Sector developments and company hires

BWIC template released

Real estate standards organisation MISMO has released a BWIC standard template aimed at facilitating the bidding process for MBS between mortgage originators and dealers. The standard has achieved ‘candidate recommendation’ status, meaning that it has been thoroughly reviewed by industry participants and is available for use across the industry.

Mortgage originators are increasingly distributing BWICs to securities dealers. However, the information transmitted to dealers is not currently standardised. As a result, dealers are struggling to keep up with the increased volume of BWICs - which can lead to delays, lower pricing and lower rates of participation in the BWIC process.

The creation of MISMO’s data standard is expected to facilitate increased accuracy, liquidity and rapid pricing by dealers for BWIC lists.

In other news…..

EMEA

Gaetano Anselmi has joined BPER Banca as senior manager, DCM. He was previously a senior risk manager and co-head of NPL disposals at Banca Carige, managing the bank’s NPL securitisation activity.

North America

Fannie Mae has announced (December 5) a tender offer for 14 M1 and M2 tranches issued between 2014 and 2018. The aggregate original principal balance was $4.8bn. Bank of America is the designated lead dealer manager with Wells Fargo as dealer manager. The tender offer expires at 5pm New York City time on Friday 9 December. Offers vary from $1,080 per $1,000 at the generous end of the scale to $1,013 at the other end.

Wilmington Trust has appointed five new team members to its CLO division, marking a total of 22 new hires for the department in 2022. Ann Cung, Jeremy Edmiston, Jack Lindsay, Ana Perkovic, and Wolf Thiele will join the growing team and report directly to CLO product division leader, Richard Britt. Cung will join as CLO transaction manager and maintain responsibility for reviewing, analysing, and negotiating transactions and governing documents, and joins from BNY Mellon where she managed prominent investment bank relationships alongside internal and external counsel. Edmiston, Lindsay, Perkovic, and Thiele will join as relationship managers and will be responsible for the transaction lifecycle including client onboarding, account set-up, documentation review, KYC liaison, as well as monthly and quarterly compliance and day-to-day client support. Edmiston, Lindsay, and Perkovic all join Wilmington Trust’s CLO and loan division from US Bank, while Thiele joins the team from Deutsche Bank where he served as an SCS specialist.

Portfolio optimisation tool launched

Allvue Systems has formed a partnership with Exos Financial to bring the Allvue Exos Portfolio Optimizer solution to market. The Optimizer solution allows front-office users to evaluate their loan portfolios to determine the most beneficial trades and boost performance, with CLO portfolios as an initial focus.

The technology aims to help identify ideal investment opportunities and execute trade management, including full pre-trade and post-trade compliance via a seamless workflow. Exos’ deep understanding of data science supplemented by Allvue’s extensive data sources across the investment lifecycle will provide Allvue’s clients with informed insights to manage their investments efficiently and cost-effectively.

Exos will support Allvue’s clients with its algorithm-based methodology to identify ideal trades, automating an otherwise manual and iterative process to determine loans that will improve the portfolio composition while staying within all compliance and risk profiles determined by indentures, proprietary credit scores and risk tolerance.