Market Moves

  • 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

  • New partnership

    Sector developments and company hires

    Morningstar has announced the enhancement of its DealView product with the inclusion of climate risk data through partnership with property climate risk data provider, ClimateCheck. The firm’s subsidiary, Morningstar Credit Information and Analytics, will incorporate the new feature alongside its existing in-depth commercial real estate analytics to enhance existing efforts to inform investors on natural risk factors in their CMBS transactions. .......

    Market Moves 11 January 2022

  • New moves

    Sector developments and company hires

    EMEA

    Ashurst is set to further expand its European securitisation team with the appointment of new global capital markets partner, Agathe Motte. Motte will join the law firm in Paris from Linklaters, where she advised French and European banks, corporates, and funds on structured finance deals. She brings extensive experience in both domestic and multijurisdictional securitisation transactions, in a variety .......

    Market Moves 10 January 2022

  • Decision notice issued against BlueCrest

    Sector developments and company hires

    Decision notice issued against BlueCrest
    The UK FCA has published a decision notice against BlueCrest Capital Management (UK) (BCMUK) setting out its decision to impose a financial penalty of £40.81m on the firm. BCMUK has elected to refer the case directly to the Upper Tribunal, which will determine the appropriate action, if any, for the FCA to take.

    The .......

    Market Moves 24 December 2021

  • Nephila taps LBR vehicle

    Sector developments and company hires

    Nephila taps LBR vehicle
    Nephila Capital has funded its newly launched Syndicate 2358, which focuses on short- to medium-term insurance business lines, with capital provided through Lloyd’s London Bridge Risk PCC vehicle. The transaction provides reinsurance capital from a diverse group of investors, including four pension funds, to support underwriting beginning with the 2022 Year of Account.

    Nephila has .......

    Market Moves 21 December 2021

  • RFC issued on non-sequential amortisation

    Sector developments and company hires

    RFC issued on non-sequential amortisation
    The EBA has launched a public consultation on draft regulatory technical standards (RTS) specifying and, where relevant, calibrating the minimum performance-related triggers for STS synthetic securitisations that feature non-sequential amortisation. For the purpose of standardisation, the amended securitisation regulation sets out that sequential amortisation shall be applied to all tranches of STS synthetic securitisations. However, .......

    Market Moves 20 December 2021

  • Spanish private debt fund wins EIF backing

    Sector developments and company hires

    Spanish private debt fund wins EIF backing
    Beka Finance has formed a private debt management unit, dubbed Beka Credit, which it hopes will help consolidate the firm’s growth and leadership position in the alternatives market. The unit is already preparing to launch its first private debt fund, with which it expects to raise around €250m.

    The Luxembourg-based vehicle will .......

    Market Moves 17 December 2021

  • CyCAC securitisation closed

    Sector developments and company hires

    CyCAC securitisation closed
    Oxalis Holdings has completed a securitisation backed by a portfolio of Cypriot non-performing loans (NPLs) and real estate owned (REO) properties (see SCI’s Euro ABS/MBS Deal Tracker). Dubbed Hestia Financing, the €2.2bn transaction implements a two-tier structure for the management of the portfolio.

    The portfolio has a total adjusted pool value of €2.06bn and was .......

    Market Moves 14 December 2021

  • NPL prudential framework revised

    Sector developments and company hires

    NPL prudential framework revised
    The EBA has published its final report on the draft regulatory technical standards (RTS) amending its RTS on credit risk adjustments in the context of the calculation of the risk weight (RW) of defaulted exposures under the standardised approach (SA) of credit risk. The proposed amendments follow up on the European Commissions’ action plan to tackle .......

    Market Moves 13 December 2021

  • Climate risk analytics firms acquired

    Sector developments and company hires

    Climate risk analytics firms acquired
    Intercontinental Exchange has acquired risQ and Level 11 Analytics, which deploy data-driven technologies for managing climate change risk. RisQ and Level 11 Analytics leverage a variety of advanced geospatial mapping systems and provide extensive expertise in analysing and joining vast amounts of disparate public, corporate and third-party data sources.

    This data is integrated and .......

    Market Moves 9 December 2021

  • Extendable CRE loans scrutinised

    Sector developments and company hires

    Extendable CRE loans scrutinised
    Fitch has published an unsolicited comment on highly extendable commercial mortgage loans that offer borrowers up to 20 years of successive annual extension options, as featured in the recent Sage AR Funding 2021 and HAUS (ELOC 39) CMBS. The agency notes that it does not treat this loan feature as credit enhancing because interest rate risk .......

    Market Moves 8 December 2021

  • ESG data coverage scrutinised

    Sector developments and company hires

    The European Leveraged Finance Association (ELFA) has analysed coverage by three ESG data vendors for three debt indices - the CS Western European Leveraged Loan Index, the ICE BofAML Developed Markets High Yield Constrained Index and the BBG Global Aggregate Corporate Index – and found what it describes as “major discrepancies” in data coverage across asset classes. The research shows .......

    Market Moves 7 December 2021

  • Bosphorus CLOs transferred

    Sector developments and company hires

    Bosphorus CLOs transferred

    Cross Ocean Adviser, an affiliate of Cross Ocean Partners Management, has assumed collateral management of the Bosphorus CLO IV, Bosphorus CLO V and Bosphorus CLO VI transactions from Commerzbank. Moody's has confirmed that the move will not impact its current ratings assigned to the affected notes. Under the terms of the associated novation, termination and amendment and .......

    Market Moves 2 December 2021

  • RFC issued on ABS tax policies

    Sector developments and company hires

    RFC issued on ABS tax policies
    HMRC is seeking feedback on two draft statutory instruments: the Taxation of Securitisation Companies (Amendment) Regulations 2022 and the Securitisation Companies and Qualifying Transformer Vehicles (Exemption from Stamp Duties) Regulations 2022. The UK government consulted on making changes to clarify or reform certain aspects of the taxation of securitisation companies and the stamp duty .......

    Market Moves 1 December 2021

  • BWIC workgroup formed

    Sector developments and company hires

    Mortgage Industry Standards Maintenance Organization (MISMO) has formed a BWIC data development workgroup, with the aim of standardising the BWIC format to facilitate accuracy, liquidity and rapid pricing for MBS transactions. The initiative focuses on creating a standard format for MBS sellers to present BWIC data to security dealer desks. The workgroup intends to address the growing number of MBS .......

    Market Moves 30 November 2021

  • Syon upgraded on stable performance

    Sector developments and company hires

    KBRA has completed a surveillance review of Lloyds’ synthetic RMBS Syon Securities 2020-2. The agency subsequently upgraded the class A and B notes by a notch to single-A minus and double-B plus respectively, in light of the fully ramped-up portfolio’s characteristics and the generally stable collateral performance. Syon 2020-2 is the third SRT transaction issued by Bank of Scotland referencing .......

    Market Moves 25 November 2021

  • Rare RMBS with a twist

    Sector developments and company hires

    A rarely seen public Swedish RMBS is in the market with an unusual structural twist – Hypoteket Mortgages 3 AB. "Credit enhancement is provided through overcollateralisation and can increase as the transaction captures all excess spread available," explains Rodrigo Conde Puentes, vp senior analyst, structured finance, at Moody’s. "A rare feature in European RMBS, but one we may start to .......

    Market Moves 23 November 2021

  • Upgrades anticipated after CMBS updates

    Sector developments and company hires

    Moody’s has updated three commercial real estate sector methodologies, following requests for comments on the proposals in July. The rating agency has placed a number of US CMBS tranches on review for upgrade as a result.

    One of the updates is in connection with Moody's methodology for rating US and Canadian conduit/fusion CMBS, which replaces the version from September 2020. .......

    Market Moves 22 November 2021

  • GSE scorecard released

    Sector developments and company hires

    GSE scorecard released

    The FHFA has released the 2022 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions (CSS). The purpose of the 2022 Scorecard is to hold the GSEs and CSS accountable for fulfilling their core mission requirements by promoting sustainable and equitable access to affordable housing and operating in a safe and sound manner.

    The 2022 Scorecard focuses .......

    Market Moves 18 November 2021

  • Dutch mortgage alliance expanded

    Sector developments and company hires

    Dutch mortgage alliance expanded
    Achmea Bank is set to acquire a €500m mortgage portfolio from Dutch insurer a.s.r., which will continue to manage the mortgages for Achmea Bank. The two organisations have expressed the intention to conduct additional transactions of €500m in both 2022 and 2023. In addition, Achmea Bank will acquire roughly €190m of newly originated mortgages from a.s.r. .......

    Market Moves 16 November 2021

  • ESG exclusion checklist unveiled

    Sector developments and company hires

    ESG exclusion checklist unveiled
    The European Leveraged Finance Association (ELFA) has launched an ESG exclusion checklist for business activities, which aims to streamline the negative screening and exclusion process for CLO managers. The checklist is designed for arranging banks to complete at the time of a new corporate loan or bond syndication to help investors quickly determine if a corporate .......

    Market Moves 15 November 2021

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