Market Moves

  • CLO ESG impact assessed

    Sector developments and company hires

    ESG impact assessed

    The credit impact of environmental, social and governance (ESG) investment criteria on CLOs rated by Moody’s remains neutral, the agency says in a report. The firm adds that while restricting the pool of CLO eligible collateral has the potential to be credit negative, CLOs limited exposure to the industries subject to ESG restrictions largely mitigates .......

    Market Moves 19 August 2019

  • Whole biz downgrade announced

    Company developments and company hires

    Acquisitions

    Crescent Capital BDC is set to acquire Alcentra Capital Corp, a middle-market BDC. The transaction is the result of Alcentra Capital’s previously announced review of strategic alternatives led by an independent director committee. Under the terms of the transaction, in exchange for approximately 12.9 million shares of Alcentra Capital common stock, Alcentra Capital’s stockholders will receive approximately .......

    Market Moves 16 August 2019

  • Syncora Guarantee acquired

    Sector developments and company hires

    Syncora sale
    GoldenTree Asset Management entity Star Insurance Holdings is set to acquire Syncora Holdings’ New York financial guarantee insurance subsidiary Syncora Guarantee (SGI) for US$392.5m in cash, subject to adjustment. The cash purchase price for SGI represents a premium to the closing share price of Syncora’s common stock on 1 March 2019, the trading day prior to the announcement of .......

    Market Moves 15 August 2019

  • NPL disposals inked

    Sector developments and company hires

    ABSF tender

    The Australian Office of Financial Management is inviting tender submissions for the provision of investment management services for the Australian Business Securitisation Fund (ABSF) by 6 September (SCI 24 June). The AOFM is seeking to appoint an investment manager to assist with the evaluation of investment proposals and provide ongoing portfolio management services. The investment .......

    Market Moves 14 August 2019

  • AM acquisition

    Sector developments and company hires

    Asset management acquisition

    Assured Guaranty US Holdings is set to acquire all of the outstanding equity interests in BlueMountain Capital Management and its associated entities for approximately US$160m, subject to certain adjustments, as part of a strategic objective to diversify into fee-based revenue sources. The acquisition is expected to complete in 4Q19, subject to customary closing conditions. As .......

    Market Moves 9 August 2019

  • Alt credit co-head hired

    Company hires and sector developments

    Alt credit co-head nabbed

    Ares has hired Joel Holsinger to its credit group as co-head of alternative credit, effective immediately. Holsinger will serve on the Ares management committee and work alongside Keith Ashton as co-head of alternative credit to expand the firm's global coverage of the US$4trn alternative credit sector. Ares' alternative credit strategy pursues asset-focused direct investments primarily in North America and Europe across .......

    Market Moves 7 August 2019

  • CLO partner appointed

    Sector developments and company hires

    CLO firm partner promotion

    DFG Investment Advisers has promoted Timothy Milton to partner. Since joining the firm in 2014, Milton has been responsible for the management of the Vibrant Capital CLO platform in his capacity as co-portfolio manager. In addition, Eduardo Cabral has joined DFG’s credit research team as an md, having been a portfolio manager and senior .......

    Market Moves 6 August 2019

  • CLO head hired

    Sector developments and company hires

    BUMF 6 injunctions granted

    Final injunctions have been granted against Greencoat Investments (GIL) (including against its directors, which include Clifden IOM No.1, Rizwan Hussain, Rajnish Kalia and Alfred Oyekoya), Greencoat Holdings (GHL), Portfolio Logistics (PLL), Patrick Anthony FitzSimons, Maria Stoica and Oyekoya in connection with Business Mortgage Finance 6 (SCI 17 July). A court order has also .......

    Market Moves 2 August 2019

  • Affordable loan credit insurance risk transfer closed

    Sector developments and company hires

    Affordable CIRT closed

    Fannie Mae has executed a new credit insurance risk transfer (CIRT) transaction that, for the first time, covers a pool of primarily single-family affordable loans. These covered loans are delivered to Fannie Mae with a short-term lender repurchase obligation, provided primarily by state housing finance agencies, which serves as the initial loan credit enhancement. Dubbed CIRT LR .......

    Market Moves 31 July 2019

  • Winding up order issued for Clifden

    Company hires and sector developments

    Clifden wind up

    A winding-up order has been issued by the High Court of Justice of the Isle of Man, Chancery Division in respect of Clifden IOM No.1 and PricewaterhouseCoopers has been appointed official receiver of the firm. The move follows a Part 8 claim issued by Clifden, naming RMAC No. 1 series 2006-NS1, 2006-NS2, 2006-NS3, 2006-NS4 and 2007-NS1 .......

    Market Moves 29 July 2019

  • Mortgage firm completes residuals sale

    Company hires and sector developments

    Residual sale

    Charter Mortgages is set to sell its residual economic interest in the Precise Mortgage Funding 2019-1B RMBS to JPMorgan - which managed the sale process and purchased the RC2 certificates for onward sale - for a cash consideration of £6.2m. The transaction is expected to complete on 31July and will generate a pre-tax gain of £28.8m and a .......

    Market Moves 26 July 2019

  • Esoteric ABS head announced

    Sector developments and company hires

    Esoteric ABS head named

    MUFG has hired Keith Allman as md and head of esoteric ABS, effective August 14 and he will be responsible for the coverage of all US esoteric ABS assets. Allman brings 17 years of structured-finance and aviation experience as a banker at Deutsche Bank and Citigroup, and most recently as an investor at Loomis Sayles & .......

    Market Moves 23 July 2019

  • ABS head named

    Company hires and sector developments

    Euro ABS head appointed

    Santander has hired Francesco Dissera as head of continential Europe, securitisation, based out of Milan. He was previously md and partner, head of structuring and advisory at StormHarbour.

    PM appoitment duoble

    Man GLG has hired Patrick Kenney and Santiago Pardo as portfolio managers to its credit business in London. Prior to this, Pardo worked in credit .......

    Market Moves 22 July 2019

  • Co-ceo named

    Sector developments and company hires

    Co-ceo named

    Värde Partners has named Ilfryn Carstairs as co-ceo, alongside co-founder George Hicks, effective from 1 January 2020. Hicks intends to transition to an executive chair role in 2022. Carstairs will retain his role as partner and global cio, overseeing the firm’s global investment strategy and co-chairing its investment committee. Based in Singapore since 2017, he joined Värde Partners .......

    Market Moves 19 July 2019

  • Additional resources for disclosure published

    Sector developments and company hires

    Agri-investing appointment

    Arable Capital Partners has appointed Matt Reus a vp in the Bellevue, Washington office. He is responsible for transactional work and due diligence on acquisitions, financial analysis, portfolio management and assisting in overall investment strategy. Reus has 12 years of direct investment, investment banking and fixed income experience, including with securitisation transactions. He was previously with Cascadia Capital .......

    Market Moves 18 July 2019

  • Bank fined over MBS trading failures

    Company hires and sector developments

    Agency heads announced

    Morningstar Credit Ratings (MCR) has named Erin Stafford as head of the combined DBRS/MCR North American CMBS group and Quincy Tang as head of the combined US RMBS group, having both served in similar positions at DBRS. The pair will report to Claire Mezzanotte, who will be the head of global structured finance following the .......

    Market Moves 17 July 2019

  • Fund founder guilty of fraud

    Company hires and sector developments

    African solar plan approved

    The African Development Bank Group has approved an innovative multinational financing programme for Distributed Energy Service Companies (DESCOs), which would see 900,000 households in sub-Saharan Africa – about 4.5 million people - gain access to solar power by 2025.

    The DESCOs Financing Program promotes securitisation financing techniques to address barriers to accessing finance for DESCOs, while .......

    Market Moves 15 July 2019

  • Investment chief appointed

    Sector developments and company hires

    Business Mortgage Finance 6 update

    Business Mortgage Finance 6, the issuer, has informed noteholders that on 4 July 2019 it issued a claim against the Issuer issued a claim against the following defendants in the High Court of Justice in London: Greencoat Investments, Greencoat Holdings Limited, Portfolio Logistics Limited, Alfred Oyekoya, Patrick FitzSimons and Maria Stoica. The claim seeks declarations .......

    Market Moves 10 July 2019

  • Senior CLO trader poached

    Sector developments and company hires

    CLO expert nabbed

    BlueBay has appointed Alex Navin to join its structured credit team as pm. Based in London, Navin will report to Sid Chhabra, head of structured credit and CLO management, and will support him in managing BlueBay’s global structured credit strategies. Navin has nearly a decade of structured credit experience. He joins from Citigroup, where he held a number of roles, .......

    Market Moves 8 July 2019

  • Greencoat Investments notice received

    Sector developments and company hires

    BUMF 6 application discontinued

    A notice of discontinuance from Greencoat Investments has been received by Business Mortgage Finance 6, purporting to discontinue its application for an administrative order with respect to the issuer, which had been listed to be heard before a High Court Judge at the beginning of July (SCI 16 April). This hearing has now .......

    Market Moves 5 July 2019

  • EBRD appoints Greece, Cyprus lead

    Company hires and sector developments

    EBRD hires NPL vet

    The EBRD has appointed Andreea Moraru to lead its operations in Greece and Cyprus from November, following the retirement of the current holder of the role, Sabina Dziurman. Based in Athens, Moraru will continue the EBRD’s efforts to support the private sector in the two countries, improve competitiveness and strengthen the regional integration of the local .......

    Market Moves 4 July 2019

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