Sector developments and company hires

Dutch BTL aggregator deal prepped
Citi is in the market with a new Dutch buy-to-let RMBS. Dubbed Jubilee Place 2020-1, the transaction is backed by a €212.9m portfolio comprising 669 loans originated by Dutch Mortgage Services, DNL 1 and Community Hypotheken.

These three platforms focus on the non-consumer segment of the BTL market – in other words, professional landlords – according to Rabobank credit analysts. They note that the platforms follow the originate-to-distribute model, with the loans sold to warehouses funded by Citi. To mitigate potential misalignment of interests, Fortrum acts as a third-party underwriting auditor on the transaction.

The entire capital stack is expected to be sold, ranging from triple-A rated senior notes through to the unrated R tranche. The bottom class X and R notes are, however, preplaced.

GSO name-change
GSO Capital Partners has changed its name to Blackstone Credit. When Blackstone first acquired GSO in 2008, the group had US$9.6bn in AUM and fewer than 150 employees. Since then, it has become one of the world’s largest credit-oriented asset managers, with US$135bn in AUM and a team of over 350.