Sector developments and company hires

Leasing ABS inked
The EIB and the EIF have provided Alba Leasing with €490m via an SME securitisation financing operation. Alba Leasing has undertaken to double this, increasing the total amount available to €980m for projects across all economic sectors, with a particular focus on environmental investments (for which 20% of the resources have been reserved).

The EIB Group has subscribed to senior and mezzanine securities issued by the securitisation. Around 10% of the operation (€50m) will be covered by the Investment Plan for Europe guarantee.

The final amount available will enable up to 100% of new investments and projects to be financed, with a maximum of €12.5m for each leasing operation. Projects may include the purchase of plant, equipment, motor vehicles, machinery, existing or new buildings, cars and other vehicles for professional purposes. 8,000 Italian businesses are expected to benefit from these new resources.

In other news…

Green ABCP issuance debuts
Crédit Agricole has placed the first green issuance of LMA, its European ABCP programme, for an amount of €25m. The issuance is believed to be the first ABCP refinancing of trade receivables contributing to the energy and environmental transition; in particular, to the renewable energy, energy efficiency, clean mobility and waste and water management sectors.

The placement is the first in a series of ‘green’ issuances planned by LMA and follows issuances via the bank’s US programmes, which were backed by financing for electric vehicles. The underlying assets comply with the eligibility criteria defined in Crédit Agricole Group's Green Bond Framework, which benefits from a second opinion from Vigéo Eiris, and with its corporate social responsibility policy.

North America
Oliver Wriedt has added managing partner at HighKey Capital in New York to his roster of responsibilities, having last month been named a strategic advisor to SCIO Capital (SCI 17 September). He was previously ceo of DFG Investment Advisers and, before that, co-ceo of CIFC Asset Management.

Agnel Sugumar has joined Investcorp as a director, structured credit and capital markets, based in New York. He was previously a director in LibreMax Capital’s structured credit and tactical opportunities team, prior to which he was a senior associate at JC Flowers & Co.

SFR acquisition
Pretium and a group of its investors and funds managed by the real estate equity and alternative credit strategies of Ares Management Corporation have formed a strategic partnership to acquire Front Yard Residential Corporation, a provider of single-family rental (SFR) housing. The all-cash transaction values Front Yard at US$2.4bn and demonstrates investors' increasing demand for SFR assets, as well as the investment opportunities available to operators - such as Pretium and its Progress Residential platform - that possess the requisite scale to drive margins. Pretium led the transaction and will manage the venture following closing. Upon completion of the transaction, which is expected in 1Q21, Pretium will become the second-largest owner and operator of SFR properties in the US, with a portfolio of more than 55,000 cash-flowing single-family rentals.