Market Moves

  • CLO manager shake-up

    Company hires and sector developments

    Derivatives continuity
    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 .......

    Market Moves 26 February 2019

  • Law firm boosts derivatives capability

    Company hires and sector developments

    CLO firm promotions

    Churchill has announced the promotion of Mat Linett, md, from deputy head of underwriting and portfolio management to head of underwriting and Eric Wieczorek to md, underwriting and portfolio management. Additionally, the firm announced several more promotions across the investment and finance teams, effective 1 March 2019.

    Derivatives expansion

    Dentons has expanded its derivatives practice with the .......

    Market Moves 22 February 2019

  • CLO partnership launched

    Sector developments and company hires

    CDS trends discussed

    Mayer Brown has commented on trends in single-name CDS credit event determinations. It notes that the Sears CDS case cited “numerous examples of commercial practice and legislative history in support of the decision [and] raises serious questions as to the degree to which the determination committees (DCs) are (and will in future determinations be) influenced by such .......

    Market Moves 21 February 2019

  • Law firm nabs SF vet

    Company hires and sector developments

    Europe

    Latham & Watkins has recruited Jeremiah Wagner as a partner in its finance department, based in London. Wagner’s practice focuses on advising banks, private equity funds, asset managers, insurance companies and pension funds on a variety of complex structured finance, securitisation and derivatives transactions. He joins the firm from Cadwalader’s London office, where he was a partner.

    Market Moves 20 February 2019

  • CLO firm restructure

    Company hires and sector developments

    Acis restructuring confirmed

    The US bankruptcy court in Dallas has confirmed Acis Capital Management's Chapter 11 restructuring plan, following its conversion from an involuntary bankruptcy case initiated by former head of Highland Capital Management's structured products team and founder/former partner in Acis Joshua Terry (SCI 9 November 2018). Upon emergence from bankruptcy, Acis will be owned and .......

    Market Moves 19 February 2019

  • Italian auto firms fined

    Company hires and sector developments

    CLO hire

    Geoffrey Horton has joined Barclays as vp, CLO and loan strategist in London. He was previously a CLO and commercial ABS research associate at Wells Fargo in the US.

    Italian auto firms fined

    The Italian Competition and Markets Authority (Autorità Garante delle Concorrenza e del Mercato or the ICA) recently fined nine captive auto finance companies a total .......

    Market Moves 15 February 2019

  • Bank expands credit derivatives business

    Company hires and sector developments

    Credit trading expansion

    HSBC has hired Asgar Rahemtulla as a director in credit trading. In his new role, Asgar will be responsible for trading European iTraxx index products. He joins HSBC from Bluecrest where he was a Partner and worked as a portfolio manager. Prior to this he spent eight years at Goldman Sachs in a variety of roles including .......

    Market Moves 14 February 2019

  • Insurance firm expansion

    Sector hires and company developments

    Insurance firm expansion

    Nassau Re is expanding into additional specialty finance asset classes as it grows assets under management in a three-pronged move. First, the firm has established Nassau Private Credit (NPC), which will invest directly in CLO equity and related investments for third-party institutional investors. Second, under its Nassau CorAmerica brand, it will expand its existing real estate .......

    Market Moves 12 February 2019

  • RMAC claim

    Company hires and sector developments

    The RMAC Securities No. 1 Series 2006-NS1, 2006-NS2, 2006-NS3, 2006-NS4 and 2007-NS1 issuers have confirmed that they have been validly served with a Part 8 claim form by Clifden, naming them, the corporate services provider and the share trustee as defendants (SCI 28 January). The defendants consider the claim to be both procedurally defective and without merit, and .......

    Market Moves 8 February 2019

  • Insurer boosts ILS capability

    Sector developments and company hires

    Acquisitions

    Eldridge Industries has increased its investment in Maranon, now holding a majority ownership position. In addition to the equity investment, affiliates of Eldridge have made further commitments to Maranon’s platform, which will support Maranon’s ongoing strategic initiatives, including expanding the company’s underwriting and hold capability. Eldridge will acquire the additional stake from Maranon’s co-founder and Managing Director .......

    Market Moves 6 February 2019

  • BoE, ESMA seal no-deal plan

    Company hires and sector developments

    No-deal agreement sealed

    ESMA has agreed Memoranda of Understanding (MoUs) with the Bank of England (BoE) for the recognition of central counterparties (CCPs) and of the central securities depository (CSD) established in the United Kingdom (UK), that would take effect should the UK leave the European Union (EU) without a withdrawal agreement, the no-deal Brexit scenario.

    US

    Market Moves 5 February 2019

  • Euro ABS deals mooted

    Company hires and sector developments

    European RMBS transactions mandated

    A pair of European RMBS transactions have been mandated, marking the first European securitisations of the year, barring CLOs. The first is a UK RMBS, dubbed Lanark 2019-1, from Clydesdale Bank, which has mandated BAML, BNP Paribas, Citi and Wells Fargo for the transaction, subject to market conditions. The second, from Italian lender Cassa di .......

    Market Moves 31 January 2019

  • CLO UCITS launched

    Company hires and sector developments

    CDS publication launched

    Jochen Felsenheimer, md at XAIA Investment, Wolfgang Klopfer, chairman of the management board of XAIA Investment and Ulrich von Altenstadt, md of XAIA Investment have co-authored a new publication looking at the evolution, functioning and regulatory environment of CDS. Titled, Credit default swaps: trading strategies, valuation and regulation, it also looks at the modeling and valuation of .......

    Market Moves 30 January 2019

  • CMBS tender launched

    Company hires and sector developments

    BUMF tender

    Greencoat Investments has launched a tender offer for the Business Mortgage Finance 4, 5, 6 and 7 CMBS. Fixed purchase prices for the bonds range from 0.50% to 101% per £1,000/€1,000/US$1,000 in principal amount of notes and an additional 0.50%-10% per £1,000/€1,000/US$1,000 is available as an early tender premium. The early tender deadline is 8 February .......

    Market Moves 28 January 2019

  • New ILS unit launched

    Sector developments and company hires

    ABS outfit launched

    US Bancorp has launched a new ABS lending business, providing non-recourse commitments secured by consumer and commercial receivables. Bo Weatherly - who joined the firm in 2016 - will serve as md for the new business, based in Charlotte, North Carolina. He has brought together a team of established industry experts, each with an average .......

    Market Moves 25 January 2019

  • Alt investor boosts global presence

    Sector developments and company hires

    Europe

    Palamon has hired Aqib Kadar as director of tax and structured finance. Kadar was previously at PwC where he was a director in M&A tax.

    Global

    Värde Partners has appointed Elena Lieskovska and Haseeb Malik to partner, and promoted Brad Bauer to deputy cio. Based in London and Singapore respectively, Lieskovska is head of European .......

    Market Moves 24 January 2019

  • Two depart at ILS firm

    Sector developments and company hires

    Europe

    M&G Investments has appointed Vincent Charles-Gervais as portfolio manager within its ABS division. Charles-Gervais will report to James King, head of ABS portfolio management, and will be based in London. Charles-Gervais has 15 years’ experience in structured and alternative credit and joins from ICG where he was a portfolio manager for ICG alternative credit. Prior to that .......

    Market Moves 22 January 2019

  • Innovative ILS transaction launched

    Sector developments and company hires

    Auto ILS closed

    AlphaCat Managers has securitised a non-standard passenger auto insurance portfolio. “This innovative transaction creates new ILS market opportunities in securitizing broader classes of insurance risk. We look forward to working with more MGAs and insurers. "The bilateral transaction comprises a private placement of two tranches of notes: a US$6.67m senior note and a US$3.33m junior .......

    Market Moves 18 January 2019

  • Global investor promotes duo

    Sector development and company hires

    Europe

    Martin Munte has been named director, investor relations at CVC Credit Partners in London. He was previously director, sales for Germany, Austria and Luxembourg at BlueBay Asset Management.

    Zenith Service has recruited Maria Bianca Mascheroni as head of SPVs corporate department, based in Milan. She is tasked with coordinating and supervising all of the corporate activities .......

    Market Moves 17 January 2019

  • Risk retention for Japan?

    Sector developments and company hires

    ILS

    Sarah Demerling has joined Walkers Bermuda as a partner in the firm's corporate, finance and funds group. With more than 17 years' experience in the financial services industry in Bermuda, Demerling adds asset management, investment funds and ILS expertise to the practice. She was previously client director at Estera Services (Bermuda) and before that a partner at Appleby in .......

    Market Moves 16 January 2019

  • Agency launches new Euro office

    Company hires and sector developments

    Europe

    Alantra has hired James Fadel as md. He was previously head of structured finance advisory at Deloitte.

    DBRS has opened a new office in Madrid, making this its third European office - it is already up and running with analysts having relocated to Madrid from the London office. It will assign ratings to serve market participants looking for expertise .......

    Market Moves 14 January 2019

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