Complete news archive

  • US CLOs stay strong

    The US CLO secondary market remains strong.

    "There's not a huge amount going on because of the time of year, but what is trading is trading pretty well," says one trader. "In fact we're trading more CLOs above par than ever before."

    Investor appetite is now evident throughout the capital structure, the trader notes. "For a long time the bottom .......

    SCIWire 13 December 2016

  • Inaugural online RMBS prepped

    SoFi is in the market with its inaugural RMBS transaction, dubbed SoFi Mortgage Trust 2016-1. The US$168.79m deal comprises 36 classes of mortgage-pass through certificates backed by prime jumbo mortgage loans originated via SoFi's online lending platform.

    Fitch and KBRA have issued preliminary ratings on the transaction, with both agencies rating the US$84.11m class 1A6, the US$28.03m class 1A8, the US$11.81m .......

    News 13 December 2016

  • Contagion risk examined

    The latest Office of Financial Research working paper analyses counterparty exposures in the credit default swap market and examines the impact of severe credit shocks on the demand for variation margin. In contrast to the prevailing view that CCPs constitute a major source of systemic risk, the study suggests that many CCP members contribute substantially more to contagion as large .......

    News 13 December 2016

  • FFELP SLABS trends to continue

    The slow repayment rates of FFELP student loan ABS loans will continue in 2017, says Moody's. Additionally, more servicers are expected to exit the market.

    The continued slow repayment rate will be driven primarily by the large number of FFELP borrowers enrolled in repayment plans that push loan payoff dates further into the future. Credit performance should improve as borrowers .......

    News Round-up 13 December 2016

  • Swapless Dutch RMBS concerns raised

    Dutch RMBS featuring a partial interest rate hedge will face increased risk of interest rate shortfalls in the coming years if prepayments fall, says Moody's. The low interest rate environment over the last few years has led to a steady decrease in average mortgage portfolio interest yields, while rising interest rates in the future will put downward pressure on prepayment .......

    News Round-up 13 December 2016

  • Euro appreciation 'SME negative'

    Appreciation of the euro against the pound is slightly credit negative for Italian, Spanish and Belgian SME ABS, says Moody's. The pound lost 15% against the euro between September 2015 and September 2016 and is expected to remain weak next year.

    Companies that rely on exports to the UK, or on UK tourists, will suffer as a result of the .......

    News Round-up 13 December 2016

  • Italian expertise enhanced

    Tikehau Capital has appointed Andrea Potsios as senior advisor to reinforce its Italian team's expertise and accelerate distribution in the country. Based in the firm's Milan office, he will work alongside senior advisor Ignazio Rocco di Torrepadula and Italy head Luca Bucelli.

    Potsios has 27 years of experience in investment banking and capital markets, most recently as vice chairman of .......

    Job Swaps 13 December 2016

  • TSM simplifies management structure

    Tsuyoshi Harigai has become sole ceo at Tokio Solution Management, following the departure of Susan Lane. The pair were announced as co-ceos last year, taking up those positions in January (SCI 13 November 2015).

    Lane has now left the company, which has taken the opportunity to simplify its management structure. Harigai has been part of the Tokio Marine Group since .......

    Job Swaps 13 December 2016

  • Liquidation timelines 'declining'

    Liquidation timelines on defaulted US mortgage loans appear to have peaked, Fitch comments. While the rating agency expects loss severities to decrease and timelines to shorten, it doesn't expect a rise in ratings on RMBS, as these changes are already reflected in the firm's analysis.

    Timelines topped out at four years earlier in 2016 and have begun to decline, with .......

    News Round-up 13 December 2016

  • SME commitment confirmed

    KfW plans to commit €1.3bn to SME securitisation in 2017, including up to €500m for transactions in European countries outside of Germany. The bank has so far this year invested €800m in European SME securitisation, around half of which was in German transactions. Another deal is currently being prepared, which will push total volume to the target level of €1bn .......

    News Round-up 13 December 2016

  • Houston exposure eyed

    Morningstar Credit Ratings added seven US CMBS loans backed by Houston collateral to its watchlist in November, totalling US$263.5m in UPB, which was over two times the balance added for the second-most active market - Washington, DC. Over the past 12 months, the balance of Houston loans on the agency's watchlist has grown by more than 50% to US$748.1m, moving .......

    News 13 December 2016

  • Euro ABS/MBS ticks over

    The European ABS/MBS secondary market continues to tick over.

    As with the previous week it's been a solid if unspectacular start to this. BWICs continue to drive the action and trade well. For now, sentiment remains positive, albeit with some softening of tone in weaker peripherals, especially Portuguese names.

    There are currently three BWICs on the European ABS/MBS schedule for .......

    SCIWire 13 December 2016

  • Innovative CLO structured

    AllianceBernstein subsidiary AB Private Credit Investors has priced its inaugural middle-market CLO. Dubbed ABPCI Direct Lending Fund CLO I, the US$351.3m transaction has a unique feature, whereby a pro-rata percentage of both the collateral and notes can be partitioned off into separate entities (ABPCI Direct Lending Fund CLO I First Static Subsidiary and ABPCI Direct Lending Fund CLO I Second .......

    News Round-up 12 December 2016

  • Asset manager inks takeover

    Amundi has acquired Pioneer Investments from UniCredit for €3.6bn. As part of the deal, Amundi will forge a long-term, 10-year partnership with UniCredit for the distribution of asset management products.

    Pioneer has €222bn in AUM and has a long track record and expertise in asset management, with a similar profile to Amundi in terms of management expertise and geographic presence. .......

    Job Swaps 12 December 2016

  • CME management beefs up

    CME Group has appointed Kim Taylor and Julie Winkler to new roles on its management team. The pair will report to CME Group chairman and ceo Terry Duffy.

    Taylor will serve in a newly created role as president, clearing and post-trade services. She most recently served as president, global operations, technology and risk since 2014.

    Winkler will serve as the .......

    Job Swaps 12 December 2016

  • UK SLABS ratings suspended

    S&P has suspended its credit ratings on Honours series 2's class A1, A2, B, C and D notes. The rating agency comments that the suspension is due to the lack of timely receipt of sufficient information of satisfactory quality.

    Although the servicing transfer was completed in January 2016 and servicing continued, S&P has not received recent annual repayment cohort performance data .......

    News Round-up 12 December 2016

  • Firm hires aviation pro

    Cross Ocean Partners has hired Brandt Wilson as partner and head of asset investment strategies. He will be based in Cross Ocean's Greenwich, Connecticut office.

    Wilson has been brought in as part of a new hard asset class investment strategy, initially focusing on global aviation opportunities. Prior to Cross Ocean, he was a senior md at Castlelake, where he was co-head of .......

    Job Swaps 12 December 2016

  • RMBS trader accused of fraud

    A federal grand jury in New Haven has returned an indictment charging former Cantor Fitzgerald bond trader, David Demos, with six counts of securities fraud. Demos was a trader and md at Cantor Fitzgerald from November 2011 until his employment was terminated in February 2013.

    Demos is accused of defrauding customers by fraudulently inflating the purchase price at which Cantor Fitzgerald .......

    Job Swaps 12 December 2016

  • Maturity wall shrinking

    Almost US$190bn of US CRE loans in CMBS loans have been paid off or liquidated from the start of 2015 through the first three quarters of 2016, according to Trepp. The firm adds that this represents a large portion of the wall of maturities, which is comprised of CMBS loans with final payment dates between 2015 and 2018. At the start .......

    News Round-up 12 December 2016

  • Retail dominates delinquencies

    US CMBS delinquencies rose by 4bp in November to 3.29% from 3.25% a month earlier, largely due to a shrinking index denominator, according to Fitch's latest index results for the sector. Resolutions of US$527m exceeded new delinquencies of US$410m, while US$8.8bn of portfolio run-off exceeded Fitch-rated new issuance volume of US$2.6bn.

    Both the largest new delinquency and the largest resolution .......

    News Round-up 12 December 2016

  • Asset finance firm bolstered

    Norton Folgate has been rebranded as Amicus Asset Finance. Concurrently, the firm has recruited Jeremy Guilfoyle as coo, with a remit to drive structural transformation and innovation across the business. A qualified lawyer, Guilfoyle joins from Paragon Bank Business Finance, formerly Five Arrows Business Finance and State Securities, where he held various senior management positions over 16 years.

    .......

    Job Swaps 12 December 2016
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