Complete news archive

  • 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

  • Automated OTC processes gaining traction

    OpenLink Financial has surveyed senior operations professionals at investment firms involved in OTC derivatives trading about risk management concerns in the growing electronic environment. Most respondents intend to automate post-trade OTC derivatives processes, including affirmation, confirmation or collateral management, with almost 70% starting to do so in 2010.

    "As OTC derivatives markets grow rapidly, it is clear that organisations are .......

    News Round-up 26 May 2010

  • New Euro MMF rules to impact ABS demand

    CESR has released guidelines on European money market fund ABS investments, which require the use of legal final maturities instead of expected maturities as the duration investment criterion for ABS. The new rules - which would prevent money market funds from investing in any ABS securities with a legal final maturity longer than two years - may hurt appetite for .......

    News 26 May 2010

  • Currency reallocation impacting MBS valuations, risk

    The flow of funds out of the euro and other currencies into the US dollar has quickened two important trends in US RMBS: the rise of foreign portfolios as the biggest marginal buyers in the market and the increasing disconnect between MBS and swaps. According to ABS analysts at Deutsche Bank, the first trend matters for future valuations and the .......

    News 26 May 2010

  • Senior auto ABS thrives, but subs feel contagion

    A slew of auto ABS deals managed to get done in Q1 and so far in Q2, including those with subordinate tranches. However, deals with lower rated tranches today are not as lucky. Some auto ABS deals have dropped the subordinate pieces altogether, while other sponsors have cited the uncertainty of the macro environment stemming from Europe as a reason .......

    News 26 May 2010

  • Court ruling sparks concern over 'Shariah risk'

    Moody's has examined Shariah risk linked to Islamic financial instruments after a UK court decision highlighted a legal concern relating to potential disputes over Shariah compliance.

    "Although the story is not yet over, the recent ruling in the case of Blom Bank vs. The Investment Dar (TID) has some material implications for the Islamic finance industry," says Khalid Howladar, Moody's .......

    News Round-up 26 May 2010

  • South African RMBS refinanced

    Fitch has assigned final national ratings and loss severity ratings to Nqaba Finance 1's additional floating-rate notes issued to refinance the existing class A4, A5, B3, B5, C3, C5 and D3 notes.

    The South African SPV issued four classes of notes to finance the acquisition of a revolving portfolio of residential mortgage loans from Eskom Finance Company (EFC). The mortgages .......

    News Round-up 26 May 2010

  • FDIC closes fourth structured note sale

    The FDIC has closed its fourth sale of structured notes, which are backed by commercial real estate loans from 22 financial institutions that the FDIC was appointed receiver to during the period from August 2008 to March 2009. The sale was conducted through a private offering to qualified purchasers.

    The US$233m of SSGN 2010-L3 notes are backed by performing and .......

    News Round-up 26 May 2010

  • Options open

    Volatility hedges return to popularity

    Amid the climb to recovery away from the credit crisis, CDS index option plays are proving increasingly popular. Most CDS market participants are attempting to hedge current positions or brace themselves for even more unexpected volatile swings.

    In addition to individual hedging methods, the most effective CDS index option strategies also take into account the level of volatility skew, term .......

    News Analysis 19 May 2010

  • Apollo cashflow CLO priced

    The ALM Loan Funding 2010-1 cashflow CLO from Apollo Credit Management priced yesterday (18 May) via Citi. The deal was upsized to US$325m from US$300m. It settles on 8 June and matures on 20 May 2020.

    The deal consists of a triple-A rated US$215.4m A-1 tranche that priced at par at 170bp over Libor. The double-A rated US$11.1m A-2 tranche .......

    News Round-up 19 May 2010

  • Bank adds to cross asset solutions group

    SG has hired George Skelton as director in its cross asset solutions group in New York. Skelton will be responsible for distributing structured credit products to institutional accounts. He will report to Jean de Lavalette, md and deputy head of sales at the bank.

    Skelton was most recently an independent structured credit consultant and trader. Previously, he worked as a .......

    Job Swaps 19 May 2010

  • Credit index trader appointed

    Citi has hired Haider Ali to its London office to trade credit indices. He joins from BNP Paribas, where he was European head of index trading before leaving last month, and has previously worked for ABN AMRO as co-global head of integrated credit trading. In his new role, Ali will report to EMEA head of credit trading Tim Gately.

    .......

    Job Swaps 19 May 2010

  • Trups CDO default rates pass 13%

    Default rates on US bank Trups CDOs eclipsed the 13% mark, with the addition of 11 new bank defaults last month, according to Fitch's latest default and deferral index results. In its latest default and deferral index, the rating agency found that bank default rates within Trups CDOs climbed to 13.3%, with an additional 1% of defaults recorded in April.

    News Round-up 19 May 2010

  • EM md hired

    Credit Suisse has appointed Stewart Whitehead as emerging markets md in charge of flow credit trading and CDS for CEEMEA. He joined at the start of the month from JPMorgan where he spent 14 years, most recently running the firm's global macro EM proprietary business. He is based in London and reports to Robin Wilson.

    .......

    Job Swaps 19 May 2010

  • High yield team off to Pacific

    Pacific Income Advisers (PIA) has completed a lift-out of the entire Grandview Capital Management investment management team. Tim Tarpening, evp and senior portfolio strategist at PIA, says the six-person Manhattan Beach firm - which specialises in high yield securities and bank loans - will assist in the management of the PIA core enhanced portfolios and be responsible for managing high .......

    Job Swaps 19 May 2010

  • US credit strategy team expanded

    RBS has expanded its US credit strategy team with the appointments of Edward Marrinan, Ian Jaffe and Seth Levine within its global banking and markets division in the Americas. All three will be based in Stamford, Connecticut, and report to John Richards, head of strategy for the Americas.

    Marrinan joins the firm as md, head of US macro credit strategy .......

    Job Swaps 19 May 2010

  • Bank expands credit team

    Deutsche Bank is expanding its global credit trading and institutional client groups with five new senior hires within its global markets division. Jared Dolce, Jason Locke, Mark Mulcahy, Nick Blewitt and John Raveche all join the firm.

    Dolce joins as director in high grade credit sales and will be based in Chicago. Dolce comes from Citigroup, where he was head .......

    Job Swaps 19 May 2010

  • IG credit platform launched

    IMC asset management (IMCam) has hired a team of senior investment professionals as it launches an investment grade credit corporate offering within its core European credit capability. The new four-man team consists of Rodrigo Araya, Oscar Jansen, Robert Manning and Henk Wiersma, who all join from Lombard Odier Darier Hentsch (LODH). The investment grade platform, consisting of a long/short and .......

    Job Swaps 19 May 2010

  • Law firm hires for financial services expansion

    Eversheds has appointed Steven Geerlings and Paul-Michael Rebus as the law firm enhances its city banking and finance offering. Geerlings specialises in asset-based lending (ABL) and acts for ABL providers on a pan-European basis, while Rebus focuses on structured finance, securitisation and international capital markets.

    Geerlings joins from Hammonds, where he was part of the corporate strategy and finance law .......

    Job Swaps 19 May 2010

  • Advantage Asia

    Distressed opportunities in an evolving landscape

    The distressed structured credit space has evolved dramatically over the past year, which saw a general rally across asset classes. However, former Lehman Brothers bankers - Fredric Teng and Leon Hindle - believe that opportunities still exist within the space. The pair, which founded Hong Kong-based Oracle Capital last year, have launched a new fund to take advantage of these .......

    News Analysis 19 May 2010

  • Indian global markets head appointed

    Nomura Services India, based in Powai, Mumbai, has hired Anita Yadav as md and head of its global markets division. Yadav joins from Deutsche Bank, where she was desk strategist and head of credit research for Asia. She has more than 15 years of experience in capital markets and credit trading, and has previously worked for S&P, UBS and HSBC.

    .......

    Job Swaps 19 May 2010
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