Complete news archive

  • EM partner switches firm

    Peter Darrow has joined DLA Piper's corporate finance practice as a partner in New York. He comes from Mayer Brown, where he was a banking and finance group partner for 25 years. He was also co-chair of Mayer Brown's Latin American practice.

    Darrow will focus on New York and key Latin American markets, representing issuers, underwriters and placement agents in .......

    Job Swaps 21 April 2010

  • Brigade Capital wins CLO mandate

    Brigade Capital Management has taken on collateral manager duties for Camulos Loan Vehicle I, a CLO which had previously been managed by Camulos Capital since its inception in February 2008.

    The New York-based asset manager has given written acceptance of the rights, title, interest and obligations of collateral manger to take on the US$731m deal, which in 2008 consisted of .......

    Job Swaps 21 April 2010

  • Barclays veteran changes allegiance

    Clydesdale Bank in London has appointed Stuart Trussler as director in its corporate and structured finance team. He joins from Barclays, where he spent 27 years, most recently focusing on structuring finance packages to support mergers and acquisitions and helping corporates with their day-to-day needs.

    .......

    Job Swaps 21 April 2010

  • CRE partner joins law firm

    Steven Smith has joined law firm Perkins Coie as partner and will be in charge of the real estate group's new office in Dallas, Texas. Smith's real estate and commercial law practice focuses on real estate workouts and lending and Perkins says his addition will bolster its representation of CMBS special servicer clients, many of which have offices in Dallas.

    Job Swaps 21 April 2010

  • Quantitative modelling specialist hired

    Prudential Fixed Income has hired Bjorn Flesaker as md and head of quantitative modelling. His role is to lead quantitative research and the team that develops models to assist traders and portfolio managers in identifying investment opportunities. Flesaker now reports to md and head of quantitative research and risk management Arvind Rajan.

    Flesaker most recently worked for Bloomberg as a .......

    Job Swaps 21 April 2010

  • ISDA names risk, reporting head

    ISDA has appointed David Murphy as head of risk and reporting. He will be based in London and report to ceo Conrad Voldstad.

    ISDA says Murphy will manage risk management and financial reporting, including its initiatives in relation to the Basel capital framework and regulatory capital requirements. He was previously founding principal of structured products consulting firm Rivast Consulting and .......

    Job Swaps 21 April 2010

  • Euro/US SF yield disparity still exists

    European structured finance bonds continue to offer greater yield than comparable US SF bonds, according to ABS analysts at Bank of America Merrill Lynch. The analysts note that most sectors of the US SF market experienced significant spread contraction in part due to government support programmes and abundant liquidity. Although the Euro SF market did benefit from the general improvement .......

    News Round-up 21 April 2010

  • Sallie Mae exec says consolidation expected

    Jonathan Clark, evp and treasurer at Sallie Mae, says in the wake of the government-backed FFELP programme going away, industry consolidation is expected. Clark was among a group of panellists at Fitch's US consumer ABS conference in New York on 14 April.

    Sallie Mae's Clark says he expects there to be fewer players in the industry of private credit as .......

    News Round-up 21 April 2010

  • Private placement for Dutch CMBS tap

    Vesteda, the Netherlands residential property investment fund, has launched a €350m CMBS tap issue from its Vesteda Residential Funding II programme. This is understood to be the first European CMBS transaction of 2010 as well as the first Dutch CMBS issue since the start of the financial crisis in 2007.

    The portfolio of underlying assets is rented multi-family apartment blocks .......

    News Round-up 21 April 2010

  • Near-term CLO volatility possible

    Near term volatility may come into play in the secondary US CLO market following Friday's announcement of legal action taken against Goldman Sachs and continued concerns regarding sovereign risk, according to CDO analysts at JPMorgan.

    However, the analysts note that opportunity still exists within the mezzanine and subordinate space for total return and in senior bonds for relative value versus .......

    News Round-up 21 April 2010

  • UBS marketing new CSO

    UBS and M&G are in the market with a new CSO dubbed Ocelot III, according to an investor. As previously reported in SCI (see SCI issue 180) dealers, including UBS, have been waiting in the wings with potential CSO issuances, while JPMorgan and Axa have already been testing investor appetite for their CSO, Aria IV.

    The 'conservatively structured' Ocelot transaction .......

    News Round-up 21 April 2010

  • Further clarity on Moody's CLO plans

    Moody's has provided further details on its plans to potentially relax the default probability stress assumptions on CLOs that it introduced early last year. As reported in the last issue of SCI, the rating agency is currently considering the appropriate timing and degree of such a change to the 30% default assumptions, which were introduced to address the unprecedented stress .......

    News 21 April 2010

  • Johnston Re cat bond markets

    Guy Carpenter is marketing Johnston Re, a US hurricane catastrophe bond offering for ceding reinsurer Munich Re and issuers the North Carolina Joint Underwriters Association (NCJUA) and the North Carolina Insurance Underwriters Association (NCIUA). The transaction is part of a group of public and private deals coming to market over the next week or so ahead of the hurricane season.

    News 21 April 2010

  • ILFC likely to wait on securitising

    International Lease Finance Corporation (ILFC) increased the limit on liens of its consolidated tangible net assets to 35% from 12.5%, which will give the aircraft leasing company more flexibility to issue secured debt. But that strategy is not likely to include securitisation of aircraft leases anytime soon.

    ILFC would not comment on any plans to securitise. However, the company still .......

    News 21 April 2010

  • Euro RMBS pipeline builds

    Lloyds TSB is set to launch its latest UK prime RMBS transaction from the Arkle Master Trust, with Lloyds Corporate Markets to serve as sole arranger and joint lead manager and Citi and RBS as joint lead managers.

    ARKLE 2010-1 is expected to offer triple-A and A1+/P-1/F-1+ rated notes across a combination of sterling, Euro and US dollar- denominated classes .......

    News Round-up 21 April 2010

  • Determinations Committees kept busy

    A number of ISDA Determinations Committee (DC) decisions have been made in recent days.

    First, the EMEA DC has determined that a succession event has occurred in connection with Nordic Telephone Company Holdings. The date of the succession event has been determined as 5 March and Nordic Telephone Company Administration is the sole successor.

    Second, the Americas DC has agreed .......

    News Round-up 21 April 2010

  • Basel 2 CVA proposals analysed

    The Basel Committee's comment period on its consultative paper, 'Strengthening the resilience of the banking sector', ends today. The occasion has drawn comment from S&P regarding counterparty credit risk (CCR).

    The rating agency's view on the Basel Committee's proposal to increase capital requirements for CCR exposures is that:

    • The standards it sets out could have significant effects on the .......

    News Round-up 21 April 2010

  • Panel rues HAMP's lack of progress ...

    The Congressional Oversight Panel (COP) has released its April report, evaluating TARP foreclosure mitigation programmes. While praising recent changes to the mortgage modification programme, which aim to reach more homeowners, it suggests that the US Treasury is not making enough progress with its foreclosure programmes.

    The COP says the "Treasury's response continues to lag well behind the pace of the .......

    News Round-up 21 April 2010

  • ... while latest report is criticised over redefaults

    The Association of Mortgage Investors (AMI) says it believes that homeowners need a programme designed to help homeowners stay in their homes and rebuild equity. It has criticised the Home Affordable Modification Program's (HAMP) March report released by the US Treasury.

    The association says issues of affordability, negative equity and servicer conflicts of interest must all be addressed. It believes .......

    News Round-up 21 April 2010

  • Servicing uncertainty for RMAC/EMAC deals

    Uncertainty over the future servicing quality for GMAC's European RMBS deals has increased as a result of the sale of GMAC's European mortgage operations to Fortress (see last issue of SCI), according to securitisation analysts at RBS.

    Although the servicing rights are held by the GMAC companies being sold, the servicing is largely subcontracted to third party servicers: HML in .......

    News Round-up 21 April 2010

  • VW offers Spanish auto notes

    Volkswagen (VW) Finance - stalwart of the German auto ABS sector - is offering investors ABS notes backed by Spanish auto receivables. If successful, the €686m Driver Espana One will become VW's first public ABS in Spain.

    The transaction will follow the structure of VW's German Driver transactions that have proved popular with investors in the past (SCI passim). Ratings .......

    News Round-up 21 April 2010
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