Market Moves
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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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Ceo retires
Sector developments and company hires
Capital markets head appointed
23 Capital has hired Sreesha Vaman as md, head of capital markets. 23 Capital is a capital and solutions provider focused on the sports, music and entertainment sectors. Vaman has more than 15 years of experience across the finance, investment banking, sports and entertainment landscape and is joining the team’s New York office with .......
Market Moves 21 November 2019
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Legal firm beefs up
Sector developments and company hires
GSE capital rule eyed
The FHFA plans to re-propose the entire regulation on capital requirements for Fannie Mae and Freddie Mac sometime next year, stating that the 2018 capital rule was proposed before it began the process of retaining capital at the GSEs as a first step towards ending their conservatorships. The agency says that the new rule will be .......
Market Moves 20 November 2019
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Italian AM expands to US
Sector developments and company hires
Azimut expands
Italian asset manager Azimut has established a US-based operation named Azimut Alternative Capital Partners (AACP), with the purpose of investing in GP stakes of alternative managers specialised in the private markets space. Concurrently, it signed an investment and shareholder agreement with AACP’s new ceo Jeffry Brown to execute a 10-year business plan, which aims to build .......
Market Moves 19 November 2019
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Structured credit head announced
Sector developments and company hires
Acquisition finalised
Artex has completed the acquisition of Horseshoe Insurance Services Holdings. This acquisition significantly strengthens its ILS operations and furthers the company’s goal to become the best service provider to the world’s risk capital. Horseshoe will become the global brand of ILS services for Artex, which will operate as one global team across multiple jurisdictions. Andre Perez and his .......
Market Moves 18 November 2019
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Morgan loan prepays
Sector developments and company hires
Coupon swaps planned
The New York Fed's open market trading desk plans to conduct four small value agency RMBS coupon swap operations on 19 and 21 November. On these days, the desk intends to swap out of three unsettled December TBA positions – 30-year UMBS 3% coupon, 15-year UMBS 2.5% coupon and 30-year Ginnie Mae II 3.5% coupon – for .......
Market Moves 15 November 2019
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ESG initiative launched
Sector developments and company hires
Alt heads named test
Allianz Global Investors has unveiled leadership changes that will take effect on 1 January 2020. Global head of distribution Tobias Pross and global head of alternatives Deborah Zurkow will succeed Andreas Utermann as ceo and global head of investments respectively. Utermann will remain at the firm on an advisory basis for the first half of next .......
Market Moves 13 November 2019
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First RMBS tied to AONIA marketing
Company hires and sector developments
AONIA debut
Commonwealth Bank of Australia’s new A$1bn Medallion Trust Series 2019-1 is set to become the first Australian RMBS linked to the Australian Overnight Index Average (AONIA) instead of one-month BBSW. The issuer is understood to be marketing classes A1, A2 and B, while classes C to F will not be offered to investors. The collateral backing .......
Market Moves 11 November 2019
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MPL ABS breaches liquidity covenant
Sector developments and company hires
EMEA
Market Moves 8 November 2019
BTIG has established a fixed income credit division in London to service clients across EMEA. The team is led by Michael Carley, md and head of European fixed income credit, who joined BTIG in New York last year. Bobby Dziedziech (director and senior high-yield and distressed trader), Laurent Jastrow (director and senior distressed sales trader and sourcing specialist), Noah .......
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Counter suit filed over servicing system
Sector developments and company hires
Servicing system suit
Market Moves 7 November 2019
PennyMac Financial Services has filed a counter suit against Black Knight, alleging that Black Knight uses its market-dominating LoanSphere MSP mortgage servicing system to engage in unfair business tactics that both entrap its licensees and create barriers to entry that stifle competition. PennyMac is seeking to enjoin Black Knight’s wrongful practices and recover actual and statutory damages. .......
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CMBS md recruited
Sector developments and company hires
North America
Incapital has appointed William White as md, CMBS. Based in Boca Raton, he will report to co-heads of fixed income George Holstead and Laura Elliot. White was previously md and head of CMBS trading at Raymond James, and before that worked at Wachovia Capital Markets and Bank of America Securities.Ropes & Gray has promoted 16 attorneys .......
Market Moves 6 November 2019
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NPL ABS inked
Sector developments and company hires
Eminent domain mods introduced
Market Moves 5 November 2019
To address the heightened risk to borrowers and investors of a multifamily property located in King County being taken by eminent domain (SCI 14 October), Fannie Mae has introduced a prospective modification to its multifamily loan and security agreement and its MBS prospectus for new transactions with properties located in the county. These modifications provide .......
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RFC issued on disclosures
Sector developments and company hires
CDO transfer
CVP CLO Manager has resigned as investment manager to the CVP Cascade CLO-1 and CLO-2 transactions. It has been replaced by Barings. For more CDO manager transfers, see SCI’s database.Defeasance surge
Market Moves 1 November 2019
US CMBS 2.0 defeasance volume at end-3Q19 totalled US$10.89bn across 694 loans, exceeding the 2018 full-year total of US$10.88bn across 620 loans, according to Fitch. .......
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GARC deal expected
Sector developments and company hires
EMEA
Florent Trouiller has joined Norton Rose Fulbright as a partner in its Luxembourg office. Trouiller practises tax law, with a particular focus on cross-border private equity and real estate investments and securitisation transactions. He was previously a partner at Dechert and before that spent 10 years at Allen & Overy in Luxembourg.GARC deal expected
Market Moves 31 October 2019
Intesa Sanpaolo has acquired .......
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Anti-NSDA provisions welcomed
Sector developments and company hires
Anti-NSDA provisions welcomed
Market Moves 30 October 2019
The inclusion of anti-net short debt activism (NSDA) provisions in offering documentation has become more common in recent months, with Sirius Computer Solutions, Nexstar Broadcasting and Allied Universal Holdco deals incorporating such language. The purpose is to prevent net-short participants - whose interests are not aligned with those of other investors - from using their debtholder rights .......
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Abacus case settled
Sector developments and company hires
Abacus case settled
Market Moves 29 October 2019
Judge Jennifer Frisch of the Minnesota District Court has terminated the Abacus 2006-10 case (SCI 2 August), after the parties filed a stipulated proposed order resolving Astra Asset Management’s claim against Goldman Sachs. Astra had alleged an EOD and asked the trustee to employ a trust instruction proceeding to confirm Goldman’s violations and to solicit a .......
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CMBS refi inked
Sector developments and company hires
CLO firm names IR head
Pemberton has hired Cary Gibson to the role of director and head of investor relations. Gibson was previously head of business development at Sand Grove Capital Management.
CMBS refi inked
Sabal Capital Partners has closed a US$70m refinancing of 17 low-LTV multifamily assets located in the Bronx borough of New York, 15 of which were originally .......
Market Moves 25 October 2019
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CRR amendments for NPEs recommended
Sector developments and company hires
CRR amendment opinion published
The EBA has published an opinion on the regulatory treatment of securitisations of non-performing exposures (NPEs), recommending various amendments to the Capital Requirements Regulation (CRR) as well as to the Securitisation Regulation to remove the identified constraints. The opinion is addressed at the European Commission and contributes to the objectives of the Council of the EU’s .......
Market Moves 24 October 2019
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Firm files Chapter 11
Company hires and sector developments
Chapter 11 filing
Highland Capital Management LP (HCMLP) has commenced voluntary Chapter 11 proceedings, citing a judgment that is being sought against it in connection with the defunct Crusader fund. Although Highland Capital Management disputes the underlying claims and believes it acted in the interest of investors, entry of the judgment in its maximum potential amount could result .......
Market Moves 22 October 2019
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RTS draft published
Sector developments and company hires
The European Commission has published the Delegated Regulation on Regulatory Technical Standards (RTS) regarding the disclosure requirements in the Securitisation Regulation, detailing what information has to be disclosed by the sellers of European securitisations. Rabobank’s structured finance analysts comment that, although this new regulation does not contain much new information, the arrival of the act marks an important step .......
Market Moves 18 October 2019
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Euro advisory firm boosts SF expertise
Company hires and sector developments
Euro advisory firm boosts SF expertise
Zedra has hired Rens van Hoof as head of capital market solutions out of its Amsterdam offices. He has a range of experience covering special purpose vehicles for securitisation, structures for bond issues and commodity trade finance, as well as private equity, real estate and investment funds to serve financial institutions, asset .......
Market Moves 16 October 2019