Market Moves
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CEO appointed
Company hires and sector developments
CEO appointed
DFG Investment Advisers has hired Oliver Wriedt as ceo. The firm is also unifying its products under one brand, Vibrant. Wriedt will play an instrumental role in growing and further institutionalising DFG’s business, helping to diversify its product offerings and elevate the new Vibrant brand among the investment community. He was most recently co-ceo of CIFC .......
Market Moves 4 April 2019
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UK resi disposal confirmed
Sector developments and company hires
ILS
Chris McKeown, former ceo of New Ocean Capital Management, has stepped down from his role as vice chairman of AXA XL to pursue other interests. McKeown was the founding ceo of New Ocean in 2013 and AXA XL completed the acquisition of all third-party ownership interests in the firm in November 2018, transforming New Ocean into an .......
Market Moves 3 April 2019
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GSE reforms proposed
Sector developments and company hires
Debt service reserve guarantee provided
Assured Guaranty (Europe) plc (AGE) has issued a £135m, five-year Debt Service Reserve (DSR) Guarantee to benefit Dwr Cymru (Financing) Limited and Dwr Cymru Cyfyngedig, both companies forming part of the Welsh Water group. The guarantee provided by AGE will replace the existing liquidity facilities provided by banks within the Welsh Water group’s securitisation structure. .......
Market Moves 1 April 2019
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Irish BTL RMBS launched
Company hires and sector developments
Irish BTL RMBS launched
Bank of Ireland has mandated a new Irish buy-to-let RMBS deal. Dubbed Mulcair Securities, the €358m transaction securitises a legacy BTL loan portfolio that was originated by the Bank of Ireland, ICS Building Society and Bank of Ireland Mortgage Bank. The rationale behind the deal is to offload non-performing exposures from the seller’s balance sheet (according to .......
Market Moves 29 March 2019
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CEO appointed
Sector developments and company hires
CEO appointed
Curtis Arledge has joined Mariner Investment Group as chairman and ceo. In addition to his role at Mariner, Arledge will serve as head of Mariner subsidiary, ORIX USA asset management, responsible for driving the company’s overall strategy in the space, including facilitating opportunities for growth across ORIX USA’s enterprise. A founding member of Mariner, Arledge has returned to .......
Market Moves 28 March 2019
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CRT credit event
Company hires and sector developments
CRT credit event
HSBC’s Metrix series 2015-1 CLN has suffered another credit event. The issuer received a credit event notice confirming that a bankruptcy credit event occurred on 15 March with respect to a reference entity that is believed to be Interserve, which was recently sold out of administration after shareholders rejected a rescue deal for the company. .......
Market Moves 27 March 2019
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Credit platform nabs investment vet
Company hires and sector developments
Credit platform nabs investment vet
B Riley Capital Management has named Tim Gramatovich as cio of its newly established credit platform, Gateway Credit Partners. The team will focus on identifying and acquiring undervalued securities in the non-investment grade corporate credit market and intends to implement its portfolio management services through actively managed CDO structures. Gramatovich has over 30 .......
Market Moves 26 March 2019
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Granite refinancing
Sector developments and company hires
Europe
Muzinich & Co has hired Laurence Kubli as structured credit specialist with immediate effect. Based in Zurich, Laurence will focus on creating the firm’s first structured credit strategies in this newly-created role. Laurence joins from GAM Investments, where she was senior pm, structured finance and corporate credit for 11 years. Prior to that, she held various roles at .......
Market Moves 25 March 2019
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Purchase option to be exercised
Sector developments and company hires
EMEA
Market Moves 22 March 2019
Capzanine has appointed Renaud Tourmente as head of business development, effective from 6 May 2019. Tourmente will join the firm as partner and will be part of its executive committee. In this newly created role, he will support the firm’s international development, pursue the diversification of its debt products and contribute to strengthening relationships with its investors. He brings .......
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Majority stake acquired
Sector developments and company hires
Balance sheet normalisation
Market Moves 21 March 2019
The US Fed has confirmed it intends to continue to allow its holdings of agency debt and agency MBS to decline, consistent with the aim of holding primarily Treasury securities in the longer run. Beginning in October 2019, principal payments received from agency debt and agency MBS will be reinvested in Treasury securities, subject to a maximum .......
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Private credit firm launched
Sector developments and company hires
Firm launch
AGL Credit Management has launched, with Peter Gleysteen serving as ceo and cio, and Thomas Lee serving as non-executive chairman. AGL is a private credit investment firm specialising in innovative actively managed credit solutions based on bank loans and aims to build a leading CLO franchise. The firm’s institutional investment partners include a subsidiary of the .......
Market Moves 18 March 2019
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Inaugural online auto ABS prepped Premium Content
Sector developments and company hires
Online auto ABS debuts
Carvana, an online platform for buying used cars launched in 2012 by DriveTime Automotive Group, is marketing an inaugural securitisation. The US$338m transaction, dubbed Carvana Auto Receivables Trust 2019-1, comprises seven classes of notes provisionally rated by KBRA as triple-A on the class A1 and A2 notes, through to double-B on the class E notes.
According ......
Market Moves 15 March 2019
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Auto ABS looks set to receive first STS verification
Sector developments and company hires
Auto ABS looks set to receive first STS verification
The first European ABS that looks set to receive STS verification, by True Sale International’s STS Verification International, is being marketed by Volkswagen. The €719.9m auto lease ABS transaction is dubbed VCL Multi-Compartment, Compartment VCL 28 and is provisionally rated by Moody’s and Fitch as Aaa/AAA on the €705.7m class A notes .......
Market Moves 13 March 2019
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UMBS trades to be accepted
Sector developments and company hires
UMBS trades to be accepted
In support of the Single Security Initiative, Fannie Mae will begin accepting forward Uniform Mortgage-Backed Security trades with a trade date on or after 12 March, 2019 and settlement dates on or after 3 June, 2019. The announcement follows confirmation on 7 March, 2019 from SIFMA that their To-Be-Announced (TBA) Guidelines Advisory Council approved revisions .......
Market Moves 12 March 2019
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R-PACE rulemaking proposals outlined
Sector developments and company hires
Credit line secured
Foundation Home Loans has entered into a new £350m warehouse credit line with National Australia Bank to support the origination of new mortgages. The lender has also extended an existing warehouse, funded by Natixis and SMBC, by £100m.
ILS
Descartes Underwriting has hired Edern Le Roux as head of ILS and cat modelling. .......
Market Moves 11 March 2019
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Merger opposed
Company hires and sector developments
Astra case development
Judge Jennifer Frisch of the Minnesota District Court, Second Judicial District, has denied Goldman Sachs’ motion to dismiss the claims asserted against it by Kasowitz Benson Torres, on behalf of its client, Astra Asset Management, seeking termination of the Abacus 2006-10 synthetic CDO. The case is proceeding with discovery, with trial scheduled for October .......
Market Moves 8 March 2019
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CDS reforms proposed
Company hires and sector developments
Australia
Mortgage House has hired Steven Mixter as head of securitisation and structured finance. He was previously head of funding at Latitude Financial Services, responsible for maintaining its securitisation funding programmes.
CDS reform proposal
An ISDA working group has been discussing proposals to amend the 2014 ISDA Credit Derivatives Definitions to address issues relating to narrowly tailored credit events (NTCEs). NTCEs are arrangements with .......
Market Moves 7 March 2019
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CRE investor bulks out
Company hires and sector developments
CDX-linked ETF launched
Tabula has launched a new ETF, dubbed Tabula European iTraxx Crossover Credit Short UCITS ETF (EUR), providing short exposure to high yield European corporate credit. It takes exposure via iTraxx Crossover five year which references 75 equally weighted, sub-investment grade entities.
Digital asset platform bulks out
GetLoci, the global platform offering non-custodial, self-minted assets backed .......
Market Moves 5 March 2019
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ILS double
Company hires and sector developments
ILS hires
Tangency Capital has hired Jo Stanton to oversee finance and operations, starting 1 May 2019. She joins from AlphaCat, where she was cfo.
Twelve Capital has hired Raffaele Dell’Amore to the portfolio management team, with a focus on private ILS and he will be based in the Zurich office. He previously managed ILS portfolios at Schroders Investment Management.
....... Market Moves 4 March 2019
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New fund for CDS recruit
Company hires and sector developments
ABL acquisition
Market Moves 28 February 2019
Benefit Street Partners affiliate Business Development Corporation of America has acquired a controlling interest in asset-based lender Siena Capital Finance from Solaia Capital Advisors. Siena was founded in 2012 by an ABL team backed by Solaia consisting of professionals from Bank of Ireland subsidiary Burdale Capital Finance. Siena will operate independently as a portfolio company of BDCA, with .......
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CLO manager shake-up
Company hires and sector developments
Derivatives continuity
Market Moves 26 February 2019
The US CFTC and the Bank of England have issued a joint statement aimed at reassuring market participants of the continuity of derivatives trading and clearing activities between the UK and US, after the UK’s withdrawal from the EU. The measures that will be in place by end-March include: information-sharing and cooperation arrangements to support the effective cross-border .......
