Market Moves

  • 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

  • Early redemption for Spanish synthetic

    Sector developments and company hires

    Early redemption for Spanish synthetic

    Clifford Chance has advised Santander Consumer Finance regarding the early redemption of bonds issued by Santander Consumer Spain Synthetic Auto 2018-1 and the settlement process. This transaction included obtaining consent from various institutional investors and represents the first early redemption of a synthetic securitisation fund in Spain.

    The Clifford Chance team was led by global financial markets .......

    Market Moves 23 September 2022

  • Performance triggers finalised

    Sector developments and company hires

    Performance triggers finalised

    The EBA has published its final draft regulatory technical standards (RTS) specifying the minimum performance-related triggers for STS synthetic securitisations that feature non-sequential amortisation. With the purpose of standardisation, the amended Securitisation Regulation sets out that sequential amortisation shall be applied to all tranches of STS on-balance sheet securitisations.

    However, as a derogation, STS on-balance sheet securitisation .......

    Market Moves 21 September 2022

  • Dignity Finance restructuring mooted

    Sector developments and company hires

    Dignity Finance restructuring mooted

    UK funeral provider Dignity has launched a consent solicitation with noteholders of its whole business securitisation, Dignity Finance, in relation to a deleveraging proposal. Following the award of a temporary covenant waiver by the class A noteholders, the company has continued to work on a long-term solution to improve the group's capital structure.

    As part of implementing this .......

    Market Moves 16 September 2022

  • Controversial Revlon decision reversed

    Sector developments and company hires

    Controversial Revlon decision reversed
    The US Circuit Court for the Second Circuit last week reversed the controversial decision by the District Court for the Southern District of New York (SDNY) that permitted lenders to retain the mistaken payment made by Citi as administrative agent for a credit agreement with Revlon (SCI 20 August 2020). The SDNY decision upended decades .......

    Market Moves 14 September 2022

  • Apollo's Harris launches alternatives shop

    Sector developments and company hires

    Apollo’s Harris launches alternatives shop
    Apollo Global Management co-founder Josh Harris has launched 26North Partners, an alternative asset management firm that aims to generate compelling returns across asset classes and capital structures for its partners. The firm has more than US$5bn in assets under management and will initially focus on private equity, credit and insurance solutions.

    Mark Weinberg, who .......

    Market Moves 13 September 2022

  • Multifamily JV poaches CBRE team

    Sector developments and company hires

    Multifamily JV poaches CBRE team
    A veteran equity, debt and structured financing (EDSF) team, led by vice-chair Craig Branton, has joined Cushman & Wakefield and Greystone Servicing Company in Denver, Colorado. Previously with CBRE, the three-member EDSF team also includes director Chris Bourgeois and financial analyst Brett Brown. Working in a dual capacity at both Cushman & Wakefield and Greystone .......

    Market Moves 12 September 2022

  • Risk transfer round up-8 September

    CRT sector developments and deal news

    Market Moves 8 September 2022

  • Sustainable Fitch launches Leveraged Finance ESG Scores

    Sector developments and company hires

    Fitch Group’s ESG hub, Sustainable Fitch, has announced the launch of its ESG Scores for Leveraged Finance – the first high-coverage ESG solution for the leveraged finance industry. The ESG scores will equip the CLO investment community with an absolute scoring system which will allow for the granular assessment of environmental, social, and governance factors across leveraged finance entities and .......

    Market Moves 8 September 2022

  • SME funding partnership inked

    Sector developments and company hires

    SME funding partnership inked
    SME Capital and JPMorgan have agreed a new funding partnership dedicated to supporting UK SMEs. The collaboration entails JPMorgan extending a significant line of committed capital for SME cashflow lending over the next three years.

    The partnership forms the second phase in the development of SME Capital’s warehousing programme - the first phase being the .......

    Market Moves 2 September 2022

  • S&P Global bolsters private markets offering

    Sector developments and company hires

    S&P Global has announced the acquisition of the private markets data solutions provider, Private Market Connect (PMC). The acquisition will integrate the platform into the firm’s market intelligence division and will increase the breadth and depth of its data solutions for Limited Partner and General Partner customers. PMC currently tracks over 15,000 unique funds and US$1.2trn in private markets commitments. .......

    Market Moves 31 August 2022

  • Leadership shake-up at Intrum

    Sector developments and company hires

    Intrum says it has reached an agreement with Anders Engdahl, who will step down from his position as president and ceo of the firm and leave with immediate effect. The Intrum board has appointed current board member Andrés Rubio as acting president and ceo, with the recruitment of a permanent solution expected to commence during the autumn.

    Engdahl was internally .......

    Market Moves 26 August 2022

  • UCITS cat bond index touted

    Sector developments and company hires

    Plenum Investments has released a catastrophe bond market study and index family, with the aim of providing investors with what the firm describes as an “investment compass”. Plenum believes that the index will enable a fund offering to be matched with the individual risk appetite of an investor, while allowing the performance and risks of funds to be compared with each .......

    Market Moves 23 August 2022

  • ADB co-financing agreement inked

    Sector developments and company hires

    ADB co-financing agreement inked
    The Asian Development Bank (ADB) has signed an agreement with five global insurers that will mobilise up to US$1bn of co-financing capacity to support lending to financial institutions in Asia and the Pacific. The Master Framework Program for Financial Institutions will allow ADB to increase its lending to both commercial banks and non-bank financial institutions in .......

    Market Moves 19 August 2022

  • MBS social index proposed

    Sector developments and company hires

    Fannie Mae has published a proposed methodology for single-family social disclosure, which aims to provide MBS investors with insights into socially-oriented lending while preserving the confidentiality of borrowers. At the core of the methodology are three key outcomes that the GSE is seeking to achieve with its Single-Family Social Index: prioritise borrowers; allow investors to identify pools with high concentrations of .......

    Market Moves 18 August 2022

  • Latvian auto ABS debuts

    Sector developments and company hires

    Signet Bank has launched the first securitisation in Latvia, in cooperation with car leasing company Primero. The bank supported its subsidiary in the issuance of a €9.46m ABS.

    The seven-year transaction consists of a senior tranche and a junior tranche and is secured by a lease and leaseback portfolio of secured auto loans. The issuance is aimed at attracting additional .......

    Market Moves 16 August 2022

  • DLT powers bank subordinated debt deal

    Sector developments and company hires

    DLT powers bank subordinated debt deal
    Blockchain-powered fixed income platform Brightvine and Angel Oak Capital Advisors have launched what is believed to be the first-ever bank subordinated debt issuance leveraging blockchain technology. A US$147.55m securitisation backed by subordinated debt issued by community banks across the US, BFNS 2022-1 leverages Brightvine Portal, a secure management platform for conducting primary offerings of .......

    Market Moves 12 August 2022

  • Angel Oak censured for fix-and-flip RMBS

    Sector developments and company hires

    The US SEC has charged Angel Oak Capital Advisors and its portfolio manager Ashish Negandhi for misleading investors about the firm’s fix-and-flip loan securitisation’s delinquency rates. Angel Oak and Negandhi have agreed to pay a penalty of US$1.75m and US$75,000 respectively.

    According to the SEC’s order, in March 2018, Angel Oak raised US$90m through a securitisation backed by loans to .......

    Market Moves 11 August 2022

  • RFC issued on SES proposals

    Sector developments and company hires

    The EBA has launched a public consultation on its draft regulatory technical standards (RTS) on the determination by originator institutions of the exposure value of synthetic excess spread (SES) in securitisations. The aim of the proposals is to contribute to a more risk-sensitive prudential framework in the area of synthetic securitisation.

    The capital markets recovery package (CMRP) set out a .......

    Market Moves 9 August 2022

  • London Bridge broadens ILS capabilities

    Sector developments and company hires

    Lloyd’s has received regulatory approval from the UK PRA and FCA to set up a second Protected Cell Company (PCC), which provides a broadened range of ILS-related capabilities and enhanced accessibility for investors. Following the success of London Bridge Risk PCC (LBR) (SCI 10 February 2021), the new Lloyd’s vehicle is called London Bridge PCC (LB2) and will enable .......

    Market Moves 5 August 2022

  • Voya to acquire Czech Asset Management

    Sector developments and company hires

    Voya Investment Management has signed a definitive agreement to acquire private credit asset manager dedicated to the US middle market, Czech Asset Management (CAM). The transaction reflects Voya IM’s commitment to the expansion of its private and alternative credit capabilities, and the firm hopes the acquisition will complement its existing fixed income platform and boost the expansion of its private .......

    Market Moves 4 August 2022

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