Sector developments and company hires

KBRA has completed a surveillance review of Lloyds’ synthetic RMBS Syon Securities 2020-2. The agency subsequently upgraded the class A and B notes by a notch to single-A minus and double-B plus respectively, in light of the fully ramped-up portfolio’s characteristics and the generally stable collateral performance. Syon 2020-2 is the third SRT transaction issued by Bank of Scotland referencing residential mortgages on properties located in the UK.

In other news…

EMEA

Amundi has announced several senior international appointments across its European bank loans division. The European asset manager has promoted senior portfolio manager, Desmond English, to head of European bank loans, where he will report to head of private debt, Thierry Vallière. English, who brings over 24 years of industry experience to the role, will be responsible for managing the firm’s European public leveraged loans exposure for both regional and global loan funds, as well as segregated managed accounts. Additionally, Amundi has promoted Brian Farrell as deputy head of European bank loans based in Dublin, and in Paris, Thierry de Vergnes who will operate as md of European bank loans.

Arrow Global are set to launch a new corporate restructuring business based in Portugal in January 2022. The new firm will be dedicated to the increasing market opportunity in Portugal, and follow the same business model as used by Arrow for its Europa Investimenti business in Milan. Paulo Barradas will join the new business as ceo, who is presently chief transaction officer at Norfin. Additionally, Pedro Ruas has been hired as senior advisor, who will bring over 25-years of experience to the role from companies including David Kempner, KKR, Anacap and Carval. They will be supported by André David Nunes, Arrow’s head of origination in Portugal, and ceo Arrow Portugal and WhiteStar, João Bugalho. The new subsidiary aims to broaden the European asset management and investment firm’s European business by originating, underwriting, and servicing single name restructuring cases – including NPL and UTP.

Kensington Mortgages has announced new long-term, fixed rate mortgages in partnership with Rothesay. The ‘Flexi Fixed for Term’ mortgages will allow borrowers to fix the interest rate paid on their mortgages between 11 and 40 years, without changes to their monthly payments within the term. The ‘Flexi Fixed for Term’ is designed to allow renters and younger buyers onto the housing ladder and is completely transferrable to a new property - with no repayment charges, or changes to rates and fixed monthly payments. Rates will start from 2.38% for a 15-year term and 2.9% for a 30-year term at 60% LTV, and at 95% LTV will start from 3.71% for a 25-year term and 3.77% for a 30-year term. The joint product will be wholly funded by the UK’s largest specialist pensions insurer, Rothesay, and will be available from 23 November.

North America

A total of US$3.134bn, or 83.69% of original principal, was ultimately tendered for the seven Connecticut Avenue Securities (CAS) notes involved in Fannie Mae’s debut tender offer (SCI 15 November). Settlement of the notes tendered and accepted for purchase was due to occur on 23 November, while those using the Notice of Guaranteed Delivery were expected to be purchased yesterday, 24 November.