Market Moves

  • 'No Data' threshold consultation underway

    Sector developments and company hires

    C-PACE partnership
    Eyzenberg & Company and Greenworks Lending have formed Eyzenberg Green Capital, a partnership dedicated to funding commercial real estate transactions through commercial PACE. Eyzenberg Green Capital is a direct balance sheet provider, with significant lending capacity. The aim is to achieve a low cost of capital for C-PACE financing, supported by permanent capital and multiple funding outlets.

    Market Moves 17 January 2020

  • FFELP transition legislation mooted

    Sector developments and company hires

    Call for FFELP solution
    The SFA has joined the Education Finance Council (EFC) in calling for wholesale legislation to smoothly transition FFELP student loans and the related subsidy away from Libor, to avoid potential disruption to over US$277bn of loans spread across 13 million borrowers. The EFC is working on a legislative solution that would transition the subsidy - called .......

    Market Moves 16 January 2020

  • Aircraft equity investment disclosed

    Sector developments and company hires

    Aircraft equity investment
    Floreat has disclosed that it invested US$25m in the equity certificates of Air Lease Corporation’s recent Thunderbolt III aircraft ABS. The securitisation is secured by a portfolio of 19 commercial aircraft on operating lease to 18 airlines in 15 countries. The airlines are diversified globally and over half are national flag carriers, including Vueling, Air France, China Airlines .......

    Market Moves 15 January 2020

  • Hong Kong ABS recommendations released

    Sector developments and company hires

    Alternative risk transfer
    Arthur J Gallagher has increased its interest in Capsicum Reinsurance Brokers from 33% to 100%. Capsicum Re launched in December 2013 through a strategic partnership with Gallagher. There are no management changes as a result of the deal.

    Gilles Dellaert, former co-president and cio of Global Atlantic, has been appointed global head of Blackstone Insurance Solutions .......

    Market Moves 14 January 2020

  • Landmark quake bond closed

    Sector developments and company hires

    DLT legal analysis published
    ISDA, Clifford Chance, R3 and the Singapore Academy of Law have published a new whitepaper that provides analysis on the legal issues relating to the use of smart derivatives contracts on distributed ledger technology (DLT). Given the inherent uncertainty about where data, assets and even counterparties are located in a DLT environment, a key question is how .......

    Market Moves 13 January 2020

  • CLO losses expected after Constellis default

    Sector developments and company hires

    Constellis losses expected
    Moody’s warns that, at current prices, Constellis Holdings’ limited default could result in significant losses - realised or unrealised - for some CLOs. Over 200 CLOs the agency rates hold about US$600m of the firm’s debt, including 20 deals that have exposure of over 1% and are expected to report an average par loss of 88bp. Three of .......

    Market Moves 10 January 2020

  • Real assets partnership inked

    Sector developments and company hires

    BWIC platform
    CLO auction technology platform KopenTech has launched its online BWIC service, which aims to streamline the BWIC process for both buyers and sellers. The first live BWIC was conducted on the platform in late December.

    EMEA
    Floreat has appointed Phil Griffiths as md within Floreat Aviation Capital, its specialist aircraft leasing investment arm. Griffiths has closed over US$10bn in aircraft .......

    Market Moves 8 January 2020

  • THEAT 2007-1 and 2007-2 set to repay

    Sector developments and company hires

    Asia Pacific
    ISDA has appointed Su Yen Chia as its new head of Asia-Pacific public policy. Chia previously served as alternate chief executive for Euroclear Bank (Hong Kong branch) from June 2017. In this role, she played an integral part in developing policy positions and interacting with regulatory and government authorities across the Asia-Pacific region. Prior to Euroclear, Chia was head .......

    Market Moves 7 January 2020

  • MNHD plans programmatic issuance

    Sector developments and company hires

    Egyptian securitisation debuts
    Egyptian real estate developer Madinet Nasr Housing and Development (MNHD) has closed its inaugural securitisation, issued by Financial Group for Securitization Company (FGS). The transaction is backed by an EGP370m receivables portfolio originated as part of the company's plan to monetise receivables from delivered units in the Primera, Tag Sultan and Waha projects. The three tranches of the .......

    Market Moves 23 December 2019

  • Risk participation programme agreed

    Sector developments and company hires

    CLO vulnerabilities eyed
    The Financial Stability Board has published a report assessing the financial stability implications of developments in the global leveraged loan and CLO markets. Based on a combination of available data and analyses from FSB members, the report concludes that vulnerabilities in the sector have grown since the financial crisis. Specifically, it notes that: borrower leverage has increased; changes .......

    Market Moves 19 December 2019

  • GSE price-fixing lawsuit settled

    Sector developments and company hires

    CLO manager transfer
    Hunt Investment Management has assigned collateral manager duties for the Hunt CRE 2017-FL1 and Hunt CRE 2018-FL2 CRE CLOs to OREC Investment Management. Moody's has confirmed that the move will not result in any adverse rating action. For more CDO manager transfers, see SCI’s database.

    Credit opportunity fund
    Arrow Global’s new Arrow Credit Opportunities SCSp fund has raised €628.5m .......

    Market Moves 18 December 2019

  • Structured credit pro returns to the buy-side

    Sector developments and company hires

    EMEA
    Kingswood Holdings has appointed Lindsey McMurray and Howard Garland to its board from Pollen Street Capital. The move is as per the terms of the investment completed in September, which saw up to £80m committed by way of an issue of irredeemable convertible preference shares to certain investors and funds managed or advised by Pollen Street.  McMurray founded Pollen Street in .......

    Market Moves 17 December 2019

  • Alternative credit platform expands

    Sector developments and company hires

    CFO appointed
    Annaly Capital Management has appointed Serena Wolfe as cfo and a member of its operating committee. Glenn Votek, the company’s cfo and interim ceo and president (SCI 21 November), has stepped down from his role as cfo. Wolfe most recently served as a partner at Ernst & Young since 2011 and as its Central Region Real Estate Hospitality .......

    Market Moves 10 December 2019

  • Turbo feature for CLO reset

    Sector developments and company hires

    Early upgrade
    DBRS Morningstar has taken the unusual step of upgrading from double-B (low) to double-B the class E notes issued by Autonoria Spain 2019 a week after the transaction priced (SCI 2 December). The move follows the final pricing of the coupons on the notes and the three interest rate swaps, which resulted in an overall reduction in costs .......

    Market Moves 9 December 2019

  • ABS head retired

    Sector developments and company hires

    ABS head retires

    Janus Henderson’s head of ABS investment Ed Panek has now retired from the company and the industry. Colin Fleury, the head of secured credit will assume direct responsibility for the ABS team. Fleury has extensive experience working with ABS, having previously fulfilled the head of ABS investment role. A more junior securitisation expert is being recruited to .......

    Market Moves 6 December 2019

  • Credit analysts poached

    Sector developments and company hires

    Credit analysts poached

    Cairn Capital has appointed José Ferrero and Vihren Jordanov as senior credit analysts, focusing on loans and reporting to credit research head Mark Stieler. Ferrero was previously a credit analyst at Partners Group, where he was responsible for European coverage of the business and consumer services, chemicals and healthcare sectors. Jordanov joins from Alcentra, where he was .......

    Market Moves 4 December 2019

  • Euro AM promotes three

    Sector developments and company hires

    AM promotes three

    Alcentra has promoted Daniel Fabian to president and coo. In this role, he will manage the company’s growth strategy and oversee day-to-day operations in order to continue to drive value for clients and employees. Fabian has spent the past 12 years at Alcentra, of which the last four years have been as coo and cfo, bringing the .......

    Market Moves 2 December 2019

  • Euro lending support announced

    Sector developments and company hires

    Euro lending support announced

    The EIF has committed €100m to online lending marketplace October. The investment renews its support to European SMEs, under the “Private Credit Tailored for SMEs” programme, alongside other institutional investors including CNP Assurances, Bpifrance and Zencap - all of whom were already part of the latest institutional fund launched in 2018.

    This new €100m commitment will .......

    Market Moves 28 November 2019

  • Italian market developments 'positive' for ABS

    Sector developments and company hires

    Italian market developments ‘positive’ for ABS

    Recent market developments in in the Cessione del Quinto (CDQ) and Delegazione di Pagamento (DP) loan market are credit positive for ABS, according to structured finance analysts from Moody’s. The analysts add that increasing regulatory scrutiny limits the risk of poor underwriting, while lower capital requirements support further loan growth. Both developments .......

    Market Moves 27 November 2019

  • Mortgage partnership announced

    Sector hires and company developments

    Euro credit team bulks up

    CIFC has hired Anders Samuelsen from Muzinich as it continues to build its European team.  Samuelsen, who began his career as a credit portfolio manager at Saxo Privatbank in Denmark, will be based in London, and joins as vp, focusing on northern Europe. CIFC has also announced the hire of Aidan Reynolds, from .......

    Market Moves 25 November 2019

  • FRTB consultation launched

    Sector developments and company hires

    APAC poll highlights key risks

    More than 80% of market participants polled by Moody’s at its recent Asia Pacific Structured Finance Conference in Singapore identified slowing global economic growth as posing a key risk for the Asia Pacific finance sector in 2020. In particular, 54% of respondents said that trade tensions were the biggest threat to Asia Pacific economies next year – .......

    Market Moves 22 November 2019
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