Sector developments and company hires

Residual value buffer provided
Volkswagen Financial Services UK will calculate a collateral residual value buffer to be made available to its UK auto ABS issuers in respect of the monthly period in which a payment holiday with a term extension is granted for a purchased receivable. The collateral RV buffer will be £300 for each purchased receivable in respect of which a payment holiday with term extension has been agreed. The move aims to mitigate residual value risk to the issuer as a result of VW FS UK not reducing the guaranteed minimum future value and balloon payment to take into account extensions to the term of a purchased receivable.

In other news...

North America
Greenberg Traurig has recruited Jon Robins as a shareholder in its Philadelphia real estate practice. Robins handles complex finance, equity investment and real estate activities. He joins Greenberg Traurig following a 16-year tenure at Klehr Harrison Harvey Branzburg, having previously practiced law at Dechert for eight years.

ISDA has appointed two new directors to its board: Tina Hasenpusch, md, global head of clearing house operations at CME Group; and Taihei Okabe, md, head of derivatives trading at Mizuho Securities. Okabe replaces Yutaka Amagi, md and head of global markets planning division at MUFG Bank. The election of other primary member board directors and the appointment of subscriber and associate directors will take place at the association’s AGM in November.

PACENation has elected 22 new directors to its board, with backgrounds in public policy, programme administration, community resilience and clean energy finance. A number of the appointees are involved in the securitisation market, including: Peter Grabell, svp of commercial PACE at Dividend Finance; Lain Gutierrez, ceo of CleanFund Commercial PACE Capital; Mike Lemyre, svp at Ygrene Energy Fund; Stephanie Mah, vp of ABS at DBRS Morningstar; Jim Reinhart, ceo of Ygrene Energy Fund; Shawn Stone, ceo at Renovate America; and Olivia White, vp at Renew Financial.