Market Moves

  • APAC ESG expansion eyed

    Sector developments and company hires

    APAC ESG expansion eyed
    Moody’s is set to expand its Singapore office with the aim of spearheading ESG, climate and sustainable finance efforts in the Asia Pacific region, as well as fostering the ESG ecosystem in Singapore. Included in the firm’s plans are several initiatives, such as the establishment of an ESG Centre of Excellence for investor outreach, engagement and .......

    Market Moves 27 April 2021

  • Downgrades for 'lower quality' mall CMBS

    Sector developments and company hires

    Downgrades for ‘lower quality’ mall CMBS
    Moody's has downgraded 119 principal and interest, 26 interest-only and 11 exchangeable classes from 36 US CMBS and placed eleven P&I, one exchangeable and three IO classes under review for possible downgrade from a further two CMBS. The rating actions affect approximately US$6.2bn of securities and were prompted primarily by increased loss expectations and .......

    Market Moves 26 April 2021

  • CLO investment firm formed

    Sector developments and company hires

    CLO investment firm formed
    York Capital Management and Kennedy Lewis Investment Management have formed a strategic partnership and established a new entity called Generate Advisors. Under the agreement, York’s approximately US$4bn CLO business and team - led by Rizwan Akhter - will transition to Generate Advisors and continue to manage York’s current CLO portfolio, as well as any future CLOs .......

    Market Moves 23 April 2021

  • Taxonomy Delegated Act adopted

    Sector developments and company hires

    Taxonomy Delegated Act adopted
    The European Commission has adopted what it describes as an “ambitious and comprehensive” package of measures to help improve the flow of money towards sustainable activities across the EU. The measures – which include the EU Taxonomy Climate Delegated Act - are expected to be instrumental in making Europe climate-neutral by 2050.

    The EU Taxonomy .......

    Market Moves 22 April 2021

  • Forbearance SPV availability ends

    Sector developments and company hires

    Forbearance SPV availability ends
    The Australian Office of Financial Management has released an update on its Structured Finance Support Fund (SFSF) activities. As of 31 March 2021, total funds committed by the SFSF were A$3.8bn, including A$1.36bn public market investments and circa A$2.3bn across 45 individual warehouses sponsored by 34 eligible lenders.

    The AOFM notes that public securitisation market .......

    Market Moves 21 April 2021

  • Blockchain mortgage 'ecosystem' prepped

    Sector developments and company hires

    Blockchain mortgage ‘ecosystem’ prepped
    Liquid Mortgage has raised capital from and entered into a strategic partnership with Redwood Trust, marking the culmination of a months-long engagement, in which Redwood Trust tested Liquid Mortgage's technology and developed an actionable strategy to build a future-ready mortgage ecosystem. The partners share a common mission of utilising blockchain technology within the current market infrastructure, .......

    Market Moves 20 April 2021

  • GSE Patch to end

    Sector developments and company hires

    GSE Patch to end
    Fannie Mae and Freddie Mac have announced that any loans purchased after 1 July must meet the standards set out in the most recent amendments to the Preferred Stock Purchase Agreements, which stipulate that the GSEs will only purchase qualified mortgage loans that meet the new general ATR/QM Rule. The move effectively ends the use of .......

    Market Moves 16 April 2021

  • Federal preemption challenges continue

    Sector developments and company hires

    Federal preemption challenges continue
    Two US courts have heard actions that are of significance to marketplace lenders and their funding sources so far this month, Chapman and Cutler reports. In Maryland, a state regulatory action purporting to require licensing of a sponsor bank and its fintech service providers has been removed to federal court. Conversely, a California federal court has dismissed .......

    Market Moves 15 April 2021

  • Second IIG exec charged with fraud

    Sector developments and company hires

    Second IIG exec charged with fraud
    International Investment Group (IIG) managing partner and coo Martin Silver has pled guilty before US District Judge Alvin Hellerstein to investment adviser fraud, securities fraud and wire fraud offenses in connection with an over US$100m scheme to defraud IIG’s investment advisory fund clients and investors (SCI 29 January). In connection with his plea .......

    Market Moves 14 April 2021

  • Green auto feasibility assessments underway

    Sector developments and company hires

    Green auto feasibility assessments underway
    CO2 emissions data reporting by auto loan lenders is likely to be crucial to classifying auto loan securitisations as ‘sustainable’ or ‘green’, in order to tap demand from ESG-oriented investors, Fitch says. However, the rating agency notes that discussions with lenders imply that creating the basis for detailed CO2 emissions reporting is challenging, as the .......

    Market Moves 13 April 2021

  • Multi-dealer CLO platform unveiled

    Sector developments and company hires

    Multi-dealer CLO platform unveiled
    Citi and Bank of America have announced they are working together on building a new data and execution platform, initially focused on CLOs and syndicated loans. The proposed multi-dealer platform, which is currently in a testing phase, is expected to launch later this year.

    BofA and Citi say they initiated the project to address challenges seen throughout .......

    Market Moves 12 April 2021

  • Innovative UTP fund launched

    Sector developments and company hires

    Innovative UTP fund launched
    illimity Group asset management company illimity SGR has completed the first closing of its illimity Credit & Corporate Turnaround (iCCT) fund, dedicated to investments in unlikely-to-pay (UTP) loans to SMEs with revival and relaunch prospects. The initial portfolio consists of loans for a total of over €200m made to 33 companies operating in diversified sectors.

    Market Moves 9 April 2021

  • Non-resident Aussie RMBS debuts

    Sector developments and company hires

    Non-resident Aussie RMBS debuts
    Brighten Home Loan is readying its inaugural RMBS - the A$250m Solaris Trust 2021-1 – which is backed by loans predominantly to non-Australian resident borrowers. S&P notes that the portfolio is not only exposed to macroeconomic events and policies that affect Australia, but also to events and policies that affect the borrowers’ countries of residence. Consequently, .......

    Market Moves 8 April 2021

  • GACS NPL ABS performance eyed

    Sector developments and company hires

    GACS NPL ABS performance eyed
    A sum of eight new GACS non-performing loan securitisations priced in late 2020, with a cumulative balance of €3.4bn (securitising a cumulative original GBV of €13.4bn of NPLs), according to JPMorgan’s latest Italian NPL Performance Tracker report. Including these transactions, Italian NPL ABS issuance has risen to €22.1bn across 38 deals (including three non-GACS transactions), .......

    Market Moves 7 April 2021

  • Recovery package fast-tracked

    Sector developments and company hires

    Recovery package fast-tracked
    The Securitisation Capital Markets Recovery Package measures have been published in the EU Official Journal, meaning that the STS synthetics framework and improved non-performing loan ABS rules will come into force on Friday. The amendments are being fast-tracked at an unprecedented pace, coming into force only a fortnight after the European Parliament voted on them (SCI .......

    Market Moves 6 April 2021

  • Houston CMBS has a problem

    Sector developments and company hires

    Houston CMBS has a problem
    The Houston hotel sector is facing its greatest disruption ever, according to a new report from DBRS Morningstar. The hotel market in the fourth largest city in the US has gone from a fast expansion to crash as it is faced with a dual disaster.

    “The combined effects of the energy sector recession in .......

    Market Moves 1 April 2021

  • Follow-up funding for Raiffeisen-Leasing

    Sector developments and company hires

    Follow-up funding for Raiffeisen-Leasing
    The EIB Group has provided €200m funding to Raiffeisen-Leasing Austria via a true sale securitisation dubbed ROOF AT. The transaction’s €462.8m triple-A rated class A notes were preplaced with EIB (which subscribed to €150m) and EIF (€50m), as well as other market funding partners. Raiffeisen-Leasing Group subscribed to the €75m class B notes.

    The €538m .......

    Market Moves 31 March 2021

  • SOFR ABS model presented

    Sector developments and company hires

    SOFR ABS model presented
    The Alternative Reference Rates Committee (ARRC) has published a white paper that outlines a model for using SOFR in ABS products. The paper describes how new securitisation issuances could use 30-day average SOFR, with a monthly reset, set in advance of the interest accrual period. This methodology uses the actual SOFR rates from the 30-day period .......

    Market Moves 30 March 2021

  • Equity return boost touted

    Sector developments and company hires

    Equity return boost touted
    US CLO equity is poised to deliver double-digit returns to investors this year, paring back the underperformance seen over the past four years, according to new research from Bank of America.

    Analysts at the bank base their expectations on the fact that CLO equity market prices continue to lag, despite CLO NAV and interest distributions .......

    Market Moves 29 March 2021

  • STS amendments passed

    Sector developments and company hires

    STS amendments passed
    The European Parliament has passed amendments to the existing STS Regulation and concomitant changes to the CRR, including allowing certain synthetic on-balance sheet securitisations to achieve STS status. PCS notes that to qualify for this status though, a synthetic securitisation will need to meet 145-160 criteria, depending on the type of transaction. The new rules also amend .......

    Market Moves 26 March 2021

  • CLO pricing service selected

    Sector developments and company hires

    CLO pricing service selected
    SCI Valuations has been selected by Bloomberg’s Enterprise Data business to provide daily CLO debt pricing to integrate with Bloomberg’s Liquidity Assessment (LQA) tool. The integration of this data with LQA will enable Bloomberg customers to more effectively and easily view and manage their portfolios, the companies say.

    SCI Valuations provides automated valuations for US .......

    Market Moves 25 March 2021

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