Complete news archive

  • 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

  • Trust services to be sold off

    Capita is set to dispose of the majority of its Capita Asset Services (CAS) division and a small number of other businesses that no longer fit its core business strategy. The move follows a review of the firm's management structure, operating model, business portfolio and leverage, with the aim of strengthening its position.

    Specifically, the group of businesses within the .......

    Job Swaps 12 December 2016

  • RFC issued on rent-roll standard

    The commercial arm of the Mortgage Industry Standards Maintenance Organization (MISMO) has released for industry comment a proposed standard for the maintenance and sharing of commercial and multifamily real estate rent-roll information (SCI 20 October). The standard includes 87 fields of property and financial data, as well as an easy way to maintain and share the data through widely used .......

    News Round-up 12 December 2016

  • SCI Start the Week - 12 December

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

    Pipeline
    Pipeline entrants were mixed last week. Three ABS, four CMBS and two RMBS were newly announced.

    The ABS comprised: A$306.9m FP Turbo Series 2016-1 Trust, US$100m Scala Funding Company Series 2016-1 and US$505.15m TCF Auto Receivables Owner Trust 2016-PT1. The CMBS consisted of: US$600m CSMC 2016-NXSR, US$271m DBWF 2016-85T, US$750m WFCMT 2016-C37 and US$233.33m VNDO Trust 2016-350P. Finally, .......

    News 12 December 2016

  • Odd-lot strategies

    Price exploitation likely more widespread

    The US SEC recently fined PIMCO US$20m for misleading investors about the value of MBS odd lots in its BOND Total Return ETF. Valuing odd lots - particularly MBS - can be somewhat of a grey area and it is likely that PIMCO is not the only firm to have misused evaluated prices in this situation.

    "It's common knowledge within .......

    News Analysis 12 December 2016

  • SLABS to see strong performance

    A major theme in the US private student loan market in 2017 will be the continued origination and securitisation of loans with strong credit quality from new marketplace lenders that specialise in the refinancing or consolidation of loans using online platforms, Moody's says. The agency notes that the credit quality of new private student loan ABS from traditional lenders will .......

    News Round-up 9 December 2016

  • Maturity defaults inch up

    The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated universe increased to 21.8% from 21.1% at end-November. The delinquency rate for continental European senior loans decreased to 67.9% from 68.6%, while the rate for UK loans remained at 34%. Overall, the senior loan delinquency rate decreased to 54.7% from 55.4%.

    .......

    News Round-up 9 December 2016

  • First CSP release rolled out

    Freddie Mac has implemented the Common Securitization Platform (CSP) for certain single-family fixed-rate MBS. Dubbed Release 1, the development paves the way for Release 2, which will enable a combined Freddie Mac and Fannie Mae US$3.5trn market of to-be-announced (TBA) MBS.

    The successful implementation of the CSP's core infrastructure and operations is a critical milestone on the path to the .......

    News Round-up 9 December 2016

  • Vertical retention upped

    The European Parliament's Economic and Monetary Affairs Committee (ECON) yesterday adopted the European Commission's securitisation package, with a number of amendments (SCI 8 December). Most significantly, risk retention requirements for vertical retention has been increased to 10%.

    Risk retention requirements for horizontal retention will remain at 5%. However, revolving transactions may become subject to 10% risk retention.

    Now that ECON .......

    News Round-up 9 December 2016

  • Independent directors named

    TICC Capital Corp has appointed two new independent directors - Richard Neu and George 'Chip' Stelljes - to its board. The appointments expand the number of directors on the TICC Capital board to seven, five of whom are independent. The pair will serve on the company's audit, nominating and corporate governance, valuation and compensation committees.

    Neu previously served as a .......

    Job Swaps 9 December 2016

  • CDO complaint settled

    Stifel Nicolaus and its former svp David Noack have admitted wrongdoing and paid over US$24.5m to resolve a US SEC enforcement action involving the sale of synthetic CDOs to five Wisconsin school districts. The SEC's complaint - filed in August 2011 in the US District Court for the Eastern District of Wisconsin - alleged that Stifel and Noack harmed the .......

    Job Swaps 9 December 2016

  • Upstart firm poaches CRE vets

    World Class Capital Group has bolstered its team with several former Credit Suisse hires. The firm has brought on board Paul Smyth, Chris Callahan and Cary Williams, as well as bringing in Jeremy Stoler and Ed Mikus, who will both join in January.

    Smyth is now executive md for World Class Capital and was previously chief credit officer for Credit Suisse's .......

    Job Swaps 9 December 2016

  • Equipment, card ABS 'to stay strong'

    Both US equipment and credit card ABS will remain strong in 2017, says Moody's. Issuance should be along the same lines as 2016 for equipment ABS, but should pick up for credit card ABS.

    New agriculture and construction transactions should look similar to those issued in 2016 in terms of structure and collateral credit quality. Strong farm balance sheets will .......

    News Round-up 8 December 2016

  • RMBS proposals praised

    A new R&W form and a common communication platform between investors and issuers proposed by SFIG are 'credit positive' for RMBS, according to Moody's. The ideas are outlined in SFIG's latest RMBS 3.0 fifth edition green papers.

    This edition includes SFIG's Deal Agent Agreement, Recommendations on Bondholder Communications, MISMO/SFIG Data Standardization Recommendations, and Considerations for Materiality Standards and Enforcement in .......

    News Round-up 8 December 2016

  • Disease insurance 'credit positive'

    A growing proportion of mortgages backing Japanese bank-issued RMBS include specified disease insurance, in addition to group life insurance. Moody's says the trend is credit positive for such transactions.

    Specified disease insurance covers mortgage borrowers for serious illnesses - such as cancer, heart attack and stroke - thereby negating the risk that borrowers will default on their loans if they .......

    News Round-up 8 December 2016

  • Private credit strategies targeted

    Eaton Partners has formed a distinct team that will work with and raise capital for unique private credit strategies globally. Targeted strategies include asset-backed and direct corporate lending, distressed debt, real estate credit and other specialty credit.

    The team will primarily focus on representing credit managers located in the US, Europe and Asia. The firm says the aim is to .......

    Job Swaps 8 December 2016

  • US CLOs robust

    The US CLO secondary market remains robust.

    "Everyone is now back from the conference in California and the tone remains positive," says one trader. "Secondary spreads continue to be robust in the face strong new issuance."

    The trader continues: "In contrast to the headwinds we were facing after the conference last year people are now cautiously optimistic. The belief is .......

    SCIWire 8 December 2016

  • Brexit to affect auto ABS

    The UK's decision to leave the EU will impact UK auto ABS, although DBRS expects ratings to remain robust. The rating agency predicts a continued softening in demand for new vehicles, driven by uncertainty surrounding Brexit, which could have several implications.

    First, a reduction in demand for new cars could lead to customers holding their vehicles to the maturity of .......

    News Round-up 8 December 2016

  • Proposals 'counter to ABS revival'

    New European Parliament proposals do not go far enough to help revive securitisation in Europe, according to AFME. This follows a vote today by the Parliament on the simple, transparent securitisation (STS) framework.

    Richard Hopkin, head of fixed income at AFME, states that the association welcomes the fact that the European Parliament and Council have now endorsed the establishment of an STS .......

    News Round-up 8 December 2016

  • Improved flexibility?

    Legal changes driving Greek NPL expansion

    KKR Credit's Pillarstone unit recently bolstered its senior team in Greece. The move reflects rising interest in the Greek NPL market, following the second appraisal of the country's economic adjustment programme.

    The Pillarstone hires follow a May 2016 agreement between KKR, Alpha Bank and Eurobank to expand the platform in Greece. The firm's entry into the Greek NPL market coincides .......

    News Analysis 8 December 2016

  • Pairing up

    ABS, bank partnerships to lift marketplace lending

    Marketplace lending and fintech will play an increasing role in the future of the securities market, according to US SEC chair Mary Jo White. Speaking at a recent SEC fintech seminar, White praised the benefits of innovative financial technologies, but outlined the need for relevant regulatory guidelines to protect investors and wider participants.

    White stated that "fintech innovations have the .......

    News Analysis 8 December 2016
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