Market Moves
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Energy expert nabbed
Company hires and sector developments
Energy expert nabbed
Energy Estate has hired Christian Krebs as one of the leaders in its transaction advisory practice and will be closely involved with debt and equity fund raising for projects and businesses, beginning 1 July. Krebs was previously at NordLB where he was head of structured finance origination Asia/Pacific.
Transaction gets green stamp of approval
Greenworks Lending recently received the very first Green Evaluation .......
Market Moves 8 May 2019
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Rating agency appoints new SF head
Company hires and sector developments
Bank bulks up
Macquarie has appointed Carolyn Porretta md, structured finance and real estate, based in London. She was previously head of portfolio services, investment portfolio management at AIG, where she was responsible for managing structured products and CRE debt in EMEA.
RA hires new SF head
Scope Ratings has hired David Bergman as its new .......
Market Moves 3 May 2019
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First SOFR-indexed MBS tranche inked
Sector developments and company hires
Claims predictability to improve?
Market Moves 2 May 2019
The Florida legislature last month passed a bill to reform the requirements for the assignment of benefits of claims for residential and commercial property insurance, which could improve the predictability of claims and losses for Florida catastrophe bonds. According to a recent Cadwalader client memo, assignment of benefits in Florida has been a concern for the .......
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SFR issuer prepays class F notes
Sector developments and company hires
EMEA
Market Moves 30 April 2019
Alantra has reinforced its portfolio advisory capabilities with the addition of six senior professionals in Lisbon (Ana Almeida, as a director), London (Jim Fadel, md; Robin Michaels, director; and Meena Evans, vp), Madrid (Valerie Castro, director) and Milan (Renato Limuti, md). The firm has also hired former Carnegie md Sebastian Hougaard as an md in the Nordics, establishing its .......
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Rating agency names managing director
Sector developments and company hires
EMEA
Scope has named Guillaume Jolivet as md. He joins the firm’s management board, alongside Torsten Hinrichs, coo of the Scope Group. With more than 18 years of experience in credit analysis and ratings, Jolivet joined Scope in 2013 and held several senior positions at Moody’s and UBS before that.New York University’s Stern School of Business finance professor .......
Market Moves 25 April 2019
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Lender charged for overstating returns
Sector developments and company hires
CRT analytics
dv01 has launched a credit risk transfer market surveillance offering, which adds US$1.8trn of Freddie Mac STACR and Fannie Mae CAS securitisations to its loan-level data analytics platform. The service allows investors to analyse historical performance of CRT deals individually or combined, perform whole market analysis and run cashflow scenarios.MPL platform charged
Market Moves 23 April 2019
The US SEC has ordered Prosper Funding .......
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CLO manager denied incentive fee
Sector developments and company hires
Incentive fee ruling
Market Moves 18 April 2019
The High Court in London has ruled that Barings (UK), as collateral manager, was not entitled to an incentive fee at the expense of junior bondholders following the optional redemption of the Duchess VI CLO. Part 8 proceedings were brought by Deutsche Trustee Company, to determine the correct interpretation of the bond documentation in which Barings (UK) .......
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BMF administration order filed
Sector developments and company hires
BMF 6 tender
Market Moves 16 April 2019
An application for an administration order in respect of Business Mortgage Finance 6 was presented in the London High Court of Justice last week, with a return date of 18 April. The application was presented by Greencoat Investments, which is understood to be in the process of carrying out a tender process for the acquisition of certain .......
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ILS restructuring agreed
Sector developments and company hires
ILS restructuring agreed
Ballantyne Re has entered into a lock-up support agreement with Ambac Assurance UK, Assured Guaranty, approximately 82% by value of the class A noteholders, Security Life of Denver Insurance Company (SLD) and Swiss Re Life and Health America (SRLHA) in connection with a proposed restructuring transaction in respect of its obligations under the ILS notes. .......
Market Moves 15 April 2019
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Firm bulks out CRE capability
Sector developments and company hires
Board directors appointed
ISDA has appointed three new board directors and re-elected ten others. The three new directors are, Erik Tim Mueller, ceo, Eurex Clearing, Andrew Ng, group executive, head of treasury and markets, DBS Bank and Shigeru Nonomura, md, co-Head of rates trading, global markets Japan, Nomura Securities.
CMBS head hired
Natixis has recruited Andrew Taylor as md and .......
Market Moves 11 April 2019
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European bank in major restructure
Company hires and sector developments
COO hired
Trepp has appointed Luis Amador as coo, reporting to ceo, Annemarie DiCola. Amador was recently md at Moody's Analytics, responsible for structured finance financial engineering, product management, content production, and advisory teams, providing the fixed income marketplace advanced analytics, data, credit models, and portfolio monitoring products while also performing advisory, valuation, and consulting services across sectors.
Energy and .......
Market Moves 9 April 2019
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Independent director hired
Company hires and sector developments
Europe
Prytania Asset Management has appointed Eric Felton as independent director. Most recently, Felton spent 13 years as cfo of GCM Grosvenor and before that, he was an audit partner at Ernst & Young and Arthur Andersen in the financial services sector. Concurrently, Joseph MacHale is retiring from the Prytania board, after 16 years of service since the .......
Market Moves 5 April 2019
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CEO appointed
Company hires and sector developments
CEO appointed
DFG Investment Advisers has hired Oliver Wriedt as ceo. The firm is also unifying its products under one brand, Vibrant. Wriedt will play an instrumental role in growing and further institutionalising DFG’s business, helping to diversify its product offerings and elevate the new Vibrant brand among the investment community. He was most recently co-ceo of CIFC .......
Market Moves 4 April 2019
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UK resi disposal confirmed
Sector developments and company hires
ILS
Chris McKeown, former ceo of New Ocean Capital Management, has stepped down from his role as vice chairman of AXA XL to pursue other interests. McKeown was the founding ceo of New Ocean in 2013 and AXA XL completed the acquisition of all third-party ownership interests in the firm in November 2018, transforming New Ocean into an .......
Market Moves 3 April 2019
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GSE reforms proposed
Sector developments and company hires
Debt service reserve guarantee provided
Assured Guaranty (Europe) plc (AGE) has issued a £135m, five-year Debt Service Reserve (DSR) Guarantee to benefit Dwr Cymru (Financing) Limited and Dwr Cymru Cyfyngedig, both companies forming part of the Welsh Water group. The guarantee provided by AGE will replace the existing liquidity facilities provided by banks within the Welsh Water group’s securitisation structure. .......
Market Moves 1 April 2019
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Irish BTL RMBS launched
Company hires and sector developments
Irish BTL RMBS launched
Bank of Ireland has mandated a new Irish buy-to-let RMBS deal. Dubbed Mulcair Securities, the €358m transaction securitises a legacy BTL loan portfolio that was originated by the Bank of Ireland, ICS Building Society and Bank of Ireland Mortgage Bank. The rationale behind the deal is to offload non-performing exposures from the seller’s balance sheet (according to .......
Market Moves 29 March 2019
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CEO appointed
Sector developments and company hires
CEO appointed
Curtis Arledge has joined Mariner Investment Group as chairman and ceo. In addition to his role at Mariner, Arledge will serve as head of Mariner subsidiary, ORIX USA asset management, responsible for driving the company’s overall strategy in the space, including facilitating opportunities for growth across ORIX USA’s enterprise. A founding member of Mariner, Arledge has returned to .......
Market Moves 28 March 2019
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CRT credit event
Company hires and sector developments
CRT credit event
HSBC’s Metrix series 2015-1 CLN has suffered another credit event. The issuer received a credit event notice confirming that a bankruptcy credit event occurred on 15 March with respect to a reference entity that is believed to be Interserve, which was recently sold out of administration after shareholders rejected a rescue deal for the company. .......
Market Moves 27 March 2019
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Credit platform nabs investment vet
Company hires and sector developments
Credit platform nabs investment vet
B Riley Capital Management has named Tim Gramatovich as cio of its newly established credit platform, Gateway Credit Partners. The team will focus on identifying and acquiring undervalued securities in the non-investment grade corporate credit market and intends to implement its portfolio management services through actively managed CDO structures. Gramatovich has over 30 .......
Market Moves 26 March 2019
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Granite refinancing
Sector developments and company hires
Europe
Muzinich & Co has hired Laurence Kubli as structured credit specialist with immediate effect. Based in Zurich, Laurence will focus on creating the firm’s first structured credit strategies in this newly-created role. Laurence joins from GAM Investments, where she was senior pm, structured finance and corporate credit for 11 years. Prior to that, she held various roles at .......
Market Moves 25 March 2019
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Purchase option to be exercised
Sector developments and company hires
EMEA
Market Moves 22 March 2019
Capzanine has appointed Renaud Tourmente as head of business development, effective from 6 May 2019. Tourmente will join the firm as partner and will be part of its executive committee. In this newly created role, he will support the firm’s international development, pursue the diversification of its debt products and contribute to strengthening relationships with its investors. He brings .......