Complete news archive

  • Firm boosts SF sales team

    StormHarbour has hired Christos Danias as md of credit sales for ABS and CLOs. He joins from Cantor Fitzgerald, where he was md of structured credit for Europe, also focusing on ABS and CLO sales and trading. Prior to Cantor Fitzgerald, Danias was head of CDOs, Europe for BNP Paribas and before that worked in CDOs for Credit Suisse.

    .......

    Job Swaps 9 January 2017

  • SCI Start the Week - 9 January

    A look at the major activity in structured finance over the past seven days.

    Pipeline
    The first week of the year brought a return to life for the pipeline. There were two new ABS announced, as well as three RMBS.

    ¥40bn Driver Japan Six and US$810.39m Hyundai Auto Lease Securitization Trust 2017-A were the ABS. The RMBS were RUB7.4bn Mortgage Agent Vozrozhdenie 5, SapphireOne Mortgages 2016-3 (reoffer) and US$343.3m Sequoia Mortgage Trust 2017-1.

    News 9 January 2017

  • Aeolus acquisition closed

    Elliott Management Corp funds Elliott Associates and Elliott International have acquired a controlling interest in Aeolus Capital Management and its affiliated entities (SCI 2 November 2016). Elliott acquired its controlling interest from Aeolus founder Peter Appel and Allied World Assurance Company, an investor in Aeolus since December 2012.

    Appel has retained a significant minority interest in Aeolus and will serve .......

    Job Swaps 9 January 2017

  • Product development exec returns

    David Heilbrunn has joined Churchill Asset Management as senior md and head of product development and capital raising. He will report to Ken Kencel, president and ceo of Churchill.

    Heilbrunn has more than 25 years of experience in investment management, previously serving as an md with Fifth Street Asset Management, The Carlyle Group, Churchill Financial Group, Bear Stearns and JPMorgan. .......

    Job Swaps 9 January 2017

  • CMBS head promoted

    DBRS has appointed Christian Aufsatz to a new role as md, head of European structured finance. He will also remain head of European CMBS. Based in London, he will be responsible for managing the ratings business for new securitisations and surveillance of outstanding structured finance transactions.

    Aufsatz joined DBRS in 2015 as head of European CMBS and has 15 years .......

    Job Swaps 9 January 2017

  • Rating agency swipes ABS vet

    Morningstar Credit Ratings has hired Norman Last as director of business development for ABS ratings services. He will head the agency's business development strategy for non-real estate ABS and CLOs.

    Last will be based in Morningstar's New York office and will report to the firm's coo Joe Petro. Most recently, he was md and head of ABS at Scotiabank, where .......

    Job Swaps 9 January 2017

  • Exchange offer prepped

    Tikehau Capital is set to reorganise its shareholding structure and governance, as well as those of its consolidated subsidiaries, in order to prepare for a new phase of development. As part of this initiative, the firm - which holds 58.8% of the share capital and 59.8% of the voting rights of Salvepar - has filed a principal proposed simplified public .......

    Job Swaps 9 January 2017

  • STACR designations assigned

    All but six Freddie Mac STACR credit risk transfer bonds have received NAIC 1 designations for the 2016 filing year. The STACR 2015-HQA2, 2016-HQA1, 2016-DNA2 and 2016-DNA3 M3 tranches received NAIC 2 designations, while the STACR 2016-HQA2 and 2016-HQA3 M3s received NAIC 3 designations. All Fannie Mae CAS RMBS, except two, have also been assigned NAIC designations (SCI 6 January).

    .......

    News Round-up 9 January 2017

  • FVO purchases jump

    Fitch reports a significant increase in the number of defaulted US CMBS loan purchases through fair value options (FVOs) since it last examined such activity in 2011. In the five-year period beginning in 2012, 79 FVOs were exercised, versus the 11 FVOs exercised in the 10-year period that the agency previously studied from 2001 to 2011.

    Fitch found that the .......

    News Round-up 9 January 2017

  • Strong apartment NOI growth

    Moody's has updated its NOI index for properties backing CMBS conduit loans between 2004 and 2015. The US national all-property NOI composite index surpassed its 2008 peak in 2015 by 1.4%, largely driven by strong apartment performance.

    Apartment NOI rose 26% in the five years to end-2015. Core commercial NOI rose 3.1% and all core commercial property sectors, except suburban .......

    News Round-up 6 January 2017

  • Macy's, Sears closures affect CMBS

    Macy's has revealed a list of 68 stores that it will close in the near term, while Sears has announced it will close 150 Sears and K-Mart stores. There are CMBS implications for both.

    Of the 68 Macy's locations, 63 will be closed in early spring and two in mid-2017. There is CMBS exposure for 31 loans totalling US$3.4bn. Of this .......

    News 6 January 2017

  • Early CLO redemption mooted

    Deutsche Bank is considering whether to exercise its option, as issuer, to redeem the Craft 2013-1 and Craft 2013-2 securities prior to their scheduled maturity date. Craft 2013-1 comprises US$840m floating rate notes due 2022 and Craft 2013-2 comprises €150m floating rate notes due 2022.

    According to the offering circular, in considering whether to exercise its option to redeem the .......

    News Round-up 6 January 2017

  • Insurer inks rival buyout

    Arch Capital has completed its acquisition of United Guaranty Corporation (UGC) from American International Group (AIG) (SCI 16 August 2016). The acquisition of UGC expands Arch's existing mortgage insurance businesses by combining UGC's position as the market leader in the US private mortgage insurance industry and helps to diversify its business profile and customer base.

    Arch Capital comments that the expansion of .......

    Job Swaps 6 January 2017

  • NAIC designations for actual loss CAS

    The NAIC has assigned designations to all of Fannie Mae's CAS risk transfer transactions for its 2016 filing year, except for two. It is the first time that actual loss CAS deals have received NAIC designations.

    All M1 bonds received the highest NAIC 1 designation. In fixed-loss transactions, all M2 bonds also received a designation of NAIC 1, whereas by .......

    News 6 January 2017

  • SF firm bulks out

    Brigade Capital Management has hired Tom O'Shea to its team in London. O'Shea previously worked for Castle Hill and before that was partner at GoldenTree. Brigade confirmed that O'Shea starts with the firm this month.

    .......

    Job Swaps 6 January 2017

  • Investment firm grabs boutique

    New York Life Investments has acquired Credit Value Partners (CVP), an investor in opportunistic and distressed debt and high yield corporate credit. The acquisition, which is subject to customary closing conditions, is expected to close in 1Q17 but terms of the transaction were not disclosed.

    The acquisition is part of New York Life's broadening of its investment offering, which now .......

    Job Swaps 6 January 2017

  • CMBS credit metrics 'mixed'

    US conduit/fusion CMBS credit metrics were mostly steady in the final quarter of 2016, although S&P warns that credit enhancement levels are still too low. Over the entire year, there was some deterioration relative to 2013 and 2014.

    There were eight new collateral pools reviewed by S&P in 4Q16, with average DSCR of 1.75x compared to 1.8x in 3Q16. The .......

    News Round-up 6 January 2017

  • Student housing CMBS examined

    LTV and DSCR metrics weakened marginally for student housing loans securitised in new issue US CMBS in 2016, reports Kroll Bond Rating Agency. CMBS deals have also begun to include more student assets with only limited operating history, while a number of loans provide grounds for concern.

    The LTV ratio for student housing has increased for three consecutive years. Kroll .......

    News Round-up 6 January 2017

  • Issuance estimates revised upwards

    Most structured finance markets and their credit conditions seem favourable and in some cases ideal going into 2017, according to S&P's 2017 outlook. The agency has therefore increased its issuance forecast since October, projecting US$365bn-US$375bn total issuance for the US, with China expected to see the second largest issuance at an estimated US$140bn. The global total for 2017 is expected .......

    News Round-up 5 January 2017

  • Larger cat bonds proliferating

    Nearly US$2bn in catastrophe bonds was issued in 4Q16, according to PCS figures. The size of three of the quarter's four transactions exceeded US$200m, indicating a continued trend towards larger cat bonds from experienced sponsors.

    The largest issuance of the quarter and of the year was the US$750m Galilei Re deal, which was brought by a privately managed entity (XL .......

    News Round-up 5 January 2017

  • Loss severities down

    US CMBS disposition volume last month dropped to US$595.3m across 54 loans, down from November's total of US$671m across 58 loans, according to Trepp. Overall loss severity for December fell by 13bp to 43.05%, due to several large retail notes that were resolved with very minor losses.

    Six conduit loans with a combined remaining balance of US$60m suffered losses of .......

    News Round-up 5 January 2017
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