Market Moves

  • SRT inspection

    Lawmaker warns of perceived SRT risks

    The risks of SRT trades “may not be fully understood” Senator Jack Reed, (D-RI) has warned US regulators. In a letter to the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), Reed, a .......

    Market Moves 5 December 2023

  • Fix-and-flip fund debuts

    Market updates and sector developments

    Faes & Co, an investment firm led by LendInvest founder Christian Faes, has launched its maiden private credit fund focused on the US real estate bridging finance market. The Faes & Co Income Fund intends to capitalise on the firm’s domain knowledge of the short-term mortgage market to provide investors with consistent, superior risk-adjusted returns.

    The fund will .......

    Market Moves 5 December 2023

  • Job swaps weekly: Sirius execs join forces to launch Karis

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees the launch of a new real estate debt advisory firm, Karis Capital UK, led by a number of outgoing Sirius Group executives. Elsewhere, Invesco has lured a Munich-based Patrizia director to its EMEA structured debt finance team, while Sumitomo Mitsui Banking Corporation (SMBC) has appointed a Clifford Chance senior associate as .......

    Market Moves 1 December 2023

  • SIFMA calls for STC framework

    Market updates and sector developments

    A new SIFMA blog highlights three actions that will mitigate what the association calls the “perverse incentives” created by the lack of appropriate risk-sensitivity of the SEC-SA framework, under the US Basel 3 Endgame (B3E) proposal. The blog describes the proposal as “the most restrictive approach to set capital requirements for banks’ securitisation exposures in the developed world”.

    As .......

    Market Moves 29 November 2023

  • Job swaps weekly: EverBank lures Forbright's Walsh

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees EverBank hiring a senior Forbright Bank executive as head of structured real estate finance. Elsewhere, National Australia Bank (NAB) has made two senior promotions within its securitisation teams in Melbourne and New York, while Piraeus Bank has elevated an Athens-based director to the role of senior director, head of securitisations and transaction structuring.

    EverBank, .......

    Market Moves 24 November 2023

  • Fannie signs off for 2023

    Multi-family CAS and last 2023 CIRT for the GSE

    Fannie Mae has executed its third multi-family CAS deal and also its ninth and final CIRT trade of the year.

    Placed by structuring manager and lead bookrunner Bank of America, the US$595m MCAS 2023-01, consists of 423 multi-family loans with an unpaid principal balance (UPB) of US$24bn.

    The US$154.6bn M7 tranche was priced at SOFR plus 400bp and has 3.5% credit support. The .......

    Market Moves 20 November 2023

  • BlackRock launches Article 8 ABS fund

    Market updates and sector developments

    BlackRock has launched the BlackRock Senior Securitised Fund (BSSF), its new flagship securitisation fund, in the existing BlackRock Specialist Strategies Fund range. The firm says that BSSF is designed to meet the strong demand for securitised assets from both institutional and wealth clients seeking to diversify their fixed income exposures. Clients have demonstrated a desire for the diversification benefits, .......

    Market Moves 20 November 2023

  • CAS and out

    Fannie Mae prints 8th and final CAS of 2023

    Fannie Mae has printed its US$609m CAS 2023-08, the eighth and final CAS offering of 2023.

    Morgan Stanley was the lead structuring manager, and joint bookrunner. Wells Fargo is the co-lead and also joint bookrunner.

    There are three tranches to the trade. The A-/A- US$278m M1 has been priced at 30-day SOFR plus 150bp, the BBB/BBB+ US$206m M2 at SOFR plus 250bp and .......

    Market Moves 17 November 2023

  • Manulife acquires CQS

    Market updates and sector developments

    Manulife Investment Management is to acquire London-based alternative credit manager CQS. The transaction will see CQS’s investment team continue to operate autonomously, though Manulife will take ownership of the firm’s brand and credit platform.

    Following completion of the deal, CQS will benefit from exposure to new investors and the scaling of its distribution footprint, according to a statement. .......

    Market Moves 17 November 2023

  • Job swaps weekly: BNP bulks up in Americas

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees BNP Paribas building out its Americas-focused advisory and solutions teams, with two senior securitisation-focused appointments among a number of hires. Elsewhere, American Century Investments has appointed two industry veterans to its securitised markets team, while Academy Securities has snapped up a senior Citi exec as md and head of RMBS capital .......

    Market Moves 17 November 2023

  • Angel Oak ABS-focused ETF reaches US$100m in AuM

    Market updates and sector developments

    Angel Oak Capital Advisors, based in Atlanta, has announced its Ultra Short Income ETF, chiefly invested in ABS, has grown to over US$100m in assets under management in the year since launch. Most ultra short ETFs with assets of a year or less in duration are invested in commercial paper and Treasury bills, but Angel Oak perceived a gap .......

    Market Moves 15 November 2023

  • Job swaps weekly: ESG debt-swap pioneer transitions to UBS

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees a Credit Suisse veteran take on a senior ESG- and structured-credit role at UBS Group following the latter’s acquisition of the former. Elsewhere, Colliers has lured two ex-George Smith Partners (GSP) executives as vice presidents, while a senior Federal Housing Finance Agency (FHFA) exec has joined Guy Carpenter.

    Credit Suisse .......

    Market Moves 10 November 2023

  • Scope sees ratings drift reverse in Q3

    Market updates and sector developments

    Ratings drift in structured finance instruments improved in the third quarter of 2023 for the first time in more than a year, Scope Ratings has revealed. The metric measures the ratio between upgrades minus downgrades and the total number of monitored ratings over the past year.

    While the agency oversaw just 12% of 294 instruments upgraded against 17% .......

    Market Moves 7 November 2023

  • Job swaps weekly: Balance sheet distribution head steps up

    People moves and key promotions in securitisation

    This week’s round-up of securitisation job swaps sees ING promoting its global head of balance sheet distribution. Elsewhere, Orrick strengthens its structured finance group in New York.

    ING has appointed Gertjan van Toorn as global head of the loan distribution group within its wholesale banking capital markets and advisory unit. He was previously global head of balance sheet .......

    Market Moves 3 November 2023

  • CLO ESG scores compared

    Market updates and sector developments

    Sustainable Fitch reports that European CLOs – with an average ESG Score of 50.4 - have noticeably higher ESG scores, environmental scores and social scores than North American CLOs, which demonstrate an average ESG Score of 47.9. Governance scores are broadly similar across the two regions, however.

    These insights are based on an assessment of 317 European CLOs .......

    Market Moves 2 November 2023

  • PRA consults on CRR rules

    Market updates and sector developments

    The UK PRA has launched a consultation on draft rules to replace firm-facing requirements regarding securitisation under the CRR in 2H24. As such, it has published a discussion paper (DP) that raises certain key issues for feedback, in order to inform its approach - including the use of unfunded credit risk mitigation (CRM) in SRT transactions.

    In particular, the .......

    Market Moves 1 November 2023

  • EIB Group backs BNP's €627m energy efficiency drive

    Market updates and sector developments

    The EIB Group has signed its first true sale securitisation in France in more than 15 years, in support of BNP Paribas’s commitment to provide €627m of financing for home energy efficiency equipment.

    The deal sees the European Investment Bank contributing €400m and the European Investment Fund providing a further €50m. The investors will take senior and mezzanine .......

    Market Moves 31 October 2023

  • Job swaps weekly: Antares beefs up team after strategy launch

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Antares Capital hiring multiple senior executives, as it closes its debut broadly syndicated loan CLO. Elsewhere, Prosperise Capital has appointed PC2 Capital’s founder as partner and head of CRE following its acquisition of the firm, while S&P Global has promoted three securitisation execs to md in the Americas.

    Antares Capital .......

    Market Moves 27 October 2023

  • 'Endgame' comment period extended

    Market updates and sector developments

    US federal bank regulatory agencies have extended the comment period for both the Basel Endgame risk-based regulatory capital proposal and the G-SIB surcharge proposal until 16 January 2024 (SCI 28 July). Comments on both proposals were originally due by 30 November, but the comment period has been extended to allow interested parties more time to analyse the issues .......

    Market Moves 23 October 2023

  • Sculptor merger hit by litigation

    Market updates and sector developments

    Rithm Capital has responded to a complaint filed in the Delaware Court of Chancery by the Former EMD Group regarding the proposed merger between Rithm and Sculptor Capital Management (SCI 26 July). The group comprises the founding partners of Sculptor, including Daniel Och, Harold Kelly, Richard Lyon, James O’Connor and Zoltan Varga.

    The lawsuit asks the Court .......

    Market Moves 20 October 2023

  • Job swaps weekly: Octagon elevates Lam to ceo

    People moves and key promotions in securitisation

    This week’s round-up of securitisation-related job swaps sees Octagon Credit Investors appointing senior portfolio manager Gretchen Lam as its new ceo. Elsewhere, structured finance lawyers Martin Bartlam and Elana Hahn have joined Xfinite Global and Fasken respectively.

    The appointment of Lam as Octagon’s new ceo comes as the firm’s cofounder Andrew Gordon transitions into a new role as executive .......

    Market Moves 20 October 2023

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