Market Moves

  • Job swaps weekly: All change at Tikehau

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Tikehau Capital making a number of promotions, including the appointment of a new president of Tikehau IM and a new head of structured credit. Elsewhere, Way Capital has snapped up a new head of agency finance from First Foundations, while CBRE has poached two structured finance executives from Greystone & Co. 

    Market Moves 1 September 2023

  • European CRE debt faces €93bn funding gap

    Market updates and sector developments

    Updated AEW research shows an estimated European commercial real estate debt funding gap (DFG) of €93bn, representing the shortfall between the original amount of secured CRE debt originated in 2018-2021 and the amount available for refinance at loan maturity for the 2023-2026 period across all four property sectors in France, Germany, Italy, Netherlands, Spain and the UK (SCI .......

    Market Moves 31 August 2023

  • Bayview branches out into insurance AM

    Market updates and sector developments

    Bayview Asset Management has launched an Insurance Asset Management business, with the aim of appealing to an insurance industry that is increasingly seeking to diversify and expand beyond its traditional focus on corporate credit. The new division will be led by cio Nancy Mueller Handal, who formerly served as head of private fixed income and alternatives at MetLife, with .......

    Market Moves 29 August 2023

  • Job swaps weekly: Stream of hires at Flowcarbon

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees carbon fintech business Flowcarbon bulk up its structured finance muscles with a promotion and two new hires. Elsewhere, Atom Bank has appointed a former Arrow Global ceo as chair designate, while Bespoke Real Estate Advisers has promoted a founding member to chief investment officer. 

    Flowcarbon has promoted Martin Kessler to .......

    Market Moves 25 August 2023

  • Securitisation exempt from private fund rule

    Market updates and sector developments

    The US SEC has determined that securitised assets funds, including CLOs, are exempt from its Private Fund Advisers Rule. The new rules aim to protect private fund investors by increasing transparency, competition and efficiency in the private funds market. To enhance transparency, the rules will require private fund advisers registered with the Commission to provide investors with quarterly statements - .......

    Market Moves 25 August 2023

  • Nomura pays US$35m to settle RMBS fraud case

    Market updates and sector developments

    Nomura Securities International (NSI) has agreed to pay a US$35m penalty to the district of Connecticut and US$800,000 in additional restitution payments over alleged historical fraudulent trading of RMBS. The settlement is part of a non-prosecution agreement between NSI and the US Attorney’s Office for the district.

    The DOJ investigation found that the Japanese investment bank’s US broker-dealer .......

    Market Moves 23 August 2023

  • Janus Henderson rounds out securitisation ETF suite

    Market updates and sector developments

    Janus Henderson is preparing the launch of a new fund that the firm says will complete its suite of securitisation-focused ETFs and enable it to invest in almost all of the US securitised market. The US$253.3bn asset manager filed a preliminary registration statement with SEC for Janus Henderson Securitized Income Exchange Traded Fund on Friday.

    The new ETF’s objective is to “seek .......

    Market Moves 21 August 2023

  • Job swaps weekly: TCW snaps up American Century securitisation head

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees TCW Group appoint a successor to its recently departed global co-head of securitised products. Elsewhere, ARC Ratings has hired a European industry veteran as non-executive director, while Guy Carpenter has appointed a senior marketing and business development executive as md. 

    Los Angeles-headquartered asset manager TCW has appointed American Century Investments’ Peter Van Gelderen as .......

    Market Moves 18 August 2023

  • UBS to pay US$1.4bn over pre-crisis RMBS

    Market updates and sector developments

    UBS has agreed to pay US$1.435bn in penalties to settle a case relating to historical alleged misconduct surrounding the underwriting and issuance of RMBS pre-financial crisis. The US Department of Justice filed a civil action in 2018 alleging that UBS defrauded investors in connection with the sale of 40 transactions between 2006 and 2007 by making “false and misleading statements” about .......

    Market Moves 15 August 2023

  • Prelios acquisition agreed

    Market updates and sector developments

    ION subsidiary X3 Group is set to acquire Prelios from Davidson Kempner Capital Management. Established in 1990 in Milan, Italy, Prelios has more than €40bn of assets under management across non-performing loans, unlikely-to-pay exposures and real estate funds. Since investment funds advised by Davidson Kempner acquired the business in 2018, Prelios has grown its revenue from €100m to over .......

    Market Moves 14 August 2023

  • Empirical study reveals blockchain efficiency

    Market updates and sector developments

    Blockchain technology can reduce the yield spread on securitisations by approximately 25bp, according to a new BIS Working Paper. Based on an analysis of circa 5,000 ABS products issued in China between 2015 and 2020, the study examines whether blockchain-based ABS enjoy better pricing than those not based on blockchain.

    Specifically, the study analyses whether the adoption of .......

    Market Moves 11 August 2023

  • Job swaps weekly: New faces for Newmark

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Newmark Group making a number of senior appointments to its debt and structured finance team. Elsewhere, Helaba has hired a former Deutsche Bank md to lead its asset finance team, while CRED iQ has appointed a new head of data and analytics. 

    Commercial real estate manager Newmark has made three senior appointments in its .......

    Market Moves 11 August 2023

  • California judge backs investors in clean-up call dispute

    Market updates and sector developments

    A court has ruled in favour of investors, in a case centred around RMBS trusts held by Deutsche Bank National Trust and a related clean-up call transaction by mortgage servicer PHH Mortgage Corp. The mortgage servicer had previously announced its intention to exercise its clean-up call rights and purchase the trusts’ assets at a contractually defined price. 

    The Superior Court .......

    Market Moves 10 August 2023

  • FCA seeking a 'more proportionate' SecReg

    Market updates and sector developments

    The UK FCA has issued its own consultation on proposed changes to the securitisation regime, following the publication of HM Treasury’s near-final statutory instrument (SI) (SCI 13 July) and the UK PRA’s consultation (SCI 28 July) last month. The document appears to focus on fixing some technical issues and clarifying others, rather than recommending any wholesale changes .......

    Market Moves 7 August 2023

  • Job swaps weekly: Sixth Street signs Salisbury

    People moves and key promotions in securitisation

    This week’s round-up of securitisation job swaps includes the announcement that Julian Salisbury will join ex-Goldman Sachs colleagues and Sixth Street co-founding partners Alan Waxman and Joshua Easterly next year. Elsewhere, Marsh has made a couple of senior promotions in its credit specialties division.

    Salisbury is set to join Sixth Street as a partner and co-cio, alongside ceo Waxman, .......

    Market Moves 4 August 2023

  • Innovative financing inked for Deutsche Bahn

    Market updates and sector developments

    The EIB and HypoVereinsbank are providing credit lines totalling up to more than €2bn to Deutsche Bahn for the procurement of 90 new trains for the Munich S-Bahn. Deutsche Bahn will receive financing for the new vehicles from Bayerische Eisenbahngesellschaft (BEG), which plans, finances and controls the regional and S-Bahn traffic in Bavaria on behalf of the Bavarian Ministry .......

    Market Moves 3 August 2023

  • Groundbreaking cannabis CMBS closed

    Market updates and sector developments

    Groundbreaking cannabis CMBS closed
    Pelorus Capital Group has closed PCG 2023-1, the first-ever securitisation backed by cannabis-linked real estate assets. The firm retained a third of the US$70m offering, selling US$45m of bonds, which it says attracted a range of institutional investors and hedge funds that were “drawn to the high yield and growth of the businesses”. The single-tranche CMBS .......

    Market Moves 2 August 2023

  • PRA launches SecReg consultation

    Market updates and sector developments

    The UK PRA has launched a public consultation on proposed changes to the retained EU Securitisation Regulation and the accompanying technical standards on risk retention and disclosure. Rather than a complete overhaul, the authority is seeking to introduce targeted adjustments to the existing EU securitisation framework by 2Q24.

    The key changes include a more principles-based approach to due .......

    Market Moves 28 July 2023

  • Job swaps weekly: Angelo Gordon beefs up in structured credit

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Angelo Gordon poach a new head for its commercial real estate debt division from Tilden Park Capital Management, alongside a raft of senior promotions in its structured credit team. Elsewhere, law firm Blank Rome has launched a new Dallas office with two senior hires from Alston & Bird partners, while ARC Ratings has .......

    Market Moves 28 July 2023

  • 'Transformational' merger agreed

    Market updates and sector developments

    Rithm Capital is set to acquire Sculptor Capital Management in a transaction valued at approximately US$639m, which includes US$11.15 per Class A share of Sculptor. This transaction will leverage Sculptor’s US$34bn of AUM with Rithm’s US$7bn of permanent equity capital and US$30bn-plus balance sheet to create what the firm describes as a “world-class” asset management business.

    Sculptor’s investment .......

    Market Moves 26 July 2023

  • Obra adds CLO issuance capabilities

    Market updates and sector developments

    Obra Capital has acquired the assets of asset management and investment research firm KDP and its affiliated companies. The transaction supports Obra’s expansion of its existing liquid markets capabilities in structured credit into the fundamental credit space. By combining KDP’s established research with Obra’s diversified asset management capabilities, the firm expects to augment its product suite to include the .......

    Market Moves 21 July 2023

×