Sector developments and company hires

CLO firm makes md appointment

MidOcean Partners has hired Natalya Michaels as md, focusing on marketing, investor relations and business development across both the private equity and credit businesses as MidOcean looks to grow the firm and expand its investor relationships. Michaels joins MidOcean with over two decades of industry experience and, most recently, she was an md at Artisan Partners, where she served as the head of business development for the thematic equity team. 

STS synthetics paper published

The EBA has launched a two-month public consultation and published a discussion paper on its proposals for a simple, transparent and standardised (STS) framework for synthetic securitisation. (SCI 20 September 2019) This work on synthetic securitisation unveils new data and insights into post-crisis market developments and trends, including data on historical default and loss performance. It also proposes a list of criteria to be considered when labelling the synthetic securitisation as ‘STS'. While the discussion paper does not provide any recommendations on any potential differentiated regulatory treatment, it does seek stakeholders' input about the possibility, its potential impact and other considerations.

The consultation runs until 25 November 2019 and a public hearing will take place at the EBA premises on 9 October 2019 from 2pm to 4pm.

US CLO business sees leadership change

Man GLG’s US CLO business is set to see a change of leadership with Richard Kurth, co-head leveraged credit and Steven Kalin, co-head leveraged credit, stepping down from their positions. They are due to be replaced by current project managers, Joshua Cringle and Jonathan Newman, who will assume the roles in the next 30 days barring any shareholder objections.

Warehouse provided

National Australia Bank has agreed to provide a A$57m securitisation warehouse funding facility to personal lender Symple Loans. The facility has the potential to scale to A$250m as the new lender aims to boost its lending book.