Market Moves

  • 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

  • Germany's auxmoney secures €500m funding

    Sector developments and company hires

    The German digital-lending platform auxmoney has secured a further €500m in funding for investment into consumer loans on its platform from Citi and Natixis’ ABCP conduit. The digital-lending platform has been supported by investment from Citi since 2021, with this latest funding from the two large financial institutions expected to be used for the origination of new loans. The firm .......

    Market Moves 3 August 2022

  • NPL Markets reveals new partnership agreement

    Sector developments and company hires

    NPL Markets has announced a new partnership agreement with World Bank Group member, International Finance Corporation (IFC). The collaboration seeks to develop a greater and more efficient marketplace in South America to manage and trade performing loans, distressed, as well as other illiquid assets. Initially, the partnership will target the large markets of Brazil and Mexico, with hopes to explore .......

    Market Moves 2 August 2022

  • RFC issued on homogeneity RTS

    Sector developments and company hires

    The EBA has launched a public consultation on draft regulatory technical standards (RTS) specifying the criteria for the underlying exposures in securitisation to be deemed homogeneous, in line with requirements under the Securitisation Regulation and as amended by the Capital Markets Recovery Package (CMRP). The homogeneity requirement aims to facilitate the assessment of underlying risks in a pool of underlying .......

    Market Moves 29 July 2022

  • Securitised products business under review

    Sector developments and company hires

    During its 2Q22 financial results presentation yesterday, Credit Suisse disclosed that it has been conducting a strategic review of the bank's businesses, with the goal of creating “a more focused, agile group with a significant, lower absolute cost base”. As part of this review, the bank is assessing strategic options for its securitised products business, including accelerating growth and strengthening .......

    Market Moves 28 July 2022

  • Trade finance tokens unveiled

    Sector developments and company hires

    Trade finance tokens unveiled
    Tradeteq has selected XinFin’s XDC Network to launch TRADA tokens, believed to be the first-ever fully regulated trade finance-backed fungible security tokens. The move is expected to deliver liquidity to the trade finance sector by securitising a traditionally illiquid asset class on the XDC Network public blockchain and extending access to the sector to both retail .......

    Market Moves 26 July 2022

  • 'Penalising' RBC proposal criticised

    Sector developments and company hires

    ‘Penalising’ RBC proposal criticised
    The LSTA has submitted a comment letter to the NAIC expressing its belief that the NAIC’s risk-based capital (RBC) proposal could penalise insurance company investments in CLOs and consequently impact the CLO and loan markets. The proposal would change the RBC framework such that capital requirements for purchasing all tranches of a CLO match the capital .......

    Market Moves 21 July 2022

  • ICE launches ESG Geo-Analyzer

    Sector developments and company hires

    Intercontinental Exchange (ICE) has launched its ICE ESG Geo-Analyzer tool to better help analyse portfolios of both commercial and residential properties, asset-backed securities, and corporate operations that are tied to certain locations. The Geo-Analyzer tool uses ICE’s geospatial data modelling to create climate risk and social impact data and analytics for properties and communities across the US. It seeks to .......

    Market Moves 19 July 2022

  • ABS CDO manager replaced

    Sector developments and company hires

    Dock Street Capital Management has replaced Dynamic Credit Partners (as successor to Petra Capital Management, the original manager of the deal) as collateral manager for the Brookville CDO I transaction. Moody’s has confirmed that the move will not result in any adverse rating actions with respect to the notes issued by the transaction.

    In other news…

    EMEA

    DLA Piper expands .......

    Market Moves 15 July 2022

  • SME guarantee inked

    Sector developments and company hires

    The EIB Group has provided RLB Steiermark with a guarantee for a €60m mezzanine tranche of a synthetic securitisation. The transaction is backed by the Investment Plan for Europe and is expected to provide capital relief under the CRR.

    The capital relief will enhance RLB Steiermark's risk-taking capacity and create additional lending headroom, enabling it to create a new portfolio .......

    Market Moves 14 July 2022

  • GSE NPL sales tallied

    Sector developments and company hires

    Fannie Mae and Freddie Mac sold 154,972 non-performing loans with a total unpaid principal balance (UPB) of US$28.7bn during the period from programme inception in 2014 through 31 December 2021, according to the FHFA. The loans had an average UPB of US$185,292, an average delinquency of 2.8 years and an average current mark-to-market LTV ratio of 86%.

    Specifically, Fannie Mae has .......

    Market Moves 13 July 2022

  • Call for proportionality in ABS framework

    Sector developments and company hires

    AFME ceo Adam Farkas has written to the European Commission, calling for better proportionality in the securitisation framework. The letter points out that despite its importance for the Capital Markets Union project, the European ABS market remains “subdued”, its size having shrunk from 75% that of the US securitisation market in 2008 to just 6% in 2020.

    The letter highlights .......

    Market Moves 12 July 2022

  • Aviva Investors appoints HSBC and Mount Street Group

    Sector developments and company hires

    HSBC and Mount Street have entered into a ten-year strategic agreement to service Aviva Investors’ £50bn Real Assets business. The firms’ appointment will see them assuming responsibility for all fund administration and debt servicing functions for Aviva Investors’ Real Assets strategies. HSBC and Mount Street were appointed following competitive process due to depth of offering, expertise across real assets credit .......

    Market Moves 11 July 2022

  • Greek SRT launched

    Alpha bank executes capital relief trade

    Market Moves 11 July 2022

  • Arrow Global hires new leader for Finance Servicing Unit

    Sector developments and company hires

    Arrow Global has appointed Reza Atighi as new ceo to its Amersfoort-based Vesting Finance Servicing in the Netherlands. Atighi joins Vesting Finance from Intrum where he served most recently as ceo for the Netherlands and Belgium. Bringing more than 20 years of experience to the new role, the firm hopes Atighi will be able to boost the development of its .......

    Market Moves 7 July 2022

  • A&M move forward with new development

    Sector developments and company hires

    Alvarez & Marsal’s (A&M) inaugural efforts as sole arranger have secured a breakthrough for Polish bank, Getin Noble Bank (GNB).  A&M financial services served as sole arranger for GNB’s first synthetic securitisation for risk transfer. The transaction compiles a portfolio of housing community loans and marks the first of its kind for the historically well performing but never-before-securitised asset class. .......

    Market Moves 6 July 2022

  • Bluerock introduces new credit fund

    Sector developments and company hires

    Bluerock is set to launch a new CLO interval fund in partnership with WhiteStar, who will serve as sub-advisor, which offers to investors high income and portfolio diversification. Marking the firm’s second interval fund, the ‘Bluerock High Income Institutional Credit Fund’ will aim to provide investors with access to income-producing senior secured loans with a portfolio made up of actively .......

    Market Moves 1 July 2022

  • UTP agreement inked

    Sector developments and company hires

    UTP agreement inked

    UniCredit and Prelios have signed an agreement for the specialised management of unlikely-to-pay (UTP) loans, following the conclusion of a competitive selection process launched by the bank in 4Q21. The long-term agreement involves Prelios acting as the preferred partner in the management of UTP loans in the corporate segment held by UniCredit. An initial stock under management .......

    Market Moves 29 June 2022

  • Suit filed over alleged CMBS fraud

    Sector developments and company hires

    Suit filed over alleged CMBS fraud
    Kasowitz Benson Torres, as counsel to investment vehicles associated with Carl Icahn, has filed a complaint in Nevada state court against Rialto Capital Advisors for breach of contract and fraud. The case is in connection with Rialto’s servicing of a CMBS trust (COMM 2012-CR4) secured by the Prizm Outlets mall in Primm, Nevada, which .......

    Market Moves 27 June 2022

  • PineBridge sub-advised CLO ETF unveiled

    Sector developments and company hires

    VanEck has launched an actively managed CLO ETF, dubbed CLOI, which is sub-advised by PineBridge Investments. The fund aims to invest at least 80% of its total assets in investment grade-rated debt tranches CLOs of any maturity.

    The fund intends to invest primarily in CLO securities that are US dollar denominated, although it has the ability to invest up to .......

    Market Moves 23 June 2022

  • USS launches maiden ABS mandate

    Sector developments and company hires

    Universities Superannuation Scheme (USS), the UK’s largest private pension scheme by way of assets, has launched its first mandate investing in ABS. Likely to exceed £1bn over the next couple of years, USS’s first ABS mandate will focus on investment grade publicly-listed securities.

    The move comes a year after USS Investment Management (USSIM), the wholly owned investment management .......

    Market Moves 22 June 2022

×