Complete news archive

  • CarMax outlines issuance strategy

    Consumer demand for autos is just not back to where it was pre-recession since there is still a lot of uncertainty in all sectors of the market, according to CarMax executives on a conference call last week. The firm is in the market with the US$650m three-tranche CarMax Auto Owner Trust 2010-2.

    "There's some nervousness out there. Almost everything we .......

    News Round-up 30 June 2010

  • Veteran to head up global sales

    Aladdin Capital Holdings has hired Keith Innes as global head of sales. He will be based in Stamford and be chiefly responsible for overseeing the firm's global distribution capabilities.

    Innes will join the executive committee and report directly to chairman and ceo Amin Aladin and cio Neal Neilinger. He joins from Forum Partners, where he was responsible for sales and .......

    Job Swaps 30 June 2010

  • German CMBS debt assumed

    Corestate Group has announced its acquisition of a €160m residential and commercial real estate portfolio comprising 40 properties in Berlin. The purchase was funded via a conduit CMBS, but neither the affected loan nor transaction has been disclosed.

    The portfolio offers slightly lower than market rental levels and assets are mostly located in sought-after micro-locations in Berlin. The portfolio also .......

    Job Swaps 30 June 2010

  • REIT reveals RMBS investment plans

    Chimera Investment Corporation has priced an underwritten public offering of 100 million shares of its common stock for expected gross proceeds of approximately US$365m before expenses. The REIT expects to use the proceeds of this offering to finance the acquisition of RMBS, prime and Alt-A mortgage loans, commercial mortgage loans, CMBS, CDOs and other ABS. It says it may also .......

    Job Swaps 30 June 2010

  • Leveraged finance director appointed

    GE Capital has hired Dan Matthews as executive director of its European leveraged finance unit. Matthews will join the UK-based origination team and report to Paul Scott, md and head of sponsor coverage. He will be responsible for growing the firm's sponsor lead arranger franchise.

    Matthews joins from Barclays Bank's strategic debt finance division, where for five years he sourced, .......

    Job Swaps 30 June 2010

  • Strategic link-up for distressed CMBS

    1st Service Solutions has linked up with Reznick Restructuring Solutions (RRS) to provide CMBS loan modification assistance to borrowers. Dallas-based RRS will provide full-service loan restructuring, recapitalisation and tax advisory solutions to asset property owners and developers with distressed properties secured by CMBS debt and those facing cashflow issues when loans come due.

    "Borrowers with distressed loans are often confused .......

    Job Swaps 30 June 2010

  • Midwest CRE markets leader hired

    A10 Capital has hired Greg Cazel as evp, leading the firm's US Midwest markets division. Cazel was most recently regional director for a joint venture by Jones Lang LaSalle and Real Estate Disposition, which sold performing and non-performing notes and loan pools.

    "Greg is one of the most respected and productive commercial real estate finance professionals in the Midwest," says .......

    Job Swaps 30 June 2010

  • Manager change for ABS CDO

    Moody's says the change of collateral manager for Parkridge Lane Structured Finance Special Opportunities CDO I will not cause note ratings to be reduced or withdrawn. Bernard Capital Funding is being replaced as collateral manager by Parkridge Lane CM.

    The new management agreement follows the key terms and provisions of the previous agreement, with the exception that it includes an .......

    Job Swaps 30 June 2010

  • CRE advisory relationship agreed

    Sorin Capital Management and HFF Securities are joining forces in a strategic advisory relationship in the US CRE space. Under the agreement, Sorin will have access to HFF professionals' sector opinions and capital markets platform.

    "We look forward to a long-term relationship with HFF Securities," says Jim Higgins, Sorin founder and ceo. "As we continually seek to maintain Sorin's edge .......

    Job Swaps 30 June 2010

  • Global credit strategy head hired

    BNP Paribas has hired Robert McAdie to fill the newly-created post of global head of credit research and strategy. He will be based in London and starts in August, reporting directly to David Brunner, deputy global head of fixed income at the bank.

    Brunner comments: "Robert's appointment reinforces BNP Paribas's long-standing commitment to credit research and strategy and will help .......

    Job Swaps 30 June 2010

  • Asian fixed income duo hired

    Crédit Agricole CIB has hired two sales and trading personnel to its fixed income markets team for Asia ex-Japan. The bank says the hires will strengthen its distributions and trading capabilities and reaffirm its commitment to the region. The pair will be based in Hong Kong.

    Damian Rowe has been hired as executive director and head of credit trading, debt and .......

    Job Swaps 30 June 2010

  • Co-head of credit to join ex-colleague

    Investec Asset Management's global co-head of credit, Jeffrey Burch, will leave the firm at the end of the month to join London-based hedge fund, Millennium Capital Partners, reporting to Iftikhar Ali.

    Burch, who joined Investec in June of last year, had previously worked with Ali at Bank of America. Following this, Burch joined BlueMountain Capital, where he ran the hedge .......

    Job Swaps 30 June 2010

  • IDBs settle CDS pricing manipulation charge

    FINRA has imposed fines totalling US$4.3m against Phoenix Derivatives Group of New York and eight brokers - three employed at Phoenix and five at four other interdealer brokerage firms - for improper communications about customers' proposed brokerage rate reductions in the wholesale CDS market.

    "These settlements reflect our continued pursuit of conduct that undermines fundamental principles and rules upon which .......

    Job Swaps 30 June 2010

  • Pair of unusual Euro CMBS proposals emerge

    Two unusual proposals have emerged in the European CMBS market over the past week. The sponsor of REC 6 is seeking to repurchase of all of the deal's notes, while the proposed restructuring of Titan Europe 2006-4 appears to be extremely generous to investors.

    An entity sponsored by certain directors of Alburn Real Estate is considering making a tender offer in respect of .......

    News 30 June 2010

  • US conduit CMBS loan payoffs examined

    Just short of US$11bn in US conduit CMBS loans reached their expected payoff date by the end of May, representing about one-third of 2010's projected total of maturing loans. CMBS analysts at Bank of America Merrill Lynch survey in a new report the timing of these maturities by month, as well as the break-down of the maturing loans by those .......

    News 30 June 2010

  • Primus portfolio quality 'surprising'

    Primus Financial last week publically released details of its credit swap portfolio. The quality of the CDPC's exposures has surprised some in the market.

    Bradley Golding, md at Christofferson, Robb and Company, confirms his surprise at the quality of the Primus portfolio, especially in terms of the small amount of monoline and mortgage insurer exposure. The only potential blemish in .......

    News 30 June 2010

  • Dodd/Frank legislation could hinder US CDS

    With CDS volumes already dwindling, the latest initiative by members of a House and Senate conference could arrest even more trading - particularly for US banks. The Dodd-Frank Act, named after Senate Banking Committee Chairman Christopher Dodd and House Financial Services Committee Chairman Barney Frank, states banks will have two years to move credit default swaps to a subsidiary that .......

    News 30 June 2010

  • Still sidelined

    Low volumes and wider ABS/MBS spreads causing some pain

    Low trading levels and wide spreads continue to characterise the European ABS markets. Those involved note that much of the market is sidelined by sovereign concerns as market participants wait to see whether governments deliver on their plans to alleviate the situation.

    One ABS dealer notes that the only part of the market which continues to perform to reasonable levels .......

    Market Reports 30 June 2010

  • Criteria update prompts CRE CDO review

    S&P has placed 47 ratings from 12 US cashflow CRE CDO transactions and 106 ratings from 46 US synthetic CRE CDO transactions on credit watch negative. This follows an update to the methodology used by the rating agency to derive recovery rate assumptions for CMBS assets held within or referenced by CDO transactions in either cash or synthetic form.

    In .......

    News Round-up 30 June 2010

  • IO, prepayment tranche ratings withdrawn

    Fitch has withdrawn the ratings of 91 European structured finance interest-only and prepayment tranches. Of the total, 27 tranches relate to European RMBS transactions and 64 to European CMBS transactions. Fitch-rated European ABS and CDO transactions do not include interest-only or prepayment tranches that would qualify for a withdrawal under the agency's recently revised practice (see last issue).

    The rating .......

    News Round-up 30 June 2010

  • Mid-year outlook released for US SF

    S&P has published its mid-year outlook for the US structured finance market. The rating agency believes the positive momentum that began in 2009 should continue in the second half of 2010.

    "Tightening credit spreads and stabilising collateral performance for the structured finance assets, with the exception of commercial mortgages and private student loans, along with growing interest in issuance across .......

    News Round-up 30 June 2010
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