Complete news archive

  • 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

  • Trups CDO defaults reach 11%

    Fitch says two more bank failures last month increased default rates within US Trups CDOs to 11%. Over the same month the bank deferral rate stayed at 16.7%, and six new banks began deferring on their trust preferred securities.

    Fitch md Kevin Kendra says banks in the West Coast, Midwest, Plains and Mountains, and Southeast states particularly suffered from poor .......

    News Round-up 17 March 2010

  • Distressed/opportunistic CRE fund closed

    Denver-based commercial real estate finance company JCR Capital has announced the first closing of its JCR Capital Distressed & Opportunistic Real Estate Fund I. The fund's strategy is to be a provider of capital to the commercial real estate industry, as opposed to simply being a buyer of assets. The fund will provide debt, participating debt, preferred equity and equity .......

    Job Swaps 17 March 2010

  • Permacap's ABS strategy delivers returns

    Permacap Queen's Walk Investment Limited (QWIL) says it has started realising gains on ABS it began acquiring in 2008. The company reports that on 22 January 2010 it sold €3.4m (face value) of triple-A RMBS bonds, recording an annualised return on these investments of 28.2%. The average sale price was 92.4 cents versus an average purchase price of 74.2 cents.

    Job Swaps 17 March 2010

  • CRE CDO delinquencies to continue climbing

    Asset managers extending loans and disposing of troubled assets resulted in a slight decrease in US CRE CDO delinquencies in February, according to the latest CREL CDO delinquency index results from Fitch. While the CREL CDO delinquency rate is lower this month (to 12.5% from 13%), the number of new delinquencies (15) is approximately equal to the number of loans .......

    News Round-up 17 March 2010

  • Broker hires MBS sales manager

    New York-based broker-dealer Cohen & Company Securities has appointed David Clifford as md and national sales manager for fixed income. In his new role Clifford will manage sales coverage in the US for all fixed income products, including MBS.

    His most recent post was running the New York office of Stone and Youngberg, and he has previously been MBS producing .......

    Job Swaps 17 March 2010

  • Capital markets firm gains senior adviser

    A new senior adviser, Donald Layton, has been appointed at NewOak Capital. Layton will also become co-chairman of the firm's investment committee.

    NewOak says Layton will take a lead role in developing the firm's private equity vehicle for bank recapitalisation investments. "We value Don's tremendous wealth of proven experience and leadership in the financial industry, both as vice-chairman at JPMorgan .......

    Job Swaps 17 March 2010

  • US mortgage loss severities to rise

    Loss severities on distressed US residential mortgage loans are likely to rise this year as several key government support programmes expire, according to Fitch. Low mortgage rates, homebuyer tax credits and government directed loan-modification programmes have led to an improvement in home prices and loss severities since Q209. But the expiration in the coming months of both the homebuyer tax .......

    News Round-up 17 March 2010

  • Utilities return to alternative securitisations

    Rate payer obligation charge (ROC) bonds, often viewed as an alternative to traditional securitsation, are gaining ground once again. Such stranded cost securitisations were popular before the credit crisis, but the securities - along with hybrid variations - are currently in favour as utilities fend off rising rate costs and, in some cases, the inability to pass along crucial expenses .......

    News 17 March 2010

  • Weak economic conditions hit timber transaction

    Moody's has downgraded the ratings of certificates issued by TimberStar Trust I Series 2006-1, a securitisation of approximately 900,000 acres of timberlands located in Louisiana, Texas and Arkansas. The rating actions are prompted by the uncertainties regarding the future cashflow from timber and pulp sales generated by the timberlands, the future value of the underlying timberlands and the ability to .......

    News Round-up 17 March 2010

  • Citi snatches hedge fund manager

    Citigroup has confirmed the appointment of John Liptak as head of Asia-Pacific distressed and special situations, only nine months after he joined Tribridge Investment Partners. Liptak will remain in Hong Kong and begin duties at the end of the month, being responsible for both Japan and non-Japan Asia. He will report to Naresh Narayan for the Japan role and David Rosa .......

    Job Swaps 17 March 2010

  • Lehman vet joins asset manager

    GoldenTree Asset Management has appointed Tom Humphrey as a partner and member of its executive committee. He will work with partners and executive committee members Frank Jordan and Leon Wagner on issues related to firm strategy, client franchise development and the continued expansion of the company. In his new role Humphrey will report to Robert Matza, GoldenTree's president.

    Humphrey joins .......

    Job Swaps 17 March 2010

  • Euro CLOs hit by criteria change

    S&P has lowered its credit ratings on 122 tranches in 21 European CLO transactions. All of the ratings lowered were previously on credit watch negative, from which they have now been removed.

    At the same time, the rating agency affirmed the ratings on eight tranches (in four of the 21 transactions). Of the ratings affirmed, eight were previously on credit .......

    News Round-up 17 March 2010

  • CMBS capital markets head appointed

    Jeffries has appointed Mark Green as md and head of CMBS capital markets in New York. He joins from UBS, where he carried out the same roles for four years.

    "The addition of Mark Green as head of CMBS capital markets gives Jefferies an established industry veteran experienced in delivering advisory, restructuring and financing solutions for clients," comment William Jennings .......

    Job Swaps 17 March 2010

  • Punch pub deal downgraded

    Moody's has downgraded six classes of notes issued by Punch Taverns with a total initial outstanding amount of £1.28bn. They had been placed under review for possible downgrade in October.

    Punch Taverns Finance is a whole-business securitisation (WBS) of a portfolio of 3,659 leased pubs across the UK. The transaction closed in March 1998 and has been subject to tap .......

    News Round-up 17 March 2010

  • Asset manager expands credit, distressed capabilities

    Alternative asset manager Kohlberg Kravis Roberts & Co (KKR) has reorganised its KKR Asset Management (KAM) platform, with four senior staffers taking on new roles.

    Erik Falk and Chris Sheldon take charge of KAM's leveraged credit strategy, including leveraged loans, high yield bonds and structured products. Falk joined KKR in 2008 after eight years in Deutsche Bank's credit business, where .......

    Job Swaps 17 March 2010

  • DSB's ABS/RMBS downgraded again

    Moody's has downgraded 15 notes issued by Chapel 2003-I, Chapel 2007-I, Monastery 2004-I and Monastery 2006-I. The deals were originated by the now-bankrupt DSB Bank (SCI passim). Around €579m of debt securities are affected and most ratings remain on review for further possible downgrade.

    All the affected tranches have been on review for possible downgrade since 13 October 2009 following .......

    News Round-up 17 March 2010

  • Broker bolsters structured credit platform

    PK Jain has joined Advisors Asset Management (AAM) as md and head of structured credit and mortgage products. He was previously md and head of CDOs/CLOs at Broadpoint DESCAP.

    The move strengthens AAM's ABS and CDO capabilities across both arms of the business - its retail brokerage and its separately managed accounts platform. The next area of growth for the .......

    Job Swaps 17 March 2010

  • Mild increase in US CMBS delinquency rates

    The delinquency rate on US CMBS loans increased by 31bp in February to 5.73% - a relatively mild increase compared to the 44bp average increase observed over the previous five months. The data was compiled by Moody's Delinquency Tracker (DQT), which tracks all loans in US conduit and fusion deals issued in 1998 or later with a current balance greater .......

    News Round-up 17 March 2010

  • Solid operations

    Douglas Long, evp business strategy at Principia Partners, answers SCI's questions

    Q: How and when did Principia Partners become involved in the structured finance market?
    A:     Principia Partners was established in 1995. The initial focus was on structured products more broadly, before structured finance as an asset class gained significant traction. Certainly before 2000 Principia concentrated on derivative products, enabling clients to structure, value, risk manage and .......

    Provider Profile 17 March 2010

  • Boutique beefs up in advisory

    European Risk Capital has recruited David Cain as executive advisor. As an executive director with the Rothschild Group, Cain founded the firm's structured finance advisory business and developed its European securitisation activity in line with its core strength in corporate finance and debt advisory. This encompassed the design and implementation of a number of strategic initiatives in structured capital markets, .......

    Job Swaps 17 March 2010
×