Market Moves

  • ESG activation consortium launched

    Sector developments and company hires

    ESG activation consortium launched
    Dexai-Etica Artificiale, Establecimiento Financiero de Crédito, European DataWarehouse (EDW), Hypoport, Unión de Créditos Inmobiliarios, Università Ca’ Foscari Venezia and Woonnu have launched the ‘Engage for ESG Activation Investments’ (ENGAGE) project, which .......

    Market Moves 17 November 2022

  • Conflict of interest charge settled

    Sector developments and company hires

    Conflict of interest charge settled

     

    The US SEC has charged .......

    Market Moves 15 November 2022

  • Liquidity event shows ABS 'did its job'

    Sector developments and company hires

    Liquidity event shows ABS ‘did its job’

     

    The volume of European ABS and CLO bonds listed on BWICs between the UK government’s ‘mini-budget’ announcement .......

    Market Moves 14 November 2022

  • Alternatives ESG disclosure template launched

    Sector developments and company hires

    Alternatives ESG disclosure template launched

     

    A group of leading alternative asset managers and industry bodies in the private and broadly .......

    Market Moves 10 November 2022

  • Irish, UK NPE disposals inked

    Sector developments and company hires

    Irish, UK NPE disposals inked

     

    The Bank of Ireland has reached agreements to dispose of portfolios of Irish and UK non-performing exposures, through two .......

    Market Moves 9 November 2022

  • Policymakers urged to address securitisation 'strategic loss'

    Sector developments and company hires

    Policymakers urged to address securitisation ‘strategic loss’ 
    A group of nine organisations representing key participants in the European securitisation market have written a public letter to EU policymakers, calling on them to take urgent targeted measures to ensure that securitisation can support the European economy during a testing period marked by macroeconomic uncertainty. The letter highlights how securitisation volumes in .......

    Market Moves 7 November 2022

  • Call for Och 'feud' to end

    Sector developments and company hires

    Call for Och ‘feud’ to end
    Sculptor Capital Management’s independent board members and Jimmy Levin, the firm’s current cio and ceo, have issued statements in response to a recent court filing related to a dispute brought by former chairman and ceo Daniel Och. The filing mentions a “personal issue” from Levin’s past, which was thoroughly reviewed at the time and .......

    Market Moves 3 November 2022

  • Euro CLO footprint established

    Sector developments and company hires

    Euro CLO footprint established

     

    Cross Ocean Partners has completed Bosphorus .......

    Market Moves 2 November 2022

  • Chinese CMBS 'structural deficiencies' eyed

    Sector developments and company hires

    Chinese CMBS ‘structural deficiencies’ eyed
    The recent near-default of a Chinese CMBS issued by Yango Group - together with the two previous defaults of PKU TechPark and Hongbo Exhibition Center - expose several structural deficiencies in Chinese CMBS transactions, according to Fitch. Such deficiencies include low DSCR and collateral quality - due to weak underlying cashflow - limited protection through .......

    Market Moves 31 October 2022

  • Apollo, PIMCO set to acquire Credit Suisse SPG

    Sector developments and company hires

    Apollo, PIMCO set to acquire Credit Suisse SPG
    Credit Suisse has unveiled its new strategy and transformation plan, following a strategic review of the bank’s businesses (SCI 28 July). The bank says it is taking “extensive measures” to deliver a more integrated business model, with the goal of creating value for shareholders.

    Over the next three years, Credit .......

    Market Moves 28 October 2022

  • Irish reperforming RMBS stress tested

    Sector developments and company hires

    Irish reperforming RMBS stress tested
    S&P has conducted a scenario analysis of seven of the Irish reperforming RMBS it rates, to investigate the impact of the rising cost of living, since legacy mortgage loans are particularly vulnerable to rate increases as the borrowers in these transactions predominantly (94%) pay variable interest rates. The combination of an expected increase in debt .......

    Market Moves 26 October 2022

  • CMBS hedging agreements eyed

    Sector developments and company hires

    CMBS hedging agreements eyed
    DBRS Morningstar has raised concerns that the current DSCRs of three European CMBS it rates - Sage AR Funding No 1, Sage AR Funding 2021 and Taurus 2021-4UK - will be insufficient to enable the borrowers to use excess cash to purchase new interest rate cap agreements, without cash injections from the sponsors, as the respective .......

    Market Moves 25 October 2022

  • NPL guidelines released

    Sector developments and company hires

    NPL guidelines released
    The European Commission last week published voluntary guidelines on best execution processes for non-performing loan sales in the secondary market. The guidelines define practices across the seven stages of an NPL transaction – from portfolio selection through to post-closing obligations – and cover unsecured and secured portfolios. Debitos notes that the objective is to accelerate the development and .......

    Market Moves 24 October 2022

  • GSE social disclosures readied

    Sector developments and company hires

    GSE social disclosures readied

    Fannie Mae and Freddie Mac are set to begin publishing pool-level Social Index disclosures for their single-family MBS. The move follows the release of Fannie’s proposed methodology for single-family social disclosure that aims to provide investors with insights into socially-oriented lending activities (SCI 18 August).

    The attributes are at-issuance measures and will not be updated .......

    Market Moves 19 October 2022

  • Aviation ABS industry eyes AerCap suit

    Sector developments and company hires

    Aviation ABS industry eyes AerCap suit

    The outcome of AerCap’s filing with the High Court in London could serve as a blueprint for other aircraft lessors with lease exposure in Russia. KBRA notes that in its discussions with the 14 lessors that act as servicers on the 30 aviation ABS it rates with exposure to Russian carriers, all have indicated .......

    Market Moves 17 October 2022

  • UK CRE CLO programme prepped

    Sector developments and company hires

    Aeon Investments has closed its first commercial real estate CLO warehouse in the UK, backed by three strategic loan agreements totalling £900m, as it continues to grow its private credit business. Loans will be funded through Aeon's balance sheet and a three-year revolving senior warehouse facility provided by Credit Suisse. Aeon expects to issue three CRE CLOs in Europe over .......

    Market Moves 12 October 2022

  • 'Too early to tell' for Sec Reg

    Sector developments and company hires

    ‘Too early to tell’ for Sec Reg

    The European Commission has released its report on the functioning of the Securitisation Regulation, as mandated under Article 46 of the Securitisation Regulation. The headline takeaway is that since the regulation only came into force in 2019, the Commission believes it is too early to tell whether the regulation is working and so no meaningful .......

    Market Moves 11 October 2022

  • Syco Entertainment lands US$125m deal

    Sector developments and company hires

    A landmark US$125m securitisation of intellectual property has been completed by the Simon Cowell-founded company, Syco Entertainment. The intellectual property is the Got Talent Franchise, including the America’s Got Talent and Britain’s Got Talent formats commissioned in 72 territories across the globe. The complex transaction marks the first instance of leveraging royalty income streams for the securitisation of the intellectual .......

    Market Moves 7 October 2022

  • Leibniz Institute and European DataWarehouse win grant

    Sector developments and company hires

    The German Federal Ministry for Education and Research has awarded a grant to the Leibniz Institute for Financial Research SAFE and the European Datawarehouse (EDW). The grant has been awarded under the ministry’s Climate Protection and Finance (KlimFi) funding initiative to undertake a three-year project to promote the green auto ABS market. The project, named ‘Green Auto Securitisation’ (GAS), .......

    Market Moves 4 October 2022

  • M&G finances tech rental firm Grover via ABS deal

    Sector developments and company hires

    M&G has announced entry into a funding deal with the consumer-tech subscription platform, Grover. Proceeds from the €270m ABS transaction will be used to grow Grover’s product inventory and expand its presence across European markets. Subscribers to Grover’s platform receive access to over 5,000 tech appliances, which are available to rent on a flexible monthly basis. Grover’s services have seen .......

    Market Moves 30 September 2022

  • BlackRock preps CLO ETF

    Sector developments and company hires

    BlackRock preps CLO ETF

    In a recent filing with the US SEC, BlackRock has disclosed that it is prepping a CLO ETF, dubbed BlackRock AAA CLO ETF. The fund seeks to provide capital preservation and current income by investing in a portfolio of predominantly US dollar-denominated triple-A rated CLO securities.

    Under normal circumstances, BlackRock AAA CLO ETF will invest at least .......

    Market Moves 27 September 2022

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