Complete news archive

  • 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

  • Trio hired for SF strategy group

    BTIG has hired a further three people to its new structured finance analytics and strategy group, which is headed by Dan Castro (see SCI issue 186). Glenn Costello, Jennifer Pariseau and Emily Chiang have joined the firm.

    The new team will provide analysis and support to the fixed income sales and trading teams with a focus on MBS and ABS. .......

    Job Swaps 16 June 2010

  • A benchmark solution

    Brian Upbin, director, index research, and David Tattan, vp,...

    Q: How and when did Barclays Capital become involved in ABS indices?
    BU: Barclays Capital publishes the leading family of broad-based fixed income and inflation-linked benchmarks for global investors. Fixed rate ABS have long been eligible for many of our flagship aggregate indices and as standalone ABS benchmarks for dedicated ABS investors.

    In 2004 we broadened .......

    Provider Profile 16 June 2010

  • Investor views

    Surveys show positive signs, but growth could be being stifled

    Two new surveys indicate that current investor views in the ABS and CLO sectors are primarily positive for the medium-term. However, the concentration of legacy ABS in too few hands could be limiting the growth of the European investor base.

    The current caution among issuers and arranging banks for new public ABS issuance does not extend to investors, according to .......

    News Analysis 16 June 2010

  • CRE Finance Council president announced

    CRE Finance Council has announced the succession of Lisa Pendergast as president of the organisation from June 2010 until June 2011. Pendergast follows Patrick Sargent, who served as president over the past year.

    Pendergast is an md in Jefferies' fixed income division MBS/ABS/CMBS group and is responsible for strategy and risk for CMBS and other structured commercial and multifamily real .......

    Job Swaps 16 June 2010

  • South American expansion for Calypso

    Calypso Technology has entered into a value added reseller agreement with Fundação Centro de Pesquisa e Desenvolvimento em Telecomunicações (CPqD) to enhance the Calypso product and services offering in Latin America. Under the arrangement, CPqD will become Calypso Technology's partner in Brazil.

    Calypso's partnership agreement with CPqD follows last year's arrangement with CPQi, an integration services company, to deliver implementation .......

    Job Swaps 16 June 2010

  • Equity tranches to see more protection buyers

    CDS market participants in Europe are slowly contemplating buying more protection on equity tranches. The move has not been large in the correlation markets, but according to one strategist, a stronger equity tranche focus is expected.

    Senior tranches have typically been used to hedge against credit spread widening, but participants could shift to equity tranches if the sovereign debt crisis .......

    News Round-up 16 June 2010

  • Ginnie Mae creates new MH MBS programme

    Ginnie Mae has created a new MBS programme for manufactured home loans. It is currently accepting applications for participation as issuers of MBS backed by new Title I manufactured home loans. Those issuers who are currently approved to issue MH securities have to re-apply in order to participate in the new programme, however.

    All approved issuers will be required to .......

    News Round-up 16 June 2010

  • Investors beware junior note cancellations

    A recent decision by the Delaware Court of Chancery involving Concord Real Estate CDO 2006-1allowed cash to continue to flow to equity holders rather than shifting to senior noteholders upon failure of par value coverage tests, potentially increasing losses at the top of the capital stack while reducing losses at the bottom. In its Weekly Credit Outlook, Moody's warns that .......

    News Round-up 16 June 2010

  • Debut RMBS for New Zealand lender

    NZF Group has launched its first RMBS, the NZ$100m NZF Mortgages Series 2010-1, via Westpac. The transaction is the first New Zealand RMBS to close since 2007 and features a pool of seasoned residential mortgages, all with 100% mortgage insurance cover provided by Genworth Financial.

    Rated by S&P, the deal comprises NZ$87.8m triple-A rated 2.7-year class A1 notes (that priced .......

    News Round-up 16 June 2010

  • Hybrid WBS closed

    Porterbrook Rail has closed a hybrid whole business securitisation. Porterbrook Rail Finance comprises two debt tranches and partially refinances £1.5bn of acquisition debt.

    The transaction features some securitisation structural features, such as a restricted payment covenant and restrictions on acquisitions/disposals, but comes with a single S&P triple-B rating and was marketed as corporate bullet debt. European asset-backed analysts at RBS .......

    News Round-up 16 June 2010

  • Structured credit trading platform ready

    BNY Mellon has launched its real-time auction marketplace where buyers and sellers of fixed income securities can transact with each other anonymously. The anonymity should encourage reverse enquiry, best execution, transparency and liquidity (see SCI issue 184).

    Structured Credit Connection grants access to collateral and loan level data, as well as integrated analytical systems designed to improve marketplace confidence for .......

    News Round-up 16 June 2010

  • Succession events reviewed

    Credit Suisse has asked ISDA's EMEA Determinations Committee to determine whether a succession event has occurred on Cable and Wireless (C&W). The request follows C&W's demerging of its UK/European operations into a separate company called Cable and Wireless Worldwide. C&W was left holding only the emerging markets telecom operations, which were transferred to a new holding company called Cable and .......

    News Round-up 16 June 2010

  • Full repayment likely for White Tower senior notes

    The execution of Carlyle Group's sales bid of about £700m for a group of six properties backing White Tower 2006-3 could pay off nearly the full balance of the deal's senior notes, Moody's notes in its latest Weekly Credit Outlook. The senior Baa1 rated notes have a current balance of £632m, reflecting a note-to-property value of 68%. The Carlyle bid .......

    News Round-up 16 June 2010

  • Reg AB proposal prompts reporting enhancements

    BNY Mellon has introduced new modelling and reporting capabilities in response to the SEC's proposed changes to Regulation AB for ABS. The firm plans to offer issuers waterfall models in the Python programming language, loan-level details in XML, a cashflow projection engine that supports loan-level default and prepayment modelling, and a desktop application making models and data publicly accessible to .......

    News Round-up 16 June 2010

  • TARP repayments exceed outstanding funds

    TARP repayments to taxpayers have, for the first time, surpassed the total amount of TARP funds outstanding, according to the May monthly TARP report from the US Department of the Treasury. The Treasury's report showed that, through to the end of the month, TARP repayments had reached a total of US$194bn, which exceeded the total amount of TARP funds outstanding .......

    News Round-up 16 June 2010

  • US mortgage credit shows improvement

    While subprime delinquencies decreased and transition rates improved during May, prepayments have dropped slightly, according to Bank of America Merrill Lynch in its latest mortgage credit round-up.

    Fixed rate jumbo prepayments dropped slightly, moving from 14.1% to 13.3%, according to ABS analysts at the bank, while the rest of the sectors remained unchanged. Given the recent rally in rates, BAML's .......

    News Round-up 16 June 2010

  • Blue City tender offer completed

    Essdar Investments has completed its tender offer to acquire the class A floating rate senior secured unrestricted notes issued by Blue City Investments 1, in what it describes as a significant step for its regional distressed debt strategy. Essdar Capital acted as the financial adviser to the tender offer for the CMBS notes backed by the stalled Oman Blue City .......

    News Round-up 16 June 2010

  • ISDA says some derivatives not eligible for clearing

    In a statement following the release of the European Commission's consultation papers on OTC derivatives, ISDA says some derivatives are simply not eligible for clearing. But it strongly supports the principles that clearing houses should be robust.

    ISDA also supports proposals that will require the use of, and reporting to, trade repositories for OTC derivatives. "The industry's goal is to .......

    News Round-up 16 June 2010

  • Call for new counterparty risk strategies

    Given the current environment of capital scarcity and increased volatility, firms should look to achieve higher responsiveness to counterparty credit deterioration, attain full reuse of collateral across products, minimise overcollateralisation and realise funding efficiencies, according to Celent in a new report.

    The report found that despite ongoing emphasis to retool and upgrade capabilities in capital management, there remains considerable scope .......

    News Round-up 16 June 2010

  • Mall Funding restructuring proposed

    A restructuring has been proposed for the Mall Funding CMBS, comprising: a three-year loan extension from April 2012 to April 2015; an extension of the legal final maturity of the notes until 2017 to retain a two-year tail period; a cash injection of £155m; a 50bp margin increase on the notes; and mandatory amortisation and a revised LTV covenant to .......

    News Round-up 16 June 2010
×