Complete news archive

  • Agency IOS index launched

    The Markit IOS index - a synthetic total return swap (TRS) index referencing the interest component of 30-year fixed-rate Fannie Mae residential mortgage pools - launches today, 12 March. The index provides a synthetic solution for investing in or hedging exposure to interest-only (IO) securities by replicating these transactions with a TRS contract.

    The index is comprised of all Fannie .......

    News Round-up 17 March 2010

  • FDIC safe harbour extended

    FDIC has approved an extension of its safe harbour until 30 September 2010. Under this safe harbour, all securitisations or participations in process through to that date will be permanently grandfathered under the existing terms of 12 CFR Part 360.6.

    The extension will provide continued protection for securitisations under the existing safe harbour until final standards for future safe harbour .......

    News Round-up 17 March 2010

  • Dealers agree on fixed coupon iTraxx tranches

    In a move to increase standardisation among CDS indices, iTraxx tranche dealers have agreed on a call this week to use fixed coupons and fixed coupon effective dates following a similar initiative in CDX IG tranches last June. Until now, iTraxx senior tranches have been trading with a flexible coupon. The new format will be effective for series 9 iTraxx .......

    News Round-up 17 March 2010

  • Euro high yield CLO liquidated

    Fitch has withdrawn the ratings for GS European Performance Fund's class D, E and F notes following an investor-initiated liquidation of the portfolio assets that began this month. The agency says it has not taken any rating action on the class A, B and C notes.

    Goldman Sachs International (GSI), the transaction manager, expects the total proceeds from the sale .......

    News Round-up 17 March 2010

  • Secondary CDO activity 'demystified'

    Using list data as a proxy for cumulative trading volumes, structured credit analysts at JPMorgan have published a report that seeks to provide insight into CDO trading activity after Lehman's demise and through the recovery. They note that secondary activity ebbs and flows as it would in other sectors, but with factors idiosyncratic to the CDO market.

    For instance, volatility .......

    News Round-up 17 March 2010

  • Amundi takes on EM CDO

    SG Asset Management (SGAM) has transferred to Societe Generale Gestion (S2G) all of its rights, title, interest and obligations as collateral manager of Lafayette Sovereign CDO I. Replacement of SGAM by S2G follows the corporate restructuring of SGAM and CAAM and the constitution of a combined asset management group called Amundi. However, the S2G team involved in the management of .......

    Job Swaps 17 March 2010

  • ILS/securitisation lawyer hired

    Law firm Cadwalader, Wickersham & Taft has hired Jennifer Donohue as a partner in the corporate department of the London office. Donohue, who leaves Simmons & Simmons after three years, concentrates her practice in corporate insurance and reinsurance matters and insurance regulation. She also covers insurance-linked securities (ILS), cross-border derivatives, capital markets and securitisation transactions. She has previous experience working .......

    Job Swaps 17 March 2010

  • GMAC cfo resigns

    Robert Hull, cfo at GMAC Financial Services, is leaving the company to take up a new post at private equity firm Providence. Hull joined GMAC in December 2007 and was responsible for financial analysis, controls and reporting, as well as accounting, business planning, corporate strategy and tax.

    Hull's resignation comes amid concerns over the mortgage securities servicing of GMAC's mortgage .......

    Job Swaps 17 March 2010

  • Retranched CLO sub note acquired

    A newly formed special purpose Delaware statutory trust, dubbed Heritage Resources, has been established to acquire the US$65.3m of Class B notes issued by Liston Funding 2009-3. Liston is a recently closed retranching of the most senior class of notes of Fall Creek CLO.

    The two classes of notes issued by Liston, consisting of class A-S notes and class B .......

    News Round-up 17 March 2010

  • Connecticut sues over 'tainted ratings'

    Connecticut Attorney General Richard Blumenthal is suing both Moody's and S&P for allegedly assigning 'tainted' credit ratings to investments backed by subprime loans. Unlike previous lawsuits filed on behalf of specific investors or pension funds (SCI passim), Blumenthal's latest lawsuits are sovereign enforcement actions brought under the Connecticut Unfair Trade Practices Act.

    In a statement regarding the legal action Blumenthal .......

    Job Swaps 17 March 2010

  • CDO issuer to liquidate

    BlackRock's New York-based REIT, Anthracite Capital, has filed a voluntary petition for relief under Chapter 7 in the US Bankruptcy Court for the Southern District of New York. The filing, authorised by the company's board of directors, comes three months after the firm defaulted on its unsecured debt payments.

    The court will appoint a bankruptcy trustee that will be responsible .......

    Job Swaps 17 March 2010

  • Credit managers face repricing risks

    Credit managers are currently being presented with a number of cautionary signs following a strong year in 2009. According to Fitch's new Credit Asset Management quarterly newsletter, while fundamentals are improving, heightened sovereign risk, reducing inflows and changing sentiment are increasing the volatility of the entire asset class, exposing it to a risk of repricing.

    For credit managers the new .......

    News Round-up 17 March 2010

  • Law firm adds SF partner

    Law firm DLA Piper has appointed Roger Rosendahl to its corporate and finance practices as a partner in the New York and Los Angeles offices, moving from Kaye Scholer. Rosendahl's practice focuses on corporate, finance and securities transactions, including mergers and acquisitions, project and structured finance, and restructuring.

    "Roger's wealth of experience in cross-border project and structured finance, and corporate .......

    Job Swaps 17 March 2010

  • White Tower 06-3 property sale a 'positive'

    CB Richard Ellis Loan Servicing's decision to sell several properties backing the White Tower 2006-3 CMBS (SCI passim) will have no immediate impact on the ratings of the transaction's notes, according to Fitch. The rating agency views the commencement of the marketing process as positive for the transaction.

    The strategy of the special servicer involves the marketing of the Alban .......

    News Round-up 17 March 2010

  • Improving labour market to support card ABS

    US credit card charge-offs remain near record highs, increasing by 6bp to 10.43% over the last month, reflecting the still elevated unemployment rate. However, most credit card ABS issuers appear to be optimistic that losses should start to decline in Q210 as labour market conditions improve.

    According to ABS analysts at JPMorgan, early signs of this improvement are evident in .......

    News Round-up 17 March 2010

  • Growing backlog for US special servicers

    Though US CMBS special servicers are making some progress in working out distressed loans, they still have a sizeable backlog awaiting them, according to Fitch. Servicers resolved approximately US$8.7bn in 2009. However, this number reflects only 11% of the amount in special servicing at the end of last year.

    While CMBS servicers resolved over 50% more loans in 2009 compared .......

    News Round-up 17 March 2010

  • PPIP investment announced

    NYSE-listed Western Asset Mortgage Defined Opportunity Fund is to invest in a feeder fund that, in turn, invests in a master PPIP sponsored as a joint venture by Western Asset Management Company and The RLJ Companies. Based on the recommendation of its allocation sub-adviser, Wilshire Associates, the fund has subscribed for an investment of US$68m in the PPIP fund. The .......

    Job Swaps 17 March 2010

  • Servicer flexibility for Cordusio RMBS

    Transaction documents of Cordusio RMBS Securitisation Series 2008 and Series 2009 have been amended to allow the servicer to renegotiate some terms of the underlying mortgage loans. In particular, the servicer can allow: a reduction of the fixed interest rate applicable on the loans and a conversion from fixed interest rate to floating interest rate. Moreover, the originator (UniCredit) will .......

    News Round-up 17 March 2010

  • Second replacement manager for ACA CLO

    Nomura Corporate Research and Asset Management Europe (NCRAME) has resigned as collateral manager on ACA Euro CLO 2007-1 and is expected to transfer management duties to Avoca Capital. NCRAME was appointed as replacement CLO manager on the transaction in 2008, the original mandate having belonged to ACA Capital Management.

    Avoca Capital was named replacement manager on KBC Financial Product's Lombard .......

    Job Swaps 17 March 2010

  • Hire to help build credit protection business

    Robert Lusardi, a long-time Primus Guaranty board member, has been recruited by the firm as senior advisor to accelerate the development and launch of a new credit protection business. Primus is seeking to create a rated, regulated credit-related risk insurer that would focus on selling credit-related protection to market participants in key segments of the insurance and structured credit markets .......

    Job Swaps 17 March 2010

  • Distressed asset advisory head replaced

    Deloitte has placed Guy Langford in charge of its distressed asset and debt practice in the US, succeeding Dorothy Alpert, who has become northeast deputy regional managing partner. Langford retains his roles as mergers and acquisitions leader for Deloitte's real estate practice and northeast real estate leader.

    Langford's new role will see him oversee the practice's overall strategy and execution .......

    Job Swaps 17 March 2010
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