Complete news archive

  • Contagion concerns spark sovereign CDS divergence

    Emerging market sovereign CDS liquidity continued to outpace that for developed market sovereigns in the past two weeks, according to Fitch Solutions. At the same time, the firm notes that the stabilisation of global CDS spreads did not last long, with widening caused by an unexpected sector.

    Jonathan Di Giambattista, md for Fitch Solutions, says: "Sovereign CDS liquidity trends continue .......

    News Round-up 26 May 2010

  • US CRE price decline slows

    US CRE prices declined by 0.5% in March, according to Moody's commercial property price index. This follows a 2.6% decline in February, which broke a four-month run of increases. A national property type index has shown a mixed picture, with two property types recording price gains and two showing declines.

    "Commercial property prices have been hovering in a range 40% .......

    News Round-up 26 May 2010

  • US, Euro CRA regime compatibility examined

    CESR has issued a document that examines the equivalence between the US legal and supervisory framework and the EU regulatory regime for credit rating agencies, in accordance with the European Commission's mandate of 12 June 2009. CESR concludes that, overall, the US legal and supervisory framework is broadly equivalent to the EU regulatory regime for credit rating agencies in terms .......

    News Round-up 26 May 2010

  • Trups tender offer improved, lawsuit launched

    BankAtlantic Bancorp has extended the expiration time and increased the purchase price of its offer to buy back twelve series of its non-publicly traded trust preferred securities, with an aggregate principal amount of US$230m. Although the firm says it has received a number of consents at the originally offered price, it was not attractive enough to obtain sufficient consents from .......

    News Round-up 26 May 2010

  • Broad agreement on derivatives regulation

    A research report commissioned by BNY Mellon and the TABB Group has found that regulators and industry participants mainly agree on how a workable derivatives market should be structured in the future. Changes are likely to revitalise the listed and OTC markets in a way that benefits all, the two firms suggest.

    The report indicates that a consensus is emerging .......

    News Round-up 26 May 2010

  • Thai political turmoil to impact ABS performance

    The recent political turmoil in Thailand will likely impact the performance of credit card and auto hire purchase ABS in the country, due to business interruption and loss of employment for certain groups of obligors, according to Fitch. Being the epicentre of the recent political unrest, obligors in the Bangkok area are expected to be the most affected, while some .......

    News Round-up 26 May 2010

  • SEC issues offshore exemption for 17g-5

    The US SEC has published an order granting temporary conditional exemption until 2 December 2010 for nationally recognised statistical rating organisations (NRSROs) from requirements in Rule 17g-5(a)(3).

    The exemption is with respect to credit ratings where: the issuer of the structured finance product is a non-US person; and the NRSRO has a reasonable basis to conclude that the structured finance .......

    News Round-up 26 May 2010

  • Ratings unaffected by counterparty change

    Moody's says that the replacement of the swap counterparty for the outstanding euro-denominated notes in the Granite Master Issuer Series 2006-2 transaction does not impact the current ratings assigned to any of the notes. Credit Suisse International has replaced Banque AIG as euro currency swap provider on the Granite Master Issuer Series 2006-2 Class A5, Class B3, Class M3 and .......

    News Round-up 26 May 2010

  • CESR calls for urgent legislative reform

    CESR reports that dialogue between its members has been intensified, in order to assess if any further action should be taken in terms of market surveillance, especially given the decision by Germany's BaFin to introduce a short-selling ban.

    CESR is of the view that structural reforms should be rapidly introduced to enhance the transparency, organisation and functioning of the bond .......

    News Round-up 26 May 2010

  • Mixed reception for financial reform

    The financial reforms passed in the US Senate last week have had a mixed reception from industry trade associations. The CRE Finance Council broadly supports the Senate's legislation, which includes provisions that improve the construct of ABS reforms and assist a market recovery for CRE finance. However, together with SIFMA, both organisations have criticised the controversial Volcker Rule.

    According to .......

    News Round-up 26 May 2010

  • US prime auto loan ABS delinquencies decline

    A 30% decline in delinquencies and losses on US prime auto loan ABS through the first four months of 2010 is due to the strong seasonal benefits of tax refunds and better recovery rates on repossessed vehicles, according to Fitch.

    Fitch's 60+ day delinquency index fell by 20% in April, while annualised net losses (ANL) improved by 15% posting the .......

    News Round-up 26 May 2010

  • ABX remittances show mixed results

    May ABX remittance reports show mixed CDR performance and a drop in delinquencies. Furthermore, ABS analysts at Bank of America Merrill Lynch note that voluntary prepayments remain low, while severities show an upward bias.

    Default performance varied across the ABX indices, according to the BAML analysts. Average CDRs for the 07-1 and 07-2 vintages were flat, while 06-1 printed a .......

    News Round-up 26 May 2010

  • Sharp rise in Japanese RMBS repurchase rates

    The repurchase rate for asset classes backing Japanese RMBS has risen sharply, according to a recent report from Moody's on the performance of Japanese RMBS indices. The rating agency highlights the fact that the loan balance in the Japan performance indices has declined moderately, due not only to a drop in the number of new deals (because of the market .......

    News Round-up 26 May 2010

  • European CLO OC performance lags US

    Structured credit analysts at JPMorgan have released a report that surveys OC performance across European CLOs since mid-2009, following a previous such study of the US CLO market (see last issue). The report notes that European CLO performance has lagged behind that of US CLOs; however, the recent trend is towards improvement and investors should therefore pick their points of .......

    News Round-up 26 May 2010

  • Dutch housing market shows signs of recovery

    Recent data on the Dutch housing market indicate that it may be starting to emerge from the difficulties that have plagued the global economic and financial markets, according to S&P's latest report for the sector.

    S&P credit analyst Michael Strevens says: "Year-on-year house price declines have slowed and new home purchases are increasing. We expect slight growth in the Dutch .......

    News Round-up 26 May 2010

  • UK credit card, non-prime deals marketing

    The European primary ABS market received a boost last week when details of new credit card and non-prime RMBS transactions emerged (see also separate Market Report). The deals - Gracechurch Card Programme Funding and Moorgate 2010-1 - are expected to price within a month.

    Barclays' new UK credit card securitisation received a preliminary triple-A credit rating from S&P. The 2008-incorporated .......

    News Round-up 26 May 2010

  • Losses continue for prime Irish RMBS

    Delinquencies continued to increase in Irish prime RMBS transactions in March, says Moody's in its latest index report for the sector. 3.8% of outstanding Irish prime RMBS portfolios were more than 90 days delinquent in March 2010, compared with 2.1% in March 2009.

    Loans delinquent for more than 360 days accounted for 0.9% of the outstanding portfolios in March, up .......

    News Round-up 26 May 2010

  • SF partner joins executive committee

    Sidley Austin has added Myles Pollin to its executive committee, which exercises general authority over the firm's affairs. He has been a partner since 1991 and focuses his practice on capital markets and corporate transactions, including structured finance, funds, corporate finance and restructurings.

    Pollin is co-head of the firm's New York structured finance and securitisation practice and a coordinator of .......

    Job Swaps 26 May 2010

  • Senior hire for due diligence team

    Allonhill has hired Ross Gammill to serve as director of its new commercial due diligence offering. Gammill brings over seven years' experience in the financial services industry. Most recently he served as underwriter for Bridger Commercial Funding, where he underwrote more than US$400m in commercial bonds.

    .......

    Job Swaps 26 May 2010

  • Loan impairments likely in Japan CMBS

    Loans that remain unresolved for a prolonged period have an increased likelihood of impairment, according to a Moody's update of Japan CMBS loan profiles, as of end-March 2010. Additionally, the report includes a comparison of the disposition prices of properties sold in special servicing to the rating agency's initial value assumptions and profiles of loans maturing between April 2010 and .......

    News Round-up 26 May 2010

  • BNPP reorganises fixed income

    BNP Paribas has reorganised the senior management within its fixed income business. The move includes some changes in credit.

    Under the reorganisation, Arne Groes - who joined BNP Paribas in 2008 as global head of flow credit trading - becomes global head of distribution at the bank, responsible for all sales to financial institutions and investors. Martin Egan is appointed .......

    Job Swaps 26 May 2010
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