Investors

  • Distressed debt unit formed

    Oaktree establishes Chinese subsidiary

    Oaktree Capital Management has become the first foreign distressed debt manager to set up a wholly owned subsidiary in China as part of phase one of the US-China trade deal. The trade deal will allow US firms to apply for asset management company (AMC) licenses and hence purchase non-performing loans directly from Chinese banks.

    At the moment, foreign .......

    News 19 February 2020

  • Ares co-founder steps down from board

    Sector developments and company hires

    North America
    Ares Management Corporation has appointed Kipp deVeer to its board. Concurrently, John Kissick - a retired co-founder of Ares - is stepping down from the board. DeVeer, who joined the firm in 2004, is a partner and head of the Ares Credit Group. He serves as a member of the Ares executive management committee and the firm’s management .......

    Market Moves 17 February 2020

  • ArrowMark acquires investment platform

    Sector developments and company hires

    Acquisition
    ArrowMark Partners     has acquired the bank investment platform and assets of StoneCastle Asset Management. As a closing condition of the transaction, stockholders approved a new investment management agreement between the company and StoneCastle-ArrowMark Asset Management - a subsidiary of ArrowMark - and elected eight directors, constituting its board. Sanjai Bhonsle has been elected as the company’s ceo and chairman.  .......

    Market Moves 14 February 2020

  • Positive outlook

    Spanish REO boost expected

    The outlook for Spanish non-performing loan transactions backed by repossessed real estate appears positive for this year, thanks to new mortgage regulations that reduce bank litigation risk. However, the illiquidity of the asset class remains a challenge that can hinder recoveries and delay the foreclosure process.

    Spain’s Supreme Court ruled last year that Spanish banks are obliged to .......

    News Analysis 14 February 2020

  • Futura placed

    European ABS market update

    JPMorgan has placed the re-offered Futura 2019 NPL ABS at a wider print than some market participants had been expecting. The transaction is notable for not benefitting from the Italian GACS guarantee and was retained by the sponsor Guber Banca in December (SCI 17 December 2019).

    The senior tranche of the deal priced at six-month Euribor plus .......

    Market Reports 14 February 2020

  • Italian private market JV inked

    Sector developments and company hires

    EMEA
    Oxane Partners has appointed Andrew Tisdall as director, portfolio management solutions. Tisdall will report to Sumit Gupta, co-founder of Oxane, and will focus on expanding the firm’s portfolio management business in Europe. Tisdall has more than 22 years of experience in loan operations at Mount Street, Morgan Stanley and Barclays. He joins Oxane from Mount Street, where he was .......

    Market Moves 13 February 2020

  • Diversified play

    Rate improvements driving ILS pick-up

    Reinsurance rate improvements are precipitating new investor interest in and fund reallocations to the ILS market, which is expected to drive a pick-up in volume this year. One key trend is the search for diversified exposure – not only in terms of property catastrophe risk, but also across other perils and different geographies.

    According to Dominik Hagedorn, partner .......

    News 13 February 2020

  • Risk transfer boost

    CRT issuance breaks record

    Capital relief trade issuance broke a record in 2019, with volumes reaching €7.5bn. This marks the highest total tranche notional volume in the post-crisis period, surpassing the previous record set in 2017.

    According to SCI data, total tranche notional volumes for 2019 reached €7.5bn, compared to €6.6bn and €6.7bn for 2018 and 2017 respectively. Multiple CRT investors though estimate .......

    News Analysis 13 February 2020

  • CRT upgraded due to 'substantial' increase in CE

    Sector developments and company hires

    Canadian MBS ETF
    BMO Asset Management has launched a new stable of ETFs trading on the TSX, including the first MBS ETF in Canada. Dubbed BMO Canadian MBS Index ETF, the offering aims to provide unique exposure to a segment of the MBS market fully guaranteed by the Canada Mortgage and Housing Corporation (CMHC). The pools each have a term .......

    Market Moves 12 February 2020

  • Equity issue

    Loan repricing expectations weigh heavy on CLOs

    The widely expected wave of loan repricing is weighing heavily on the CLO market. Equity investors and managers alike are having to face up to harder times ahead.

    “Loan repricing matters a lot in equity, but it’s not a huge issue further up the stack,” says Craig Bergstrom, managing partner and cio at Corbin Capital. “It’s potentially negative .......

    News Analysis 11 February 2020

  • CMBS trustee assumption refuted

    Sector developments and company hires

    EMEA
    Michael Newell has joined Cadwalader, Wickersham & Taft as a partner in London. A member of INREV’s Public Affairs Committee, Newell was previously a partner at Norton Rose Fulbright. His focus is the formation of real asset funds, credit funds and hedge funds, as well as technology and emerging market focused private equity funds.

    North America
    KBRA has named .......

    Market Moves 10 February 2020

  • Tightening trend

    European ABS market update

    Appetite for European ABS paper continues to be strong. The market is currently characterised by a dearth of supply, despite tightening spreads.

    “Spreads are tighter than where they were at the start of the year,” one trader says. “Yet primary and BWIC supply seems to be  slowing down.”

    Only a couple of deals remain in the .......

    Market Reports 7 February 2020

  • GSE Libor transition deadlines released

    Sector developments and company hires

    ECOWAS prepping ABS
    The Commission of the of the Economic Community of West African States (ECOWAS) and the World Bank are developing a securitisation of payments related to the cross-border power trade in West Africa. In order to address the low access of the West African population to electricity, ECOWAS member states are pooling efforts through the development of an .......

    Market Moves 6 February 2020

  • Advisor picked to help end GSE conservatorship

    Sector developments and company hires

    Acquisition
    Link Group has signed an agreement to acquire Pepper European Servicing from Pepper Group for an upfront consideration of €165m. The meeting of AUM thresholds and growth milestones could trigger an additional consideration of €35m. The acquisition will deliver immediate scale for Link Group’s banking and credit management division in existing and new jurisdictions, and does not impact on .......

    Market Moves 4 February 2020

  • HAPS flurry

    Greek NPL ABS pipeline grows

    Piraeus Bank is set to securitise €7bn of non-performing loans in 2020. The lender is the latest to announce its intention to take advantage of Greece’s recently approved Hercules asset protection scheme (HAPS).

    According to Piraeus: “The Hellenic Asset Protection Scheme ‘Hercules’ is a tool that will provide additional support to Greek banks to speed up our de-risking .......

    News 4 February 2020

  • Crestline Denali CLO interests acquired

    Sector developments and company hires

    Additional CLOs for Ares
    An Ares Management Corporation subsidiary is set to acquire a managing interest in a restructured Crestline Denali Capital that will result in the addition of seven CLOs totalling US$2.6bn of assets under management to the Ares portfolio. Crestline Denali will retain its equity interest in its CLOs. Ares believes that the all-cash transaction will strengthen its .......

    Market Moves 3 February 2020

  • Grasshopper up

    Landmark green SRT finalised

    RBS has completed a landmark capital relief trade referencing a £1.1bn portfolio of UK project finance loans. Dubbed Project Grasshopper, the approximately £78m financial guarantee is the first risk transfer transaction to be backed entirely by green assets and was carried out for both capital relief and credit risk management purposes. Macquarie Infrastructure Debt Investment Solutions, in conjunction with BAE .......

    News Analysis 31 January 2020

  • Covered funds provisions set to be revised

    Sector developments and company hires

    AMR auction debut
    The first-ever CLO applicable margin reset executed online – via KopenTech’s auction platform - saw all five tranches of TCW 2019-1 CLO refinanced successfully. The coupon of the US$240m triple-A rated tranche was reset to 107bp, from a spread of 144bp when the transaction initially closed.

    Receivables ABS prepped
    Gedesco Finance and Toro Finance are in the .......

    Market Moves 31 January 2020

  • Ramping up

    BlueBay bolsters structured credit footprint

    BlueBay Asset Management is ramping up its debut CLO, with launch planned for next quarter. At the same time, portfolio manager Alex Navin is set to relocate to New York to strengthen the firm’s US credit investment team.

    “The move enhances our global coverage and enables us to identify the best relative value opportunities in a broader context,” .......

    News 31 January 2020

  • Equity increase

    Aircraft ABS volumes powering rise in growth of equity notes

    Aircraft ABS issuance volumes are expected to rise again this year, even after a bumper 2019. As a result, the nascent market in the related equity notes (E-Notes) should also grow, but investing in that part of the capital structure is not without its challenges.

    “Aircraft leasing, as an ‘alternative’ asset class is attracting more institutional investment capital .......

    News Analysis 31 January 2020

  • Valuations provider bought by investor consortium

    Sector developments and company hires

    Acquisitions
    A consortium led by funds managed by Stone Point Capital and Further Global has agreed to acquire Duff & Phelps for US$4.2bn. The equity sellers include the Permira funds, which will continue to hold a significant stake in the company as part of the consortium. As part of the transaction, the Duff & Phelps management team will maintain a .......

    Market Moves 28 January 2020
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