Complete news archive

  • Broker launches advisor services platform

    Knight Capital Group has established Knight Advisor Services to provide fixed income sales, trading and research to the investment advisor community. A team of five experienced traders and relationship managers have joined Knight from Morgan Stanley to form the new platform.

    Joshua Zucker, md, leads credit sales and trading for the group, while Bohn Vergari becomes a director in Registered .......

    Job Swaps 7 July 2010

  • Investment manager adds investor relations md

    Steven Delarosa has joined Highland Capital Management as an md. He will be responsible for managing the firm's relationships with existing investors and developing and maintaining relationships with investment consultants across the globe.

    This is a newly created position and Delarosa will be based in Dallas, where he will report directly to Kevin Latimer, partner, head of business development for .......

    Job Swaps 7 July 2010

  • Complex workout exposures transferred

    Natixis says it has sold most of the complex credit derivative exposure held in its structured credit workout portfolio, GAPC, to a bank counterparty. These positions aren't covered by the BPCE guarantee applied to €35bn of the portfolio.

    The transaction significantly contributes to the reduction of the risk profile of GAPC and Natixis, in line with the strategy that has .......

    Job Swaps 7 July 2010

  • Derivatives and funds capability enhanced

    James Waddington has joined Dechert's London office as partner. He moves over from Orrick, Herrington & Sutcliffe, where he was partner. Prior to this, he worked as an investment banker at Bankers Trust.

    Waddington advises commercial and investment banks and private equity and hedge fund clients in connection with finance and derivative transactions, including credit default swaps, lending and borrowing .......

    Job Swaps 7 July 2010

  • New corporate trust partner recruited

    Charles Dietzgen has joined Nixon Peabody's New York office as partner in its corporate trust and global finance practices. He joins the firm from Sonnenshein, which he joined in 2009, having spent his entire career prior to that at Thacher, Proffitt & Wood.

    Nixon says Dietzgen is highly sought after by corporate trustees for his experience in structured finance and .......

    Job Swaps 7 July 2010

  • Permacap name change voted in

    Carador shareholders approved during the company's recent AGM a change in its name to Carador Income Fund (SCI passim). They also approved an amendment of the company's Articles of Association to change its distribution policy to permit distributions to be made out of net capital gains, as well as the ability of the company to charge fees and expenses to .......

    Job Swaps 7 July 2010

  • Associations blast safe harbour NPR

    The American Securitization Forum, the CRE Finance Council and SIFMA's Securitization Group (SSG) have filed comment letters with the FDIC in response to its proposed safe harbour rule, which addresses the treatment of assets during the potential insolvency of an FDIC-backed institution. The associations agree that the proposals, if implemented, will prevent the securitisation market from reopening and note that certainty .......

    News Round-up 7 July 2010

  • Japan set for CDS clearing

    Japan Securities Clearing Corporation (JSCC) is to introduce a clearing function for OTC derivatives trades, initially for credit default swaps and interest rate swaps.

    With regards to CDS, on 19 May 2010 the financial instruments and exchange act was amended to mandate the use of a domestic central clearing institution for CDS by November 2012. To provide clearing services for .......

    News Round-up 7 July 2010

  • Increased convexity demand in CMOs

    A drop off of interest-only and principal-only (IO/PO) bonds has occurred in new issue CMOs from the beginning of the year, according to MBS analysts at Wells Fargo. In a research note, they explain that during the month of May new deals consisted mostly of floaters, PACs, accretion-directed and other bonds.

    The reasons for the trend could be that investors .......

    News Round-up 7 July 2010

  • Bankruptcy credit event determined

    ISDA's EMEA Determinations Committee has resolved that a bankruptcy credit event has occurred in respect of Truvo Subsidiary Corp, a Delaware corporation that is part of the Truvo Group, which publishes print and online directories. The Committee also voted to hold an auction for Truvo. The firm filed for Chapter 11 protection on 1 July.

    Meanwhile, Mitsubishi UFJ Morgan Stanley .......

    News Round-up 7 July 2010

  • FHFA releases GSE conservatorship rules

    The Federal Housing Finance Agency (FHFA) has proposed rules on the conservatorship and receivership operations of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The rules will be open to comment 60 days after being published in the Federal Register.

    Similar to the provisions in the FDIC's rules, the FHFA rule seeks to address the status and priority .......

    News Round-up 7 July 2010

  • ABCP settlement to boost investor protection

    The Autorité des Marchés Financiers (AMF) says it plans to use the C$72.8m settlement from its investigation into the Canadian ABCP sector for the purposes of consumer education and investor protection.

    The AMF collected C$72.8m in administrative penalties in settlements with National Bank Financial and Laurentian Bank Securities, and will pay 50% of this to the Education and Good Governance .......

    News Round-up 7 July 2010

  • Sallie Mae brings SLABs deal

    SLM Corp has closed its US$1.7bn SLM Private Education Loan Trust 2010-C offering. Underwriters are BoA Merrill Lynch, Barclays Capital, Credit Suisse and RBC Capital Markets.

    Five triple A-rated class A tranches priced over one-month Libor. The largest tranche, the A-1 US$451m tranche, has a 0.99-year WAL and came at 165bp over, while the US$209.38m 3.51-year A-2 tranche came at .......

    News Round-up 7 July 2010

  • Aircraft sukuk prepped

    Nomura Holdings intends to issue a US$100m two-year sukuk. The bank has appointed Kuwait Finance House (Malaysia) Berhad (KFHMB) as the mandated lead arranger, while S&P has assigned the issuance a preliminary rating of triple-B plus.

    "This issuance is part of Nomura's ongoing push to diversify its funding sources to drive growth. Islamic investors and Islamic finance are a very .......

    News Round-up 7 July 2010

  • OTC collateralisation best practices issued

    Best practices for the OTC derivatives collateral process have been published by ISDA. The collateral management proposals were drafted by a committee of buy-side and sell-side market participants.

    "ISDA continues to harmonise practices between market participants in an effort to mitigate risks, set expectations and establish further market standards," says Julian Day, ISDA head of trading infrastructure. "The best practices .......

    News Round-up 7 July 2010

  • Indian microfinance deal completed

    IFMR Capital has completed its second securitisation with Bengaluru-based microfinance institution, Grameen Financial Services Private (previously Grameen Koota). This is IFMR Capital's sixth microfinance transaction as a structurer, arranger and primary investor.

    The Rs311.5m securitisation pooled over 27,000 microloan contracts originated by Grameen Koota, issued via the Alpha Pioneer IFMR Capital 2010 SPV. The securities were issued in two tranches, .......

    News Round-up 7 July 2010

  • BoE survey points to stabilising performance

    The Bank of England's Q210 credit conditions survey suggests that UK consumer-backed assets, such as mortgages and credit cards, have stabilised in performance, according to European securitisation analysts at Barclays Capital. They note that availability of financing appears to be increasing as overall liquidity in the banking system improves and as banks' risk appetite begins to pick up again in .......

    News Round-up 7 July 2010

  • US CMBS delinquency rate moderating?

    The delinquency rate for commercial real estate loans in US CMBS showed signs of moderating in June, according to the latest Trepp Monthly Delinquency Report. Although the rate increased by 17bp, it remains the best reading since July 2009.

    "For the nine months prior to June, the rate of increase in delinquencies averaged 39bp per month (after backing out the .......

    News Round-up 7 July 2010

  • UK credit card trusts to benefit from extended support

    MBNA has extended the use of the discount option of 5% for newly added receivables in its two UK credit card master trusts until January 2011, after which it will start to decline monthly. Introduced in February 2010, the discount was originally going to be applied until July 2010 and then decline by 1% each month until October 2010.

    The .......

    News Round-up 7 July 2010

  • REIT refinances Grand Central Mall

    Glimcher Realty Trust has closed on a ten-year, US$45m mortgage loan secured by Grand Central Mall in Parkersburg, West Virginia. The loan has been originated by Goldman Sachs Commercial Mortgage Capital and structured for sale in the CMBS market.

    The new loan has a fixed interest rate of 6.05%. Proceeds were used to retire the US$39.3m secured mortgage debt, which .......

    News Round-up 7 July 2010

  • Alt-A transactions assessed

    Fitch has reviewed all its alt-A transactions and taken rating actions on 760 of them. Total average expected mortgage losses have not changed much from its review a year ago, although some individual pools had significant loss revisions. In addition, home prices are expected to fall by a further 10%.

    From the 1,371 classes rated triple-A before the review, 93% .......

    News Round-up 7 July 2010
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