Market Moves

  • Supreme Court grants CFPB petition

    Sector developments and company hires

    Supreme Court grants CFPB petition
    The US Supreme Court has granted the CFPB’s Petition for a Writ of Certiorari in the case of ‘CFPB v. Community Financial Services Association of America’ and denied the cross-petition filed by Community Financial Services Association of America (CFSAA). The CFPB’s petition asked the court to overturn the 19 October 2022 ruling by the US .......

    Market Moves 3 March 2023

  • Direct lending platform unveiled

    Sector developments and company hires

    Direct lending platform unveiled
    Oaktree Capital Management has launched private credit-focused Oaktree Lending Partners (OLP) and its related vehicles. OLP is targeting US$10bn in equity commitments from institutional investors and will seek to originate senior secured loans of US$500m or more to private equity-owned US companies, typically with over US$100m in EBITDA.

    Oaktree believes this market is especially attractive .......

    Market Moves 28 February 2023

  • Cairo NPL disposal completed

    Sector developments and company hires

    Cairo NPL disposal completed
    doValue has completed Project Souq, the sale to Intrum of two non-performing loan portfolios of approximately €630m in aggregate GBV related to the Cairo 1 and Cairo 2 HAPS securitisation vehicles (SCI 8 June 2020).The transaction - which was structured, executed and completed by doValue Greece - allows the firm to accelerate its collection activity .......

    Market Moves 23 February 2023

  • FEAC promotes four in direct lending

    Sector developments and company hires

    FEAC promotes four in direct lending
    First Eagle Alternative Credit (FEAC) has promoted four members of its tradable credit and direct lending investment teams. Within the tradable credit team, Robert Hickey has been named deputy cio, reporting to FEAC cio James Fellows.

    Hickey joined the firm in 2004 and was formerly senior portfolio manager in the tradable credit team. .......

    Market Moves 22 February 2023

  • CS duo snapped up

    Sector developments and company hires

    CS duo snapped up
    Financial services firm Baird has expanded its fixed income offering with the addition of two ex-Credit Suisse professionals focusing on CLOs and securitised products. James Gray and Daniel Bates join the firm’s London office respectively as md, European fixed income sales and director, European fixed income trader.

    Gray was previously executive director, securitised products sales .......

    Market Moves 21 February 2023

  • Social housing RMBS debuts

    Sector developments and company hires

    Social housing RMBS debuts
    Caisse des Dépôts et Consignations (CDC) has completed a rare securitisation collateralised by social housing loans originated by its savings fund division. Dubbed FCT FE Durable 2023, the €1bn transaction is backed a portfolio of 1,890 performing loans extended to 206 French social and affordable housing providers (SAHPs).

    The largest, the top five and top .......

    Market Moves 17 February 2023

  • CLO portfolio management tie-up inked

    Sector developments and company hires

    CLO portfolio management tie-up inked
    S&P has partnered with LevPro to offer enhanced transparency and efficiency for CLO credit portfolio management in the US and Canada. Under the agreement, S&P Global Market Intelligence will combine LevPro’s SaaS-based trade order management systems (OMSs) with existing WSO loan administration capabilities to support customers in the CLO market.

    The LevPro platform provides .......

    Market Moves 16 February 2023

  • Homogeneity RTS released for STS synthetics

    Sector developments and company hires

    Homogeneity RTS released for STS synthetics
    The EBA has published its final draft regulatory technical standards (RTS) setting out the conditions for the assessment of the homogeneity of underlying exposures in STS on-balance sheet securitisation pools. At the same time, the authority has extended the existing work on the RTS on homogeneity for both ABCP and non-ABCP securitisations to ensure .......

    Market Moves 14 February 2023

  • MK&C acquisition prompts CS carveout

    Sector developments and company hires

    MK&C acquisition prompts CS carveout
    Credit Suisse has progressed the carveout of CS First Boston as a distinct capital markets and advisory-led business (SCI 28 October 2022) through the acquisition of The Klein Group (MK&C), for a purchase price of US$175m. The seller will receive equity in CS First Boston in the form of a convertible note, while Michael .......

    Market Moves 10 February 2023

  • SPG spin-out rebranded as ATLAS

    Sector developments and company hires

    SPG spin-out rebranded as ATLAS
    Apollo and Credit Suisse have completed a substantial first close of their previously announced transaction, under which affiliates of the former purchased a significant portion of the latter’s securitised products group (SCI 28 October 2022). A majority of the assets and professionals associated with the transaction are now part of or managed by the .......

    Market Moves 9 February 2023

  • Green auto ABS debuts

    Sector developments and company hires

    Green auto ABS debuts
    Toyota Financial Services Italy is in the market with Koromo Italy, an Italian STS auto ABS backed by a €412.4m portfolio fully comprising new hybrid, plug-in and electric vehicles (SCI ABS Markets Deal Alert - 7 February). The pool consists of 22,344 auto finance contracts extended to 22,298 borrowers, with a weighted average seasoning of .......

    Market Moves 8 February 2023

  • Survey shows rise in ESG disclosure, investing activity

    Sector developments and company hires

    Survey shows rise in ESG disclosure, investing activity
    ESG disclosure and investing activity within structured finance grew by 15% over the last two years, according to the SFA’s 2nd Biennial ESG Market Sentiment Survey: Securitisation Issuer and Investor Perspective. The findings suggest that issuer disclosure is growing thoughtfully, with 40% of respondents reporting that they provide some ESG disclosure and .......

    Market Moves 7 February 2023

  • Alternatives combination agreed

    Sector developments and company hires

    Alternatives combination agreed
    FS Investments and Portfolio Advisors have entered into a definitive agreement to combine their firms. The move is set to see a joint growth in excess of their combined US$73bn in assets under management and a significant expansion to their resources - including a permanent capital base and a new distribution platform. As a combined company, the .......

    Market Moves 6 February 2023

  • Electronic loan trade completed

    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 .......

    Market Moves 2 February 2023

  • Life ILS partnership inked

    Sector developments and company hires

    Life ILS partnership inked
    Twelve Capital has joined forces with Farsight Partners in a bid to boost their provision of life ILS opportunities. The two firms believe that ILS can offer capital and risk capacity to the life insurance industry – ultimately promoting the growth and efficiency of the industry. The new strategic partnership will allow the pair to combine .......

    Market Moves 30 January 2023

  • ABS conflicts of interest eyed

    Sector developments and company hires

    ABS conflicts of interest eyed
    The US SEC has proposed a rule intended to address conflicts of interests in the securitisation market. Specifically, the rule would prohibit securitisation participants from engaging in certain transactions that could incentivise a securitisation participant to structure an ABS in a way that would put the securitisation participant's interests ahead of those of ABS investors. .......

    Market Moves 26 January 2023

  • Panagram CLO ETF debuts

    Sector developments and company hires

    Panagram CLO ETF debuts
    Panagram Structured Asset Management has launched its first ETF - the Panagram BBB-B CLO ETF (CLOZ). The portfolio will primarily comprise triple-B and double-B rated CLO bonds and is expected to pay a monthly dividend.

    The firm says its goal is to provide investors with a liquid alternative to traditional fixed income, with attractive structural .......

    Market Moves 25 January 2023

  • ECON votes on output floor

    Sector developments and company hires

    ECON votes on output floor
    The European Parliament's Committee on Economic and Monetary Affairs (ECON) has voted to apply the capital requirements output floor at the consolidated EU level under CRR3, in order to engender comparable risk weights and avoid variations in capital levels. Additionally, the Committee has agreed transitional adjustments for low-risk exposures secured by residential mortgages to mitigate .......

    Market Moves 24 January 2023

  • Alternative credit acquisitions hit record AUM

    Sector developments and company hires

    Alternative credit acquisitions hit record AUM
    The AUM of acquired alternative credit managers hit a record US$326bn across 37 transactions in 2022, according to Gapstow Capital Partners figures, with acquisitions of private lending firms accounting for nearly half of this activity (15 acquisitions at US$161bn in target AUM). In comparison, the tally for the prior two years was US$140bn in .......

    Market Moves 23 January 2023

  • Chenavari bolsters continental footprint

    Sector developments and company hires

    Chenavari bolsters continental footprint

    The Chenavari Group has established a French subsidiary – Chenavari Asset Management .......

    Market Moves 17 January 2023

  • Call for additional index granularity

    Sector developments and company hires

    Call for additional index granularity
    SFA has submitted a letter to Fannie Mae and Freddie Mac in response to their Social Index (SCI 19 October 2022) that strongly advocates for additional transparency and granularity in how existing social metrics are reported to investors beyond the index. While the association commends the GSEs for their efforts to improve ESG data .......

    Market Moves 13 January 2023

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