Complete news archive

  • US ...

    Fitch says cumulative default rates for US CMBS now stand at 8.15% through to the end of Q110. There were 487 newly defaulted loans totalling US$8.43bn, with large loan underperformance.

    "Large loan defaults will continue to escalate, with the majority coming from recent vintage CMBS," says Fitch md Mary MacNeill. She also warns that high unemployment will cause limited demand .......

    News Round-up 5 May 2010

  • ... and European CMBS loan defaults climb

    Fitch says the number of defaulted Euro CMBS loans is likely to increase, despite improving sentiment on the commercial property market. The agency says over 10% of loans in non-granular European CMBS rated by the agency are now in some form of default, and it has launched a monthly loan maturity bulletin covering the factors which influence the likelihood of .......

    News Round-up 5 May 2010

  • SIV-lite case dismissed

    Oddo Securities' lawsuit against Barclays Capital and Solent Capital Partners has been dismissed by the New York Supreme Court. The case - originally opened in 2008 - arose from the collapse of SIV-lites Golden Key and Mainsail, which were arranged by Barclays and managed by Avendis.

    Oddo, which invested US$50m in the vehicles, claimed among other things that Avendis and .......

    Job Swaps 5 May 2010

  • Analytics platform updated

    Interactive Data Corporation's fixed income analytics business has released BondEdge Version 3.2, which it says will better help institutional investors assess prime and subprime RMBS risk, including fixed and adjustable mortgage pools, CMOs and ABS.

    The release has a new model to compute analytic risk measures and provide interest rate and credit spread simulation analysis on prime and subprime RMBS, .......

    News Round-up 5 May 2010

  • Achieving accurate VaR calculations

    Richard Bennett, EMEA president of Razor Risk Technologies,...

    Following the financial crisis of 2007/2008, the Value at Risk (VaR) calculation method - arguably the most broadly utilised method of risk management - has come under increasing levels of scrutiny for its failure to provide accurate results. This paper examines the reasons behind the perceived failure of risk management up to and during the economic downturn. It also outlines .......

    Talking Point 5 May 2010

  • Learning lessons from the past

    Anne Horlait, credit analyst at S&P, explores what "...

    The European real estate sector hasn't left its recent difficulties behind just yet, in S&P's opinion: it remains under severe pressure from the twin problems of depressed property values and a dearth of new credit for all but prime real estate. And the securitisation market - previously a key funding source for commercial real estate - continues to be caught .......

    Research Notes 5 May 2010

  • Mortgage REIT preps debut securitisation

    PennyMac Mortgage Investment Trust (PMT) has begun working on its first securitisation to provide additional capital and increase its investment capacity. PMT says there is no guarantee the securitisation will be successfully completed, but targets completion in Q210. The REIT has also reported net income for Q110 of US$1.3m on total net investment income of US$3.9m.

    The company acquired five .......

    News Round-up 5 May 2010

  • Holding tight

    US ABS market activity in the week to 27 April

    While spreads in the US ABS secondary market continue to tighten due to a lack of available bonds, investors looking for a higher yield are turning towards more esoteric paper. Although a new issuance pipeline does exist, it is expected that paper will remain in short supply and off-the-run paper will maintain its appeal.

    A compression in spreads has been ......

    Market Reports 28 April 2010

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  • Business as usual

    European CLO market activity to 23 April

    Trading levels and sentiment within the European secondary CLO market appear to have been unaffected by the ongoing Goldman Sachs fraud charge saga. Indeed, prices have continued their upward trend over the past week as volumes remain low and demand high.

    A CLO trader explains that the market is showing improvements and appears to be more liquid than in previous weeks. .......

    Market Reports 28 April 2010

  • Flagship fund improved for investors

    Alpstar Capital has launched the Alper European Credit Fund, which it says is a more mainstream and diversified version of its original long-only loan fund, first seeded in early 2008.

    "We have decided to tightly focus our flagship product to better meet investor demand for a dedicated European credit fund," comments Bertrand Pinel, partner and ceo at Alpstar. "Diversification of .......

    Job Swaps 28 April 2010

  • Central bank ABS activity analysed

    Central bank funding operations once again dominated securitisation markets in 2009.

    The ECB's annual report, which was published last week, puts the average amount of collateral (of all types) submitted to the ECB in 2009 at just over €2trn - a 29% increase over 2008. In 2009 borrowing against this collateral averaged just over €750bn, indicating that counterparties over-submitted collateral .......

    News Round-up 28 April 2010

  • Sound and fury

    Tales told, but little signified

    Much has already been written about the appearance of "Goldman Sachs" before the "Senate" in the 18 hours since it actually happened. There may be little to actually come from this very public event, but there were at least a few stand-out moments in the day's seemingly endless proceedings.

    While most of the mainstream press had been heralding yesterday's appearance .......

    Talking Point 28 April 2010

  • Regulatory counsel appointed

    Crowell & Moring has appointed Mark Egert as corporate and financial services partner in its New York office. He joins from Cowen Group, where he was md and chief compliance officer. The law firm says his role will be to spearhead its regulatory and compliance practice serving broker-dealers, banks, asset management firms and investment clients.

    Egert has 15 years of .......

    Job Swaps 28 April 2010

  • Yorkshire Bank SF official promoted

    Yorkshire Bank has promoted Roddy Kilpatrick to area director for its corporate and structured finance (CSF) team in the North West of England. He is based in the bank's Manchester office and will be in charge of acquisition finance within the region. He replaces Andy Taylor, who has become the bank's West England CSF head.

    Kilpatrick has nine years of .......

    Job Swaps 28 April 2010

  • Manager swap for Euro CLOs

    Invesco Asset Management is set to take on collateral management duties for cashflow CLO Morgan Stanley Investment Management Garda and Morgan Stanley Investment Management Mezzano. The European deals were launched in 2007 and managed by Morgan Stanley Investment Management.

    .......

    Job Swaps 28 April 2010

  • CRE head steps down

    A spokesman for Deutsche Bank has confirmed that Douglas Smith, head of its CRE financing business in Japan, is stepping down. Smith will leave at the end of the month for personal reasons.

    The bank declined to comment further beyond wishing him well in his future endeavours. A successor is yet to be named.

    .......

    Job Swaps 28 April 2010

  • EM trade finance agreement signed

    IFC, a member of the World Bank Group, and Standard Chartered have signed an agreement for a US$1bn unfunded risk participation arrangement, which aims to increase the availability of trade finance in emerging markets.

    Under the arrangement, Standard Chartered will originate a portfolio of up to US$1bn in trade finance transactions from banks in emerging markets, with a special focus .......

    Job Swaps 28 April 2010

  • Permacap tender offer launched

    GSO Capital Partners Employee Side by Side Fund and Miguel Ramos-Fuentenebro, md at GSO Capital, have issued a circular to shareholders in Carador relating to their tender offer to purchase up to two million US dollar shares in the permacap vehicle at US$0.50 per share and/or euro shares of up to an equivalent value at €0.37 per share. The tendering .......

    Job Swaps 28 April 2010

  • ISDA names new directors

    ISDA has elected four new members to its board of directors, three of whom are involved in the fixed income space. Eight directors were re-elected to the board, with 14 others continuing to serve on it.

    The four new directors are: Martin Chavez, md at Goldman Sachs; Bill De Leon, evp and global head of portfolio risk management at PIMCO; .......

    Job Swaps 28 April 2010

  • ARS settlements completed

    FINRA says it has settled charges with HSBC Securities USA and US Bancorp Investments relating to the sale of auction rate securities (ARS) that became illiquid when auctions froze in February 2008.

    HSBC was fined US$1.5m. By July 2008 it had repurchased more than 90% of its customers' ARS holdings and offered to repurchase all remaining ARS in October that .......

    Job Swaps 28 April 2010

  • Exit loans 'attractive candidates' for CLOs

    As the calendar for bankruptcy emergences becomes more visible, exit financing is tipped to be a major component of 2010 loan issuance. Structured credit analysts at Barclays Capital note that, on average, spreads on exit loans have been more than 150bp wide of the general loan new issue, making them attractive candidates for secondary CLOs.

    A number of large issuers .......

    News Round-up 28 April 2010
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