North America

CVC Credit Partners has named Gretchen Bergstresser as global head of performing credit - a new role within the firm - having led its US performing credit strategy. Phil Raciti, senior md in CVC's New York office, will become head of US performing credit. Additionally, from 1 February partner and London-based senior portfolio manager Jonathan Bowers will become a senior adviser to the business in a part-time capacity in order to pursue other opportunities. Andrew Davies, senior md in the London office, has consequently been promoted to head of Europe.

Och-Ziff Capital Management Group has announced that Robert Shafir will succeed Dan Och as ceo, effective 5 February, 2018. As part of the transition, Shafir will join the board of directors on the same date. Och, the company's largest shareholder, will continue to serve as chairman of the board through 31 March, 2019, after which time he expects to remain involved with the firm. Shafir, who previously served as the ceo of Credit Suisse Americas and co-head of private banking and wealth management, will provide day-to-day leadership and management of the company. He will also be responsible for the planning and execution of the firm's strategic direction, financial objectives and client engagement.

Tennenbaum Capital Partners has opened an office in Atlanta and has hired two new executives, Kenneth Saffold, director and Kathleen McGlynn, vp. Saffold will work from the new office and was previously svp at Capital One Healthcare. McGlynn was previously assistant vp at Oaktree Capital Management.

Pennybacker Capital has appointed Dave Stahl as md, distressed credit and special situations. His primary responsibilities will include overseeing investments within the special situations strategy and expanding Pennybacker Capital's distressed investment capabilities across the firm. Stahl joins Pennybacker after a combined ten years at Lone Star Funds/Hudson Advisors where he most recently served as director of special assets, and previously directed both acquisitions and asset management teams focusing on distressed credit.

Mark Hanslin has joined Partners Group as a portfolio manager working in CLO management and BSL/liquid loans investment. He was previously at Mountain Bridge Advisors working as portfolio manager and CLO and bank loan strategies advisor.

Strategic Value Partners and its affiliates, SVP Global, has hired Dagmar Kent Kershaw to its advisory council. Kershaw was previously head of the credit fund management team in Europe and Australia at Intermediate Capital Group.

EMEA

Bain Capital Credit has acquired Habitat Inmobiliaria, a Spanish real estate developer. Habitat has built more than 60,000 properties throughout Spain since 1953 and has a ready-to-build landbank of 2.5m square metres. Bain Capital Credit states that it plans to create a large real estate platform around the Habitat business.

Securis has appointed three new portfolio managers in Richard Godfrey for traded risks; Herbie Lloyd, non-life; and Andrea Cavalleri, life. The firm has also promoted Paul larrett to chief underwriting officer and head of analytics (non-life). Fergus Reynolds has been promoted to head, non-life origination, moving up from his role as head of international at the firm. In investor relations: Weston Tompkins and Yuko Hoshino have been promoted to co-head's of investor relations and global distribution. Neil Strong has also left the firm in his role of global head of origination at the firm.

Asia

Artex has launched Artex Risk Solutions in Singapore and has hired Vic Pannuzzo as chief executive to lead the new office. Pannuzzo was previously regional md at Aon Global Risk Consulting in Singapore. It is the firm's first office in the region and will oversee the growth of Artex's Asia Pacific captive and risk solutions strategy.
Analytics collaboration

Moody's Analytics has partnered with Citi to provide its CLO cashflow and data analysis on the Citi Velocity platform, allowing all Citi Velocity users to access comprehensive analysis of CLO tranches powered by Moody's Analytics. Users will benefit from a consolidated tear-sheet that includes price/yield tables across defaults, prepayments, reinvestments and call scenarios for the global universe of CLOs. They also gain deal metrics that highlight exposures to headline industries and distressed assets, as well as comparative analytics of managers' performance.

Auction results

The AOFM has sold A$361.57m (amortised face value) of RMBS bonds - at above par - in its latest auction. The paper put up for bid comprised Apollo 2010-1 A2s, Puma P-16 A3s, REDS 2009-1 A1s, Torrens 2010-1 As and Torrens 2011-2 A2s.

Company rebranding

Redpoint Capital Partners has changed its name to Park Cities Asset Management, LLC effective immediately. Park Cities will continue to be led by managing partners Andy Thomas and Alex Dunev.

CDS court ruling

A US district court has given Hovnanian the green light to complete its debt refinancing deal with GSO, which has been opposed by a group of investors led by Solus Alternative Asset Management (SCI 25 January). While market participants cry foul over the manufactured credit event required to receive the financing from GSO, the court denied Solus' preliminary injunction request to stall the deal. Julia Lu, partners at Richards Kibbe & Orbe, comments: "Market participants will do well to remember that issuers have always had the ability, if not the incentive, to manufacture a credit event, and that other market participants may supply such incentive."

Data Partnership

A consortium led by Blackstone has announced that private equity funds managed by Blackstone - together with Canada Pension Plan Investment Board and GIC - have entered into a partnership agreement with Thomson Reuters for Thomson Reuters' Financial & Risk business. Under the partnership agreement, the Blackstone-led consortium will own 55% of the equity in a new corporation created to hold the F&R business and Thomson Reuters will retain a 45% equity stake, at an overall valuation of US$20bn. Reuters News will continue to remain a part of Thomson Reuters and will not be included in the assets being acquired. The new F&R will enter into a 30 year contract for the exclusive rights to distribute Reuters News through all F&R products. Reuters News will continue to have complete editorial independence from F&R and Thomson Reuters, as it does today. Canson Capital Partners, BAML, Citigroup, and JPMorgan are acting as financial advisors to the Blackstone-led consortium, and Simpson Thacher & Bartlett is acting as legal counsel. Debt financing related to the transaction is being provided by JPMorgan, BAML, and Citigroup. Dechert is acting as legal counsel to GIC. The agreement is expected to close 2H18.

EBA stress test

The EBA has launched its 2018 EU-wide stress test - which will, for the first time, incorporate IFRS 9 - and released the macroeconomic scenarios. The adverse scenario implies a deviation of EU GDP from its baseline level by 8.3% in 2020, resulting in the most severe scenario to date. The EBA expects to publish the results of the exercise by 2 November 2018.

ILS

Nephila Holdings, parent company to Nephila Capital Ltd, has expanded its weather and ESG-driven business with the launch of a new specialty division, Nephila Climate (NCx). NCx is dedicated to weather risk transfer and climate resilience products. Richard Oduntan, the head of Nephila's weather risk investment team, has been named ceo of NCx. Barney Schauble will act as chairman of Nephila Climate.