Market Moves

  • 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

  • Sri Lanka eyes remittance securitisation

    Sector developments and company hires

    Sri Lanka eyes remittance securitisation

    The government of Sri Lanka (GOSL) is requesting competitive proposals from banks and investors for consideration to be appointed as counterparts or arrangers for its proposed securitised financing arrangement (SFA). The arrangement would be backed by foreign currency receipts of the Central Bank of Sri Lanka (CBSL) under the mandatory sale of 10% of workers' .......

    Market Moves 12 November 2021

  • First LBR PCC investor signed

    Sector developments and company hires

    First LBR PCC investor signed

    Lloyds has announced that Ontario Teachers’ Pension Plan Board will be the first investor to support underwriting through its multi-insurance SPV, London Bridge Risk (LBR) PCC. LBR was established in January of this year with sponsorship from Lloyds, with ambitions to create a market that invites new forms of capital and allow for easier access .......

    Market Moves 10 November 2021

  • Multi-currency CLO closed

    Sector developments and company hires

    Multi-currency CLO closed
    Barclays has closed a multi-currency managed cashflow balance sheet CLO. Dubbed Duke Global Funding, the £4bn-equivalent transaction is backed by 519 senior secured and senior unsecured loans extended predominantly to large corporate obligors in Western Europe and the US. The underlying loans are denominated in US dollars, sterling and euro.

    In terms of geographical diversification, the initial portfolio .......

    Market Moves 9 November 2021

  • US CLO equity outperforms

    Sector developments and company hires

    US CLO equity outperforms
    US CLO Equity cashflows average 15.2% across 1,038 BSL transactions that have had four payment dates in 2021, according to a report from JPMorgan CLO research analysts. This is the highest since 2016, which averaged 19.6%.

    CLOs that were reset in 2021 fared best with a 22% average return driven in part by a small minority that .......

    Market Moves 8 November 2021

  • Fed set to reduce asset purchases

    Sector developments and company hires

    Fed set to reduce asset purchases

    The New York Fed’s FOMC has increased the System Open Market Account (SOMA) holdings of Treasury securities by at least US$70bn per month and of agency MBS by at least US$35bn per month during the monthly purchase period beginning in mid-November. Additionally, SOMA holdings of Treasury securities will increase by at least US$60bn per .......

    Market Moves 5 November 2021

  • Servicers facing 'unprecedented' turnover

    Sector developments and company hires

    Servicers facing ‘unprecedented’ turnover

    US commercial mortgage servicers are facing unprecedented turnover levels and filling open positions in the tight labour market may ultimately increase the cost of servicing loans, Fitch suggests. However, the agency notes that to date, there have not been any noted declines in servicing proficiency among Fitch-rated primary, master and special servicers.

    Fitch reports lower-than-average employee .......

    Market Moves 4 November 2021

  • SLM EODs eyed

    Sector developments and company hires

    SLM EODs eyed

    Fitch has downgraded from single-B to double-C the outstanding class A4 and B notes of SLM Student Loan Trust 2007-7, 2008-1 and 2008-4, due to the legal final maturity date of the class A4 notes being approximately three months away in January 2022 for SLM 2007-7 and 2008-1 and less than 10 months .......

    Market Moves 2 November 2021

  • Securitisation stamp duty eyed

    Sector developments and company hires

    Securitisation stamp duty eyed
    The UK government is introducing legislation within Finance Bill 2021-22 that provides a power to make stamp duty and stamp duty reserve tax (SDRT) changes relating to securitisations and ILS by secondary legislation. The power will be a freestanding provision and will allow HM Treasury to make regulations to provide that stamp duty or SDRT is .......

    Market Moves 29 October 2021

  • New banking rules

    Sector developments and company hires

    The European Commission has adopted new EU banking rules under CRR 3 and CRD 4, with the aim of ensuring that EU banks become more resilient to potential future economic shocks, while contributing to Europe's recovery from the Covid-19 pandemic and the transition to climate neutrality. The Commission notes that while the overall level of capital .......

    Market Moves 28 October 2021

  • Highland Capital lawsuit filed

    Sector developments and company hires

    Highland Capital lawsuit filed
    The latest lawsuit brought by Highland Capital Management (HCMLP) against former employees has been filed in the bankruptcy court of the northern district of Texas. The action seeks to “recover hundreds of millions of dollars in damages that HCMLP suffered at the hands of its founder, James Dondero, acting in concert with other entities that he owned .......

    Market Moves 25 October 2021

  • Gallatin CLO platform acquired

    Sector developments and company hires

    Gallatin CLO platform acquired
    Aquarian Holdings has launched Aquarian Credit Partners (ACP), a syndicated high-yield credit investment management platform. Aquarian has partnered with Justin Driscoll, Bo Williams and the rest of the Gallatin Loan Management team to form ACP, which has assumed management of Gallatin’s existing CLOs, with more than US$800m of assets under management.

    Gallatin has a track .......

    Market Moves 22 October 2021

  • Rare agricultural MBS prints

    Sector developments and company hires

    Rare agricultural MBS prints
    The Federal Agricultural Mortgage Corporation (Farmer Mac) – a federally chartered corporation that provides a secondary market for a variety of loans made to borrowers in rural America, with the aim of increasing the availability and affordability of credit - has completed a US$302.7m securitisation of agricultural mortgage loans. The FARM Series 2021-1 agricultural MBS is backed by .......

    Market Moves 20 October 2021

  • Project Frontier securitisation inked

    Sector developments and company hires

    Project Frontier securitisation inked
    National Bank of Greece (NBG) has entered into a definitive agreement with a consortium consisting of affiliates of Bain Capital Credit, Fortress Investment Group and doValue Greece, for the sale of 95% of the mezzanine and junior notes issued via a securitisation backed by a portfolio of non-performing exposures (NPEs) with a total gross book value of .......

    Market Moves 19 October 2021

  • SOFR-linked green ABCP issued

    Sector developments and company hires

    SOFR-linked green ABCP issued
    Crédit Agricole CIB has issued the first green ABCP indexed to SOFR to finance electric vehicles and hybrids in auto portfolios, as well as solar loan transactions. Issued by Atlantic Asset Securitization, one of Crédit Agricole CIB's ABCP programmes, the notes were placed with two ESG money market funds.

    The ABCP met green asset ABCP eligibility .......

    Market Moves 18 October 2021

  • Renovation tax credit ABS closed

    Sector developments and company hires

    Renovation tax credit ABS closed
    Banca Finint has completed an innovative securitisation backed by tax credits originating from energy efficient renovations of building stock under the Italian Ecobonus and Bonus Casa programmes, in collaboration with Easy Transfer, the platform that deals with transfers of credit deriving from tax deductions. The operation involves as transferors over 1,300 window and door companies .......

    Market Moves 15 October 2021

  • Antares succession revealed

    Sector developments and company hires

    Antares succession revealed
    Timothy Lyne, founding partner and current coo of Antares Capital, is set to succeed David Brackett as ceo. Brackett will be retiring from his role as ceo on 31 December 2021 and will remain with Antares in an advisory capacity.

    Lyne brings to the role more than three decades of leadership experience in the financial services, .......

    Market Moves 14 October 2021

  • Affordable housing UMBS planned

    Sector developments and company hires

    Affordable housing UMBS planned
    Freddie Mac plans to offer at least US$3bn in single-family affordable housing bonds, including approximately US$285m in Uniform Mortgage-Backed Securities backed by loans purchased through its Home Possible programme. The Home Possible mortgage offers a 3% down payment solution, which helps very low- to low-income potential homebuyers overcome the leading barrier to homeownership: affording a down .......

    Market Moves 12 October 2021

  • US insurer CLO exposure 'relatively small'

    Sector developments and company hires

    US insurer CLO exposure ‘relatively small’
    The NAIC has released stress testing results on US insurers' exposure to CLOs, as of year-end 2020. The stress tests examined the resilience of CLOs under three different scenarios and mirrors findings from the year-end 2019 stress test, wherein normal CLO single-A rated tranches experienced losses under the worst-case scenario. In comparison, .......

    Market Moves 8 October 2021

  • CSS refocuses on GSE MBS issuance

    Sector developments and company hires

    CSS refocuses on GSE MBS issuance
    Common Securitization Solutions (CSS) is undertaking a series of actions to better align its corporate governance structure with its core mission of supporting the infrastructure for Fannie Mae and Freddie Mac MBS issuance. Matthew Feldman has been named chairman of the board of managers at CSS to assist in this transition on an interim .......

    Market Moves 7 October 2021

  • Regions boosts CRE capability

    Sector developments and company hires

    Regions boosts CRE capability
    Regions Bank has entered into a definitive agreement to acquire Sabal Capital Partners, one of the top originators of Fannie Mae and Freddie Mac small-balance commercial real estate loans with a growing presence in non-agency CMBS loan origination. Regions plans to incorporate Sabal into its growing real estate capital markets division.

    Based in Irvine, California, .......

    Market Moves 5 October 2021

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