Sector developments and company hires

Egyptian securitisation debuts
Egyptian real estate developer Madinet Nasr Housing and Development (MNHD) has closed its inaugural securitisation, issued by Financial Group for Securitization Company (FGS). The transaction is backed by an EGP370m receivables portfolio originated as part of the company's plan to monetise receivables from delivered units in the Primera, Tag Sultan and Waha projects. The three tranches of the deal - totalling EGP305m – received ratings of double-A plus, double-A and single-A by Middle East Rating & Investors Service (MERIS). EFG-Hermes Promotion & Underwriting and Commercial International Bank (CIB) acted as structuring advisors, lead managers and arrangers, with the issuance underwritten by EFG-Hermes, CIB and National Bank of Egypt. MNHD plans to tap the market again when the Taj City and SARAI projects are delivered in 2020.

EMEA
Emma-Jane Fulcher has founded a new firm that aims to provide a range of services, from providing specialist opinion on individual matters through to full co-ordination with execution and servicing of a transaction. Called Grovewood Capital Consultancy, the London-based firm covers all structured finance and corporate sectors. Fulcher was previously cro and head of structured finance at ARC Ratings.

North America
DBRS Morningstar has announced leadership appointments in its US structured finance business, reporting to Claire Mezzanotte, who heads the agency’s global structured finance group. Chris D’Onofrio has been named head of the US ABS group and Jerry van Koolbergen head of the US structured credit group, effective on 1 January 2020. Both served in similar positions at DBRS, prior to Morningstar’s acquisition of DBRS, and are mds.

Michael Gutierrez has been appointed as an advisory board member at 1st Service Solutions, providing strategic guidance to the company and helping source new clientele and revenue streams. He was md/head of operational risk assessments at Morningstar Credit Ratings until November 2017 and, before that, worked at S&P.

SRT downgrade
Scope has downgraded the tranche E rating of Santander’s Renew Project Finance CLO 2017-1 significant risk transfer transaction from double-B to double-B minus, after two credit events affecting two social infrastructure projects resulted in unfavourable restructuring due to the impact of termination payments under defaulted interest rate swaps. The downgrade reflects the impact of losses and the resulting thinner credit enhancement of 5.2% (down from 5.3% at closing). Scope has affirmed the ratings of tranches A through D.