Complete news archive

  • 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

  • Australian ABS remains robust

    Australian ABS is experiencing a limited rating impact from the softening in economic and industry conditions, which S&P says is within its expectations.

    S&P's credit analyst Alisha Treacy says: "On the whole, we view the performance of ABS transactions as sound during the period, despite the rise in loans that are in arrears. In fact, the ratings were relatively stable, .......

    News Round-up 26 May 2010

  • Special situations fund launched

    Nuveen Investments has launched the Nuveen Symphony Credit Opportunities Fund. The new fund will leverage Symphony Asset Management's bottom-up credit analysis to identify risk-adjusted returns in both catalyst-driven and special situations across the capital structures of leveraged companies.

    The fund may use derivatives to gain investment exposure and will attain current income and capital appreciation by investing in debt instruments. .......

    Job Swaps 26 May 2010

  • MBS vet to lead FI group

    Amherst Securities Group has hired Dan Hoffman as head of sales. He will be based in New York and manage the firm's fixed income sales group.

    Hoffman, a veteran of fixed income and MBS, joins from RBS where he was sales md. He previously worked for Bear Stearns for 22 years and served as head of mortgage and rate sales, .......

    Job Swaps 26 May 2010

  • SF performance improves in first quarter

    European SF transaction performance improved slightly in Q110, despite difficult economic conditions, says S&P. The number of upgrades rose for the first time in several quarters to 151, but they were still outnumbered by 1,155 downgrades.

    The agency reports that sluggish recovery in growth, high unemployment and still-rising fiscal deficits continue to haunt European economies. Imbalances between different European economic .......

    News Round-up 26 May 2010

  • Asset finance co-head appointed

    Michael Wade will join Credit Suisse this summer as md and co-head of asset finance in the bank's global markets solutions group. He will join from Barclays Capital, where he has spent 15 years, most recently as head of US asset securitisation.

    The new role will see Wade partner asset finance co-head Tricia Hazelwood, who specialises in term ABS. Credit .......

    Job Swaps 26 May 2010

  • SIV hybrid senior notes downgraded

    Moody's has downgraded US$2.5bn notes issued by AEGON Global Institutional Markets' (AGIM) Secured Euro MTN Programme, a hybrid with characteristics of a structured investment vehicle and structured covered bonds. Previously, the programme was downgraded to A1 on 2 March 2010, and it has now been downgraded to Aa2 and placed under review for further possible downgrade.

    AGIM is an Irish .......

    News Round-up 26 May 2010

  • Euro ABS sales desk expands

    Citi has expanded its European ABS sales desk with the hire of Marissa Harris from Nomura Holdings. Harris will report to John Miles, head of global securitised markets sales in London, and is scheduled to start in August.

    .......

    Job Swaps 26 May 2010

  • Nine SF CDOs liquidated

    Moody's has downgraded the ratings of 13 tranches from nine US structured finance CDOs that have experienced an event of default. In each case, the trustee has been directed to liquidate the collateral as a post-event of default remedy. The rating agency has been notified by the respective trustee in each of these cases that a final distribution of liquidation .......

    News Round-up 26 May 2010

  • CDS trader joins DB

    Deutsche Bank has hired Bob Keller as an md in global credit trading within its global markets division. He will report to Masaya Okoshi, md and head of investment grade credit trading in the Americas, based in New York, and will be responsible for CDS trading.

    Keller joins from Jefferies & Company, where he spent a year as an svp .......

    Job Swaps 26 May 2010

  • US CDOs downgraded

    S&P has lowered its ratings on 26 tranches from six US cashflow and hybrid CDO transactions with a total issuance amount of US$9.085bn. At the same time, the rating agency removed 16 of the lowered ratings from credit watch with negative implications and placed 10 of the lowered ratings on credit watch negative, indicating a significant likelihood of further downgrades. .......

    News Round-up 26 May 2010

  • Securitisation, equity investment completed

    First Capital has completed two transactions as it moves to increase lending to small and mid-sized growth companies. The first is a securitisation, for which Guggenheim Securities served as the initial purchaser, and the second is a private equity investment by HIG Capital.

    Guggenheim was the initial purchaser for First Capital's 3.5-year, US$100m term securitisation in a Rule 144A private .......

    Job Swaps 26 May 2010

  • New hire to build SF analytics and strategy team

    Dan Castro has left his role as chief risk officer at Huxley Capital Management to join BTIG in New York, where he will create a structured finance analytics and strategy group. More hires are expected soon as Castro builds his team, which will focus on providing analytical support to the fixed income sales and trading group, as well as performing .......

    Job Swaps 26 May 2010

  • Japanese synthetics upgraded

    S&P has raised its ratings on eight tranches relating to six Japanese synthetic CDO transactions. The deals involved are: Corsair (Jersey) No. 2; Momentum CDO (Europe); Secured credit-linked loan Louvre CDO II series 2005-3; Omega Capital Investments; Signum Vanguard; and Secured floating rate credit-linked notes series 2006-03.

    At the same time, the agency has removed the ratings from creditwatch with .......

    News Round-up 26 May 2010

  • Partnership to drive LINC initiative

    S&P Valuation and Risk Strategies has partnered with financial services technology provider, Fiserv, to further the industry implementation of the American Securitization Forum's (ASF) Loan Identification Number Code (LINC) initiative.

    ASF LINC is a unique ID for a wide range of assets that may be pooled and sold in the capital markets. The identification code captures the loan type, origination .......

    News Round-up 26 May 2010

  • Hedge fund adds three credit traders

    BlueCrest Capital Management has hired three new credit traders for its multi-strategy credit fund. Dario Villani, Kharen Musaelian and Stephen Waugh will be based in New York, reporting to team heads Farid Amellal and Andrew Silver.

    Villani and Waugh both join from Deutsche Bank. Villani was md in global credit trading and Waugh was a director, managing the high yield .......

    Job Swaps 26 May 2010

  • Analytics providers team up

    S&P's valuation and risk strategies group will offer new investor analytics for US RMBS using the 1010data service, which provides data warehouse and business intelligence products and services to the MBS market. The partnership makes S&P's database of individual loan-level information available via 1010data's service.

    "Working with 1010data, we are able to deliver a comprehensive risk management solution to investors," .......

    News Round-up 26 May 2010

  • Trading ideas: no flow

    Byron Douglass, senior research analyst at Credit Derivative...

    Louisiana-Pacific reported disappointing earnings earlier this month. Revenue growth was anaemic at best and operational cashflow remains below expenses, even with dividends cut to zero and capex slashed.

    The equity market reacted strongly to the news, with implied volatility hitting the roof; however, the credit market's reaction was muted. We recommend buying credit protection on Louisiana-Pacific.

    Louisiana-Pacific reported earnings that .......

    Research Notes 26 May 2010

  • Gaining traction

    Specialty finance firms eye ABS return

    Specialty finance firms like Consumer Portfolio Services (CPS) are among a group of niche companies that are planning on a return to ABS origination. Though the issuance may be a bit far out on the horizon, the companies still see securitisation as a funding vehicle worth targeting.

    "Despite the most recent turmoil, it seems investor demand still is pretty strong ......

    News Analysis 26 May 2010

    Premium Content

  • 'Buy' recommendations for CLO permacaps

    Liberum Capital's latest Alternatives Daily publication compares the performance of the Carador, Tetragon Financial Holdings and Volta Finance permanent capital vehicles, following the release of the companies' monthly/interim management reports. Liberum analysts put forward a 'buy' recommendation on Carador and Tetragon, after the companies reported respective NAV increases of 7.94% for the quarter and 2.28% for April. The analysts also .......

    News 26 May 2010

  • UK CMBS borrower difficulties highlighted

    Fitch says that the results of the 2009 De Montfort UK commercial property lending market study highlight the difficulties facing borrowers in UK CMBS transactions when attempting to refinance their existing loans. The average terms of new lending detailed in the report indicate that few existing borrowers would today be successful in obtaining replacement financing without significant additional equity contributions, .......

    News 26 May 2010
×