Sector developments and company hires

CMBS analytics platform
Thetica Systems has launched a web platform for CMBS pricing and analytics tools, which can be used to quickly analyse bid lists, gather market colour and perform deep analysis. Clients control the requirements for access to inputs and calculations.

EMEA
PGGM recently promoted Youssef Sfaif to the position of director, credit and insurance linked investments. The role involves responsibility for origination, structuring and the execution of ILS investments. Sfaif joined PGGM in 2017 as an investment manager and was promoted to associate director in 2018.

Holden withdrawal ‘credit negative’
General Motors’ withdrawal from the Australian and New Zealand vehicle market by June 2020, along with the eventual retirement of its Australian car brand Holden is credit negative for Australian auto ABS, Moody's suggests. The removal of support for the Holden brand will reduce these vehicles' resale values, while borrowers with residual value loans or leases will be more likely to return the car at the end of the loan term rather than pay for it. In terms of Moody's-rated ABS, the highest exposure to Holden vehicles are 23.5% and 16% in two seasoned deals, with no exposure to residual value. The remainder of the exposures are approximately 10% or below, with some of these deals containing residual value and balloon payments.

Share acquisition
SVS Opportunity Fund has acquired 16.61% of the outstanding share capital in VPC Specialty Lending Investments from a major shareholder in the company. SVS is a newly formed investment vehicle managed by Victory Park Capital Advisors and backed by a large US insurance company, alongside the manager and certain of its principals. Pro forma for the contribution of existing shares owned by the manager and its principals, SVS now owns 18.12% of the company.