Market Moves

  • NPL ABS capital treatment amended

    Sector developments and company hires

    NPL ABS capital treatment amended
    The Basel Committee has published a technical amendment in connection with the capital treatment of non-performing loan securitisations. The rule aims to close a gap in the Basel framework by setting out prudent and risk-sensitive capital requirements for NPL ABS.

    The Committee consulted publicly on the technical amendment during the summer (SCI 24 .......

    Market Moves 27 November 2020

  • Jumbo BDC merger agreed

    Sector developments and company hires

    Jumbo BDC merger agreed
    FS/KKR Advisor, a partnership between FS Investments and KKR Credit Advisors (US), has announced that FS KKR Capital Corp and FS KKR Capital Corp II - two publicly traded BDCs advised by FS/KKR - have entered into a definitive merger agreement. The merger will create one of the largest BDCs in the US, with US$14.9bn in .......

    Market Moves 26 November 2020

  • UK STS notification portal launched

    Sector developments and company hires

    UK STS notification portal launched
    The UK FCA has launched its new STS notification platform, with the aim of allowing UK securitisation originators and sponsors to ‘pre-populate’ the STS list in anticipation of the end of the Brexit transition period on 31 December. The FCA states that during the transition period, UK firms should continue to notify ESMA where a .......

    Market Moves 24 November 2020

  • EBA SRT report released

    Sector developments and company hires

    EBA SRT report released
    The EBA has published its long-awaited report on significant risk transfer in securitisations, which includes a set of detailed recommendations to the European Commission on the harmonisation of practices and processes applicable to the SRT assessment. The EBA proposals aim to enhance the efficiency, consistency and predictability of the supervisory SRT assessment within the current securitisation .......

    Market Moves 23 November 2020

  • Highland trio launch new firm

    Sector developments and company hires

    Highland trio launch new firm
    Ex-Highland Capital Management executives Mark Okada, Jack Yang and Trey Parker have launched Sycamore Tree Capital Partners, an asset management firm specialising in private and alternative credit. Okada will serve as ceo, Yang will serve as president and head of business development, and Parker will serve as cio. John Muse and Ken Hersh are strategic .......

    Market Moves 20 November 2020

  • APAC capital advisory formed

    Sector developments and company hires

    APAC capital advisory formed
    Aon has launched an Asia Pacific Capital Advisory unit to deliver a holistic approach to capital optimisation for re/insurers. The initiative follows Aon’s launch of similar units in the UK and US.

    At the same time, actuary Seewon Oh has joined the unit from Smartkarma Innovations, where she was an analyst researching the insurance sector across Asia Pacific. .......

    Market Moves 18 November 2020

  • CRE data initiative launched

    Sector developments and company hires

    CRE data initiative launched
    Moody's Analytics has formed a new partnership with The Business School (formerly Cass) at City, University of London, to build a database of loan-level commercial real estate information covering the UK and Europe. The initiative will extend The Business School's UK CRE lending survey under the Moody’s Analytics Data Alliance framework. By participating in this initiative, lenders .......

    Market Moves 17 November 2020

  • Garrison CLO platform acquired

    Sector developments and company hires

    Garrison CLO platform acquired
    Mount Logan Capital subsidiary Mount Logan Management (ML Management) has acquired from Garrison Investment Management (GIM) and other sellers the rights under certain interests and agreements relating to Garrison Funding 2018-1 and Garrison MML CLO 2019-1, as well as the rights under certain side letter agreements, for a purchase price of US$3m. As of 30 June .......

    Market Moves 13 November 2020

  • Shortfalls hitting rated CMBS notes

    Sector developments and company hires

    Shortfalls hitting rated CMBS notes
    KBRA reports that over 85% (225) of the 263 deals in its rated US conduit CMBS universe have been impacted by interest shortfalls to varying degrees. Prior to the coronavirus pandemic, shortfalls occurred in just over 40% (110) of the transactions, as of February 2020.

    “The increase is not surprising, as interest shortfalls are .......

    Market Moves 12 November 2020

  • Dutch BTL aggregator deal prepped

    Sector developments and company hires

    Dutch BTL aggregator deal prepped
    Citi is in the market with a new Dutch buy-to-let RMBS. Dubbed Jubilee Place 2020-1, the transaction is backed by a €212.9m portfolio comprising 669 loans originated by Dutch Mortgage Services, DNL 1 and Community Hypotheken.

    These three platforms focus on the non-consumer segment of the BTL market – in other words, professional landlords – according .......

    Market Moves 11 November 2020

  • ESG-focused CLO manager formed

    Sector developments and company hires

    ESG-focused CLO manager formed
    A trio of ex-Ares Management partners have formed a new independent alternative credit investment firm that plans to adopt an active ESG screening approach. Founded by Americo Cascella, Daniel Hall and Shane Mengel, Pacific & Plains Capital is based in Dallas, Texas, with a presence also in Los Angeles, California. The firm will invest in loans .......

    Market Moves 10 November 2020

  • Hertz in line with settlement plan

    Sector developments and company hires

    Hertz in line with settlement plan
    Fitch reports that Hertz had disposed of nearly 170,000 non-program vehicles (NPVs) over the past five months, which is in line with its bankruptcy settlement plan. These dispositions amounted to approximately US$3.3bn of proceeds, with a combined net book value (NBV) of US$2.8bn. Per the Hertz Vehicle Financing II liquidation event, these sales proceeds .......

    Market Moves 6 November 2020

  • CLO library launched

    Sector developments and company hires

    CLO library launched
    Semeris has today launched a document library called Semeris Docs for CLOs. The service initially covers European CLO documents and summaries on over 75 transactions, which will continue to grow and see a US CLO library launched in 1Q21.

    Semeris Docs is built on NLP (natural language processing) and the latest AI techniques, combined with human .......

    Market Moves 4 November 2020

  • Strategic partnership expanded

    Sector developments and company hires

    Strategic partnership expanded
    Pretium has entered into an expanded strategic partnership with American Equity Investment Life Insurance Company (AEL), building upon AEL's prior investment commitments with the firm and increasing total commitments to US$1bn, with pre-agreed terms for expansion to US$2.25bn. The investments will initially be primarily deployed into attractive residential credit assets sourced and managed by Pretium.

    In .......

    Market Moves 3 November 2020

  • UKML shareholder consultation continues

    Sector developments and company hires

    UKML shareholder consultation continues
    The board of UK Mortgages (UKML) has completed the strategic review that it commenced following the withdrawal of proposals by M&G Investment Management (MAGIM) (SCI 14 August). The review has identified two potential options that will provide a clear path to the company’s objectives of enhanced liquidity, as well as a narrowing and removal of .......

    Market Moves 30 October 2020

  • Pan-European logistics CMBS prepped

    Sector developments and company hires

    Pan-European logistics CMBS prepped
    Blackstone Real Estate Partners is in the market with a €318.6m single-loan pan-European CMBS. Dubbed Pearl Finance 2020, the transaction is secured by 61 predominantly last-mile logistics assets across Denmark, Finland, France, Germany, Ireland and the Netherlands.

    The assets are valued by Cushman & Wakefield at €576.9m, as of 31 July 2020. Portfolio occupancy currently .......

    Market Moves 28 October 2020

  • AMCO deal completed

    Sector developments and company hires

    AMCO deal completed
    Monte dei Paschi di Siena has completed an innovative €4bn limited-recourse financing in favour of the Italian Ministry of Economy and Finance’s AMCO vehicle, according to the new regulatory provisions introduced by the ‘Milleproroghe Decree’. Under the securitisation, a portfolio of non-performing and unlikely-to-pay exposures will be transferred to AMCO - via the HydraM SPV - as .......

    Market Moves 26 October 2020

  • Environmental risk score rolled out

    Sector developments and company hires

    CMBS environmental risk score rolled out
    Trepp has implemented a new data integration with Risk Management Solutions (RMS) that aims to help evaluate and manage global risk from natural and man-made catastrophes. The solution provides an environmental risk score for properties backing CMBS loans, ranging from one to five, that measure the likelihood of property damage and business interruption from .......

    Market Moves 23 October 2020

  • Aviation leasing platform prepped

    Sector developments and company hires

    Aviation leasing platform prepped
    PIMCO and GE Capital Aviation Services (GECAS) have reached a preliminary agreement to develop an aviation leasing platform to support up to US$3bn in aircraft asset financings, subject to customary closing conditions. This strategic investment platform will enable GECAS and PIMCO-advised accounts to acquire new and young fuel-efficient aircraft.

    The portfolio will initially focus on .......

    Market Moves 21 October 2020

  • Leasing ABS inked

    Sector developments and company hires

    Leasing ABS inked
    The EIB and the EIF have provided Alba Leasing with €490m via an SME securitisation financing operation. Alba Leasing has undertaken to double this, increasing the total amount available to €980m for projects across all economic sectors, with a particular focus on environmental investments (for which 20% of the resources have been reserved).

    The EIB Group has subscribed .......

    Market Moves 20 October 2020

  • CLO structures reviewed

    Sector developments and company hires

    CLO structures reviewed
    Post-Covid crisis US BSL CLO structures differ in a range of ways from their predecessors, beyond shorter reinvestment periods, according to a new report from S&P.

    “We reviewed a sample of almost 40 US BSL CLOs that closed in Q2 and Q3, and compared their portfolio metrics (as of the start of Q4) to the statistics .......

    Market Moves 19 October 2020

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