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 and A1/A+ on the €14.2m on the class A1 notes. STS Verification International has released a preliminary verification report for the transaction and the firm notes the transaction is set to close on 25 April 2019.

US

Antares co-ceo John Martin is set to retire at the end of April, with fellow co-ceo David Brackett becoming sole ceo. The pair have served as co-ceos since 2015 and were founding partners of the firm in 1996. In recognition of Martin’s contribution to the firm, the Antares board is making a US$50,000 donation to Midtown Educational Foundation and a US$50,000 donation to Folds of Honor.

Jennison Associates has hired Dmitri Rabin as md and portfolio manager with the fixed income team. Rabin was previously portfolio manager and co-head of mortgage and structured finance at Loomis Sayles.