The Structured Credit Interview
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Single-source solution
Pat Jackson, ceo and founder of Sabal Capital Partners, answers SCI's questions
Q: How and when did Sabal Capital Partners become involved in the securitisation market?
The Structured Credit Interview 2 May 2019
A: I founded Sabal Capital Partners in February 2009, with the aim of focusing on the aftermath of the financial crisis and buying distressed commercial real estate debt. By 2014, we had purchased US$8.4bn of debt, representing approximately 5,000 loans. In the process, we’d built up a .......
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Landmark involvement
Michael Bennett, head of derivatives and structured finance...
Q: How and when did the World Bank Treasury become involved in the risk transfer market?
The Structured Credit Interview 25 April 2019
A: We became involved in insurance risk transfer in 2007 when we began to intermediate drought and other natural catastrophe swaps for member countries and regional facilities. We extended that work to the capital markets beginning in 2009 with the creation of our MultiCat .......
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Value investing
Tim Gramatovich, cio of Gateway Credit Partners, answers SCI's questions
Q: How and when did Gateway Credit Partners become involved in the securitisation market?
The Structured Credit Interview 23 April 2019
A: Gateway Credit Partners is the credit platform of B Riley Financial’s investment advisor subsidiary B Riley Capital Management and was established in March (SCI 26 March). Our strategy is to identify and acquire undervalued non-investment grade corporate credit securities and implement our portfolio management .......
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Maintaining flexibility
Fiona Walden, vp, credit and financial lines at RenaissanceRe, answers SCI's questions
Q: How and when did RenaissanceRe became involved in the securitisation market?
The Structured Credit Interview 22 February 2019
A: We were set up 25 years ago as a property catastrophe company. We have a long track record of credit reinsurance for our insurance company clients. More recently, we applied this knowledge and expertise to structured credit transactions - including significant risk transfer transactions - by providing .......
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Staying selective
David Heilbrunn, senior md and head of product development,...
Q: How and when did Churchill Asset Management become involved in the securitisation market?
The Structured Credit Interview 11 February 2019
A: Churchill was established in 2006 by The Bear Stearns Merchant Bank, the private equity affiliate of Bear Stearns. At the time, I was a senior member of the firm’s CLO business and, given my experience creating and working with successful middle market loan managers, I was .......
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Staying strong
MetLife Investment Management speaks to SCI about the year ahead
Q: What’s your general outlook for the structured finance sector in 2019?
William Moretti, head of structured finance, MetLife Investment Management: “On the whole, I’d say that structured finance is in a much better position to face another potential downturn than it was in 2007, before the last crisis. There have been a number of structural improvements to transactions and .......
The Structured Credit Interview 1 February 2019
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Finding the efficient frontier
Dominik Hagedorn, co-founder at Tangency Capital, answers SCI's questions
Q: How and when did Tangency Capital become involved in the ILS market?
The Structured Credit Interview 6 September 2018
A: Tangency Capital was launched in the autumn of 2017 by Michael Jedraszak, Kai Morgenstern and me, with the aim of offering institutional investors access to natural catastrophe risk akin to how reinsurers access the market and beyond what traditional ILS funds offer. Following an initial set-up .......
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Investor-led start-up targets capital market niches
Travis Miller, co-founder and joint md of iPartners, answers SCI’s questions
Q: How did iPartners become involved in the market?
A: We were observing a broad range of fintech firms launching with a technology and product focus which struck us as a “build it and they will come” approach; it was not obvious that any were investor focused.
The driver .......
The Structured Credit Interview 30 April 2018
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Embracing a tactical approach
David Moffitt, head of tactical investment opportunities at LibreMax Capital, answers SCI's questions
Q: How and when did LibreMax Capital become involved in the securitisation market?
The Structured Credit Interview 22 December 2017
A: LibreMax Capital was established in October 2010 by founding cio Greg Lippmann and founding president Fred Brettschneider, who previously worked at Deutsche Bank and Credit Suisse together. The firm - which focuses exclusively on .......
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Using insurance to lay off risk
Alan Ball and Fiona Walden, senior underwriters leading the structured risk solutions team at Liberty Specialty Markets, answer SCI's questions
Q: How did Liberty Specialty Markets become involved in providing capital relief-driven transactions?
The Structured Credit Interview 2 November 2017
A: We're one of the leading insurers operating in the London insurance market, providing both specialty insurance and reinsurance. Our structured risk solutions team was set up just .......
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Deploying capital
Chris Redmond, global head of credit at Willis Towers Watson, answers SCI's questions
Q: How and when did Willis Towers Watson become involved in the securitisation market?
The Structured Credit Interview 20 February 2017
A: Willis Towers Watson has an international team conducting research of all credit managers and products, including securitised credit. While we had exposure to securitised credit via broad, generalist mandates beforehand, it was in the aftermath of the financial crisis when we started making dedicated, specialist allocations .......
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Structuring alpha
Robert Allard, founding partner and ceo at Firebreak Capital, answers SCI's questions
Q: How did Firebreak Capital become involved in the securitisation market?
The Structured Credit Interview 18 October 2016
A: Firebreak Capital is categorised as a private debt fund, but this means different things to different people. Our background is in structured products (including securitisation) and we're seeking to employ this skill-set across the private debt universe. A more appropriate label for the firm is a structured private debt .......
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Cross-asset conviction
Renaud Champion, head of credit strategies for La Fran&#...
The Structured Credit Interview 12 October 2015
Q: How and when did La Française Global Investment Solutions (LFGIS) become involved in the securitisation market?
A: LFGIS is the solutions business line of the La Française Group. LFGIS was established in late 2012 and is 35% owned by its founders - Sofiene Haj Taieb and Arnaud Sarfati - and key personnel; La Française is .......
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Value add
Rajat Rohailla, executive director at Molton Street Capital, answers SCI's questions
Q: How and when did Molton Street become involved in the structured finance markets?
A: We are a young firm, but all of our backgrounds are in trading, securitisation and risk management. We have been focused on structured finance since our inception and the firm brings together deep structured credit experience.Personally, I qualified as a .......
The Structured Credit Interview 17 September 2014
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Starting early
Ivan Zinn, founding partner and cio at Atalaya Capital Management, answers SCI's questions
The Structured Credit Interview 2 September 2013
Q: How and when did Atalaya become involved in the structured finance markets?
A: Atalaya Capital Management has been around for about eight years now. We started out in corporate credit, but over the last five years we have started to focus more on structured finance. We see greater opportunities in specialty finance and in some .......
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Holistic remedy
Jacob Lyons, md at CR Investment Management, answers SCI's questions
Q: How and when did CR Investment Management become involved in the CMBS market?
A: At the core of CR Investment Management's philosophy is the marriage of credit skills with the understanding and operation of underlying assets. Our focus is on real estate and shipping: both asset classes have similar dynamics and a similar client base.Also at the core of .......
The Structured Credit Interview 26 March 2013
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Intermediation advantage
Andrea Podesta, head of fixed income, and Armando La Morgia,...
Q: How and when did KNG Securities become involved in the structured finance markets?
The Structured Credit Interview 28 February 2013
AP: The KNG Securities model is based on generating cross-regional liquidity in the context of dislocated markets. We're currently moving onto phase two of our development, which is to enhance the range of products we offer. This involves bringing in specific expertise to further strengthen certain areas .......
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The big picture
Christopher Long, president at Palmer Square Capital Management, answers SCI's questions
The Structured Credit Interview 24 January 2013
Q: How and when did Palmer Square Capital Management become involved in the structured finance markets?
A: Palmer Square was really set up in 2009 to take advantage of opportunities within credit, allowing us to exploit many opportunities within structured credit. Fountain Capital Management, which we recently acquired a majority interest in (SCI 9 January), has .......
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Bridging the debt gap
Jonathan Rochford, portfolio manager at Narrow Road Capital, answers SCI's questions
The Structured Credit Interview 4 September 2012
Q: How is Narrow Road Capital involved in structured credit in Australia?
A: Narrow Road Capital is an Australian high yield and distressed debt asset management business, targeting investments primarily in loans, bonds, structured credit and listed notes. Structured credit is a key part of what we invest in, with the deal flow more regular and .......
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Asian access
Gregory Park, managing partner at Harvest Northstone Capital, answers SCI's questions
The Structured Credit Interview 14 August 2012
Q: How and when did Harvest Northstone Capital become involved in the Asian structured credit market?
A: Harvest Northstone Capital is a joint venture between Northstone Peak, the fund I established in 2011, and Harvest Alternative Investment Group. Harvest Alternative Investment is a wholly owned subsidiary of Harvest Fund Management Co, the second largest fund house .......
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Identifying asymmetries
Charlotte Valeur Adu, chair of Brevan Howard Credit Catalysts Limited, answers SCI's questions
Q: When and why did Brevan Howard launch a listed credit fund?
The Structured Credit Interview 19 July 2012
A: The Brevan Howard Credit Catalysts listed fund began trading on the London Stock Exchange on 14 December 2010 and now has US$172m assets under management. The listed fund, in turn, invests all of its assets in the US$2.5bn Brevan Howard Credit Catalysts Master Fund that commenced trading on .......