Market Moves

  • Market moves update

    Company hires and sector developments in structured finance

    CRT poll results
    The results from SCI’s ‘What’s in a name?’ survey are in. Delegates at SCI’s Capital Relief Trades Seminar yesterday were polled as to what the most appropriate term should be for capital relief trades from 11 different choices. Out of over 80 responses, 22% voted for ‘credit risk transfer’, 20% for ‘risk-sharing transaction’, 18% for ‘capital relief .......

    Market Moves 17 October 2018

  • Market moves update

    OFS equity investment

    OFS Credit Company has disclosed that it has invested in the equity tranches of 19 CLOs, 17 of which have a reinvestment period ending in 2022 or beyond, for a total cost of US$43.6m (US$53.4m principal amount). The move follows OFS Credit’s IPO, which closed on 10 October and resulted in net proceeds of US$50m. OFS Capital .......

    Market Moves 15 October 2018

  • Market moves - 12 October

    Company hires and sector developments in structured finance

    Cliff edge concerns

    ISDA has published a paper highlighting widespread concerns in Europe that the UK may withdraw from the EU without a withdrawal agreement under Article 50 of the Treaty on European Union and without any transition, or implementation period, to allow market participants time to adjust. The paper sets out why a ‘no deal’ scenario has the potential .......

    Market Moves 12 October 2018

  • Market moves - 5 October Premium Content

    New hires and company developments in the structured finance sector

    Europe

    Apollo Global Management has named Brigitte Posch md, head of emerging markets in London. She was previously global head of emerging markets corporate credit at Barings Asset Management.

    Reed Smith has hired Kevin-Paul Deveau as a partner to its financial industry group in London. Deveau joins from Dechert and will focus on advising lenders, general partners, ......

    Market Moves 5 October 2018

  • Market moves - 28 September

    The latest hires and company developments in the structured finance market

    Canadian pension partnership

    Canada Pension Plan Investment Board (CPPIB) announced today that its wholly-owned subsidiary, CPPIB Credit Investments, is broadening its portfolio through new investments in equity tranches of CLOs alongside experienced CLO asset managers. CPPIB Credit’s initial partnership in CLO equity investing will be with Sound Point Capital Management based in New York. CPPIB Credit will invest US$285mn in a .......

    Market Moves 28 September 2018

  • Market moves - 21 September

    All the latest company developments and new hires in the structured finance sector

    Acquisitions

    HPS Investment Partners has acquired Tålamod Asset Management. HPS will retain Tålamod's investment team and other employees based in Dallas, while Andersen Fisher, founder and managing member of Tålamod, will join HPS as md. Kyle Mapes and Jay Steen will join HPS as executive directors, after joining Tålamod in 2008. All employees of Tålamod will become HPS employees .......

    Market Moves 21 September 2018

  • Market moves - 14 September

    New hires and company developments in the structured finance sector

    CDS ETF Launched

    Tabula has launched a European CDS ETF which offers passive exposure to European credit through an index tracking the corporate CDS market.

    CMBS downgrade review

    Moody’s has placed on review for downgrade all the notes in the UK CMBS Housing Association notes issued by Finance for Residential Social Housing (FRESH), affecting approximately £932m .......

    Market Moves 14 September 2018

  • Market moves - 7 September

    New hires and company developments in the structured finance industry

    CRT expert wanted

    Banca IMI is hiring a senior risk transfer solutions structure for its Milan office. The bank wants a candidate with experience in capital markets and investment banking with a top tier Italian or European investment bank, consultancy firm, rating agency, fund or asset manager and ideally with experience of origination activities and analysis experience of tier one .......

    Market Moves 7 September 2018

  • Market moves - 31 August

    The latest hires and company developments in the structured finance market

    Acquisition

    Moody’s Corp is set to acquire all outstanding shares of Reis in an all-cash transaction valued at approximately US$278m. By combining Reis’s extensive data with Moody’s Analytics’ specialised capabilities, the firm aims to enhance analytical practices in the CRE market and contribute to the efficiency and liquidity of capital flows. Under the terms of the merger agreement, .......

    Market Moves 31 August 2018

  • Market moves - 24 August

    The week's structured finance hires and company developments, all in one place.

    Consent solicitation

    NN Bank has issued a consent solicitation seeking investor approval for the early redemption of the Hypenn 3 Dutch RMBS, of which the class A1 tranche has already been redeemed. The class A2 tranche has an outstanding balance of €467m and a FORD of 17 June 2020, according to Rabobank credit analysts. Together with Hypenn 3, NN Bank’s Arena 2014-2 .......

    Market Moves 24 August 2018

  • Market moves - 17 August

    Company developments and new hires in the structured finance sector

    Acquisitions

    Vistra has completed the acquisition of the corporate services business of Deutsche Bank’s global transaction banking division. The corporate services business will now be rebranded under the Vistra umbrella. The acquisition broadens the company’s presence in seven of the existing locations across Europe, the Cayman Islands and Mauritius, providing further scale and expertise in these jurisdictions and involves management .......

    Market Moves 17 August 2018

  • Market moves - 27 July

    Company developments and new hires in the structured finance sector.

    Acquisitions

    American Mortgage Consultants (AMC), has announced the acquisition of certain personnel and the operations center of Des Moines, Iowa-based The Barrent Group. This transaction will establish a market presence for AMC in the Midwest and adds more than 50 residential mortgage professionals to its platform, further enhancing the firm’s client service capabilities. AMC plans to hire up to 150 .......

    Market Moves 27 July 2018

  • Market moves - 20 July

    A weekly breakdown of new hires and company developments in the global structured finance industry.

    Acquisition agreed

    Stone Point Capital’s Trident VII fund is set to acquire Sabal Capital Partners, with Sabal Investment Advisors, Sabal Investment Holdings and their managed funds also merged into the Sabal platform to create a vertically integrated lending, servicing and investment management platform focused on the small balance commercial real estate sector. Sabal will continue to be operated by its .......

    Market Moves 20 July 2018

  • Market moves - 13 July

    A weekly breakdown of recent hires and company developments in the structured finance industry.

    Acquisitions and investments

    Alantra has acquired KPMG UK’s portfolio solutions group business, which specialises in advising financial institutions in relation to non-performing and non-core banking assets globally. The team – which comprises around 70 professionals – will be renamed Alantra Corporate Portfolio Advisory and will be led by managing partners Joel Grau, Andrew Jenke and Nick Colman. Closing of the .......

    Market Moves 13 July 2018

  • Market moves - 6 July

    Australian expansion

    Intertrust has expanded into Australia through the acquisition of Seed Outsourcing – an Australian corporate and fund services firm, providing corporate secretarial, director, domiciliation and payroll services to private equity and real estate fund managers.

    CMBS platform launched

    Principal Real Estate Investors and MUFG Union Bank have formed MUFG Principal Commercial Capital, a lending platform focused on originating .......

    Market Moves 6 July 2018

  • Market moves - 29 June

    CLO manager acquired

    THL Credit Advisors has acquired the collateral management business of Kramer Van Kirk Credit Strategies, which currently manages seven CLOs totaling approximately US$3.4bn of assets. THL Credit currently manages 15 CLOs, including the recently priced THL Credit Wind River 2018-1. The acquisition would bring THL Credit's CLO assets under management to approximately US$12bn and the firm's total .......

    Market Moves 29 June 2018

  • Market moves - 22 June

    Europe

    Axa Investment Managers has hired Hans Stoter to global head of fixed income and interim head of multi asset client solutions. He was previously cio at NN Investment Partners.

    DBRS has hired Edward Dittmer to its CMBS team as svp and will be based in New York. He was previously svp in the CMBS team at Morningstar.

    BlueBay has .......

    Market Moves 22 June 2018

  • Market moves - 15 June

    CLO name change

    The name of Babson Euro CLO 2014-1 has been changed to Barings Euro CLO 2014-1. The move is effective from 13 June.

    Europe

    MDB Group (MeDirect) has recruited Michael Curtis as cio, responsible for core credit activities and spearheading the bank’s diversification into new product areas. Based in London, he reports to ceo Mark Watson. Curtis was .......

    Market Moves 15 June 2018

  • Market moves - 8 June

    Acquisition

    Angel Oak Commercial Lending (AOCL) has acquired a controlling interest in Cherrywood Mortgage – a national, small-balance commercial mortgage lender based in Los Angeles, California. Cherrywood will serve as the wholesale small-balance commercial lending arm of (AOCL) and is led by ceo Bill Komperda and president Ed Resendez.

    Cat bond first

    SCOR has sponsored a new cat bond, dubbed Atlas .......

    Market Moves 8 June 2018

  • Market moves - 1 June

    BTL RMBS planned
    UK Mortgages and TwentyFour Asset Management have acquired a high-quality pool of approximately £350m buy-to-let non-member mortgages originated by The Coventry Building Society Group through its Godiva brand. The portfolio comprises 2,077 recently-originated loans with an average balance of approximately £169,000 and an average LTV of 60.8%. The loans have approximately five years until the current fixed rate .......

    Market Moves 1 June 2018

  • Market moves - 25 May

    Analytics acquisition

    IHS Markit has signed a definitive agreement to acquire Ipreo for US$1.855bn from private equity funds managed by Blackstone and the Goldman Sachs merchant banking division. The acquisition is expected to close in 2H18, subject to customary closing conditions and regulatory approvals. Following a detailed review of its financial services businesses, the firm has also initiated a process .......

    Market Moves 25 May 2018

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