Market Moves
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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 .......
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Majority stake acquired
Sector developments and company hires
Balance sheet normalisation
Market Moves 21 March 2019
The US Fed has confirmed it intends to continue to allow its holdings of agency debt and agency MBS to decline, consistent with the aim of holding primarily Treasury securities in the longer run. Beginning in October 2019, principal payments received from agency debt and agency MBS will be reinvested in Treasury securities, subject to a maximum .......
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Private credit firm launched
Sector developments and company hires
Firm launch
AGL Credit Management has launched, with Peter Gleysteen serving as ceo and cio, and Thomas Lee serving as non-executive chairman. AGL is a private credit investment firm specialising in innovative actively managed credit solutions based on bank loans and aims to build a leading CLO franchise. The firm’s institutional investment partners include a subsidiary of the .......
Market Moves 18 March 2019
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Inaugural online auto ABS prepped Premium Content
Sector developments and company hires
Online auto ABS debuts
Carvana, an online platform for buying used cars launched in 2012 by DriveTime Automotive Group, is marketing an inaugural securitisation. The US$338m transaction, dubbed Carvana Auto Receivables Trust 2019-1, comprises seven classes of notes provisionally rated by KBRA as triple-A on the class A1 and A2 notes, through to double-B on the class E notes.
According ......
Market Moves 15 March 2019
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Auto ABS looks set to receive first STS verification
Sector developments and company hires
Auto ABS looks set to receive first STS verification
The first European ABS that looks set to receive STS verification, by True Sale International’s STS Verification International, is being marketed by Volkswagen. The €719.9m auto lease ABS transaction is dubbed VCL Multi-Compartment, Compartment VCL 28 and is provisionally rated by Moody’s and Fitch as Aaa/AAA on the €705.7m class A notes .......
Market Moves 13 March 2019
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UMBS trades to be accepted
Sector developments and company hires
UMBS trades to be accepted
In support of the Single Security Initiative, Fannie Mae will begin accepting forward Uniform Mortgage-Backed Security trades with a trade date on or after 12 March, 2019 and settlement dates on or after 3 June, 2019. The announcement follows confirmation on 7 March, 2019 from SIFMA that their To-Be-Announced (TBA) Guidelines Advisory Council approved revisions .......
Market Moves 12 March 2019
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R-PACE rulemaking proposals outlined
Sector developments and company hires
Credit line secured
Foundation Home Loans has entered into a new £350m warehouse credit line with National Australia Bank to support the origination of new mortgages. The lender has also extended an existing warehouse, funded by Natixis and SMBC, by £100m.
ILS
Descartes Underwriting has hired Edern Le Roux as head of ILS and cat modelling. .......
Market Moves 11 March 2019
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Merger opposed
Company hires and sector developments
Astra case development
Judge Jennifer Frisch of the Minnesota District Court, Second Judicial District, has denied Goldman Sachs’ motion to dismiss the claims asserted against it by Kasowitz Benson Torres, on behalf of its client, Astra Asset Management, seeking termination of the Abacus 2006-10 synthetic CDO. The case is proceeding with discovery, with trial scheduled for October .......
Market Moves 8 March 2019
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CDS reforms proposed
Company hires and sector developments
Australia
Mortgage House has hired Steven Mixter as head of securitisation and structured finance. He was previously head of funding at Latitude Financial Services, responsible for maintaining its securitisation funding programmes.
CDS reform proposal
An ISDA working group has been discussing proposals to amend the 2014 ISDA Credit Derivatives Definitions to address issues relating to narrowly tailored credit events (NTCEs). NTCEs are arrangements with .......
Market Moves 7 March 2019
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CRE investor bulks out
Company hires and sector developments
CDX-linked ETF launched
Tabula has launched a new ETF, dubbed Tabula European iTraxx Crossover Credit Short UCITS ETF (EUR), providing short exposure to high yield European corporate credit. It takes exposure via iTraxx Crossover five year which references 75 equally weighted, sub-investment grade entities.
Digital asset platform bulks out
GetLoci, the global platform offering non-custodial, self-minted assets backed .......
Market Moves 5 March 2019
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ILS double
Company hires and sector developments
ILS hires
Tangency Capital has hired Jo Stanton to oversee finance and operations, starting 1 May 2019. She joins from AlphaCat, where she was cfo.
Twelve Capital has hired Raffaele Dell’Amore to the portfolio management team, with a focus on private ILS and he will be based in the Zurich office. He previously managed ILS portfolios at Schroders Investment Management.
....... Market Moves 4 March 2019
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New fund for CDS recruit
Company hires and sector developments
ABL acquisition
Market Moves 28 February 2019
Benefit Street Partners affiliate Business Development Corporation of America has acquired a controlling interest in asset-based lender Siena Capital Finance from Solaia Capital Advisors. Siena was founded in 2012 by an ABL team backed by Solaia consisting of professionals from Bank of Ireland subsidiary Burdale Capital Finance. Siena will operate independently as a portfolio company of BDCA, with .......
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CLO manager shake-up
Company hires and sector developments
Derivatives continuity
Market Moves 26 February 2019
The US CFTC and the Bank of England have issued a joint statement aimed at reassuring market participants of the continuity of derivatives trading and clearing activities between the UK and US, after the UK’s withdrawal from the EU. The measures that will be in place by end-March include: information-sharing and cooperation arrangements to support the effective cross-border .......
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Law firm boosts derivatives capability
Company hires and sector developments
CLO firm promotions
Churchill has announced the promotion of Mat Linett, md, from deputy head of underwriting and portfolio management to head of underwriting and Eric Wieczorek to md, underwriting and portfolio management. Additionally, the firm announced several more promotions across the investment and finance teams, effective 1 March 2019.
Derivatives expansion
Dentons has expanded its derivatives practice with the .......
Market Moves 22 February 2019
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CLO partnership launched
Sector developments and company hires
CDS trends discussed
Mayer Brown has commented on trends in single-name CDS credit event determinations. It notes that the Sears CDS case cited “numerous examples of commercial practice and legislative history in support of the decision [and] raises serious questions as to the degree to which the determination committees (DCs) are (and will in future determinations be) influenced by such .......
Market Moves 21 February 2019
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Law firm nabs SF vet
Company hires and sector developments
Europe
Latham & Watkins has recruited Jeremiah Wagner as a partner in its finance department, based in London. Wagner’s practice focuses on advising banks, private equity funds, asset managers, insurance companies and pension funds on a variety of complex structured finance, securitisation and derivatives transactions. He joins the firm from Cadwalader’s London office, where he was a partner.
Market Moves 20 February 2019
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CLO firm restructure
Company hires and sector developments
Acis restructuring confirmed
The US bankruptcy court in Dallas has confirmed Acis Capital Management's Chapter 11 restructuring plan, following its conversion from an involuntary bankruptcy case initiated by former head of Highland Capital Management's structured products team and founder/former partner in Acis Joshua Terry (SCI 9 November 2018). Upon emergence from bankruptcy, Acis will be owned and .......
Market Moves 19 February 2019
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Italian auto firms fined
Company hires and sector developments
CLO hire
Geoffrey Horton has joined Barclays as vp, CLO and loan strategist in London. He was previously a CLO and commercial ABS research associate at Wells Fargo in the US.
Italian auto firms fined
The Italian Competition and Markets Authority (Autorità Garante delle Concorrenza e del Mercato or the ICA) recently fined nine captive auto finance companies a total .......
Market Moves 15 February 2019
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Bank expands credit derivatives business
Company hires and sector developments
Credit trading expansion
HSBC has hired Asgar Rahemtulla as a director in credit trading. In his new role, Asgar will be responsible for trading European iTraxx index products. He joins HSBC from Bluecrest where he was a Partner and worked as a portfolio manager. Prior to this he spent eight years at Goldman Sachs in a variety of roles including .......
Market Moves 14 February 2019
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Insurance firm expansion
Sector hires and company developments
Insurance firm expansion
Nassau Re is expanding into additional specialty finance asset classes as it grows assets under management in a three-pronged move. First, the firm has established Nassau Private Credit (NPC), which will invest directly in CLO equity and related investments for third-party institutional investors. Second, under its Nassau CorAmerica brand, it will expand its existing real estate .......
Market Moves 12 February 2019
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RMAC claim
Company hires and sector developments
The RMAC Securities No. 1 Series 2006-NS1, 2006-NS2, 2006-NS3, 2006-NS4 and 2007-NS1 issuers have confirmed that they have been validly served with a Part 8 claim form by Clifden, naming them, the corporate services provider and the share trustee as defendants (SCI 28 January). The defendants consider the claim to be both procedurally defective and without merit, and .......
Market Moves 8 February 2019