Market Moves

  • ERCF final rule published

    Sector developments and company hires

    The FHFA has published a final rule that amends the Enterprise Regulatory Capital Framework (ERCF) by refining the prescribed leverage buffer amount and risk-based capital treatment of retained credit risk transfer (CRT) exposures for Fannie Mae and Freddie Mac. The amendments reflect the feedback the FHFA received last year and aim to advance its mission of ensuring the enterprises are .......

    Market Moves 28 February 2022

  • TEAK wins CIFC philanthropic support

    Sector developments and company hires

    CIFC Asset Management has unveiled the second annual donation made on behalf of the CLO Initiative for Change, its philanthropic programme in connection with CLOs issued by CIFC. In support of educating and empowering students to reach their full potential regardless of financial means, CIFC has partnered with the deal parties of its latest CLO - CIFC Funding 2022-II – .......

    Market Moves 24 February 2022

  • Greater progression

    Sector developments and company hires

    Maples Group has announced the hire of two new structured finance professionals, expanding its offering in its London and Jersey offices. Emma Tighe will join the firm in its London office as vp, having spent more than 14 years working in structured finance and most recently serving as relationship manager on the US Bank CLO team. Tighe has expertise across .......

    Market Moves 17 February 2022

  • Continued growth

    Sector developments and company hires

    Briarcliffe has made two more new appointments as it continues the expansion of its private credit business. Kyle Abel joins the firm as new head of GP advisory from First Avenue, where he served as md and US head of project management. Additionally, Robert Molina has been promoted to head of origination, having previously worked as md of GP advisory, .......

    Market Moves 16 February 2022

  • HKMC inks infrastructure MoUs

    Sector developments and company hires

    HKMC inks infrastructure MoUs
    The Hong Kong Mortgage Corporation (HKMC) has signed a memorandum of understanding on an infrastructure loans framework with 14 partner banks. The MoUs set out the principal terms for potential infrastructure loan cooperation between the HKMC and the partner banks on both primary participation and secondary sale bases, including the loan selection criteria, mode of participation .......

    Market Moves 11 February 2022

  • Agencies win 'valid-when-made' cases

    Sector developments and company hires

    Agencies win ‘valid-when-made’ cases
    The US OCC and FDIC yesterday received favourable court rulings in cases challenging their ‘valid-when-made’ rules. In each case, the plaintiffs were three states – California, Illinois and New York – challenging the validity of the rulemakings.

    The states' attorney generals alleged that both federal agencies violated the Administrative Procedure Act. In particular, the plaintiffs .......

    Market Moves 9 February 2022

  • KIS embraces asset management

    Sector developments and company hires

    Kuvare Insurance Services (KIS) has launched a third-party asset management business. Over the past two years under the leadership of president and cio Brian Roelke, KIS has built a seasoned team of insurance industry professionals and asset class specialists to drive portfolio performance across Kuvare’s operating companies. The firm now plans to extend its experience across private asset-backed and structured .......

    Market Moves 8 February 2022

  • CIP, Whitecroft partner for infrastructure SRT

    Sector developments and company hires

    Copenhagen Infrastructure Partners (CIP) is marketing its inaugural debt fund – the CI Green Credit Fund I (CI GCF I) – having secured €320m in seed capital. Targeting a size of €1bn, the fund will provide private project finance debt with subordinated risk characteristics supporting renewable energy projects globally.

    Focus will be on green- and brownfield projects in offshore wind, .......

    Market Moves 7 February 2022

  • STS register rolled out

    Sector developments and company hires

    ESMA has launched its STS Register for the notification of securitisations under the Securitisation Regulation. The entry into force of the Securitisation Regulation on 1 January 2019 introduced an obligation for originators and sponsors to jointly notify ESMA and their National Competent Authorities that a securitisation meets the STS criteria for being granted the STS label.

    ESMA has put in .......

    Market Moves 4 February 2022

  • Team expansion

    Sector developments and company hires

    Apollo has beefed up its Asia Pacific business, with the addition of Anthony Hermann as a partner and head of Asia Pacific credit, based in Sydney. Together with fellow new hires mds Vidyasagar Pulavarti and Julian Longstaff, he will be responsible for building and expanding the firm’s yield business across the APAC region.

    Hermann was previously executive general manager, global .......

    Market Moves 2 February 2022

  • Maltese SME guarantee inked

    Sector developments and company hires

    Bank of Valletta and the EIB Group have renewed their partnership to support the business needs of SMEs in Malta. Under this new agreement, the bank will provide an additional €28m to Maltese SMEs on favourable terms and with long tenors over the next two years.

    The favourable conditions on the loans are achieved through risk transfer, implemented by combining .......

    Market Moves 1 February 2022

  • Impact investor acquired

    Sector developments and company hires

    M&G is set to acquire a majority stake in impact investor responsAbility Investments. Headquartered in Zurich, responsAbility has invested more than US$11bn in private assets across emerging markets since it was founded in 2003 and currently has approximately US$3.7bn of assets under management (as at year-end 2021).

    The acquisition is in line with M&G’s strategy to grow its sustainable investment .......

    Market Moves 28 January 2022

  • New hires

    Sector developments and company hires

    Greystone has announced several new senior hires as it continues to grow its CMBS platform. Jared Noordyk and Natalie Grainger will be joining the firm as head of securitisation and cco, respectively, and will report to head of CMBS, Rich Highfield Noordyk will join the firm from SitusAMC, where he served in a senior role for its CRE Advisory group working .......

    Market Moves 26 January 2022

  • New members

    Sector developments and company hires

    DBRS Morningstar has appointed two new independent non-executive members to its board of directors – Joseph M. Donovan and Katherine L. Frey. Both industry veterans, Donovan presently serves in similar roles on the board of directors at STORE capital and Trip Rail Holdings. Frey previously held role of md at Moody’s, and before this worked on municipal finance, derivatives and .......

    Market Moves 24 January 2022

  • Community-focused RMBS prepped

    Sector developments and company hires

    Community-focused RMBS prepped

    Change Lending is in the market with its inaugural RMBS – the US$297.26m CHNGE Mortgage Trust 2022-1. Change is certified by the US Treasury as a Community Development Financial Institution (CDFI). As such, the firm is required to lend at least 60% of its production to certain target markets, including low-income borrowers or other underserved communities.

    The .......

    Market Moves 21 January 2022

  • Junior tranche guaranteed

    Sector developments and company hires

    Junior tranche guaranteed

    The EIB Group and Banco BPM have joined forces to support the working capital requirements and investments of Italian SMEs hit by the Covid economic crisis. In the first operation of this type in Italy, the EIB and the EIF will provide a guarantee of €91m on a junior tranche of a synthetic securitisation that references a portfolio of .......

    Market Moves 20 January 2022

  • UniCredit unveils ARTS

    Sector developments and company hires

    UniCredit, in cooperation with the EIB Group, has finalised a new synthetic securitisation under its Asset Risk Transfer Sharing (ARTS) programme. The transaction references a circa €2bn portfolio of Italian SME and mid-cap loans, with the EIF guaranteeing the mezzanine tranche, which is counter-guaranteed by the EIB. The capital freed up by the operation will be used to deploy €720m .......

    Market Moves 18 January 2022

  • New leadership

    Sector developments and company hires

    Crestbridge has appointed Martin Lambert as its new head of UK operations following the retirement of former boss Paul Windsor. Lambert will join the firm with more than 30 years of experience in the field, having most recently served as partner at Grant Thornton. Based in London, Lambert will work as part of the senior leadership team to continue its .......

    Market Moves 17 January 2022

  • Navient agrees multi-state settlement

    Sector developments and company hires

    Navient agrees multi-state settlement

    Navient has reached agreements with 39 US state attorneys general to provide relief totaling US$1.85bn to resolve their multi-state litigation and investigations in connection with allegations of unfair and deceptive student loan servicing practices and abuses in originating predatory student loans. In the agreements, Navient expressly denies violating any law - including consumer-protection laws - or causing .......

    Market Moves 14 January 2022

  • Greek NPL JV agreed

    Sector developments and company hires

    Mount Street Group has received regulatory approval from the Bank of Greece to form a strategic partnership with Technical Olympic, a real estate, construction, shipping and investment group. The joint venture is effectuated through Technical Olympic’s subsidiary, PFC Premier Finance Corporation (Cyprus), and will pursue investment and co-investment non-performing loan opportunities in the real estate, shipping, infrastructure, renewable energy, hospitality .......

    Market Moves 13 January 2022

  • JBBB ETF launched

    Sector developments and company hires

    Janus Henderson has launched the Janus Henderson B-BBB CLO ETF for US investors. The ETF is the first to focus on providing exposure to B-BBB rated CLOs and will be managed by portfolio managers John Kerschner and Nick Childs, with Jessica Shill serving as associate portfolio manager. The launch of JBBB follows the launch of the Janus Henderson AAA CLO .......

    Market Moves 12 January 2022

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