Complete news archive

  • CLOIE pay-downs pick up

    The total amount of CLOs paid down in the JPMorgan Collateralized Loan Obligation Index (CLOIE) since the December rebalance through 31 January was US$16.98bn in par outstanding, split between US$2.69bn and US$14.28bn of pre-crisis and post-crisis CLOs. The post-crisis CLOIE added US$16.3bn across 170 tranches from 38 deals at the January rebalance.

    CLOIE total returns for the month were 0.33% .......

    News Round-up 2 February 2017

  • CRE market to 'remain favourable'

    CRE Finance Council's latest annual member survey suggests that the US commercial real estate market should remain favourable in 2017, with the pace of economic growth rising, interest rates incrementally higher, new construction relatively low, and ample availability of capital and credit. However, CMBS spreads are expected to remain volatile, due mainly to external factors such as contagion from other .......

    News Round-up 2 February 2017

  • Portfolio company chief named

    BlueMountain Capital Management has hired Jon Weber as head of portfolio company management to lead the firm's portfolio company operations. He will advise the management and boards of BlueMountain portfolio companies and be responsible for leading the operational oversight, governance and value enhancement of those investments.

    Weber will work closely with portfolio managers engaged in BlueMountain's private capital and opportunistic .......

    Job Swaps 2 February 2017

  • Land Securities tender completed

    Land Securities has confirmed it will accept for purchase an aggregate principal amount of CMBS notes across three series equal to £634.68m at a cash cost of £759.1m as part of its tender offer. At the same time, the firm will issue a £400m seven-year bond (paying a coupon of 1.974%) and a £300m 12-year bond (2.399%) under its Land .......

    News Round-up 2 February 2017

  • Euro ABS/MBS rising

    Volumes and pricing levels are rising in the European ABS/MBS secondary market this week.

    "In the first few weeks of the year there was very little client selling, but that's changing and it's been getting busier this week," says one trader. "We saw some Italian auctions Monday and Tuesday, Spanish yesterday and it's primarily Spanish and Portuguese today."

    Nevertheless, the .......

    SCIWire 2 February 2017

  • Surprise delinquency dip

    The Trepp US CMBS delinquency rate fell modestly in January to 5.18%, a drop of 5bp from December. The rate is now 86bp higher than the year-ago level.

    Trepp notes that last month's dip comes as a bit of a surprise, given the volume of loans from the 2007 vintage coming due this year. "We will now watch to see .......

    News Round-up 1 February 2017

  • FFELP ABS changes tracked

    Of 37 S&P-rated FFELP student loan ABS bonds maturing within the next five years, two appear sensitive to potential decreases in principal payment rates, says the rating agency. Of the 37 classes of ABS maturing in the next five years, six have maturities within the next year.

    S&P's FFELP maturity tracker covers classes maturing in the near term and its .......

    News Round-up 1 February 2017

  • UK ILS consultation launched

    The UK FCA has launched a consultation on proposed changes to its Handbook to reflect the new regulatory framework for ILS. The consultation is open until mid-March, with a policy statement expected in 2Q17.

    HM Treasury proposed a new regulated activity of insurance risk transformation last November, as part of an effort to design a new framework to attract ILS .......

    News Round-up 1 February 2017

  • Split B tranches placed

    Freddie Mac has priced the US$802m STACR Series 2017-DNA1, its first low-LTV risk-sharing RMBS of the year. The GSE has followed Fannie Mae's recent structural enhancement to its CAS programme in issuing a split B tranche (SCI 26 January).

    However, unlike Fannie - which retained the subordinate B tranche issued by CAS 2017-C01 - Freddie's class B2 notes were publicly .......

    News Round-up 1 February 2017

  • Repurchase plan

    Italian bridge banks complete resolution process

    Nuova Banca delle Marche has completed the NPL repurchases from its securitisations in accordance with the Italian state's resolution plan. The €74.3m sale proceeds from this latest repurchase will be used to repay the Marche Mutui 4 RMBS notes on the next interest payment date in February.

    Four small lenders were placed under special administration with the Bank of Italy, .......

    News Analysis 31 January 2017

  • US CLOs slow

    It looks set to be a slow couple of days in the US CLO secondary market.

    The slowdown seen at the end of last week is carrying over in to this and around month-end. BWIC volumes have dropped considerably over the past few sessions and tomorrow's schedule currently looks little different. There are still some flurries of bilateral trading, but .......

    SCIWire 31 January 2017

  • Avaya bankruptcy determined

    ISDA's Americas Credit Derivatives Determinations Committee has resolved that a bankruptcy credit event occurred in respect of Avaya Inc. The company announced on 19 January that it had filed voluntary petitions under chapter 11 of the US Bankruptcy Code. The DC is set to reconvene today (31 January) to discuss whether to hold an auction in respect of the entity.

    .......

    News Round-up 31 January 2017

  • More MSRs for New Residential

    New Residential Investment Corp is set to acquire US$97bn unpaid principal balance of mortgage servicing rights and related servicer advances from CitiMortgage, for approximately US$950m and US$32m respectively, through its subsidiary New Residential Mortgage. The acquisition of the MSRs is expected to close in 1Q17 and Citi will continue to subservice the portfolio on behalf of New Residential.

    New Residential .......

    News Round-up 31 January 2017

  • FNMA loan to pay down SFR deals

    Invitation Homes last week filed a preliminary prospectus with the US SEC in which it notes that it has secured a US$1bn 10-year loan commitment from Fannie Mae and Wells Fargo and that it will use these proceeds to pay down all or a portion of the loans backing a pair of single-family rental securitisations. Moody's says this loan commitment .......

    News Round-up 31 January 2017

  • Global MBS fund launches

    PIMCO has launched a global MBS fund. GIS Mortgage Opportunities Fund is an absolute-return oriented, securitised asset-focused fund designed to capitalise on dislocations across agency RMBS, non-agency RMBS and CMBS markets.

    PIMCO says the fund has the ability to allocate across all subsectors of the global securitised market and seeks to efficiently manage interest rate and credit risk across different .......

    Job Swaps 31 January 2017

  • New VW settlement 'credit positive'

    Volkswagen has received final approval from a US federal court for a US$1.2bn cash settlement with the 652 authorised dealers in the US affected by the company's diesel-emissions scandal. Moody's believes this is credit positive for the outstanding US auto dealer floorplan ABS issued by VW's indirect subsidiary, VW Credit.

    Volkswagen received approval for another US$14.7bn settlement late last year .......

    News Round-up 31 January 2017

  • Carlyle appoints senior consultant

    The Carlyle Group has named Craig Farr as a senior consultant with the global credit group. He will help Carlyle to develop new strategic initiatives and partnerships across the group's credit platform, including structured credit and distressed credit.

    Farr was previously global head of capital markets and credit at KKR. He has also worked at Citigroup and at Salomon Brothers .......

    Job Swaps 31 January 2017

  • Academy adds structured products pair

    Academy Securities has made two additions to its structured products group, poaching Steve Kenney and Pierce Derkac from CapRok Capital. They will focus on multiple asset classes within structured products, including RMBS, CMBS, ABS, CDOs and CLOs.

    Kenney and Derkac join as svps. Kenney was a senior member of the sales and trading team within securitised products and special situations .......

    Job Swaps 31 January 2017

  • LCP board bolstered

    Ly Lam has been appointed to the management board of Leadenhall Capital Partners as a representative of MS Amlin. She joined MS Amlin in October as head of strategy for reinsurance, reporting to global md of reinsurance James Few. Previously, Lam was coo of Markel CATco.

    .......

    Job Swaps 31 January 2017

  • Euro secondary sluggish

    Activity across the European securitisation secondary market remains sluggish.

    After a small pick-up in activity on Wednesday and Thursday, last week closed with volumes easing and has opened this in similar fashion thanks to a combination of wider market volatility and month-end. Nevertheless, sentiment remains positive across securitisation secondary and BWICs when they do appear continue to trade strongly, which .......

    SCIWire 31 January 2017

  • Loan drops level off

    KBRA has examined how the composition of US CMBS conduit pools changed over the course of the rating process based on an analysis of the 2013 through 2016 vintages. The results show that overall transactions continued to experience meaningful pool changes during the rating process last year.

    Nearly a quarter of the transaction balance (24.3%) changed last year, due to .......

    News Round-up 30 January 2017
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