Market Moves

  • Affordable loan credit insurance risk transfer closed

    Sector developments and company hires

    Affordable CIRT closed

    Fannie Mae has executed a new credit insurance risk transfer (CIRT) transaction that, for the first time, covers a pool of primarily single-family affordable loans. These covered loans are delivered to Fannie Mae with a short-term lender repurchase obligation, provided primarily by state housing finance agencies, which serves as the initial loan credit enhancement. Dubbed CIRT LR .......

    Market Moves 31 July 2019

  • Winding up order issued for Clifden

    Company hires and sector developments

    Clifden wind up

    A winding-up order has been issued by the High Court of Justice of the Isle of Man, Chancery Division in respect of Clifden IOM No.1 and PricewaterhouseCoopers has been appointed official receiver of the firm. The move follows a Part 8 claim issued by Clifden, naming RMAC No. 1 series 2006-NS1, 2006-NS2, 2006-NS3, 2006-NS4 and 2007-NS1 .......

    Market Moves 29 July 2019

  • Mortgage firm completes residuals sale

    Company hires and sector developments

    Residual sale

    Charter Mortgages is set to sell its residual economic interest in the Precise Mortgage Funding 2019-1B RMBS to JPMorgan - which managed the sale process and purchased the RC2 certificates for onward sale - for a cash consideration of £6.2m. The transaction is expected to complete on 31July and will generate a pre-tax gain of £28.8m and a .......

    Market Moves 26 July 2019

  • Esoteric ABS head announced

    Sector developments and company hires

    Esoteric ABS head named

    MUFG has hired Keith Allman as md and head of esoteric ABS, effective August 14 and he will be responsible for the coverage of all US esoteric ABS assets. Allman brings 17 years of structured-finance and aviation experience as a banker at Deutsche Bank and Citigroup, and most recently as an investor at Loomis Sayles & .......

    Market Moves 23 July 2019

  • ABS head named

    Company hires and sector developments

    Euro ABS head appointed

    Santander has hired Francesco Dissera as head of continential Europe, securitisation, based out of Milan. He was previously md and partner, head of structuring and advisory at StormHarbour.

    PM appoitment duoble

    Man GLG has hired Patrick Kenney and Santiago Pardo as portfolio managers to its credit business in London. Prior to this, Pardo worked in credit .......

    Market Moves 22 July 2019

  • Co-ceo named

    Sector developments and company hires

    Co-ceo named

    Värde Partners has named Ilfryn Carstairs as co-ceo, alongside co-founder George Hicks, effective from 1 January 2020. Hicks intends to transition to an executive chair role in 2022. Carstairs will retain his role as partner and global cio, overseeing the firm’s global investment strategy and co-chairing its investment committee. Based in Singapore since 2017, he joined Värde Partners .......

    Market Moves 19 July 2019

  • Additional resources for disclosure published

    Sector developments and company hires

    Agri-investing appointment

    Arable Capital Partners has appointed Matt Reus a vp in the Bellevue, Washington office. He is responsible for transactional work and due diligence on acquisitions, financial analysis, portfolio management and assisting in overall investment strategy. Reus has 12 years of direct investment, investment banking and fixed income experience, including with securitisation transactions. He was previously with Cascadia Capital .......

    Market Moves 18 July 2019

  • Bank fined over MBS trading failures

    Company hires and sector developments

    Agency heads announced

    Morningstar Credit Ratings (MCR) has named Erin Stafford as head of the combined DBRS/MCR North American CMBS group and Quincy Tang as head of the combined US RMBS group, having both served in similar positions at DBRS. The pair will report to Claire Mezzanotte, who will be the head of global structured finance following the .......

    Market Moves 17 July 2019

  • Fund founder guilty of fraud

    Company hires and sector developments

    African solar plan approved

    The African Development Bank Group has approved an innovative multinational financing programme for Distributed Energy Service Companies (DESCOs), which would see 900,000 households in sub-Saharan Africa – about 4.5 million people - gain access to solar power by 2025.

    The DESCOs Financing Program promotes securitisation financing techniques to address barriers to accessing finance for DESCOs, while .......

    Market Moves 15 July 2019

  • Investment chief appointed

    Sector developments and company hires

    Business Mortgage Finance 6 update

    Business Mortgage Finance 6, the issuer, has informed noteholders that on 4 July 2019 it issued a claim against the Issuer issued a claim against the following defendants in the High Court of Justice in London: Greencoat Investments, Greencoat Holdings Limited, Portfolio Logistics Limited, Alfred Oyekoya, Patrick FitzSimons and Maria Stoica. The claim seeks declarations .......

    Market Moves 10 July 2019

  • Senior CLO trader poached

    Sector developments and company hires

    CLO expert nabbed

    BlueBay has appointed Alex Navin to join its structured credit team as pm. Based in London, Navin will report to Sid Chhabra, head of structured credit and CLO management, and will support him in managing BlueBay’s global structured credit strategies. Navin has nearly a decade of structured credit experience. He joins from Citigroup, where he held a number of roles, .......

    Market Moves 8 July 2019

  • Greencoat Investments notice received

    Sector developments and company hires

    BUMF 6 application discontinued

    A notice of discontinuance from Greencoat Investments has been received by Business Mortgage Finance 6, purporting to discontinue its application for an administrative order with respect to the issuer, which had been listed to be heard before a High Court Judge at the beginning of July (SCI 16 April). This hearing has now .......

    Market Moves 5 July 2019

  • EBRD appoints Greece, Cyprus lead

    Company hires and sector developments

    EBRD hires NPL vet

    The EBRD has appointed Andreea Moraru to lead its operations in Greece and Cyprus from November, following the retirement of the current holder of the role, Sabina Dziurman. Based in Athens, Moraru will continue the EBRD’s efforts to support the private sector in the two countries, improve competitiveness and strengthen the regional integration of the local .......

    Market Moves 4 July 2019

  • CLO firm boosts research team

    Company hires and sector developments

    CEDE made public

    AIR Worldwide has published its Catastrophe Exposure Data Exchange (CEDE) database schema publicly. The aim is to facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and to encourage additional analytics on a greater number of exposures. In addition, AIR is actively supporting the ModEx Open Exposure Data Format (OED) by freely providing .......

    Market Moves 2 July 2019

  • ReoCo impact assessed

    Company hires and sector developments

    CMIP acquisition

    Investcorp Credit Management US has entered into a definitive interest purchase agreement to acquire a majority ownership interest in CM Investment Partners (CMIP), the investment adviser to CM Finance, through its purchase of the respective equity positions held by certain funds managed by Cyrus Capital Partners and Stifel Venture Corp, and newly issued interests in CMIP. .......

    Market Moves 28 June 2019

  • GSE reform study released

    Sector developments and company hires

    Private credit double announced

    Solar Capital Partners has hired two senior private credit investment professionals. Eric Herr joins as a partner, to help lead investment origination across the firm's multi-credit strategy platform. Most recently, he served as an md of loan originations at NewStar Financial and previously worked at Churchill Financial, GE Antares and GE Commercial Finance. Eduard .......

    Market Moves 27 June 2019

  • CMBS auditing upset

    Sector developments and company hires

    Auditing issue

    The JUNO (ECLIPSE 2007-2) CMBS failed to file its financial statements for 2017, together with its annual return by 21 June, as required by the Companies Registration Office (see SCI’s CMBS loan events database). The issuer has a further 28 days to submit its audited financial statements, but its auditors have advised that they cannot .......

    Market Moves 26 June 2019

  • Aussie Investment principles discussed

    Sector developments and company hires

    Australian business investment principles explored

    The Australian Office of Financial Management (AOFM) has released for public comment its draft guiding investment principles for Australian Business Securitisation Fund (ABSF) investment.  The guiding investment principles are intended to be “principles based” rather than prescriptive and will be used by the AOFM for identifying transactions that will meet the government’s primary .......

    Market Moves 24 June 2019

  • Chinese law firm nabs SF expert

    Sector developments and company hires

    China

    Han Kun has hired Li Huhuan as partner to the firm’s Shanghai office. Huhuan focuses his practice on asset securitization, insurance fund management, and mergers and acquisitions.  Prior to joining Han Kun, Huhuan practiced with several well-known PRC law firms for more than eleven years. 

    Industry body rebrand

    The Structured Finance Industry Group (SFIG) has .......

    Market Moves 21 June 2019

  • Global reinsurance consolidation

    Sector developments and company hires

    HATS 2016-1 redeemed

    KBRA has withdrawn its ratings from Honor Automobile Trust Securitization 2016-1, after the notes were paid in full on 17 June. Given the remaining pool factor was less than 20% of the cut-off date pool balance, the servicer exercised its option to purchase the trust property and redeem the notes. Westlake took over servicing of .......

    Market Moves 20 June 2019

  • Securitised products head retires

    Sector developments and company hires

    Bank SPG head retires

    Lloyds Bank is making several changes to leadership positions in its North America business, to boost services provided to clients in the region focused on Lloyds Bank’s US-UK gateway. Parker Russell, head of the US securitised products group (SPG), has decided to retire after eleven years with the group and a finance career spanning over thirty .......

    Market Moves 19 June 2019
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