Sector developments and company hires

Aussie auto debut prepped

The first public term securitisation backed by collateral originated by Mercedes-Benz Financial Services Australia is marketing. The A$580m transaction is to be issued by Perpetual Corporate Trust as trustee of Silver Arrow Australia 2019-1 and is backed by a pool of commercial and consumer loan contracts backed by new and used motor vehicles, trucks and buses.  Fitch and S&P have provisionally rated the A$512.70m class A notes as triple-A/triple-A.

Broader investment

TFG Asset Management is broadening its structured credit investing business under Tetragon Credit Partners. The business has evolved from a historic focus on primary CLO control equity to a broader series of offerings across the CLO capital structure. Tetragon invests in both externally-managed CLOs and in CLOs managed by TFG Asset Management's LCM business. The firm has invested over US$2.4bn in CLO equity, across 105 CLOs managed by 32 managers since inception.