Complete news archive
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Investment manager acquisition agreed
Terms have been agreed for Man Group's acquisition of GLG Partners, which will create a diversified alternative investment manager with around US$63bn of funds under management. The acquisition values the fully diluted share capital of GLG at approximately US$1.6bn.
Man's board says the move will bring many strategic and commercial benefits, such as the integration of sales, structuring and operations .......
Job Swaps 19 May 2010
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Deterioration continues for SA securitisation
The performance of the South African auto loan ABS and RMBS markets continued to deteriorate in Q110, according to the latest indices for the sectors published by Moody's. In addition, the rating agency holds a negative outlook for the sectors based on continued economic pressure and poor industry outlook.
The weighted-average cumulative loss trend for South African RMBS increased to .......
News Round-up 19 May 2010
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Volatility persists
The US CMBS market in the week to 17 May 2010
The US CMBS market continued to feel the effects of sovereign events in Europe over the last week, with activity levels dropping and spreads widening considerably. Although continued weakening in CRE performance remains a concern, the primary market offers hope as two new deals are set to come to the market in the near future.
One CMBS analyst notes the .......
Market Reports 19 May 2010
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Permacap buyback results announced
GSO Capital Partners Employee Side by Side Fund and GSO Capital md Miguel Ramos-Fuentenebro have announced the final results of their tender offer to purchase shares of Carador (see SCI issue 182). The tender offer closed on 11 May.
The tendering parties accepted a total of 1,179,932 US dollar shares and 550,000 Euro shares validly tendered under the tender offer .......
Job Swaps 19 May 2010
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Japanese ABS asset performance fairly stable
The performance of asset classes backing Japanese ABS (excluding consumer finance ABS) has been fairly stable, according to Moody's, despite the severe employment and income situation in fiscal 2009.
Furthermore, Moody's notes that the default rates in its auto loan dynamic indices have been stable. The delinquency ratios spike every January and February, but the hikes in 2010 were found .......
News Round-up 19 May 2010
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Muni CDO rating process reviewed
S&P says it is undertaking a review of the assumptions and methodologies it uses to assign ratings to municipal CDOs and US public finance transactions backed by pools of municipal securities. The agency hopes these revisions will enhance the comparability of municipal CDO ratings with those in other sectors, such as corporates and sovereigns.
The review may include S&P's default .......
News Round-up 19 May 2010
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Malaysian agency to market evaluated pricing service
Interactive Data Corporation's pricing and reference data business has signed an agreement with Bond Pricing Agency Malaysia (BPA Malaysia) to make international fixed income evaluated pricing available to the Malaysian market. BPA Malaysia is the only registered bond pricing agency in the Malaysian market.
The agency's ceo, Meor Amri Meor Ayob, says: "We have seen an increased need in the .......
News Round-up 19 May 2010
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Risk management platform upgraded
Kamakura Corporation has sent out a Kamakura Risk Manager (KRM) upgrade to its clients. KRM version 7.1.2 has three main enhancements and can now use the IBM DB2 relational database management system, as well as databases from Oracle, Microsoft and others.
The new KRM also addresses the assumption of the normal distribution in risk management and allows users to supply .......
News Round-up 19 May 2010
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Tug of war
Servicers and CMBS holders agree to disagree
The tug of war that exists between commercial mortgage servicers and CMBS bondholders in the US has quieted down from the fury of a few months ago. Though not much has been resolved, servicers are at least being more responsive to bondholders.
Formal discussions between servicers and CMBS bondholders over extensions on commercial mortgage loans have taken place at all .......
News Analysis 12 May 2010
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Power shift
Senior CLO investors seek more control
A power shift appears to be taking place within the CLO investor space. Whereas equity investors have traditionally held the most sway in transactions, triple-A investors are increasingly looking to gain more influence over portfolio composition in impending deals, as well as taking a more active part in the monitoring of transactions once launched.
Gibran Mahmud, portfolio manager at Highland ......
News Analysis 12 May 2010Premium Content
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Help or hindrance?
Market participants divided over SEC rule 17g-5
The US SEC's rule 17g-5 has been met with compliance on the part of rating agencies (SCI passim). However, other market participants remain divided as to its benefits.
Under rule 17g-5, as of 2 June 2010, all registered NSROs will be prohibited from issuing or maintaining ratings on structured finance products unless the arranger makes all information available to one .......
News Analysis 12 May 2010
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Lingering concerns
FDIC strikes middle ground with approvals
The FDIC approved two motions at its board meeting yesterday (11 May) that attempt to reform current securitisation practices and to create adequate preparations and contingencies in the event of depository institution insolvencies going forward. However, a number of concerns remain about the proposal as it stands.
One of the approved motions calls for comment on the need for enhanced .......
News Analysis 12 May 2010
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Asset manager co-founder steps back
Nigel Legge has stepped down from his role as ceo of Liontrust Asset Management and will remain as a consultant until 6 August 2010, having co-founded the company in 1994. Non-executive chairman Adrian Collins will become executive chairman, while head of retail John Ions joins the board as ceo with immediate effect.
....... Job Swaps 12 May 2010
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Loan servicing firm adds svp
Rudy Orman has joined Residential Credit Solutions as a director and svp, responsible for marketing and business development. He was previously a vp at Marathon Asset Management, involved in purchasing distressed assets, servicing non-performing assets and the firm's securitisation activities.
....... Job Swaps 12 May 2010
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Structured credit trading platform prepped
BNY Mellon is preparing a new electronic trading platform called Structured Credit Connections. The service will initially focus on US public deals and is expected to facilitate increased trading activity and volumes.
According to John Spedding, md at BNY Mellon and coo of QSR Management, the platform is at present building up inventory and establishing a number of different auction .......
News Round-up 12 May 2010
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Law firm bolsters global presence
Global offshore law firm Walkers has made a series of appointments to strengthen its Hong Kong and Jersey offices. Global head of Walkers' insolvency and corporate recovery group Guy Locke has been appointed as head of Asia in response to what the firm describes as "burgeoning growth" in that area. He specialises in corporate restructuring and contentious insolvency, as well .......
Job Swaps 12 May 2010
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Aviation practice takes off with new hire
Elizabeth Evans has joined Jones Day as banking and finance partner in the law firm's New York office. She arrives from Weil, Gotshal & Manges, where she was a corporate partner.
Evans' practice focuses on advising banking and finance clients on corporate transactions, such as aviation finance, project finance, satellite finance and equipment leasing. She has also advised clients on .......
Job Swaps 12 May 2010
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New additions to form capital markets practice
Mark Weibel has joined law firm Thompson & Knight's Dallas office as a partner and is joined by four new associates. The five new additions will join with the firm's current real estate, banking and financing expertise to establish a capital markets practice group. They all join from Fulbright & Jaworski, where Weibel led the CRE practice group.
The new .......
Job Swaps 12 May 2010
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Manager adds to MSIM CDO roster
The appointment of Invesco Senior Secured Management as the replacement collateral manager for Morgan Stanley Investment Management (MSIM) Croton and MSIM Peconic Bay has had preliminary rating confirmation from S&P. Invesco will assume Morgan Stanley's collateral management responsibilities once the proposed change is finalised.
Invesco Asset Management assumed collateral management duties for the MSIM Garda and Mezzano CLOs last month.
....... Job Swaps 12 May 2010
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Old hands to provide fresh drive
Four industry veterans have left Cushman & Wakefield to lead Jones Lang LaSalle's New York capital markets business. Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham have over a century of combined real estate capital markets experience and are tasked with expanding the firm's investment sales, debt placement, recapitalisation, note sales and placement of rescue capital and joint venture .......
Job Swaps 12 May 2010
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Peripheral CDS pushed to new highs
CDS levels on 5 May reflected the widespread unease surrounding the Greek bailout. Greek five-year CDS closed the day at an all-time high of 830bp, with Spanish and Portuguese spreads also moving out to new highs of 227bp and 377bp respectively. At the same time, the iTraxx Main widened to 106bp - a level last seen in the summer of .......
News Round-up 12 May 2010