Investors
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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
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Risk transfer round-up - 26 October
The week's CRT developments and deal news
People moves
News 26 October 2023
Alan McNamara is set to join Howden CAP as executive director, balance sheet advisory and structuring, based in Dublin. McNamara was previously at the Bank of Ireland, most recently as head of group balance sheet management and execution, responsible for the bank’s extensive SRT programme. In his new role, he will enhance the advisory and structuring expertise across .......
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Polish lease SRT prints
Millennium, Veld strengthen relationship
Private credit specialist Veld Capital has acted as investor in Millennium Leasing’s latest significant risk transfer transaction. The trade references a €1bn portfolio, comprising highly granular performing Polish SME leases, underpinned by vehicles and machinery, with Veld Capital investing in the mezzanine tranche of the trade.
Leases originated by Millennium Leasing in Poland have historically exhibited high payment .......
News 24 October 2023
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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
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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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CRT Market Update
Diversity on display
Capital relief trade issuance volume could creep past €200bn by year-end, according to Man GLG’s Q4 credit outlook paper. The report further states that as SRT spreads sit at their widest levels for over a decade, the opportunity for investors to gain exposure to a diversified pool of high-quality loans is currently compelling (SCI 14 September).
“We’ve seen the .......
News 20 October 2023
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US CLN market could reach US$220bn
Market updates and sector developments
JPMorgan securitised products research analysts estimate that the potential size of the US CLN market could amount to US$220bn, as banks become more comfortable with issuing the notes for capital relief purposes, following the Federal Reserve’s clarification of what defines a synthetic securitisation (SCI 29 September). Indeed, they suggest that the move may mark the beginning of a .......
Market Moves 16 October 2023
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Starting strong
Leland Hart, portfolio manager and cio of performing credit...
Q: Warwick Capital Partners closed its inaugural BSL CLO transaction – the US$400m Warwick Capital CLO 1 – last month. As a new entrant, how does Warwick’s strategy compare to that of existing managers in the market?
The Structured Credit Interview 16 October 2023
A: It’s a pretty seminal time in the CLO market – when risk retention reared its head in the US and Europe and .......
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Job swaps weekly: Fearon steps up at Arch
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Arch Capital Group appoint a new ceo in its global mortgage group. Elsewhere, Gallagher Re has hired a new head of global credit and political risk, while Cushman & Wakefield has snapped up a Patterson Real Estate Advisory exec as md.
Arch Capital Group has promoted Seamus Fearon to ceo, international mortgage for the .......
Market Moves 13 October 2023
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Risk transfer round-up - 12 October
The week's CRT developments and deal news
Market news
Fannie Mae has commenced fixed-price cash tender offers for the purchase of any and all of 11 Connecticut Avenue Securities (CAS) notes, with an unpaid principal balance of US$1.398bn and vintages ranging from 2016 to 2018. The offers will expire on 16 October and settlement is expected on 18 October.Fannie Mae has engaged BofA Securities as .......
News 12 October 2023
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Freddie B-piece investments closed
Market updates and sector developments
Sabal Investment Holdings has closed a series of five B-piece investments, representing approximately US$2bn in collateral balance, across three Freddie Mac multifamily CMBS programmes. The programmes comprise SB-Deals, K-Deals and Q-Deals.
Three SB-Deals closed by Sabal are backed by Freddie Mac multifamily small balance loans (SBLs), totalling US$90m in bond balance across US$933m in collateral balance and 338 .......
Market Moves 12 October 2023
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Wake-up call
Collaboration needed for consistent CLO ESG practices
Consistency across ESG reporting is the next crucial step for sustainability disclosures in the CLO market, as transitional climate risks exert pressure across the entire value chain. ELFA’s recent CLO Carbon and Sustainability Reporting Paper underscores the necessity for collaboration to determine common practices.
Investor interest in ESG disclosures is surging throughout the structured finance industry (SCI .......
News 11 October 2023
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Quitting coal
Using utility ABS to fund a 'just' energy transition
An uptick in utility ABS is expected as US utilities seek financial solutions for retiring the country’s aging fossil fuel fleet. This SCI Premium Content article explores how the proceeds from these transactions can be used to facilitate an equitable energy transition.
Utility ABS may be set for revival in the US as a means of funding ......
News Analysis 10 October 2023Premium Content
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Snowball effect
EIF expands CEE engagement
The EIF is prepping a third synthetic securitisation with a Bulgarian banking group, following its deals with Bulbank last October (SCI 19 October 2022) and ProCredit Bank in June (SCI 22 June). Meanwhile, a further transaction in Romania is anticipated towards the end of the year, as the fund continues its engagement across Central and Eastern Europe.
News 10 October 2023
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Cat bond rebound
'Significant repricing' spurring renewed interest in ILS
The floods in New York at the end of September were the latest in a series of extreme climate-related events to dominate the global news agenda this year. Yet, while the assumption may be that this onslaught of disasters would lead to a strain on the catastrophe bond market, issuance in the asset class has soared this year.
News Analysis 6 October 2023
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Job swaps weekly: HSBC snaps up former Deutsche Bank CLO head
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees a former head of CLOs at Deutsche Bank taking up a director role at HSBC. Elsewhere, CBRE has promoted a London-based executive md to president and coo in its Tokyo office, while SLC Management has appointed two new co-heads for its private fixed income team.
Deutsche Bank’s former head of CLOs, .......
Market Moves 6 October 2023
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Risk transfer round-up - 5 October
The week's CRT developments and deal news
Market news
News 5 October 2023
A new paper published by the European Systemic Risk Board (ESRB) suggests that the synthetic securitisation sector has reached sufficient critical mass to make SRT a permanent feature in the capital management toolkit of European banks. However, it notes that as more banks and investors enter the market, the current assessment process will “need to become .......
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RRAM acquires second slate of CLOs
Market updates and sector developments
Redding Ridge Asset Management has acquired CLO management contracts totalling US$2.8bn in AUM from Gulf Stream Asset Management. With the close of the transaction, Redding Ridge will have more than US$26bn of AUM and expects a seamless integration of the contracts and to actively manage the new portfolios consistent with its disciplined CLO strategy.
Redding Ridge is an .......
Market Moves 3 October 2023
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Next level
ESG back-reporting gaining traction
ESG back-reporting may be the next step for sustainable disclosures as the battle to beat greenwashing continues. The GSEs are leading the back-reporting charge, with the introduction of Fannie Mae’s Social Index calculations and Freddie Mac’s historical data file release for all active and inactive MBS pools since 2010 (SCI 18 August 2022).
“They are really driving .......
News Analysis 29 September 2023
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LBBW, mBank out of the blocks
SRT Market Update
Further details have emerged on one of the Polish SRT trades that had been in the pipeline (SCI 28 September). Meanwhile, LBBW has closed an innovative synthetic securitisation with the EIB Group.
Polish lender mBank has completed its third SRT transaction, representing the largest-ever synthetic securitisation in the CEE region. Dubbed Makalu, the deal references an approximately .......
News 29 September 2023
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Job swaps weekly: Khan heads to Natixis CIB
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Natixis CIB hiring a new head of structured credit capital markets. Elsewhere, Arrow Global has recruited two senior execs to its real estate and credit divisions, while Intesa Sanpaolo has appointed a new head of structured finance and loans legal advisory.
MUFG’s Asif Khan has joined Natixis CIB as md .......
Market Moves 29 September 2023