ABS

Floating Wind Startup Aikido Technologies Raises $4M in Seed Financing

Retrieved on: 
Thursday, June 20, 2024

Aikido Technologies , a floating wind startup whose technology lowers costs, reduces fabrication timelines and brings serial production to the floating wind sector, today announced the successful close of its over-subscribed $4 million Series Seed investment round.

Key Points: 
  • Aikido Technologies , a floating wind startup whose technology lowers costs, reduces fabrication timelines and brings serial production to the floating wind sector, today announced the successful close of its over-subscribed $4 million Series Seed investment round.
  • The core of Aikido’s technology is a platform for floating offshore wind turbines that slashes project costs and enables floating offshore wind projects to become economic.
  • “I welcome the announcement of this financing as a great signal for Aikido and the strength of the floating wind industry.
  • The Aikido team is excellent, the market is huge, and their timing is critical — unlocking the tremendous renewable energy potential of floating offshore wind.

KBRA Assigns Preliminary Ratings to Research-Driven Pagaya Motor Asset Trust 2024-2 and Research-Driven Pagaya Motor Trust 2024-2

Retrieved on: 
Tuesday, June 18, 2024

KBRA assigns preliminary ratings to three classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2024-2 and Research-Driven Pagaya Motor Trust 2024-2 (collectively “RPM 2024-2”), an auto loan ABS transaction.

Key Points: 
  • KBRA assigns preliminary ratings to three classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2024-2 and Research-Driven Pagaya Motor Trust 2024-2 (collectively “RPM 2024-2”), an auto loan ABS transaction.
  • RPM 2024-2 has initial credit enhancement levels of 26.40% for the Class A notes to 2.45% for the Class C notes.
  • This transaction is the 24th publicly rated securitization sponsored by Pagaya Structured Products LLC (collectively with its affiliates, “Pagaya” or the “Company”).
  • KBRA considered its operational reviews of, as well as periodic update calls with, Pagaya and the third-party originators and servicers.

KBRA Assigns Preliminary Ratings to New York State Energy Research and Development Authority Residential Clean Energy and Energy Efficiency Financing Green Revenue Bonds, Series, 2024A

Retrieved on: 
Monday, June 17, 2024

KBRA assigns preliminary ratings to NYSERDA Green Revenue Bonds, Series 2024A (“NYSERDA 2024A”), a consumer solar loan and home improvement loan ABS transaction.

Key Points: 
  • KBRA assigns preliminary ratings to NYSERDA Green Revenue Bonds, Series 2024A (“NYSERDA 2024A”), a consumer solar loan and home improvement loan ABS transaction.
  • This transaction represents New York State Energy Research and Development Authority’s (“NYSERDA” or the “Authority”) first term ABS securitization of 2024 and sixth KBRA-rated securitization.
  • The serial bonds have maturity dates ranging from 2025 through 2033 and the term bonds mature in 2039.
  • The Authority is dedicated to the development and adoption of energy conservation technologies consistent with economic, social and environmental objectives across the state.

Switch Completes $1.7 Billion in ABS Financing

Retrieved on: 
Monday, June 24, 2024

LAS VEGAS, June 24, 2024 /PRNewswire/ -- Switch, the premier provider of AI, cloud and enterprise data centers, today announced the successful completion of two consecutive, asset-backed securities (ABS) transactions. The inaugural ABS issuance, totaling $752 million closed March 14, 2024, followed by the second issuance of $940.3 million, which closed on June 17, 2024. These two issuances make Switch the largest data center ABS issuer year-to-date with a total of nearly $1.7 billion.

Key Points: 
  • The inaugural ABS issuance, totaling $752 million closed March 14, 2024, followed by the second issuance of $940.3 million, which closed on June 17, 2024.
  • These two issuances make Switch the largest data center ABS issuer year-to-date with a total of nearly $1.7 billion.
  • A wholly owned subsidiary of Switch, ABS Issuer, LLC established its Master Trust March 14, 2024, with the closing of its first issuance of $752 million.
  • Switch followed on its inaugural issuance in March, with the closing of its second issuance on June 17, 2024, for $940 million.

MIDYEAR 2024 INVESTMENT OUTLOOK: EQUITY AND FIXED INCOME MARKETS ADJUSTING TO ACCOMMODATE CENTRAL BANK POLICY EXPECTATIONS

Retrieved on: 
Thursday, June 20, 2024

BALTIMORE, June 20, 2024 /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, released its outlook for global financial markets for the remainder of 2024. Underpinning the outlook for the next six months is the change in expectations for central bank policy. Given pricing on interest rate futures, there will likely be far fewer interest rate cuts from global central banks than seemed likely at the start of the year. Equity and fixed income markets are adjusting accordingly, noting the following key expectations for the balance of the year:

Key Points: 
  • BALTIMORE, June 20, 2024 /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, released its outlook for global financial markets for the remainder of 2024.
  • Underpinning the outlook for the next six months is the change in expectations for central bank policy.
  • While in late 2023 falling inflation supported expectations of brisk rate cuts, today we foresee a broadening of global growth, resilient inflation pressures, and limited easing from central banks."
  • Shorter‑term bonds also provide attractive yield levels and the potential for price appreciation if yields move lower."

John Hancock Investment Management Launches a Multi Asset Credit Interval Fund with Manulife | CQS Investment Management

Retrieved on: 
Thursday, June 20, 2024

BOSTON, June 20, 2024 /PRNewswire/ - John Hancock Investment Management, a company of Manulife Investment Management, announced today that it has launched John Hancock Multi Asset Credit Fund (the fund) with its affiliated investment manager Manulife | CQS Investment Management (Manulife | CQS), a London-based multi-sector alternative credit specialist.

Key Points: 
  • BOSTON, June 20, 2024 /PRNewswire/ - John Hancock Investment Management, a company of Manulife Investment Management, announced today that it has launched John Hancock Multi Asset Credit Fund (the fund) with its affiliated investment manager Manulife | CQS Investment Management (Manulife | CQS), a London-based multi-sector alternative credit specialist.
  • "We're thrilled to showcase the investment expertise at Manulife | CQS Investment Management across the credit space," said Kristie Feinberg, head of U.S. and Europe, Manulife Investment Management, and president and chief executive officer, John Hancock Investment Management.
  • "We're excited to bring our multi-asset credit capabilities to the John Hancock platform as a solution for investors seeking consistent and high-yielding income," said Soraya Chabarek, CEO, Manulife | CQS Investment Management.
  • "With CQS' differentiated expertise in global alternative credit, John Hancock Multi Asset Credit Fund is a strong addition to our growing lineup of liquid and semi-liquid alternative offerings and our larger credit franchise.

Automotive Lidar Sensors Market size is set to grow by USD 693.6 million from 2024-2028, rapid developments in autonomous vehicle technology to boost the market growth, Technavio

Retrieved on: 
Tuesday, June 18, 2024

The Autonomous Vehicle Market is experiencing significant growth, with Lidar sensors playing a crucial role in enabling self-driving technology.

Key Points: 
  • The Autonomous Vehicle Market is experiencing significant growth, with Lidar sensors playing a crucial role in enabling self-driving technology.
  • Companies are investing heavily in developing advanced Lidar sensors to improve vehicle safety and performance.
  • The use of Lidar technology in the automotive industry is becoming more common, with many manufacturers integrating it into their vehicles.
  • The added expense of LiDAR sensors, essential for advanced driver assistance systems (ADAS), poses a significant challenge for market growth.

Marintec Innovation Conference 2024: Explore Renewable Energy and Low Carbon Shipping

Retrieved on: 
Sunday, June 16, 2024

HONG KONG, June 16, 2024 /PRNewswire/ -- Building on the success of its inaugural edition during Marintec China 2017, Marintec Innovation Conference is back and better than ever!

Key Points: 
  • HONG KONG, June 16, 2024 /PRNewswire/ -- Building on the success of its inaugural edition during Marintec China 2017, Marintec Innovation Conference is back and better than ever!
  • Marintec Innovation Conference is a dynamic platform for fostering collaboration, knowledge sharing, and advancements in the maritime industry.
  • The two-day conference will be a stimulating event, bringing together experts from the maritime and energy industries to discuss the future of renewable energy and its impact on low-carbon shipping.
  • The Marintec Innovation Conference will take place on 12–13 December at the Shanghai Renaissance Zhongshan Park Hotel.

Capstone Management Group and HealingMaps Announce Joint Venture to Deliver Specialized Insurance Products for Psychedelic-Assisted Therapy Industry

Retrieved on: 
Tuesday, June 11, 2024

Miami, Florida--(Newsfile Corp. - June 11, 2024) - Capstone Management Group, a leading insurance/reinsurance program management firm, and HealingMaps Inc. (HealingMaps), a premier resource for psychedelic-assisted therapies, are excited to announce the formation of Advanced Behavioral Strategies, Inc. (ABS), a strategic joint venture to deliver innovative insurance products tailored for the burgeoning psychedelic-assisted therapy industry.

Key Points: 
  • Miami, Florida--(Newsfile Corp. - June 11, 2024) - Capstone Management Group, a leading insurance/reinsurance program management firm, and HealingMaps Inc. (HealingMaps), a premier resource for psychedelic-assisted therapies, are excited to announce the formation of Advanced Behavioral Strategies, Inc. (ABS), a strategic joint venture to deliver innovative insurance products tailored for the burgeoning psychedelic-assisted therapy industry.
  • The psychedelic-assisted therapy industry is experiencing rapid growth, driven by increasing recognition of its potential benefits for mental health treatment.
  • "We are thrilled to partner with HealingMaps to launch ABS and offer specialized insurance products that support the advancement of psychedelic-assisted therapy," said Nino Pedrini, CEO of Capstone Management Group.
  • For more information about the new insurance products and how they can benefit your practice, please visit Capstone Management Group or HealingMaps .

Sunrun Prices Record Setting $886.3 million Senior Securitization of Residential Solar and Battery Systems

Retrieved on: 
Tuesday, June 4, 2024

The securitization represents the largest in Sunrun’s history and the largest residential solar securitization industry wide.

Key Points: 
  • The securitization represents the largest in Sunrun’s history and the largest residential solar securitization industry wide.
  • “Sunrun continues to set industry benchmarks, with our robust performance and ability to attract competitively priced capital,” said Danny Abajian, Sunrun’s Chief Financial Officer.
  • The $443.15mm Class A-1 notes were marketed in a public asset backed securitization, whereas the $443.15mm Class A-2 notes were privately placed.
  • The spread of 205bps represents an improvement of 35bps from Sunrun’s 2023-2 asset backed securitization in September 2023.