Complete news archive

  • 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

  • Fundamental improvement' for US credit card ABS

    Major bank credit card ABS trust collateral performance for the April collection period was mixed, according to Barclays Capital's May servicer report for the sector. Although charge-offs and delinquencies showed improvement, a declining trend was seen in yield and excess spread. In addition, payment rates were mixed.

    Nevertheless, BarCap analysts put more weight on the falling delinquencies and charge-offs, and .......

    News Round-up 19 May 2010

  • Project finance team expands

    Dexia has built up its London project finance origination team with a number of recent appointments. The European bank has made four hires to the team, which focuses on the UK and Ireland, including three employees due to start work in the coming weeks.

    Peter Clifton will join the firm in the second half of June as assistant director in .......

    Job Swaps 19 May 2010

  • Fixed income macro strategist hired

    Thomas Fahey has joined Loomis, Sayles & Company's fixed income group as senior global macro strategist. He will work with director of macro strategies Teri Mason to provide analysis and perspectives on global macro conditions to fixed income investment professionals.

    Fahey's new role will see him researching secular and cyclical trends affecting the macro-economic investment environment and providing top-down analysis .......

    Job Swaps 19 May 2010

  • Regulatory review

    Hurdles exist on way to Basel finish line

    The Basel Committee on Banking Supervision expects to issue a fully calibrated set of changes to its capital rules, which is popularly known as Basel 3, by year-end with a 2012 implementation date. The 2009 Basel 2 capital enhancements now have a reprieve until later in 2011, courtesy of US Treasury Secretary Tim Geithner and European Commissioner Michel Barnier. However, .......

    News Analysis 19 May 2010

  • Restructuring focus prompts hire

    Clifford Chance has hired Rick Antonoff as a partner, providing extra depth to its US financial restructuring group. He joins from Pillsbury Winthrop Shaw Pitman, where he was also partner, and has more than 20 years of financial restructuring experience, particularly in structured products and real estate-related finance.

    "Adding Rick to our team at this juncture supports our strategy of .......

    Job Swaps 19 May 2010

  • B-note servicing team expands

    Hatfield Philips International has doubled the size of its recently-launched B note team. The team will look after all classes of junior debt, including lenders in syndicated loans. It may be called on to replace existing special servicers as an increasing number of junior debt holders seek independent representation.

    The primary and special servicer is marketing the B note services .......

    Job Swaps 19 May 2010

  • Californian real estate vp named

    Franklin Templeton Real Estate Advisors (FTREA) has hired Julie Rost as private real estate vp. She is based in Rancho Cordova, California, and will be responsible for the sourcing of, and due diligence on, private real estate fund investment opportunities in the Americas. Rost will focus on a range of funds from established to emerging managers at various stages of .......

    Job Swaps 19 May 2010

  • Structured finance partner hired

    Carter Ledyard & Milburn has hired David Fernandez as partner. Fernandez will work from the Wall Street office and continue his practice in banking and structured finance.

    Fernandez often serves as counsel to the underwriter, counsel to the placement agent and trustee counsel in connection with a wide variety of tax-exempt and taxable bond offerings. These offerings have included 501(c)(3) .......

    Job Swaps 19 May 2010

  • Pension interest

    New investors looking at cat bonds as deals keep rolling in

    The bevy of catastrophe bond offerings that have come to market recently are garnering interest from a variety of investors, but none more so than UK pension funds. Meanwhile, three more deals have reached the pricing stage with more to follow, but there are signs that some investors' capacity is being reached.

    UK pension funds, which traditionally have targeted a .......

    News Analysis 19 May 2010

  • CDO managers sign sub-advisory pact

    Pemba Credit Advisers has signed a sub-advisory agreement with Pramerica Fixed Income for five of its CDOs. Under the agreement, Pemba will benefit from Pramerica's credit research capability and strategic counsel on portfolio construction, while retaining full discretion over investment decision-making as the collateral manager.

    .......

    Job Swaps 19 May 2010

  • White House staffer joins CRE Council

    The CRE Finance Council (formerly CMSA) has hired Michael Flood as policy and research vp. He joins from the White House office of management and budget, where he was a senior programme examiner in the financial rescue unit and worked on the Obama administration's financial regulatory reform efforts. He has also worked with US Treasury staff to review the TARP .......

    Job Swaps 19 May 2010

  • Most ratings improve, sovereigns still pressured

    Fitch says credit ratings for most sectors are stabilising, with high grade sovereigns and structured finance excepted. The agency says rating outlooks have been stabilising since Q309, but that the recovery supporting the stabilisation is fragile and not yet self-sustaining.

    "High grade sovereign credit profiles remain under pressure following the extraordinary intervention and support for the financial sector, as well .......

    News Round-up 19 May 2010

  • RMBS default forecasts soar

    Structured finance market participants are becoming more similar in their outlook and more concerned about the performance of certain RMBS mortgage collateral classes, according to a survey by S&P's independent valuation and risk strategies group. Forecasts for the collateral backing UK, European and US RMBS are largely consistent with the last survey (see SCI issue 172), but 12-month average default .......

    News Round-up 19 May 2010

  • Limited fallout?

    Plaintiffs to 'slipstream' behind SEC CDO probes

    As the US SEC expands its complex securities probe on Wall Street, the regulator's publicly-confrontational stance is expected to encourage a surge of new cases in this field. However, the fallout in terms of punitive damages is anticipated to be limited.

    "In the next few years I expect a lot of plaintiff lawyers to slipstream behind regulators on cases such .......

    News Analysis 19 May 2010

  • FGIC expands exchange offer

    Sharps SP I has reported the initial results of its offer to exchange RMBS and ABS insured by FGIC. Tenders representing US$1.16bn in eligible insured securities have been received in the offer and letters of transmittal representing another US$5.4m have been completed, although the assets have not yet been delivered. The expiration date for the tender offer has been extended .......

    News Round-up 19 May 2010

  • Decisions made on Greek ratings

    S&P has lowered to single-A its credit ratings on all Greek securitisation notes previously rated above single-A, removing them from credit watch negative. The agency explains the move is in response to how increased country risk may affect Greek structured finance transactions.

    The agency has also removed seven classes of notes in six RMBS transactions from credit watch negative and .......

    News Round-up 19 May 2010

  • Cashflow, hybrid CLO review concludes

    S&P has finished reviewing US cashflow and hybrid CLO transactions after completing cashflow analysis and a committee review for each of the affected transactions. This follows changes to its methodologies and assumptions for corporate CDOs (see SCI issue 153).

    The review of US cashflow and hybrid CLO transaction ratings affected by the corporate CDO criteria update covered 3,674 ratings from .......

    News Round-up 19 May 2010

  • Student loan ARS buyback announced

    Nelnet has commenced a fixed price cash tender offer for its outstanding senior auction rate student loan asset-backed notes and subordinate Libor rate student loan asset-backed notes of Nelnet Student Loan Corporation-1 (formerly Union Financial Services-1). The consideration per US$1,000 principal amount is US$950 for the senior notes and US$900 for the subordinate notes. In addition, Nelnet will pay all .......

    News Round-up 19 May 2010

  • CMBS review results published

    S&P's review of European CMBS, begun in May 2009 and covering €120bn across 188 transactions, has so far led to lowered ratings for 452 tranches in 103 transactions by an average of 4.15 rating notches. Downgrades have occurred across all rating categories, but junior rating categories have been most affected, with 64.5% of all ratings below single-A experiencing a downgrade. .......

    News Round-up 19 May 2010

  • Fleet Street Two downgraded again

    Moody's has further downgraded the class A CMBS notes of Fleet Street Finance Two to Baa2 from A3 and is keeping the notes on review for possible downgrade. The recently restructured transaction (SCI passim) is backed by a single commercial mortgage loan originated by Goldman Sachs Credit Partners.

    The latest downgrade comes off the back of uncertainties regarding the valid .......

    News Round-up 19 May 2010
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