Sector developments and company hires

CMBS repeat loan volume declines
The percentage of US CMBS repeat loans dropped to 17.7% in 2019 and to 13.9% in 1H20, down by 21.4% year-over-year, according to DBRS Morningstar figures. Nevertheless, the volume of CMBS loans refinanced into CRE CLOs has remained strong, with over two billion loans exiting through such vehicles.

Based on an analysis of CMBS issuance, DBRS Morningstar identified a sample of more than 14,800 repeat loans that have been securitised in multiple CMBS transactions. These loans had an aggregate balance of US$292.1bn in their initial issuances and a total resecuritised balance of US$387.3bn (an increase of 32.6%) on the most recent CMBS financing.

ORIX renames CLO manager
ORIX Advisers has rebranded the Mariner Leveraged Credit Team as Signal Peak Capital Management (SPCM), following the sale of Mariner Investment Group (SCI 9 June). Co-led by David Martin and Erik Gunnerson, the SPCM team has over 10 years’ experience in investing in portfolios of leveraged loans and structured products, and currently manages eight active CLO vehicles and certain other client accounts. Utilising rigorous fundamental credit analysis and detailed capital structure and proprietary relative value modelling, the portfolio management team seeks to identify debt positions with superior credit quality.