Sector developments and company hires

ABS vet nabbed

Angelo, Gordon & Co has hired Sunil Kothari as md, responsible for originating and executing on residential and consumer debt investment opportunities across Europe. Kothari reports to TJ Durkin, co-head of structured credit at Angelo Gordon. Kothari most recently served as evp, pm at PIMCO Europe, where he was head of the European ABS and covered bond desks and led acquisitions of whole loan portfolios for fixed income and alternatives strategies.

Analytics launched

DBRS has launched new DBRS Viewpoint products for Europe, offering transparency into the agency’s credit analysis and rating process for European CMBS and RMBS collateral, including information powered by loan-level data from European DataWarehouse (EDW). The launch also includes the public release of its European RMBS Insight Asset Model, which allows users to estimate stress scenario default rates, loss given default and scenario loss rates of certain European residential mortgage loan portfolios in the UK, the Netherlands and Spain. Users are also able to compare their own portfolios with transactions in the EDW database from the relevant jurisdictions.

Euro bank joins repackaging platform

Deutsche Bank has joined Single Platform Investment Repackaging Entity’s (SPIRE), multi-dealer programme bringing the number of dealers on the platform to eleven, increasing choice for investors in the repackaging market. The SPIRE programme allows for repackaged notes arranged by the platform’s dealer-members, to be issued in standardised formats. Investors can gain exposure to the returns of a variety of underlying collateral assets and customisable payoffs. The platform aims to bring transparency liquidity and simplicity to the market for repackaged securities. To date, in excess of €2.6bn-equivalent has been issued to major UK, European and Asian institutional investors since the programme was launched in May 2017.

Europe sees start-of-year dip

AFME’s 1Q19 Securitisation Data Report shows that €32.4bn of securitised product was issued in Europe in the first quarter, a decline of 63.4% from 4Q18 and 44.7% from 1Q18. Of the amount issued, €16.5bn was placed (representing 50.9%), compared to the 39.9% of issuance placed in 4Q18 and the 55.1% of issuance in 1Q18. Outstanding volumes rose slightly to €1.2trn at end-1Q19, a decline of 3.8% quarter-on-quarter and an increase of 0.2% year-on-year. Meanwhile, European ABCP issuance totalled €158.5bn in 1Q19, a sharp increase of 62.4% quarter-on-quarter and a 132.3% increase year-on-year. Multi-seller conduits continue to dominate as the largest category of issuer in the ABCP market, particularly from France and Ireland.

Investment manager makes raft of promotions

Angel Oak Capital has made a series of promotions, with Clayton Triick and Colin McBurnette promoted to senior portfolio manager and Cheryl Pate promoted to portfolio manager. David Silvera has been appointed as the firm’s coo, Randy Chrisman as cmo and Lu Chang as chief risk and operations officer.