and key issues, and contribute to the regulatory dialogue on .......

    Market Moves 15 July 2021

  • ILS efforts beefed up

    Sector developments and company hires

    ILS efforts beefed up
    AXIS Capital Holdings has appointed Chris Caponigro as global head of AXIS ILS, as its third-party capital unit has been rebranded. Caponigro will oversee the company’s activities related to third-party capital under management, supporting ILS efforts across its reinsurance and insurance segments. He will report to AXIS Re ceo Steve Arora and be based out of .......

    Market Moves 14 July 2021

  • Aviation finance practice inaugurated

    Sector developments and company hires

    Aviation finance practice inaugurated
    Global aviation services provider ACC Aviation has added an in-house aviation finance specialist. Viktor Berta joins the group as vp of its newly created aviation finance practice. The appointment broadens the scope of ACC Aviation’s suite of consultancy services, led by Rob Watts, who also takes on an enhanced role as director of aviation services.

    Market Moves 13 July 2021

  • EU monetary policy to reflect carbon transition

    Sector developments and company hires

    EU monetary policy to reflect carbon transition
    The ECB has published its new monetary policy strategy, which includes what it describes as “an ambitious climate-related action plan”. The central bank states that climate change has profound implications for price stability through its impact on the structure and cyclical dynamics of the economy and the financial system.

    As such, it .......

    Market Moves 9 July 2021

  • Sustainable finance strategy unveiled

    Sector developments and company hires

    Sustainable finance strategy unveiled
    The European Commission has adopted a number of measures in connection with sustainable finance. First, a new Sustainable Finance Strategy sets out several initiatives to tackle climate change, as well as increase investment in the EU's transition towards a sustainable economy.

    The strategy includes six sets of actions: extend the sustainable finance toolbox to facilitate .......

    Market Moves 7 July 2021

  • NPL facility inked

    Sector developments and company hires

    NPL facility inked
    Together Financial Services has launched a new £96.2m securitisation vehicle called Brooks Asset Backed Securitisation 1 (BABS), which matures in 2026. The facility consists of a varied pool of residential and commercial purpose non-performing loans, previously funded within the senior borrower group. Consistent with its wider securitisation programme, Together will continue to service and manage the loans .......

    Market Moves 6 July 2021

  • RMBS issuer sues Hussain

    Sector developments and company hires

    RMBS issuer sues Hussain
    Clavis Securities has begun High Court proceedings against Rizwan Hussain, who issued letters in April - purportedly for and on behalf of the issuer - which described the purported termination of the appointments of HSBC as trustee and Bluestone Mortgages as treasurer and special servicer, in relation to the note programme. The issuer considers the purported .......

    Market Moves 1 July 2021

  • Italian SME ABS first finalised

    Sector developments and company hires

    Italian SME ABS first finalised
    Banca Carige and Banca del Monte di Lucca have completed Lanterna Finance 2021, the first Italian SME ABS backed by loans fully guaranteed by the Italian government. The up to €30,000 unsecured loans have been originated based on the ‘Liquidity decree’, converted into law on 5 June 2020, and are fully guaranteed by the Central .......

    Market Moves 30 June 2021

  • Energy-efficiency tax credit ABS debuts

    Sector developments and company hires

    Energy-efficiency tax credit ABS debuts
    UniCredit has executed the first securitisation of tax credits arising from the Italian ‘Eco-Sisma-SuperEcosisma Bonus’ scheme. Under one of Italy's Covid-recovery laws (the Decreto Rilancio), tax credits accrued in the context of energy-efficiency and/or seismic risk reduction works are allows to be transferred to other entities, such as banks and other financial intermediaries.

    The .......

    Market Moves 29 June 2021

  • UK to review Securitisation Regulation

    Sector developments and company hires

    UK to review Securitisation Regulation
    The UK government has issued a call for evidence in connection with the Securitisation Regulation. Under the consultation, the government is seeking views on updating the regulation to ensure that it “best delivers” for the UK’s financial sector and real economy.

    Responses to this call for evidence will inform the government’s review of the Securitisation Regulation, .......

    Market Moves 28 June 2021

  • Aussie green RMBS bags Nochu support

    Sector developments and company hires

    Aussie green RMBS bags Nochu support
    Firstmac has closed a groundbreaking A$750m green RMBS, backed by the Clean Energy Finance Corporation (CEFC) and Norinchukin. The underlying properties will be among the most energy efficient in Australia, meeting or exceeding a seven-star rating under the Nationwide House Energy Rating Scheme (NatHERS). The seven-star rating materially exceeds the minimum standards of the .......

    Market Moves 25 June 2021
×