Sector developments and company hires

Electronic loan trade completed
Octaura has completed its first entirely electronic syndicated loan trade. The news comes after the official launch of Octaura Holdings last year, which was founded with the intention to improve efficiency, liquidity and transparency in the CLO and syndicated loan trading processes (SCI 14 June 2022).

At present, the US$1.5trn syndicated loan market functions predominantly on a manual basis, which Octaura aims to help modernise via its digital trading platform for syndicated loans. Users of the platform seek to benefit from a boost in the efficiency of its automation of old methods, which many participants believe could play a fundamental role in the future growth of the overall leveraged finance markets.

Backed by eight leading global financial institutions, Octaura has thus far successfully completed several trades with 10 different buy-side investors – including funds advised by T. Rowe Price Associates, Invesco, Lord, Abbett and Co, Investcorp Credit Management and Steele Creeke. Octaura plans to launch a beta version of the platform for use in loan trading sessions prior to the platform’s official launch.

In other news…

ABS CDOs transferred
Dock Street Capital Management has assumed collateral management of ACA ABS 2006-1 and ACA ABS 2007-3 from Solidus Capital, which in turn succeeded ACA Management as collateral manager for the ABS CDOs. Moody’s has confirmed that the appointment won’t impact any ratings on the notes issued by the transaction.

EMEA
Audrey Ambre Vire has started a new position at Aegon Asset Management as ABS/CLO junior portfolio manager. She was previously a junior portfolio manager at AXA Investment Managers and worked at Amundi, BNP Paribas and Banque de France before that.

Amundi has appointed Amadou Loum portfolio manager, securitised assets, based in Paris. He was previously head of ABS credit research at the firm, based in London. Before joining Amundi, Loum worked at Fitch, AXA Investment Managers, Societe Generale and Exane.

Global
Swiss Re is streamlining its organisational structure with the aim of improving efficiency and client experience. Effective from 3 April, subject to regulatory approvals, the current reinsurance business unit will be split into P&C Re and L&H Re - with each having full authority over the respective underwriting and claims management processes.

Urs Baertschi, currently ceo reinsurance EMEA, will lead P&C Re, while Paul Murray, currently ceo reinsurance Asia Pacific, will lead L&H Re. Moses Ojeisekhoba, currently ceo reinsurance, will assume leadership of the global clients and solutions business unit. Corporate solutions will continue as a business unit under the leadership of Andreas Berger.

Meanwhile, the responsibilities of the group chief underwriting officer (cuo) will be reallocated, most importantly to the cuos of P&C Re and L&H Re, as well as to group risk management. The tasks of the regional presidents will be reallocated as the roles will no longer exist in the new set-up.

Minerva 3 inked
BNL BNP Paribas and the EIB Group have closed a synthetic securitisation referencing a portfolio of the bank’s performing loans. Under the transaction, dubbed Minerva 3, the EIF has provided security for a €86.8m mezzanine tranche - with an EIB counter-guarantee - which will enable BNL to provide new low-interest loans up to a ceiling of €434m. The bank has committed to dedicate at least 20% of the total ceiling to investments by Italian small businesses designed to promote green energy production, reduce CO₂ emissions and improve energy efficiency. This funding aims to help support Italian small businesses as they seek to relaunch investment and meet post-pandemic working capital requirements against an uncertain macroeconomic backdrop.