Complete news archive

  • Partnership to create securitisation market access

    The Business Development Bank of Canada (BDC) has formed a public-private partnership with TAO Asset Management to facilitate access to funding under the Vehicle and Equipment Financing Partnership (VEFP).

    The VEFP was announced in the federal government's 2010 Budget as part of the Business Credit Availability Program (BCAP). Funded and managed by BDC, it has an initial allocation of C$500m, .......

    Job Swaps 14 April 2010

  • Analytics vet to lead portfolio risk advisory

    Chad Burhance has been appointed md and head of NewOak Solutions, leading its expansion in complex structured securities to comprehensive qualification of the risk and return characteristics, sensitivities and stress testing of multi-asset class, multi-currency portfolios, including complex derivative instruments. He will also join NewOak's executive committee.

    Ron D'Vari, NewOak ceo and co-founder, says Burhance is "an ideal fit with .......

    Job Swaps 14 April 2010

  • Illiquid assets platform enhances ABS trading

    SecondMarket says it has formally launched the first centralised market for ABS, which will be run by the platform's structured products team. The move comes off the back of significant interest expressed by the SecondMarket buyer and seller bases.

    Esoteric ABS - such as leased-back receivables, franchise loans, medical and heavy equipment leases, and manufactured housing - will trade on .......

    Job Swaps 14 April 2010

  • TALF funds exceed target

    Alternative investment manager Belstar Group has closed the Belstar Credit Fund and Belstar SJ Credit Fund, with combined funds of over US$280m. The funds were launched in March 2009 and have participated in both the ABS and CMBS portions of the TALF programme (see SCI issue 133). The funds aim to achieve attractive returns by investing in a portfolio of .......

    Job Swaps 14 April 2010

  • UK credit card MPR hits new low

    The performance of UK credit card receivables deteriorated in February as the monthly payment rate (MPR) fell sharply, while charge-offs rose slightly, says Fitch.

    The agency's MPR index fell to its lowest-ever level in February, dropping 220bp from its September 2009 value to 14.7%, while the charge-off index increased 20bp month-on-month to 10.6%, still below its historical 11.4% peak. The .......

    News Round-up 14 April 2010

  • Permacap snaps up discounted assets

    Permacap European Equity Tranche Income (EETI) reports that it has reinvested part of its cashflow by purchasing three rated ABS bonds for a total consideration of €700,000. The average discount to the face value of the bonds is two-thirds and the expected undiscounted cashflow of these investments is well in excess of three times the invested amount. These bonds are .......

    Job Swaps 14 April 2010

  • SEC alleges subprime mismarking

    The US SEC has announced administrative proceedings against Memphis-based firms Morgan Keegan & Company and Morgan Asset Management, and two employees accused of fraudulently overstating the value of securities backed by subprime mortgages.

    The SEC's Division of Enforcement alleges that Morgan Keegan failed to employ reasonable procedures to internally price the portfolio securities in five funds managed by Morgan Asset .......

    Job Swaps 14 April 2010

  • Bank rebuilds Euro ABS strategy

    UBS' European ABS strategist Srikanth Sankaran is understood to be moving to Morgan Stanley to head up its ABS research team in Europe. In his new role, he will report to Vishwanath Tirupattur, global head of securitised product strategy.

    Morgan Stanley's European ABS strategy team was previously led by Sarah Barton, who left the bank in 2008 for a similar .......

    Job Swaps 14 April 2010

  • Pre-2005 subprime RMBS on review

    Moody's has placed 3,890 subprime RMBS with an outstanding balance of US$50bn on review for possible downgrade. The review action impacts over 80% of subprime RMBS issued prior to 2005 and was prompted by continued performance deterioration.

    Pools backing pre-2005 seasoned subprime RMBS have paid off substantially, according to Moody's. With pool factors averaging less than 10%, the remaining loans .......

    News Round-up 14 April 2010

  • Strength to strength

    US ABS and MBS to build on strong first quarter

    Strong performance in sectors across the US ABS space in the first quarter has resulted in positive sentiment for the market moving forward. However, while CMBS has shown positive growth, concerns remain over the effect that the forthcoming Markit PrimeX launch may have on market activity.

    Dan McGarvey, head of non-mortgage ABS/conduit for the Americas at RBS, explains that - .......

    News Analysis 14 April 2010

  • NR pair fined over arrears reporting

    The UK FSA has fined David Baker, former deputy chief executive of Northern Rock (NR), £504,000 and Richard Barclay, former managing credit director at NR, £140,000. In addition, Baker has been prohibited from performing any function in relation to any regulated activity, while Barclay has been prohibited from performing any significant influence function at an FSA-regulated firm.

    The FSA explains .......

    Job Swaps 14 April 2010

  • Wholesale downgrade for GRAND

    Moody's has downgraded all 11 classes of CMBS notes issued by German Residential Asset Note Distributor (GRAND), affecting €5.8m of securities. The rating action follows a detailed review of the transaction, focusing on expected future cashflows from the underlying properties and anticipated values over the life of the transaction, as well as a reassessment of the default risk of the .......

    News Round-up 14 April 2010

  • CSO return?

    New deal eyed as more in the offing

    A new CSO marketed by JPMorgan and managed by AXA Investment Managers, which has yet to get out of the starting gate, is already receiving mixed reviews. When and if the deal actually comes to fruition, it is, however, expected to receive accolades for its brave attempt at bringing a new investment grade synthetic CDO while the credit crisis embers .......

    News Analysis 14 April 2010

  • Bank hires credit sales specialists

    Deutsche Bank has appointed Casey Talbot as md and head of high grade credit sales, and co-head of credit sales within its global markets division. The bank has also appointed Faris Naber as head of non-investment grade sales and co-head of credit sales. Talbot and Naber will both be based in New York and report to Lou Jaffe, md and .......

    Job Swaps 14 April 2010

  • BTL RMBS performance 'mixed'

    The performance of the UK buy-to-let (BTL) RMBS market in the three months to February was mixed, according to Moody's latest quarterly indices for the sector. The agency's repossessions trend was stable at 0.19%, having been 0.18% in November.

    Over the same time, Moody's cumulative losses trend increased to 0.20% from 0.16% and the annualised total redemption rate (TRR) trend .......

    News Round-up 14 April 2010

  • Fund to focus on Euro recovery opportunities

    Intermediate Capital Group (ICG) has closed its €843m ICG Recovery Fund, which aims to focus on recapitalising balance sheets of strong but overleveraged European mid-market companies seeking to delever and invest in growth.

    Benoit Durteste, fund manager of the ICG Recovery Fund, comments: "Our investment teams are focused on providing flexible financing structures that facilitate the recovery and growth of .......

    Job Swaps 14 April 2010

  • Lack of consistency

    Managers and investors moving beyond the ratings issue

    Consistency between CDO rating methodology changes appears not to have transpired, with the market largely accepting that certain transactions trade with split-ratings. Indeed, CLO managers and investors have moved beyond the ratings issue and are now looking at new opportunities.

    One CLO manager stresses the lack of consistency between the different changes made to CDO ratings methodologies. "The market may ......

    News Analysis 14 April 2010

    Premium Content

  • DB tapped for credit sales co-head

    Bank of America Merrill Lynch has hired Gerry Walker to co-head Americas credit sales with Steve Hollender. As co-heads, Hollender and Walker will jointly manage investment grade, structured credit, leveraged and distressed sales in the Americas, reporting to Bryan Weadock, co-head of global fixed income, currencies and commodities sales.

    Walker moves over from Deutsche Bank, where he worked for more .......

    Job Swaps 14 April 2010

  • Spanish SME ABS delinquencies stabilising

    Moody's says adverse economic conditions continued to impact Spanish SME ABS in February. Delinquency levels reached their lowest levels since January 2009 at 2.06% for 90-360 day delinquencies, but remained at high absolute levels compared with pre-2008 levels, according to the rating agency's latest indices for the sector. Moody's says transactions significantly exposed to the real estate market are still .......

    News Round-up 14 April 2010

  • Manager consolidation gathers momentum

    M&A activity within the CLO and CDO management space continues apace. Several managers have announced new mandates within the past week, including Prudential Fixed Income, which has been selected as replacement manager for two European CLOs originally managed by GSC Partners - GSC European CDO III and GSC European CDO IV.

    GSC Partners, which also has a number of US .......

    News 14 April 2010

  • Hedge fund makes ABS hire

    Otaso Osayimwese has joined Ravenscourt Capital Partners, where he is understood to be working on the ABS desk. He previously held roles at JC Rathbone and Lehman Brothers.

    David Sol, an ABS investor at Ravenscourt Capital, left the firm last month. He has reportedly taken on a new role at Standard Life in Edinburgh.

    .......

    Job Swaps 14 April 2010
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