News Analysis
Marketplace Lending
Madden resolution urged
US marketplace lending firms should be freed from restraints around “true lender” status that have arisen due to regulatory developments, such as the Madden vs Midland case. This is according to a recent US Treasury report, which also suggests improvements to servicing standards and borrower communication in the federal student loan sector.
The US Treasury highlights the growing role of fintech and nonbank firms in lending in the US, with 3,300 new fintech firms founded between 2010 and 2017. 40% of these are focused on banking and capital markets and lending from these firms now makes up more than 36% of all US personal loans.
The report highlights the importance of marketplace lending in expanding access to credit for consumers and businesses in the US and, in line with this, recommends eliminating constraints resulting from various court cases, such as Madden vs Midland.
It adds that Congress should codify the “valid when made” doctrine to preserve the longstanding ability of banks and other financial institutions, including marketplace lenders, to buy and sell validly made loans without coming into conflict with state interest-rate limits.
Vincent Basulto, partner at Richards Kibbe and Orbe, comments: “It’s helpful to have the support of the government behind the sector and it provides further momentum behind a resolution for the Madden vs Midland issue. It was hoped originally that it would resolve itself naturally over time, but it has since become ingrained in law.
“People are now coming to the conclusion”, he continues, “that there needs to be a cohesive push, including from Congress, to get the issue resolved in a collaborative fashion, on a national level. It still remains the major regulatory issue in the sector and the status quo doesn’t benefit lenders or consumers. There is generally a feeling in the report that there needs to be some degree of harmonisation and a streamlined approach to regulating the sector.”
In the realm of mortgage lending, the report notes that traditional lenders have - since the financial crisis – ceded market share to non-bank lenders, which now account for 50% of new mortgage originations. Both depository and nondepository lenders are now moving toward a digital front-end, either through a proprietary platform or commercially available products.
Additionally, the use of online platforms to submit mortgage applications has increased from 28% in 2016, to 43% in 2017. Few lenders, however, currently have the capability to complete the digital front-end, but instead use a digital application to trigger referral to a loan officer to continue the process in a paper-based way.
Capabilities to support a digital back-end are even less developed in the sector, but it remains integral in offering an end-to-end digital mortgage product, although this is hampered by disparate rules and non-uniform recognition of electronic and remote online notarisations.
The development of digital mortgages could be supported by wider use of electronic promissory notes (eNotes) due to the advantages for the mortgage industry and borrowers in providing convenience, quality control efficiencies and faster origination timelines. eNotes are also, the report states, more readily transferred between holders as they are bought and sold in the secondary market, cost less to store and transmit than paper and offer greater protection against unauthorised tampering, alteration or loss.
The report recommends that Ginnie Mae accepts eNotes and supports the measures outlined in Ginnie Mae’s 2020 road map to develop digital abilities. Additionally, the report suggests that states yet to authorise electronic and remote online notarisation, pursue legislation to explicitly permit the application of this technology and the interstate recognition of remotely notarised documents.
In the area of student lending and servicing in the US, the report highlights that the federal student loan programme represents more than 90% of outstanding student loan volume and is managed by an extensive network of nonbanks for servicing and debt collections. The programme is very complex due to a variety of loan types, repayment plans and product features that are difficult to navigate and increases the difficulty and cost of servicing.
As a result, the report recommends that the US Department of Education establishes and publishes minimum effective servicing standards, to provide clear guidelines for servicing and help set expectations about how the servicing of federal loans is regulated. It also backs greater use of technology in communications with borrowers, enhanced portfolio performance monitoring and management and greater institutional accountability for schools participating in the federal financial aid programmes.
In the area of communication and servicing Basulto also sees room for improvement and that the federal programmes can learn from online lenders. “Federal student lenders”, he says, “could certainly heed the example of the private loan online firms particularly in terms of harnessing digital communication. Their servicing capabilities also are generally pretty solid.”
Basulto adds that concern around servicing is being seen across the board: “What I would say however is that as the credit cycle is expected to turn, scrutiny of the quality and capabilities of servicers is increasing from investors.
“They want reassurances”, he continues, “that servicers will be able to handle a potential uptick in delinquencies, should the economic situation turn. This is being seen across asset classes and there are particularly concerns in subprime auto loans and unsecured consumer lending, including marketplace lending.”
In general, when it comes to the ability of marketplace loans to survive and perform through a downturn, Basulto is quietly confident about marketplace loan securitisations. He says: “In terms of MPL ABS I think that the deals are generally well supported in terms of credit enhancement to maintain cashflows for the foreseeable future. Equally, rating agencies have certainly been pretty conservative in their ratings.”
The report also highlights the growing demand in the US for short-term, small-dollar loans, but says that lenders have been constrained by unnecessary regulatory guidance at a federal level. As such, the US Treasury recommends that the CFPB rescind its Payday Rule, which applies to nonbank short-term, small-dollar lenders, as states already maintain the necessary regulatory authorities and the rule would further restrict consumer access to credit.
Alongside the Treasury report, The Office of the Comptroller of the Currency (OCC) announced that it will begin accepting applications for national bank charters from non-depository fintech companies engaged in banking. The OCC states that fintech firms that receive special purpose national bank charters will be supervised like similarly situated national banks, to include capital, liquidity, and financial inclusion commitments as appropriate.
Basulto has mixed views on the OCC announcement, although he is clear about the general reception of the decision. He comments: “This was viewed as a really positive sign for the sector and received enthusiastically from almost all corners. However, it could be seen as something of a symbolic gesture because it is unlikely that more than a handful of firms will even be willing at this point to apply and I wouldn’t be surprised if not even one new firm has applied and secured a charter by a year from now.”
He adds: “At best it is only going to be the largest, most established platforms in the country that will consider applying. Less established lenders just won’t be able to meet the criteria and it therefore has somewhat limited applicability.”
Additionally, Basulto suggests that firms may not be successful or may not even bother to apply for a bank charter because the OCC’s requirements - including management expertise, liquidity, capital and financial inclusion – are things many fintech firms will not have and it raises the question about whether the OCC is considering what fintech firms are really capable of. He adds that the announcement does still indicate, to an extent, that the OCC is supporting the development of new types of financial firms.
A bigger concern may be the level of opposition at a state level that fintech firms may face. According to Basulto, the last time the OCC charter issue was raised it was met with “fierce criticism and was challenged from a number of states”, which fear losing control over the companies they regulate.
He concludes: “As such it is highly likely that there will be further legal challenges although the OCC has tried to set out a fairly solid statutory basis for the charter - they recognise the challenge to the states and it seems very likely that there will be litigation to help settle this.”
RB
12 September 2018 16:57:28
News Analysis
Capital Relief Trades
Brexit uncertainty highlighted
CRTs unaffected although contract continuity concerns underscored
Brexit has so far had a neutral impact on capital relief trades (CRTs) in terms of structuring and issuance. However, uncertainty remains over how EU law and the CRR will be incorporated into UK law, which is an important issue pertaining to the continuity of CRT contracts.
Steve Gandy, md and structurer at Santander Corporate and Investment Banking, comments: "So far Brexit...should likely have a neutral effect on CRT deals given that the PRA has always taken a more conservative approach compared to the ECB. For example, the PRA, to our knowledge, has never approved pro-rata amortisation, time calls and - judging from its recent SRT consultation - will impose additional capital requirements on deals using excess spread (SCI 22 June).
"The basic CRR and STS", he continues, "must be applied in every EU country, although it allows each national regulator to apply more conservative rules." However, absent any clarity over how EU law will be incorporated into UK law, market participants have raised concerns over contract continuity.
Gandy explains: "If you consider the last Magdalena deal that we did (SCI 8 August), the financial guarantee is written under English contract law as with most SRT deals. In a post-Brexit environment we don't know, for example, whether a Spanish firm and UK investors would be able to enforce the terms of the contract, since it is unclear whether English law would be enforced in EU jurisdictions. This is very different from the present where every EU state has to honour documents written under any EU state's law."
Consequently, some transactions now feature so called arbitration clauses to address this legal uncertainty. These clauses mean that if there is a dispute, it will be settled using arbitration rather than going to court.
Arbitration involves an independent third party considering the dispute and making a decision on it, which is then binding on the parties and can be enforced in court if necessary. This would take jurisdiction away from English courts - if the contract is under English contract law - and reduces any uncertainty as to whether any decision on the dispute would be recognised in an EU member state.
The important question is how you incorporate EU law into UK law after Brexit. Absent passporting, the consensus view was that Third Country Regime (TCR) access provisions were the most practicable alternative.
TCRs are established under EU rules covering third country established firms. Under existing EU law, TCRs provide rights of access below passporting for financial services, without further authorisation requirements from an EU member state.
According to the Brexit white paper published by the UK government in July, there is a proposal for an arrangement with more limitations than passporting but more benefits than TCR, which Edmund Parker, partner at Mayer Brown, calls "TCR plus". TCR-plus would imply that at the end of the transition period, currently likely to run until the end of 2020, the UK and the EU will have identical rules and matching supervisory frameworks, meaning true equivalence in all currently passported areas.
"This would mean business as usual since it would incorporate EU law into UK law. Yet the EU hasn't agreed anything yet. Politics remains the biggest challenge", says Parker.
Nevertheless, there is an expectation that UK law will diverge from EU law, but the scope of that divergence remains unclear. The UK government has only indicated a willingness to put in a place a regime that would approximate the status quo, in particular, through the EU withdrawal act that was given royal assent in June.
The European Union (Withdrawal) Act 2018 converts into UK domestic law the existing body of directly applicable EU law-which would extend to the CRR and the Securitisation Regulation.
A draft legislation published in August as part of the Withdrawal Act illustrates the last point. On August 21, the UK Government published a draft legislation that aims to amend certain aspects of the CRR so that it "operates effectively" after Brexit.
Yet the document lacks any clarity over the future of the Securitisation Regulation in the UK. The government notes that, "where aspects of CRR will be substantially amended by the Securitisation regulations (Regulations (EU) 2017/2402 and 2017/2401), these aspects will be amended at a later stage as part of the Securitisation onshoring."
David Toole, partner at Simmons and Simmons, explains: "This is important because it introduces some uncertainty as to what rules UK banks will need to comply with in the longer-term post-Brexit. Many rules will need to be adjusted in the UK - for example, when it comes to potentially extending STS to synthetics, one of the current STS requirements is to have the originator, sponsor and issuer in an EU state. Will the UK follow any EU developments in this area after the UK leaves the EU? We just don't know yet."
Overall, Toole expects some divergence although it is likely to be limited given that the CRR is based on Basel rules. He adds: "The importance of the City of London and English contract law should also be highlighted. English contract law provides a certainty offered by precedents and a critical mass of deals, along with the experience, efficiency and speed of the UK court system."
The use of English law in a number of future transactions also happens to be the view of the European Investment Fund - a major counterparty in SME SRT transactions - although the fund confirms that it has observed more deals done under EU law.
According to Philippe Dorin, head of legal at the EIF's structured finance division, there are many precedents for EU law governed transactions. "It is already very common to have synthetic securitisations governed by the laws of other EU member states, notably Germany, France, Italy, Spain, Ireland and the Netherlands. These laws have proven to be very effective in synthetic securitisations." he says.
Whatever the future of English contract law in SRT deals, the EIF states that it continues to support UK businesses, although the fund's future activity depends on the conclusion of the ongoing political negotiations.
UK SRT investors continue to refine expectations related to the potential impact of Brexit related uncertainty as well as the formal exit from the EU on collateral underlying SRT securities. To date, overall deal structuring has not experienced any material changes and issuance has remained largely unaffected.
According to Kaelyn Abrell, partner and portfolio manager at Arrowmark Partners, "Investors model SRT returns based on through-the-cycle default and recovery assumptions. Any change in macroeconomic or individual company expectations due to Brexit will be incorporated in those assumptions and reflected in return estimates. We've incorporated additional analyses of UK and UK-related exposures to account for the varying potential outcomes of the Brexit process."
Abrell continues: "At the moment, the expected impact on UK SRT collateral is limited. If investor expectations deteriorate, we expect it to manifest in higher spreads or other types of structural enhancements. It's too early to make a definitive judgement given uncertainty surrounding the final outcome."(SCI 23 March).
SP
12 September 2018 15:56:53
Market Reports
ABS
Euro ABS activity surges
Investors finding value across asset classes
The ABS secondary market has been very BWIC driven with large volumes coming through. A Greek RMBS is also attracting attention amid a greater focus on European ABS.
A trader comments on ABS activity in Europe: “The most interesting thing I’ve been seeing is the large Grifonas RMBS. The senior, now sized at around €345m, has been on BWICs for two weeks.”
The source adds: “They have taken the unusual step of closing the reserve. Greek RMBS hasn’t been a large part of the market for years. They were trading - at their lowest - at about 30 to 40 cents on the Euro, and two years ago at around 60. The reserve was 91.5 cents on the Euro, which they just traded.”
The trader adds that this is an indication of how Greek RMBS activity has been normalised, but adds that Italy is now attracting more concern.
In European CLOs the source says they have been pricing high for the first time in a while, adding that new issues are trading at around 600bp compared to around 520bp to 540bp in previous weeks.
In general, value seems to be in Europe at the moment, the trader comments, representing a reversal from two or three months ago when Europe was pricing tighter than the US.
The source suggests that, “investors are able to control things on the primary market a lot better in the US, in both the CLO and ABS market.”
TB
14 September 2018 13:40:42
Market Reports
ABS
Preference for yield
Conference delays new issues
The US ABS secondary market is seeing a big demand for higher-yielding sectors like renewables, even if it means giving up liquidity, according to market sources.
According to one trader, firms are also holding off from bringing new issues because of ABS East, resulting in a market slow down until the conference.
The source adds however that many deals are predicted to emerge over the coming weeks, particularly in US CLOs, as dealers wait for coupon dates before beginning refis and resets.
“It is easier to do the refis and resets on the coupon dates,” says the trader. “It makes things a lot easier because you don’t have to worry about the interest difference. People know the interest then and want to act on the date the coupon is paid.”
The trader adds that volatility isn’t expected in the short to medium term and that they don’t “see what’s going to blow up to widen spreads any time soon.”
TB
14 September 2018 16:30:30
Market Reports
CLOs
Short duration in demand
Spreads diverge between long and short CLO paper
The volume of US paper in the secondary CLO market is down in the first week of September, with spreads diverging between long and short paper.
“At this stage,” says a trader, “it’s hard to find short paper as people don’t want to sell it because it’s very competitive to buy. For the longer paper spreads are widening in general, so the prices are going down.”
The trader highlights refis from Neuberger Berman and OZLM this week and comments that the OZLM transaction’s equity moved 3bp-5bp last week.
“The DMs have increased by 5bp. It’s trading at about 610bp,” says the trader. “Better names are trading at 575bp or 585bp, that’s the spread, therefore the prices are lower. The overall bid is coming out and it’s closer to 95.”
The level of paper coming out is keeping the market under pressure. The trader concludes: “Very short paper is in high demand in the secondary market.”
TB
11 September 2018 13:08:41
Market Reports
CLOs
US CLO secondary spikes
The US CLO market is seeing a big spike in secondary market activity this week ahead of ABS East and expected reset activity.
“There’s over US$500m on BWICs today”, says a trader, “which is the busiest day in several months. I would guess it’s because of the ABS east conference on the following Monday…people are trying to get stuff done before then. People are also trying to produce liquidity before the reset wave.”
The source goes on to say that, “refis and resets happen around permanent dates but what has happened in the secondary market is that spreads calmed in January and have been drifting ever since. Secondary spreads get more volatile because of resupply.”
The trader continues: “You need several weeks of lead time. There may be a lull between the reset wave. Dealers are queuing up for the next reset wave happening next month, which means spreads have been softer.”
The trader suggests that after the reset wave the spreads will settle down towards the end of the year, although the US election in November is a “wildcard”. A shift in the US Congress could see changes to securitisation regulation.
The trader concludes: “You could see the regulation slow down, or not, if the Democrats get in, which the market might not like. It is hard to know. I think it is a guarantee that the market will be quite volatile. Between the reset wave and the US elections we are in for a bumpy ride for the rest of the year.”
TB
12 September 2018 17:45:56
Market Reports
CLOs
US CLO reissue caution advised
US CLO arrangers are being cautious in terms of how they bring and announce actions in the next two months.
“Investors know there’s lots of deals getting done in September and October, so there are a lot which are not being announced or are being done in secret,” says a trader.
Many deals made in the last week are being done in wider margins, the source adds, because of the number of deals available, leading to many investors settling for wider instead of tighter spreads.
“Everyone knows it, nobody tries to fight it,” the trader continues. “Everyone says if you want to get it done get it done. What you do see is that there are 2014 vintages which are being reissued and because the collateral is not great, the performance is not great. It looks like a new deal but unless you know it has been reissued then it might not be clear why it’s performing the way it is.”
The trader adds that several managers are planning to delay until then January payment date when they feel they can get a better deal than if they sell in October.
TB
13 September 2018 17:53:31
Market Reports
RMBS
Euro RMBS picks up
Markets moving again after summer lull
In the first week of September the market seems to be coming back to life after the lull of August and July. According to one trader, two primary deals in particular are catching the attention of the market at the moment in the form of the latest £528m Tower Bridge Funding 3 transaction and the €526.89m Dutch Property Finance 2018-1 deal.
Unpredictable pricing is, however, creating a degree of uncertainty which is particularly true of the Dutch Property Finance transaction, comments the trader: “I can’t get my head around why it’s priced the way it is. It’s now priced around 60bp, which is some 25bp tighter than the same bonds sold a week or two before.”
Additionally, the source says that the Tower Bridge Funding No. 3 transaction is “more transparent” than the Dutch Property Finance RMBS, with the benefit of more “homogenous collateral” while the Dutch Property Finance transaction has “a very mixed portfolio which makes it more difficult to price”. The trader adds, however, that the Dutch jurisdiction of the latter transaction makes it more immunised from Brexit risk than the Tower Bridge RMBS.
TB
10 September 2018 16:08:24
News
Structured Finance
SCI Start the week - 10 September
A look at the major activity in structured finance over the past seven days
Pipeline
A fairly even split of auto and non-auto ABS in the pipeline this week:
Auto ABS: US$256.2m American Credit Acceptance Receivables Trust 2018-3, CNY4.5bn Bavarian Sky China 2018-1 Trust, US$1bn Drive Auto Receivables Trust 2018-4, Silver Arrow UK 2018-1, US$801m World Omni Automobile Lease Securitization Trust 2018-B
Non-auto ABS: Alhambra SME Funding 2018-1, US$881.52m CAL Funding III series 2018-2, C$584m Glacier Credit Card Trust 2018-1, US$350m Hilton Grand Vacations Trust 2018-A, US$992.2m Navient Student Loan Trust 2018-4, US$544m SMB Private Education Loan Trust 2018-C
In the RMBS space a number of European deals have come into the pipeline in the form of: BPCE French RMBS, US$342.65m COLT 2018-3, Dublin Bay 2018-1, Oak No. 2, US$370.45m PSMC 2018-3 Trust, STACR 2018-DNA3
A smattering of CLOs have appeared with several in Euro pricing: €409.5m Avoca CLO XIX, €411.5m Man GLG Euro CLO V, US$407.35m Parallel 2018-2, US$600m Regatta XV Funding, US$505.1m RR5, €409.4m Sutton Park CLO
Just two CMBS in the pipeline this week in the form of: US$325m COMM 2018-HCLV, US$225m STWD 2018-URB
Pricings
RMBS continue the European theme with the following deals pricing: £3.232bn Brass No. 7, €913m Storm 2018-II, €526.89m Dutch Property Finance 2018-1, £528m Tower Bridge Funding No. 3
Continuing the light theme from the pipeline, only a small number of CLOs have priced this week: US$540m BlueMountain CLO 2014-2 (refinancing), US$408m Cathedral Lake V, US$460m Marathon CLO XII
Editor’s picks
Chain reaction: Numerous ABS issuers are exploring how to leverage blockchain technology to execute traditional securitisation structures. Indeed, its adoption could yield immediate benefits for esoteric and new asset classes, which have an illiquidity premium associated with them…
GACS extended: The European Commission has approved a second extension of the GACS guarantee scheme for the senior tranches of Italian non-performing loan securitisations. The guarantee is issued at a market price to comply with EU state aid rules, although the European Commission will continue to review the scheme’s compatibility with market conditions. Consequently, further extensions of the scheme remain the most likely option, as opposed to rendering it permanent…
Increased obligations weighed: ESMA last month published final draft technical standards on the new reporting requirements to be implemented under the Securitisation Regulation (SCI 24 August). The standards - released ahead of the 1 January deadline - are set to usher in new levels of due diligence required on the part of the seller, meaning investors will expect more information to be readily available on prospective deals…
Deal news
- Intesa Sanpaolo has completed a guarantee agreement with Fondo Centrale di Garanzia, the Italian government guarantee fund, to spur economic growth via lending to Italian SMEs. This is the fund’s first synthetic securitisation that includes mid-cap firms (with up to 499 employees), which were previously excluded from its portfolio policies.
10 September 2018 13:40:25
News
Capital Relief Trades
Risk transfer round-up - 14 September
CRT sector developments and deals news
Santander is rumoured to be readying a corporate CRT for 4Q18. The Spanish bank’s last corporate deal, dubbed Grafton CLO 2016, was inked in December 2016.
The CLN was priced at 10.2% and referenced a £1.25bn portfolio of primarily UK corporate loans (see SCI’s capital relief trades database).
14 September 2018 12:01:35
Market Moves
Structured Finance
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 of CMBS. The downgrade action follows the enactment of the Housing Administration regime on 5 July under the Housing and Planning Act 2016. The rating action concludes the rating review, which was initiated on 3 August 2018. Moody's has determined that the inability of the creditors to enforce security during an administration dilutes the value it has given to the security provided by the HA borrowers and negatively affects the strength of the structural features. There is uncertainty around the timing and costs associated with an administration of an insolvent HA which could be significant for larger HAs with substantial numbers of units when compared to the smaller ones. A longer administration process not only decreases the likelihood of enforcement of the security even further but also increases the risk of a disruption of payments on the notes.
Europe
Baker McKenzie has hired Matthew Dening to the structured capital markets practice in London, joining later in the year. Dening was formerly co-head and managing partner of Sidley Austin's London global finance team.
Oxane Partners has hired Yousuf Attarwala as director, head of loan servicing. He was previously associate director, head of primary servicing and loan reporting at CR Group.
Interval fund launched
American Beacon Advisors has announced the launch of the American Beacon Apollo Total Return Fund - a newly organised interval fund and cross-platform credit vehicle. The fund’s shares are available under the ticker symbol ATRYX and it is the result of a partnership between American Beacon and Apollo Global Management. The fund will allocate investments across the credit landscape including the full range of structured finance asset classes.
Issuance platform launched
CAT Financial Products (CATFP) is the first bank-independent financial services provider in Switzerland to offer its own issuing platform via SPVs, allowing issuing clients of CATFP to securitise their own tailor-made products without an investment bank and controlled counterparty risks. The platform is based on balance sheet-neutral SPVs and covers the entire value chain. In addition to the structuring of structured products such as tracker certificates, AMCs, credit linked notes and capital protected products, the securitisation of non-bankable assets such as crypto currencies, real estate or art is also possible. Working in partnership with GenTwo, CATFP structures the products and connects them with their own life cycle management tool.
MBS ETF launched
Janus Henderson Investors has launched an MBS ETF designed to outperform the Bloomberg Barclays US MBS Index. Dubbed JMBS, it will be co-managed by Nick Childs and John Kershner. Kershner has been with the firm since 2010 when he joined as a portfolio manager while Childs joined last year, focusing on valuing opportunities and managing exposure in RMBS.
SOFR feature launched
Principia Partners has launched a feature through its existing platform, pasVal, to capture and value secured overnight financing rate (SOFR) derivatives. The new feature aims to support the increased volumes of trading SOFR-based derivatives in the US. pasVal’s support for SOFR derivatives, including those with optionality, gives users the ability to properly construct a range of SOFR derivatives, as well as price them with confidence and it facilitates trading of SOFR derivatives immediately, without waiting for existing system modifications or upgrades.
US
Annaly Capital Management has hired Timothy Gallagher as md and head of the commercial real estate (CRE) group. He was previously an md at Prima Capital. David Sotolov and Nishant Nadella have also been hired to Annaly’s CRE group. Sotolov has been hired to the role of md and was previously an evp at iStar while Nadella is hired as a director, joining from H/2 Capital Partners where he was a director. Jay DeLong has also joined Annaly as a director in the agency and residential credit groups after holding the position of head of securitised products research at PointState Capital. Tanya Rakpraja, formerly senior director of Capital Impact Partners, has joined Annaly as md, alongside several hires to the role of director. These include Danielle Cooper, previously vp at the Bank of America Merrill Lynch, Christian Greco, who worked as associate general counsel at Goldman Sachs, Suet Fung Lau, who joins from Sovarnum, and Gregory Insinga who previously worked as a risk management and reporting compliance consultant for both Deutsche Bank and Goldman Sachs.
14 September 2018 15:39:50
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