Market Moves

  • Advisor picked to help end GSE conservatorship

    Sector developments and company hires

    Acquisition
    Link Group has signed an agreement to acquire Pepper European Servicing from Pepper Group for an upfront consideration of €165m. The meeting of AUM thresholds and growth milestones could trigger an additional consideration of €35m. The acquisition will deliver immediate scale for Link Group’s banking and credit management division in existing and new jurisdictions, and does not impact on .......

    Market Moves 4 February 2020

  • Crestline Denali CLO interests acquired

    Sector developments and company hires

    Additional CLOs for Ares
    An Ares Management Corporation subsidiary is set to acquire a managing interest in a restructured Crestline Denali Capital that will result in the addition of seven CLOs totalling US$2.6bn of assets under management to the Ares portfolio. Crestline Denali will retain its equity interest in its CLOs. Ares believes that the all-cash transaction will strengthen its .......

    Market Moves 3 February 2020

  • Covered funds provisions set to be revised

    Sector developments and company hires

    AMR auction debut
    The first-ever CLO applicable margin reset executed online – via KopenTech’s auction platform - saw all five tranches of TCW 2019-1 CLO refinanced successfully. The coupon of the US$240m triple-A rated tranche was reset to 107bp, from a spread of 144bp when the transaction initially closed.

    Receivables ABS prepped
    Gedesco Finance and Toro Finance are in the .......

    Market Moves 31 January 2020

  • Valuations provider bought by investor consortium

    Sector developments and company hires

    Acquisitions
    A consortium led by funds managed by Stone Point Capital and Further Global has agreed to acquire Duff & Phelps for US$4.2bn. The equity sellers include the Permira funds, which will continue to hold a significant stake in the company as part of the consortium. As part of the transaction, the Duff & Phelps management team will maintain a .......

    Market Moves 28 January 2020

  • Hedge fund liquidated amid accounting probe

    Sector developments and company hires

    Hedge fund liquidated amid accounting probe
    TCA Fund Management Group is liquidating its main credit hedge fund, TCA Global Credit Master Fund, after the fund received redemption and withdrawal requests in excess of available cash. The redemptions come amid a US SEC probe into the firm’s accounting practices. According to whistleblowers, the firm has US$300m in assets - not US$500m - .......

    Market Moves 27 January 2020

  • Chinese reference centre upgrade 'credit positive'

    Sector developments and company hires

    Credit system upgraded
    The People's Bank of China’s Credit Reference Center last week upgraded its credit information system to record and provide more comprehensive credit information on individuals and enterprises. The upgraded system can lead to better measurement and understanding of risk by lenders, which is credit positive for the asset quality of their loan books and any securitisations that .......

    Market Moves 23 January 2020

  • Parametric cyber risk trade inked

    Sector developments and company hires

    Acquisition
    Ares Holdings is set to acquire a controlling interest in Asian alternative asset manager SSG Capital Holdings and its subsidiaries. Headquartered in Hong Kong with offices across Asia, SSG manages private credit and special situations funds totaling approximately US$6.2bn in assets under management, as of 30 September 2019. The SSG leadership team, including ceo Edwin Wong, and their colleagues .......

    Market Moves 22 January 2020

  • CEE SME guarantee increased

    Sector developments and company hires

    EMEA
    Alvarez & Marsal has launched a European debt advisory practice with the appointment of Tim Metzgen as a London-based md, with the aim of providing clients with independent advice on accessing and managing their interactions with the international debt markets. The new practice - initially comprising a team of five led by Metzgen - will help companies source, negotiate .......

    Market Moves 21 January 2020

  • 'No Data' threshold consultation underway

    Sector developments and company hires

    C-PACE partnership
    Eyzenberg & Company and Greenworks Lending have formed Eyzenberg Green Capital, a partnership dedicated to funding commercial real estate transactions through commercial PACE. Eyzenberg Green Capital is a direct balance sheet provider, with significant lending capacity. The aim is to achieve a low cost of capital for C-PACE financing, supported by permanent capital and multiple funding outlets.

    Market Moves 17 January 2020

  • FFELP transition legislation mooted

    Sector developments and company hires

    Call for FFELP solution
    The SFA has joined the Education Finance Council (EFC) in calling for wholesale legislation to smoothly transition FFELP student loans and the related subsidy away from Libor, to avoid potential disruption to over US$277bn of loans spread across 13 million borrowers. The EFC is working on a legislative solution that would transition the subsidy - called .......

    Market Moves 16 January 2020

  • Aircraft equity investment disclosed

    Sector developments and company hires

    Aircraft equity investment
    Floreat has disclosed that it invested US$25m in the equity certificates of Air Lease Corporation’s recent Thunderbolt III aircraft ABS. The securitisation is secured by a portfolio of 19 commercial aircraft on operating lease to 18 airlines in 15 countries. The airlines are diversified globally and over half are national flag carriers, including Vueling, Air France, China Airlines .......

    Market Moves 15 January 2020

  • Hong Kong ABS recommendations released

    Sector developments and company hires

    Alternative risk transfer
    Arthur J Gallagher has increased its interest in Capsicum Reinsurance Brokers from 33% to 100%. Capsicum Re launched in December 2013 through a strategic partnership with Gallagher. There are no management changes as a result of the deal.

    Gilles Dellaert, former co-president and cio of Global Atlantic, has been appointed global head of Blackstone Insurance Solutions .......

    Market Moves 14 January 2020

  • Landmark quake bond closed

    Sector developments and company hires

    DLT legal analysis published
    ISDA, Clifford Chance, R3 and the Singapore Academy of Law have published a new whitepaper that provides analysis on the legal issues relating to the use of smart derivatives contracts on distributed ledger technology (DLT). Given the inherent uncertainty about where data, assets and even counterparties are located in a DLT environment, a key question is how .......

    Market Moves 13 January 2020

  • CLO losses expected after Constellis default

    Sector developments and company hires

    Constellis losses expected
    Moody’s warns that, at current prices, Constellis Holdings’ limited default could result in significant losses - realised or unrealised - for some CLOs. Over 200 CLOs the agency rates hold about US$600m of the firm’s debt, including 20 deals that have exposure of over 1% and are expected to report an average par loss of 88bp. Three of .......

    Market Moves 10 January 2020

  • Real assets partnership inked

    Sector developments and company hires

    BWIC platform
    CLO auction technology platform KopenTech has launched its online BWIC service, which aims to streamline the BWIC process for both buyers and sellers. The first live BWIC was conducted on the platform in late December.

    EMEA
    Floreat has appointed Phil Griffiths as md within Floreat Aviation Capital, its specialist aircraft leasing investment arm. Griffiths has closed over US$10bn in aircraft .......

    Market Moves 8 January 2020

  • THEAT 2007-1 and 2007-2 set to repay

    Sector developments and company hires

    Asia Pacific
    ISDA has appointed Su Yen Chia as its new head of Asia-Pacific public policy. Chia previously served as alternate chief executive for Euroclear Bank (Hong Kong branch) from June 2017. In this role, she played an integral part in developing policy positions and interacting with regulatory and government authorities across the Asia-Pacific region. Prior to Euroclear, Chia was head .......

    Market Moves 7 January 2020

  • MNHD plans programmatic issuance

    Sector developments and company hires

    Egyptian securitisation debuts
    Egyptian real estate developer Madinet Nasr Housing and Development (MNHD) has closed its inaugural securitisation, issued by Financial Group for Securitization Company (FGS). The transaction is backed by an EGP370m receivables portfolio originated as part of the company's plan to monetise receivables from delivered units in the Primera, Tag Sultan and Waha projects. The three tranches of the .......

    Market Moves 23 December 2019

  • Risk participation programme agreed

    Sector developments and company hires

    CLO vulnerabilities eyed
    The Financial Stability Board has published a report assessing the financial stability implications of developments in the global leveraged loan and CLO markets. Based on a combination of available data and analyses from FSB members, the report concludes that vulnerabilities in the sector have grown since the financial crisis. Specifically, it notes that: borrower leverage has increased; changes .......

    Market Moves 19 December 2019

  • GSE price-fixing lawsuit settled

    Sector developments and company hires

    CLO manager transfer
    Hunt Investment Management has assigned collateral manager duties for the Hunt CRE 2017-FL1 and Hunt CRE 2018-FL2 CRE CLOs to OREC Investment Management. Moody's has confirmed that the move will not result in any adverse rating action. For more CDO manager transfers, see SCI’s database.

    Credit opportunity fund
    Arrow Global’s new Arrow Credit Opportunities SCSp fund has raised €628.5m .......

    Market Moves 18 December 2019

  • Structured credit pro returns to the buy-side

    Sector developments and company hires

    EMEA
    Kingswood Holdings has appointed Lindsey McMurray and Howard Garland to its board from Pollen Street Capital. The move is as per the terms of the investment completed in September, which saw up to £80m committed by way of an issue of irredeemable convertible preference shares to certain investors and funds managed or advised by Pollen Street.  McMurray founded Pollen Street in .......

    Market Moves 17 December 2019

  • Alternative credit platform expands

    Sector developments and company hires

    CFO appointed
    Annaly Capital Management has appointed Serena Wolfe as cfo and a member of its operating committee. Glenn Votek, the company’s cfo and interim ceo and president (SCI 21 November), has stepped down from his role as cfo. Wolfe most recently served as a partner at Ernst & Young since 2011 and as its Central Region Real Estate Hospitality .......

    Market Moves 10 December 2019

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