Market Moves

  • Small balance UK CMBS prepped

    Sector developments and company hires

    Small balance UK CMBS prepped
    Together Commercial Financial Services is marketing an unusual securitisation backed by small balance commercial assets. Dubbed Together Asset Backed Securitisation 2021-CRE1 (TABS 2021-CRE1), the £328.8m transaction is backed by 1,482 loans provided to 1,399 borrowers.

    The average outstanding principal balance per borrower is £235,020 and approximately 41.9% of the underlying properties are either fully .......

    Market Moves 19 February 2021

  • 'Unique' CLN deal readied

    Sector developments and company hires

    ‘Unique’ CLN deal readied
    JPMorgan Chase Bank (JPMCB) is prepping the debut CLN issuance from the JPMorgan Wealth Management Mortgage (JPMWM) platform to transfer credit risk to noteholders through a hypothetical tranched CDS on a reference pool of mortgages. Dubbed JP Morgan Wealth Management Reference Notes Series 2021-CL1, principal payments on the notes are based on the performance of a US$2.36bn .......

    Market Moves 17 February 2021

  • Maritime financing facility agreed

    Sector developments and company hires

    Maritime financing facility agreed
    Maritime and offshore alternative capital provider Fleetscape Capital has entered into an innovative financing structure with Macquarie that provides a more efficient offer to vessel owners seeking higher leverage situations. The structure utilises securitisation principles and enables Fleetscape to provide sale-and-leaseback or unitranche financing on competitive terms. Coupled with Fleetscape’s transaction execution capabilities and streamlined documentation, the .......

    Market Moves 16 February 2021

  • MBIA litigation settled

    Sector developments and company hires

    MBIA litigation settled
    MBIA Insurance Corporation has entered into an agreement to settle the litigation it filed in 2009 against Credit Suisse and certain affiliated entities (SCI passim). The settlement follows a post-trial decision by the Court awarding MBIA Corp approximately US$604m in damages and, pursuant to the settlement, Credit Suisse has paid MBIA Corp US$600m.

    This amount materially .......

    Market Moves 15 February 2021

  • UKML tender offers mooted

    Sector developments and company hires

    UKML tender offers mooted
    Coventry Building Society subsidiary Godiva Mortgages is set to purchase from UK Mortgages Corporate Funding two buy-to-let mortgage portfolios originated by Godiva and currently financed within the Cornhill No. 6 and Malt Hill No. 2 RMBS vehicles. Subject to successful completion, the timing of these sales is expected to coincide with the transactions’ payment dates in .......

    Market Moves 12 February 2021

  • EIF supports impact lending platform

    Sector developments and company hires

    EIF supports impact lending platform
    Tikehau Capital has completed the first closing for its private debt impact lending investment platform, raising circa €100m from the EIF - backed by the European Commission’s Investment Plan for Europe - as anchor investor, alongside other key institutional investors. Tikehau Capital intends to contribute to a sustainable European economy while providing investors with competitive .......

    Market Moves 11 February 2021

  • UK industrial CMBS prepped

    Sector developments and company hires

    UK industrial CMBS prepped
    Bank of America is in the market with a £340.1m CMBS sponsored by Blackstone. Dubbed Taurus 2021-1 UK, the transaction is backed by a two-year floating rate loan (with three one-year extension options) secured by the borrower’s interests in 45 industrial assets across the UK totalling 4.1 million square-foot of floor area.

    The largest asset .......

    Market Moves 10 February 2021

  • Special situations strategy launched

    Sector developments and company hires

    Special situations strategy launched
    Bardin Hill Investment Partners has announced the final close of the Bardin Hill Opportunistic Credit Fund and a parallel side-car vehicle, with total commitments of approximately US$600m. The firm’s flagship closed-end strategy received backing from new institutional investors globally, as well as from existing Bardin Hill clients.

    The strategy identifies and executes on stressed, distressed, .......

    Market Moves 9 February 2021

  • NPL SRT agreement inked

    Sector developments and company hires

    NPL SRT agreement inked
    Hoist Finance has signed a co-operation agreement with Magnetar Capital that provides for new portfolio investments on a pan-European level and will create a framework for future purchases in the current regulatory environment. The aim is to make securitisation an integral part of a sustainable business model for Hoist and strengthen its purchase capabilities.

    The .......

    Market Moves 8 February 2021

  • Iberian NPL ABS performance eyed

    Sector developments and company hires

    Iberian NPL ABS performance eyed
    The cumulative collection ratio for the DUERO 1 non-performing loan securitisation has consistently breached its trigger level for an interest subordination event – which is set at 90% - since the April 2020 reporting period, according to JPMorgan’s latest Portuguese & Spanish NPL ABS Performance Tracker publication. After dropping to 68.4% in April from 106.1% .......

    Market Moves 5 February 2021

  • Motor insurer preps ILS strategy

    Sector developments and company hires

    Motor insurer preps ILS strategy
    UK specialist motor insurer ERS Group is set to launch an integrated ILS offering as part of its plans to progress its commercial expansion. Three complementary investment strategies will be offered: an open-ended mandate with a remit to invest across both public, private and non-life ILS, with semi-annual liquidity; a closed-ended, higher risk and higher .......

    Market Moves 4 February 2021

  • Credit manager merger

    Sector developments and company hires

    Credit manager merger
    Cairn Capital Group is set to acquire and merge with Bybrook Capital, a specialist distressed credit manager based in London. The merger will create a diversified alternative credit manager with approximately US$8bn in assets under management across public, private, performing and distressed investment opportunities. Through the transaction, Mediobanca will reaffirm its position as a majority shareholder in .......

    Market Moves 3 February 2021

  • Biomedical credit opps fund launched

    Sector developments and company hires

    Biomedical credit opps fund launched
    Multi-strategy life sciences investment firm Catalio Capital Management has launched a credit opportunities strategy to meet the growing demand for non-dilutive growth capital within the biomedical sector. The Catalio Credit Opportunities fund seeks to provide senior-secured structured credit to breakthrough biomedical companies, targeting well-capitalised, pre-cashflow businesses with significant support from institutional investors.

    The strategy .......

    Market Moves 2 February 2021

  • Leasing CRT inked

    Sector developments and company hires

    Leasing CRT inked
    The EIB Group has completed its first synthetic securitisation in Romania with a financial services partner. The operation - between the EIB, EIF and Deutsche Leasing Romania - will enable local SMEs across Romania to benefit from €370m of additional leasing finance, predominantly in the agriculture and equipment segments. The majority of borrowers are in rural areas .......

    Market Moves 1 February 2021

  • PHEAA investor forum formed

    Sector developments and company hires

    PHEAA investor forum formed
    PHEAA has launched a series of consent solicitations seeking investor approval to amend the terms of indentures related to its outstanding tax-exempt bonds and notes issued by various PHEAA student loan ABS trusts, for which the organisation acts as administrator. The amendments would provide for the flexibility to sell the student loans pledged under certain indentures .......

    Market Moves 29 January 2021

  • Equity boost for Olympus spin-off

    Sector developments and company hires

    Equity boost for Olympus spin-off
    Singapore-based direct lender Orion Credit Capital Asia has received an equity investment from OMERS, the pension plan for municipal employees in Ontario, Canada. The move follows last month’s spin-off and rebranding of the business by the management team that spearheaded the private credit efforts of Olympus Capital Asia.

    Orion Capital Asia manages investment vehicles that provide .......

    Market Moves 28 January 2021

  • UK social bond debuts

    Sector developments and company hires

    UK social bond debuts
    Kensington is prepping its inaugural STS and what is believed to be the UK market’s first ESG RMBS. Dubbed Gemgarto 2021-1, the £472m transaction is labelled as a social bond and is backed by a pool of UK specialist prime, performing, first-ranking owner-occupied mortgages.

    The loans are made to underserved borrowers with complex incomes and .......

    Market Moves 27 January 2021

  • Call for aircraft ABS protections

    Sector developments and company hires

    Call for aircraft ABS protections
    Fitch reports that a material number of aircraft failed to be novated to two aircraft ABS - START III and Lunar 2020-1 – last year, following closing. The failure of aircraft to novate in START III resulted in the asset count falling to just two aircraft from 19 initially, while six of 18 initial aircraft .......

    Market Moves 26 January 2021

  • CLO outlook updated

    Sector developments and company hires

    CLO outlook updated
    Fitch says it expects to change a significant portion of its CLO outlooks to stable from negative, following the revision of its CLO coronavirus stress scenario to assume half of the corporate exposure on negative outlook is downgraded by one notch instead of 100%. Approximately one-third of corporate issuers with loans in CLOs currently have a negative .......

    Market Moves 25 January 2021

  • 'Unique' CMBX reflects Covid trends

    Sector developments and company hires

    ‘Unique’ CMBX reflects Covid trends
    The IHS Markit CMBX.14 index is expected to launch on 25 January, uniquely referencing 25 conduit CMBS issued between September 2019 and December 2020. All five of the 2019 deal constituents are also referenced in CMBX.13, creating collateral overlap between the two series.

    Morgan Stanley CMBS strategists note that on average, CMBX.14's original credit .......

    Market Moves 21 January 2021

  • CLO team finds new home

    Sector developments and company hires

    CLO team finds new home
    Fidelity International has established a new private credit capability with experienced hires from AnaCap-owned MeDirect Bank. Concurrently, the firm has been awarded the delegation of management for the €400m Grand Harbour CLO 2019-1 transaction. Fidelity says it will continue to engage with MeDirect to explore further strategic opportunities.

    The private credit team will continue .......

    Market Moves 20 January 2021

×