Market Moves

  • Private credit marketplace launched

    Market updates and sector developments

    Figure Technology Solutions has launched a first-of-its-kind blockchain-based multi-seller, multi-buyer marketplace for private credit loans. Called Figure Connect, the marketplace connects Figure’s capital markets buyer universe directly to Figure’s loan origination partners, with the aim of engendering liquidity by adding certainty of funding to loan originators and collateral composition to loan buyers.

    With Figure Connect, originators can receive .......

    Market Moves 12 June 2024

  • CIRT X 4

    Market updates and sector developments

    Fannie Mae has completed its fourth CIRT deal of 2024, transferring US$284.8m of mortgage risk to 25 insurers and reinsurers.

    The loan pool for CIRT 2024-H2 comprises around 34,000 single family mortgages with an unpaid principal balance of approximately US$12.1bn. .......

    Market Moves 11 June 2024

  • Job swaps weekly: Paul Hastings poaches private credit team

    People moves and key promotions in securitisation

    This week’s round-up of securitisation job swaps sees Paul Hastings poach a team of restructuring, private credit and special situations lawyers from King & Spalding. Elsewhere, Apollo-allied credit solutions provider Cadma Capital Partners continues to beef up its leadership team, while Kirkland & Ellis has lured a structured private credit lawyer to its debt finance group.

    Collectively, the .......

    Market Moves 7 June 2024

  • ILS opportunity set revealed

    Market updates and sector developments

    A recent SIGLO Capital Advisors study estimates that the global ILS market is slightly over US$100bn in size and, as such, equates to roughly 20% of overall global risk-bearing reinsurance capital. The private ILS market segment accounts for around 60% of this total, while the public catastrophe bond market segment accounts for the remainder. The top 20 ILS managers were .......

    Market Moves 6 June 2024

  • Treasury survey underlines regulatory constraints

    Market updates and sector developments

    AFME has published the results of a survey undertaken to examine bank treasuries’ asset allocation drivers in relation to securitisation. The results of the survey demonstrate how various regulatory constraints prevent bank treasuries from fully utilising securitisation as part of their liquidity stress buffer. 

    Of the 25 respondents to the AFME survey, 80% invest in securitisation in general .......

    Market Moves 4 June 2024

  • Job swaps weekly: WTW appoints experienced leader from SMBC

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees WTW appointing a head of alternative credit insurance, financial solutions, from Sumitomo Mitsui Banking Corporation (SMBC). Elsewhere, Gowling WLG has lured a Toronto-based industry veteran as partner to head up its new structured finance and securitisation group, while Barings has hired an md and global head of fund and asset level .......

    Market Moves 31 May 2024

  • Italian NPL volumes hit three-year low

    Market updates and sector developments

    Italian NPL volumes last quarter hit their lowest point since 2021, according to Scope Ratings. Volumes were down 19% on the 2022-2023 average.

    March 2024 was particularly poor, with volumes down 36% compared to March 2023 and 2022 - despite the total number of transactions (44) being higher (2022 and 2023 saw 41 and 43 deals respectively).

    Over .......

    Market Moves 30 May 2024

  • GACS 2.0 ABS 'better positioned' than GACS 1.0

    Market updates and sector developments

    GACS 2.0 NPL securitisations appear to be better positioned than GACS 1.0 securitisations, both from an asset side perspective - in terms of greater accuracy of original business plans, better collateralisation and healthier performance - and from a structural perspective, in terms of higher levels of conversion rates and hedging status. A new Morningstar DBRS commentary suggests that this .......

    Market Moves 24 May 2024

  • Job swaps weekly: McCarthy Denning appoints CTLA-focused partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees McCarthy Denning hiring a former Greenberg Traurig shareholder as a securitisation-focused partner. Elsewhere, Sumitomo Mitsui Finance and Leasing (SMFL) has promoted a long-standing structured finance and corporate banking executive to head up its New York branch, while Offit Kurman has snapped up a former Greenspoon Marder partner as principal.

    Helena Nathanson .......

    Market Moves 24 May 2024

  • CAS prices

    Market updates and sector developments

    Fannie Mae’s US$708m CAS 2024 R04, reported to be in the market earlier this week, closed today.

    The US$220.4m A1 tranche, rated A+/A+, was priced to yield SOFR plus 100bp, the US$220.4m M1, rated BBB+/A-, yields SOFR plus 110bp, the .......

    Market Moves 23 May 2024

  • New CAS

    Market moves and sector developments

    Fannie Mae is in the market with a US$707.6m deal, designated CAS 2024-R04 and its fourth CAS deal of the year.

    The reference pool consists of 53,682 residential mortgages with an unpaid principal balance of US$18.6bn. All mortgages have an .......

    Market Moves 20 May 2024

  • CFPB funding mechanism 'constitutional'

    Market updates and sector developments

    The US Supreme Court has issued its decision in the ‘Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd’ case, holding that the CFPB's funding mechanism - as set forth in Title X of the Dodd-Frank Act - is constitutional. In evaluating the CFPB's funding structure against the Constitution's requirements, the Court found that the agency's appropriation mechanism .......

    Market Moves 17 May 2024

  • Job swaps weekly: Nordic advisory boutique opens

    People moves and key promotions in securitisation

    This week’s round-up of securitisation job swaps sees a pair of Nordea SRT vets set up a structured credit advisory boutique. Elsewhere, PIMCO has snapped up another ex-Citi SRT alumnus, while a former Deutsche Bank structured finance md has joined an auto finance fintech platform.

    Nordea SRT stalwarts Jonas Bäcklund and Viktor Kloos have left the bank and .......

    Market Moves 17 May 2024

  • AI credit analysis project launched

    Market updates and sector developments

    Stratiphy and Chenavari Financial Group have joined forces to develop custom AI tools aimed at improving the quality of and mitigating the subjectivity within credit analysis. By harnessing the wealth of existing data and employing a range of AI techniques, the project aims to enhance efficiency, pricing capability and precision in forecasting within credit analysis.

    Representatives of each .......

    Market Moves 13 May 2024

  • CFPB alleges student loan servicing failings

    Market updates and sector developments

    The CFPB has taken action against the National Collegiate Student Loan Trusts (NCSLT) and Pennsylvania Higher Education Assistance Agency (PHEAA) for multi-year servicing failures, alleging that the defendants failed to respond to borrowers seeking relief from student loan payments, including during the Covid-19 national emergency. The CFPB has filed proposed stipulated final judgments, which - if entered by the .......

    Market Moves 10 May 2024

  • Job swaps weekly: Western Alliance Trust elevates CLO expert to president and ceo

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Western Alliance Trust Company appointing a new president and ceo with a background in CLOs, levered loans and securities custody. Elsewhere, Aon has hired an executive md of capital advisory, while Eversheds Sutherland has snapped up a Clifford Chance veteran as a capital-markets-focused partner.

    Western Alliance Trust has promoted md .......

    Market Moves 10 May 2024

  • Golub launches insurance solutions team

    Market updates and sector developments

    Golub Capital has launched an insurance solutions team to be led by newly appointed md and head of insurance solutions Jennifer Potenta. The launch of the team forms part of the firm’s plan to expand its investor partners group, which is focused on supporting the “specialised investment needs of different investor segments”, according to a statement issued by Golub.

    Market Moves 9 May 2024

  • Job swaps weekly: Ashurst lures Fried Frank trio

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Ashurst hiring three structured products professionals, including a partner, from Fried Frank. Elsewhere, Capital Four’s US ceo has left the firm after three years, while HFW has appointed two executives from Norton Rose Fulbright to its global shipping and export finance practice.

    Ashurst has made three appointments to its US structured products, derivatives and .......

    Market Moves 3 May 2024

  • PRA and FCA confirm new UK securitisation rules

    Market updates and sector developments

    The Financial Conduct Authority’s (FCA) and Prudential Regulation Authority (PRA) have published policy statements on new securitisation rules. Alongside the UK Treasury’s draft statutory instrument on securitisation, which was published last week, the changes will come into force on 1 November and will replace EU securitisation regulations.

    The PRA’s statement was published alongside the Securitisation Instrument 2024 section of the PRA Rulebook.

    The .......

    Market Moves 2 May 2024

  • ATLAS attracts MassMutual commitment

    Market updates and sector developments

    MassMutual has become a minority equity owner in ATLAS SP Partners and a capital partner to the ATLAS platform. As part of the multi-billion-dollar commitment, MassMutual has also agreed to invest in Apollo’s asset-backed finance (ABF) franchise.

    These investments will allow MassMutual to access predominately investment-grade, asset-backed credit originated by ATLAS SP and across the broader Apollo ecosystem, .......

    Market Moves 26 April 2024

  • Job swaps weekly: Cheyne Capital snaps up SRT veteran

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Cheyne Capital hiring an SRT veteran who recently left their role at Barclays. Elsewhere, Wilmington Trust has made changes to its global capital markets leadership team, while a risk transfer specialist has left their position at The D. E. Shaw Group ahead of taking up a new role.

    Cheyne Capital .......

    Market Moves 26 April 2024
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