Market Moves

  • NCSLT found to be 'covered persons'

    Market updates and sector developments

    In a case involving the CFPB and the National Collegiate Master Student Loan Trust (NCSLT), the Third Circuit has found that statutory trusts used to handle securitisations are considered ‘covered persons’ for purposes of the Consumer Financial Protection Act (CFPA) and thus are subject to CFPB jurisdiction. According to a recent Cadwalader memo, this effectively means that the trusts would .......

    Market Moves 22 March 2024

  • Job swaps weekly: ARMOUR reveals successors to Gruber

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees ARMOUR Residential REIT announce successors to outgoing cio Mark Gruber. Elsewhere, Palliser Capital has hired a securitisation veteran as chair of its US division, while Simmons & Simmons has appointed a new London-based partner in its financial markets practice.

    ARMOUR Residential REIT has promoted Sergey Losyev and Desmond Macauley to co-cios, .......

    Market Moves 22 March 2024

  • Motor finance review sparks RWA optimisation

    Market updates and sector developments

    Close Brothers has unveiled plans to strengthen its capital position by optimising RWAs, including by reducing RWA growth by approximately £1bn through a combination of selective loan book growth, partnerships and significant risk transfer of assets related to its Motor Finance business through securitisations. The move comes amid the UK FCA’s review of the motor finance industry (SCI 6 .......

    Market Moves 20 March 2024

  • Job swaps weekly: Newmark launches Paris office with raft of senior hires

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Newmark Group appointing two commercial real estate veterans from JLL and CBRE to head up its new Paris office. Elsewhere, Obra Capital has hired an entire team from Pangea Mortgage Capital as part of its launch of Obra Real Estate, while Barclays has named a new head of principal funding and .......

    Market Moves 15 March 2024

  • CLO strategic partnership inked

    Market updates and sector developments

    Global alternative asset manager Sagard has begun laying the groundwork to expand its presence in the US CLO market through a new strategic partnership with US CLO manager HalseyPoint. As part of this partnership, Sagard will acquire a 40% stake in the HalseyPoint CLO platform, which will now go by new co-branded platform name Sagard|HalseyPoint.

    Upon completion of the .......

    Market Moves 13 March 2024

  • Relaunched CMU prioritises securitisation

    Market updates and sector developments

    The ECB Governing Council has agreed a new roadmap for advancing the Capital Markets Union (CMU), with the aim of making full use of Europe’s capital markets to mobilise the private investment necessary to fund the green and digital transitions, and to enhance the EU’s productivity and competitiveness in a shifting geopolitical landscape. The statement places the .......

    Market Moves 12 March 2024

  • Job swaps weekly: Cadwalader appoints former FDIC deputy general counsel as partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Cadwalader appoint an industry veteran as a New-York-based partner. Elsewhere, Willkie Farr & Gallagher has snapped up a Katten Muchin Rosenman partner for its energy transactions and structured finance team, while Paul Hastings has lured a McDermott Will & Emery partner to its real estate team.

    Cadwalader has recruited former .......

    Market Moves 8 March 2024

  • Ares forms equipment financing shop

    Market updates and sector developments

    Ares Alternative Credit has launched Ansley Park Capital, a newly-formed lending and specialty finance company that delivers full spectrum, customised financing solutions for essential-use, large-ticket equipment. Ansley Park’s management team and integrated operating platform were acquired from BciCapital, the equipment finance business of City National Bank of Florida.

    Ansley Park will offer scaled, flexible equipment-based capital solutions ranging .......

    Market Moves 5 March 2024

  • Job swaps weekly: Starwood to draft in Blackstone exec as president

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Starwood Capital Group appoint a new president, as Jeffrey Dishner prepares to transition to a new role. Elsewhere, Siepe has added two structured finance professionals to its leadership team, while Accunia Credit Management has rehired a former senior portfolio manager as head of investments.

    Jonathan Pollack is set to join .......

    Market Moves 1 March 2024

  • It's a CIRT

    First CIRT of 2024 for Fannie

    Fannie Mae has completed its first CIRT deal of 2024, the GSE announced today (March 1).

    The deal, designated CIRT 2024-L1, transferred US$355.6m of single-family mortgage risk to 24 reinsurance firms.

    Market Moves 1 March 2024

  • Barclays inks 'strategic' credit card sale

    Market updates and sector developments

    Barclays Bank Delaware (BBDE) has entered into an agreement with insurance accounts managed by Blackstone’s asset-based finance group to sell approximately US$1.1bn of currently outstanding credit card receivables in relation to a defined set of Barclays-branded credit card accounts in the US. This is the first in a series of activities Barclays plans to conduct to reduce its RWAs .......

    Market Moves 28 February 2024

  • NRA loans on the rise

    Market updates and sector developments

    Non-recoverable advance (NRA) determinations impacted US$2.7bn of US CMBS loans last year, representing an eye-watering 130% increase from year-end 2022, according to KBRA. NRA determinations can help limit potential losses if advances and interest on servicing advances are at risk of not being recovered upon asset resolution - a risk that rises in environments with declining or uncertain commercial .......

    Market Moves 26 February 2024

  • Landmark DFC facility inked

    Market updates and sector developments

    Fintech provider StoneCo has obtained a landmark commitment of US$467.5m from the US International Development Finance Corporation (DFC) in the form of a revolving securitisation facility. The facility - which has a final maturity of seven years and a six-month availability period - finances the acquisition of up to US$14bn accounts receivables due by over 20 Brazilian financial institutions .......

    Market Moves 23 February 2024

  • Job swaps weekly: Allen & Overy lures five from Milbank

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Allen & Overy hiring five structured finance professionals from Milbank, including a new partner, ahead of its merger with Shearman & Sterling. Elsewhere, Howden CAP has appointed a new head of execution to its tax and contingent risks team, while Winston & Strawn has added a transactions partner to its New .......

    Market Moves 23 February 2024

  • CLO 'stress indicator' launched

    Market updates and sector developments

    KopenTech has launched a multifactor measure designed to enhance the monitoring of secondary CLO market conditions. Called the K-Indicator, the tool combines five key factors: the did-not-trade (DNT) rate; colour rate; same-day BWIC rate; triple-A average traded price level; and triple-A average price talk deviation from colour (PTDC). Derived from analysing CLO BWIC volumes and granular CUSIP-level pricing data, .......

    Market Moves 21 February 2024

  • Job swaps weekly: Hogan Lovells adds dozens from Orrick

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Hogan Lovells snapping up a hoard of Italy-based finance and M&A lawyers from Orrick, including a number of securitisation partners. Elsewhere, First Eagle Alternative Credit (FEAC) has revealed its leadership transition plan, as its president prepares to leave the firm early next year, while Newmark has appointed a UK- and Europe-focused .......

    Market Moves 16 February 2024

  • Job swaps weekly: Interpath poaches four from EY

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Interpath Advisory hiring four senior professionals from EY, including a securitisation-focused md. Elsewhere, Sumitomo Mitsui Banking Corporation (SMBC) has hired a new md and deputy head of Asia Pacific to oversee structured lending and private wealth, while Natixis has appointed a Paris-based global head of securitised product trading and expanded its real .......

    Market Moves 9 February 2024

  • FCA review spells uncertainty for UK auto ABS

    Market updates and sector developments

    The UK FCA last month announced a review of the historical commission structures across several auto lenders in the UK, with a warning that should widespread misconduct be found, appropriate redress measures will be taken to compensate customers. While the overall credit risk profile of UK auto ABS transactions is unlikely to be negatively affected, the investigation exposes the .......

    Market Moves 6 February 2024

  • Navient unveils 'strategic actions'

    Market updates and sector developments

    Navient has unveiled a strategic action plan designed to simplify the company, reduce its expense base and enhance its flexibility, following an in-depth review overseen by the Board over the past several months. The strategic actions include outsourcing the servicing of its student loan portfolio to a third party; exploring strategic options for its business processing division, including potential .......

    Market Moves 5 February 2024

  • Job swaps weekly: M&G lures new cio from Allianz GI

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees M&G Investments snap up a new private markets cio from Allianz Global Investors. Elsewhere, a London-based partner at Allen & Overy leaves the firm after 28 years, while Canopius bids to enhance its SRT business by appointing a new head of structured credit.

    M&G Investments has appointed Allianz Global Investors' .......

    Market Moves 2 February 2024

  • PRA urged to fix non-neutrality issue

    Market updates and sector developments

    PCS has submitted its response to the UK PRA in connection with the consultation on the introduction of the output floor pursuant to Basel 3.1, as it relates to securitisation (SCI 1 November 2023). While welcoming the PRA’s suggestions, the organisation points out that “all the obvious difficulties that flow from a rigid application of the proposed Basel .......

    Market Moves 1 February 2024

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