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Optimum Credit has raised £256m from the capital markets for its first issuance after pricing senior notes at 95 bps. It is the first second charge mortgage securitisation since the global financial crisis.
The Policemen’s Annuity and Benefit Fund of Chicago is being pushed towards private debt, says Aoifinn Devitt, its chief investment officer.
Despite regulators' efforts, there is a long way to go before structured credit shakes off its stigma.
The listed direct lender has completed 17 loans since its IPO in December and says it is on target to hit its 2017 4% dividend yield target.
The appointment of a secondaries broker began the process of the $2.5bn pension fund reducing its private equity exposure – a move driven by low yields. It is now preparing to invest more in private credit.
As banks in Europe shift their focus to smaller corporates, some direct lenders are being forced to reassess their approach as they find themselves squeezed out of larger tickets.
The portfolio of NPLs is secured against mortgages originated by Italian bank Banco BPM.
Bank profitability is being dragged down by burdensome NPL assets and the ECB sees securitisations and asset managers as the solution.
Brad Demong and Leander Christofides have rejoined the firm to lead the investment strategy from offices in New York and London.
The mid-market lender has appointed three new people to its London and Brussels offices.