Sector developments and company hires

Piraeus taps HAPS
Piraeus Bank has filed an application for inclusion of its Phoenix non-performing loan securitisation under the Hercules Asset Protection Scheme (HAPS). The total gross book value of the portfolio is €1.9bn, the majority of which relates to mortgage loans, and the application is in connection with a Greek state guarantee on senior notes with a total gross value up to €1bn. The bank notes that an application for inclusion of the Vega NPL ABS, sized at up to €5bn, will follow “in the forthcoming period”.

In other news…

Climate risk data inclusion
Moody's is now including climate risk data and analytics from its majority-owned affiliate Four Twenty Seven in its research on and ratings process for US CMBS and CRE CLOs. While Four Twenty Seven climate risk scores inform Moody's ratings, they are not a direct input into its rating models. The agency notes that as extreme weather events and conditions become more frequent and severe, anticipation of these hazards will be increasingly reflected in insurance costs and eventually also capital expenditures and commercial property valuations. Climate change could also raise utility costs, due to factors such as higher demand for energy or a lack of water.

EMEA
Channel Capital Advisors has recruited Mike Watson as a member of its risk advisory council and chair of its asset resolution and recovery committee, reporting to Walter Gontarek, Channel ceo and chair. The role involves advising the firm’s London and Amsterdam teams with respect to emerging risk profiles, risk appetite and risk culture. Watson has extensive experience in working capital financings globally, including senior risk management and business leadership roles at Bibby Factors, Cattles Invoice Finance, Arbuthnot Commercial Finance and Barclays Bank.

North America
WhiteHorse Capital has named Jason Hicks principal, based in its New York office. He will be responsible for originating and executing middle market debt financings for private equity sponsored transactions. Previously, Hicks was an md at MC Credit Partners, where he spent seven years as an origination and execution professional for sponsored and non-sponsored transactions. He has also worked at a private equity fund and at Citi.