Market Moves

  • CLO control equity fund closed

    Sector developments and company hires

    CLO control equity fund closed
    Lakemore Partners has successfully closed Aquatine IV at US$400m, due to strong investor demand. Aquatine IV is Lakemore’s fourth CLO fund within the Aquatine platform, which invests in control equity positions in US CLOs. Investors in the fund comprise a diverse group of institutional investors, representing private banks, fund of funds, insurance companies, family offices .......

    Market Moves 26 August 2021

  • Solar LDA partnership inked

    Sector developments and company hires

    Solar LDA partnership inked
    dv01 has partnered with GoodLeap with the aim of further promoting data transparency and accountability within the solar ABS market. Through this partnership, dv01 will serve as loan data agent (LDA) for Carbon Level Mitigation Trust (CLMTE) pass-through certificates.

    The shelf currently comprises CLMTE 2021-1 and CLMTE 2021-2, with an aggregate notional value of US$53.6m .......

    Market Moves 23 August 2021

  • APAC ILS issuance on the rise

    Sector developments and company hires

    APAC ILS issuance on the rise
    Continued efforts from Asia Pacific reinsurers to source alternative capital through the ILS market is anticipated, following on the heels of the seven catastrophe bonds that were issued using Singapore-domiciled vehicles through July. Indeed, the first Hong Kong-domiciled catastrophe bond is being prepped.

    The Singapore cat bonds issued in 2021 comprise: Security First .......

    Market Moves 20 August 2021

  • Corporate, PF businesses bolstered

    Sector developments and company hires

    Corporate, PF businesses bolstered
    KBRA has enhanced its corporate and project finance businesses by forming new sector teams to focus on the intersection of infrastructure, energy, renewables and middle market lending. The aim of the sector-focused teams is to meet demand for KBRA’s thought leadership across these segments.

    Andrew Giudici, senior md and global head of corporate, project and .......

    Market Moves 18 August 2021

  • DSW CMBS exposure gauged

    Sector developments and company hires

    DSW CMBS exposure gauged
    KBRA Credit Profile (KCP) has published a special report on CMBS exposure to footwear retailer Designer Brands, owner of the Designer Shoe Warehouse (DSW) store chain. The company reported EBITDA of negative US$316m in its fiscal year 2020, as sales plummeted in the wake of the Covid-19 pandemic. The company returned to profitability in 1Q21 after .......

    Market Moves 13 August 2021

  • FTB RMBS hits the market

    Sector developments and company hires

    FTB RMBS hits the market
    An unusual UK prime RMBS has hit the market. Blitzen Securities No.1 is backed by a pool of owner-occupied mortgages extended to first-time buyers (FTBs) with original LTVs between 85% and 95%, originated by Santander between 2014 and 2020.

    An undisclosed investor acquired the pool from Santander through a bidding process and will sell .......

    Market Moves 10 August 2021

  • Insurer appetite for CLO mezz on the rise

    Sector developments and company hires

    Insurer appetite for CLO mezz on the rise
    A new New York Fed Staff Report documents an increasing preference among insurance companies for CLO investments vis-a-vis corporate bond investments, based on data regarding their asset holdings during 2003-2019. The report shows that the preference is particularly strong for investment grade rated mezzanine tranches, which it suggests is driven by a .......

    Market Moves 9 August 2021

  • Debt servicing spin-off inked

    Sector developments and company hires

    Debt servicing spin-off inked
    Credito Fondiario Banking Group has demerged its debt purchasing and servicing activities in favour of the newly established Gardant Group. As part of this reorganisation, it has redefined the bank's mission as a challenger bank, specialising in financing solutions for SMEs and corporates. The two companies will operate independently going forward.

    Panfilo Tarantelli has been .......

    Market Moves 6 August 2021

  • Risk assessment platform bolstered

    Sector developments and company hires

    Risk assessment platform bolstered
    Moody's is set to acquire climate and natural disaster risk modeling and analytics firm RMS from Daily Mail and General Trust for approximately US$2bn. The acquisition will immediately increase Moody’s insurance data and analytics business to nearly US$500m in revenue and accelerate the development of the company’s global integrated risk capabilities to address the next generation of .......

    Market Moves 5 August 2021

  • Pretium strengthens resi credit capabilities

    Sector developments and company hires

    Pretium strengthens resi credit capabilities
    Sarah Kong, Andrew Miller and Peter Morreale have joined Pretium as mds, based in New York. Kong will be responsible for mortgage whole loan trading at Pretium and joins from Goldman Sachs, where she spent 15 years in the firm's mortgage business. Miller was previously at Fortress Investment Group and will be responsible for the .......

    Market Moves 4 August 2021

  • SOFR term rates recommended

    Sector developments and company hires

    SOFR term rates recommended
    The Alternative Reference Rates Committee (ARRC) is now formally recommending CME Group’s forward-looking SOFR term rates, following the completion of a key change in interdealer trading conventions on 26 July under the SOFR First initiative. SOFR term rates marks a major milestone in the transition away from US dollar Libor and the completion of the paced .......

    Market Moves 2 August 2021

  • BTL issuer acquired

    Sector developments and company hires

    BTL issuer acquired
    Starling Bank has acquired specialist buy-to-let mortgage lender Fleet Mortgages in a £50m cash and share deal. To date, Fleet Mortgages has originated £2.3bn of mortgages and experienced zero credit losses. It currently has circa £1.75bn of mortgages under management and has executed nine RMBS.

    Starling will become the sole funder of future originations, with Fleet .......

    Market Moves 29 July 2021

  • Call for more risk-sensitivity in Sec Reg

    Sector developments and company hires

    Call for more risk-sensitivity in Sec Reg
    The European Commission has launched a consultation on the Article 46 review of the Securitisation Regulation, seeking stakeholder feedback on a broad range of issues. The questionnaire covers: the effects of the regulation; private securitisations; the need for an equivalence regime in the area of STS securitisations; disclosure of information on environmental performance .......

    Market Moves 26 July 2021

  • CRC in French portfolio sale

    Sector developments and company hires

    CRC in French portfolio sale
    French financial guarantee provider Crédit Logement has expanded its non-performing loan servicing capabilities to begin partnering with third parties for the assignment of real estate NPL receivables. The firm’s external servicing business launched with an NPL portfolio sale to Christofferson Robb & Company, with Société Générale acting as adviser.

    Crédit Logement has more than .......

    Market Moves 23 July 2021

  • Pension scheme taps credit managers

    Sector developments and company hires

    Pension scheme taps credit managers
    Local government pension scheme Brunel Pension Partnership has launched a multi-asset credit fund, to which its clients have committed approximately £2.1bn of funds that will be spread across three separate mandates. The fund is split between three separate sub-funds: 60% is allocated to Neuberger Berman Brunel Multi Asset Credit Fund (an Irish QIAIF), 20% to .......

    Market Moves 22 July 2021

  • Jamaica in cat bond first

    Sector developments and company hires

    Jamaica in cat bond first
    The World Bank/IBRD has priced a catastrophe bond that will provide the government of Jamaica with financial protection of up to US$185m against losses from named storms for three Atlantic tropical cyclone seasons ending in December 2023. The government of Jamaica is the first government in the Caribbean region, and the first of any small island .......

    Market Moves 20 July 2021

  • Euro CLO BWICs down, but staying strong

    Sector developments and company hires

    Euro CLO BWICs down, but staying strong
    European CLO 2.0 BWIC activity contracted sharply in the first half of 2021 versus 1H20. However, secondary liquidity remains more sustained compared to pre-pandemic levels, reflecting the market's maturity and expansion in recent years, according to Bank of America European CLO research analysts.

    BofA estimates overall BWIC volumes of €5.3bn for 1H21, .......

    Market Moves 19 July 2021

  • Structured products dealer acquired

    Sector developments and company hires

    Structured products dealer acquired
    Santander Holdings USA is set to acquire independent broker-dealer Amherst Pierpont Securities - through the acquisition of its parent holding company Pierpont Capital Holdings - for a total consideration of approximately US$600m. Well known for its fixed-income and structured product franchise, Amherst Pierpont will become part of the Santander Corporate & Investment Banking global business line.

    Market Moves 16 July 2021

  • New CLO committee to tackle 'greenwashing'

    Sector developments and company hires

    New CLO committee to tackle ‘greenwashing’
    The European Leveraged Finance Association (ELFA) has created a new committee to establish industry best practice and serve investors in the CLO market. The CLO Investor Committee will provide a forum for members to identify CLO investors’ requirements, facilitate discussion on general market progress and key issues, and contribute to the regulatory dialogue on .......

    Market Moves 15 July 2021

  • ILS efforts beefed up

    Sector developments and company hires

    ILS efforts beefed up
    AXIS Capital Holdings has appointed Chris Caponigro as global head of AXIS ILS, as its third-party capital unit has been rebranded. Caponigro will oversee the company’s activities related to third-party capital under management, supporting ILS efforts across its reinsurance and insurance segments. He will report to AXIS Re ceo Steve Arora and be based out of .......

    Market Moves 14 July 2021

  • Aviation finance practice inaugurated

    Sector developments and company hires

    Aviation finance practice inaugurated
    Global aviation services provider ACC Aviation has added an in-house aviation finance specialist. Viktor Berta joins the group as vp of its newly created aviation finance practice. The appointment broadens the scope of ACC Aviation’s suite of consultancy services, led by Rob Watts, who also takes on an enhanced role as director of aviation services.

    Market Moves 13 July 2021

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