Complete news archive

  • Mixed performance from EMEA RMBS

    EMEA RMBS performance was stable during the first quarter of 2010, according to Fitch, but the agency notes that some performance concerns persist.

    Fitch says that loans in arrears by three or more months have been relatively stable for the last two quarters, excluding UK prime and Irish RMBS that continue to deteriorate. However, prepayment rates for EMEA RMBS have .......

    News Round-up 23 June 2010

  • Against the tide

    US CMBS spreads widen in face of improving fundamentals and tight new issue

    US CMBS spreads have widened over recent weeks on the back of equity market volatility, despite the consistent improvement shown in the CMBS sector's underlying fundamentals. Notwithstanding the widening, JPMorgan's new CMBS deal (see SCI issue 188) has priced at or close to original guidance.

    The US$716.3m JPMCC 2010-C1 transaction is backed by 36 loans secured by 96 properties. The .......

    Market Reports 16 June 2010

  • Open to interpretation

    Searching for transparency and liquidity

    The twin themes of transparency and liquidity were reflected upon in many of the panels at this year's IMN Global ABS conference. However, interpretations of what the terms actually represent varied.

    Jim Irvine, head of structured products & advisory at Henderson Global Investors, observed: "I would say that, aside from certain transactions in Italy and perhaps Spain, data is available .......

    Talking Point 16 June 2010

  • ABS index plan sparks shorting fears

    Markit has announced that it plans to launch an iBoxx ABS index in Q310. The move has sparked concern that a one-sided market, like that perceived of the ABX index, could emerge in Europe as a result.

    Indeed, one ABS strategist suggests that the iBoxx ABS index could provide a way to short the European ABS market. "The index is .......

    News 16 June 2010

  • Sense and sensitivity

    CDS market trends indentified

    It remains possible to pin down the micro themes month to month in the CDS market, but volatility in the wider credit markets makes it hard to identify broader trends going forward. Consequently, end-users in recent months have generally responded more quickly to the spread environment in a given context, leading to a spike in trading activity at certain periods.

    News Analysis 16 June 2010

  • CLO manager divergence to deepen

    The European CLO asset management industry will become more concentrated as investors selectively allocate new funds or transfer existing CLOs to a few top-tier managers, says Fitch. While the outlook is improving for the top-tier managers, the agency believes those who entered the market opportunistically in 2006-2007 will stagnate.

    Although the market has been largely static since the collapse of .......

    News 16 June 2010

  • Limited future for Euro RMBS?

    Mortgage credit across Europe could become further constrained or more expensive when government and central bank support schemes wind down, according to S&P in a recent report for the sector. The report examines the role of securitisation in mortgage funding as European mortgage lenders potentially come under renewed funding pressure.

    S&P notes that in the past few years traditional RMBS .......

    News 16 June 2010

  • No single issuer CMBS expected for DDR

    After the six-month long process in dealing with the underwriters and Federal Reserve on its US$400m TALF-eligible CMBS deal last year, Developers Diversified Realty has no interest currently in going through a securitisation again as a single issuer, says David Oakes, senior evp and cfo at the firm.

     At the time of DDR's offering last year, the unsecured markets were .......

    News 16 June 2010

  • Tail risks drive CSO valuation divergence

    CSO valuations appear to have decoupled and diverged in recent months, driven by the mixed to positive performance of stressed fallen angel names compared to a weaker broader credit market. Structured credit strategists at Morgan Stanley observe stronger relative performance in CSOs referencing US credits versus European credits, owing to healing tail risks in the US and an increase in .......

    News 16 June 2010

  • European securitisation vet moves

     UBS Investment Bank has appointed Mark Graham as head of EMEA securitised products. He joins the firm from Verulam Capital, where he was ceo.

    Graham's previous posts include head of European securitsation for Deutsche Bank, European head of whole business securitisation for Morgan Stanley, associate director for European mortgage securitisation at ING Barings and UK mortgage securitsation associate at Bear .......

    Job Swaps 16 June 2010

  • Fresh wave of Stamford hires announced

    RBS Securities has made three additions to its MBS, CMBS and ABS strategy team within its global banking and markets division in the Americas. They follow a contingent of five new hires to the same division announced only days ago (see last issue).

    Sarah Hu joins as prepayment strategist, Ying Wang comes to the firm as residential credit strategist and .......

    Job Swaps 16 June 2010

  • Matrix launches second UCITS III fund

    Matrix has launched its second UCITS III fund, hot on the heels of last month's Matrix Asia UCITS Fund. The new Matrix Lazard Opportunities Fund is managed by Matrix Money Management, with Lazard Asset Management as sub investment manager. The Lazard team, headed by senior portfolio manager Sean Reynolds, is targeting absolute returns through a combination of capital appreciation and .......

    Job Swaps 16 June 2010

  • Global EM products head appointed

    Sudip Thakor has changed roles within Credit Suisse, moving from the investment bank to the asset management division as md and head of global emerging markets products. He will be based in New York at first, before moving to Singapore next year, reporting to Neil Harvey, Asia Pacific and global emerging markets head.

    Credit Suisse has identified the development of .......

    Job Swaps 16 June 2010

  • Five hired for fixed income expansion

    Janney Montgomery Scott has made five additions to its fixed income team. The new arrivals follow another five hired to the fixed income team in March (see SCI issue 177).

    New additions to the Philadelphia headquarters are Wayne Wales and Dan Herbst. Wales has nearly 25 years of experience trading and selling MBS, and joins from Stifel Nicolaus where he .......

    Job Swaps 16 June 2010

  • Senior hire for CRE business

    Brian Clark has joined Clayton Holdings as senior md and business development officer for the company's CRE business. He will report to business development evp Tom Donatacci and work in Ed Robertson's CRE team, helping financial institutions, CRE owners and investors with portfolio and property valuation services as well as strategy development.

    Clark has more than 15 years of experience, .......

    Job Swaps 16 June 2010

  • New SF team formed

    Sandler O'Neill and Partners has hired Carlos Mendez to lead its newly created structured finance group, based at the firm's New York headquarters. As head of structured finance, Mendez will be responsible for arranging new term funding and alternative capital solutions and will advise clients on current recapitalisation requirements.

    Mendez was most recently senior md in the capital markets division .......

    Job Swaps 16 June 2010

  • SF lawyer added to real estate practice

    Law firm Jones Day has hired Richard White to its Atlanta office as a partner in the real estate practice. White joins Jones Day from Kilpatrick Stockton.

    White focuses his practice on structured finance and servicing matters relating to CMBS and RMBS. He represents servicers and special servicers in all aspects of CMBS servicing, with particular emphasis on pre- and .......

    Job Swaps 16 June 2010

  • Broker hires former Bear Stearns MBS team

    Independent broker-dealer Braver Stern Securities has added five new MBS hires, who formerly worked at Bear Stearns. They will be based in its new Midwest office in the Chicago area.

    David Connelly, a 25-year veteran of Bear Stearns' MBS department, will become a member of Braver Stern's management committee. He was most recently a senior md at Guggenheim Securities, responsible .......

    Job Swaps 16 June 2010

  • Securities law counsel elected

    Richards, Layton & Finger has elected Weston Peterson to the position of counsel and Marcos Ramos as a director of the firm effective 1 July, 2010.

    Peterson will concentrate his practice on the use of Delaware trusts organised as investment companies, where he advises clients with respect to entity formation, capital raising transactions, fiduciary duty issues, fund reorganisations and acquisitions, .......

    Job Swaps 16 June 2010

  • CRE finance team expands

    Guggenheim Securities has hired Robert Brennan and Anand Gajjar to its commercial real estate finance group as senior mds. Brennan will lead the group and report to Ron Iervolino, head of fixed income sales and trading at the firm.

    Brennan joins Guggenheim from Credit Suisse, where he spent 18 years and was the global head of the real estate finance .......

    Job Swaps 16 June 2010

  • Fixed income team expands into Europe

    Cantor Fitzgerald has expanded into the fixed income, ABS and structured credit markets in Europe, with new hires in the UK, Italy, Ireland and Germany.

    The trading team will be lead by Emmanuel Androulidakis who has joined as the European head of the structured credit desk, responsible for non-US ABS/MBS trading. Androulidakis will oversee the building of a dedicated structured .......

    Job Swaps 16 June 2010
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