Complete news archive

  • Bank beefs up in Connecticut

    UBS has made a series of recent hires to its Stamford, Connecticut office, including a new head of global structuring for securities distribution and a trio of Deutsche Bank credit traders.

    Matt Zola has been hired to run global structuring within securities distribution. He will be responsible for the equities and FICC structuring teams, and will also join the bank's .......

    Job Swaps 24 March 2010

  • Access rights

    CDS clearers could face headwinds from industry group

    The move to clear more CDS contracts could face some headwinds from a few brokers who claim the road to transparency starts with increased access to the more established clearinghouses themselves. If a newly formed broker group - dubbed the Swaps and Derivatives Market Association - gets its way, there will be fewer clearinghouse restrictions and increased counterparty diversity.

    StormHarbour ......

    News Analysis 24 March 2010

  • US covered bond legislation welcomed

    The CMSA says it welcomes the introduction of legislation brought by the US House Financial Services Committee involving the facilitation of a covered bond market in the country. The move is being hailed as important for providing liquidity and new sources of capital for commercial real estate.

    Assets from covered bonds, which usually carry a 2- to 10-year maturity rate .......

    News Round-up 24 March 2010

  • Investment manager promotes across global team

    PIMCO has made numerous new appointments across its global team, including four promotions to evps in the mortgage and credit segments.

    Among them is Michael Burns, an account manager in PIMCO's London office, focusing on institutional client service. He previously served as an account manager and mortgage product specialist in the firm's Newport Beach office. Prior to joining PIMCO in .......

    Job Swaps 24 March 2010

  • DTCC to name counterparties upon regulatory request

    The DTCC says that the choices some counterparties have made with respect to the regulators for which they will authorise the Trade Information Warehouse to provide counterparty 'named' data appears to have created unnecessary regulatory friction. It has therefore decided to include counterparty names in both aggregate and trade-level information provided by the Warehouse, if the requesting regulator or other .......

    News Round-up 24 March 2010

  • Five new faces in fixed income expansion

    Financial services firm Janney Montgomery Scott has hired two former Bear Stearns employees amongst a raft of new arrivals, including a director, two mds and two vps.

    Former Bear Stearns executive Brent Giese will head the firm's newly-created whole loan initiative. He is joined by former colleague James Stauss, and between them the pair have nearly 50 years' industry experience.

    Job Swaps 24 March 2010

  • Innovative auto ABS rated

    Moody's has assigned a triple-A rating to the €274.7m Class A fixed rate notes issued by VAB Auto Receivables 2009. The deal benefits from an unrated €50.4m Class B fixed rate trance due 28 February 2022.

    VAB Auto Receivables 2009 is the first true-sale securitisation from Volvo Auto Bank Deutschland (VAB). The transaction is backed by a mixed revolving portfolio .......

    News Round-up 24 March 2010

  • Broker hires FI sales head

    George Kenny has joined MBS broker-dealer Braver Stern Securities as md and head of institutional fixed income sales, responsible for expanding the firm's institutional sales force. He most recently served as head of Americas rates sales at Bank of America, and also has previous experience as head of Americas mortgage sales at Merrill Lynch.

    "George is an excellent addition to .......

    Job Swaps 24 March 2010

  • Cross-border banking recommendations issued

    The Basel Committee on Banking Supervision has issued its final report and recommendations of the Cross-border Bank Resolution Group. The report, which was first issued for consultation in September 2009, sets out 10 recommendations that fall into three categories.

    The first category calls for a strengthening of national resolution powers and their cross-border implementation. The Committee believes that national authorities .......

    News Round-up 24 March 2010

  • Manager rolls out Asian mezz platform

    Babson Capital has expanded its Asia Pacific presence by creating an eight-member team to source mezzanine debt and private equity investment opportunities in the region. The firm has also received an Australian Financial Securities License, allowing it to manage a broad range of investments in the country.

    Four members of the new team will be based in Sydney, with the .......

    Job Swaps 24 March 2010

  • Banking agencies agree on liquidity risk principles

    The US federal banking agencies, in conjunction with the Conference of State Bank Supervisors, have released a policy statement on their expectations for sound funding and liquidity risk management practices. This policy statement, adopted by each of the agencies, summarises the principles of sound liquidity risk management issued previously and, when appropriate, supplements them with the 'Principles for Sound Liquidity .......

    News Round-up 24 March 2010

  • Small US CMBS loan closes

    Ramco-Gershenson Properties Trust has closed on a new US$31.3m CMBS loan with JPMorgan, secured by its West Oaks II shopping centre in Novi, Michigan, and its Spring Meadows Place centre in Holland, Ohio. The financing has a loan to value of approximately 60% for the two properties and a ten-year term, with a fixed interest rate of 6.5%. Proceeds from .......

    News Round-up 24 March 2010

  • Expansion continues for ABS strategy team

    RBS Securities has appointed Paul Jablansky as senior consumer ABS md and non-agency residential strategist within its global banking and markets division in the Americas. He will be based in Stamford, Connecticut and report to Brian Lancaster, md and head of MBS, CMBS and ABS strategy at the firm. Jablansky will lead the team's consumer ABS and non-agency MBS strategy .......

    Job Swaps 24 March 2010

  • Euro CLO manager expands

    Avoca Capital Holdings has opened a London office and hired a new coo, Clayton Perry. Avoca says this has been prompted by an increase in investor demand.

    Perry has been given responsibility for business development and marketing. He joins from Broadchalk Advisors, where he was the principal and md. Prior to establishing Broadchalk, he was head of global CLO business .......

    Job Swaps 24 March 2010

  • CRE recovery creates investment opportunities

    Investors could well capitalise on opportunities in US commercial real estate as it begins to recover this year. A new real estate report by Deloitte suggests that, despite declining values, debt maturity and tight credit access, and stalled construction all continuing to harm US commercial real estate in 2010, economic indicators do point to potential recovery in 2010.

    "The Fed's .......

    News Round-up 24 March 2010

  • Fund of hedge funds manager acquired

    Standard Life Investments is set to acquire a 75.1% stake in Aida Capital, subject to FSA approval. Aida Capital is a London-based fund of hedge funds manager, which has a solid eight-year track record of superior performance, including in distressed and credit assets. Clients range from high net-worth individuals, wealth managers and institutional investors from within and outside the UK.

    Job Swaps 24 March 2010

  • Improved projections for US home prices

    ABS analysts at JPMorgan have reported an improvement on their previous projection of US home prices over the last month. The firm's HPI model projects that home prices will bottom in the second half of 2010, with peak-to-trough HPA at -13.8% and -32.6% for the FHFA purchase-only and Case-Shiller national indices respectively.

    "Although recent housing indicators have been mostly negative, .......

    News Round-up 24 March 2010

  • Credit exposure in derivatives activity declines

    The credit exposure from derivatives activities declined by 18% in the fourth quarter of 2009 and by 50% during the year, according to the Office of the Comptroller of the Currency in its latest 'Quarterly Report on Bank Trading and Derivatives Activities'.

    The OCC reports that net current credit exposure (NCCE), the primary metric it uses to measure credit risk .......

    News Round-up 24 March 2010

  • Student loan ABS amended

    Brazos Student Finance Corporation has added a supplemental indenture that will allow it to sell loans and transfer assets as part of a transaction in which outstanding notes are purchased, exchanged, cancelled or otherwise retired. The corporation has subsequently requested that Moody's provide its opinion as to whether the ratings on the notes issued under the amended and restated indenture .......

    News Round-up 24 March 2010

  • Mexican construction loan deals restructured

    Moody's has stated that the amendments made in February 2010 to the legal documents for Metrofinanciera's METROCB 07 (Trust 590) and METROCB 07-3 (Trust 689) Mexican construction loan securitisations will not result in a change or withdrawal of the current ratings of the two senior certificates issued in conjunction with the affected deals.

    The affected certificates are rated C (global .......

    News Round-up 24 March 2010

  • ERF tender offer announced

    Aviva Annuity UK has launched a tender offer for certain RMBS issued by Equity Release Funding (ERF) 3, 4 and 5 up to a maximum of £300m. Aviva's offer follows news that ERF 3 will not exercise its right to redeem the class B notes on the interest payment date falling in April 2010.

    "Whilst no decision whether to call .......

    News Round-up 24 March 2010
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