Complete news archive

  • Investment firm adds advisors

    Strategic Value Partners has added Goran Puljic and David Weaver to its advisory council. Puljic was previously a partner at Oak Hill Advisors, while Weaver was chairman and ceo of Jefferies International.

    Puljic has 30 years of experience in financial services, mainly in CLOs and structured products. He was co-head of Oak Hill's corporate structured products group until stepping down .......

    Job Swaps 17 November 2016

  • CLO vet poached

    Nassau Re has hired Alex Jackson as md for bank loan portfolio management. In his new role, he will be focused on building out the firm's CLO management and bank loan investment portfolios.

    Prior to Nassau Re, Jackson headed Insight Investments' bank loans team in affiliation with Cutwater Asset Management and BNY Mellon. Before joining Cutwater in 2013, he was .......

    Job Swaps 17 November 2016

  • Exchangeable CMBS retention tested

    Deutsche Bank and Citi are working together to bring another risk retention-compliant US CMBS to the market, just weeks before risk retention rules officially come into force. Unlike previous compliant CMBS, Kroll Bond Rating Agency notes this will be the first where a portion of the retained interests are expected to be assigned credit ratings if the sponsors exchange their .......

    News Round-up 17 November 2016

  • CMBS tools developed

    DBRS has introduced commercial real estate Market Index and Market Rank tools for the US and Canada. They are offered as part of the DBRS CMBS reporting platform IReports.

    DBRS notes that in times of economic stress, real estate capital availability contracts and may limit investment to more highly populated markets with greater liquidity and comparatively higher transparency. Defaulted loans .......

    News Round-up 17 November 2016

  • Evaluation score introduced

    Thomson Reuters has launched the Thomson Reuters Pricing Service Evaluation Score (TRPS Score), which aims to provide a measure of the level of incorporated market colour in any given TRPS evaluated price. Such information ranges from the level of available market data to the individual attributes of the issue, based on a measurement scale of 1 to 10, with 10 .......

    News Round-up 17 November 2016

  • APAC head appointed

    ICAP has named Guy Rowcliffe, ceo of RESET, as head of Asia Pacific for its Post Trade Risk and Information Services (PTRI) business. In this newly created role, he will be responsible for Asia Pacific regional strategy and represent the company among regulators, industry bodies and committees. He will continue in his role as RESET ceo, reporting to Jenny Knott, .......

    Job Swaps 17 November 2016

  • Virgin handset deal closed

    Royal Bank of Canada has arranged a £125m mobile handset securitisation programme for Virgin Media Mobile, the first of its kind in Europe. The underlying receivables consist of loans provided by Virgin Media Mobile to its customers in order to finance the purchase of handsets from Virgin Mobile Telecoms.

    Allen & Overy advised RBC as arranger on the transaction, with .......

    News Round-up 17 November 2016

  • Euro tranche debuts

    FirstRand Bank is in the market with its latest UK auto ABS, Turbo Finance 7. The deal, which is provisionally sized at £405m, includes a euro-denominated tranche - a first for the programme.

    Provisionally rated by Moody's and S&P, the transaction comprises: Aaa/AAA rated 1.7-year class A1 and class A2 (euro-denominated) notes; A2/A 3.6-year class Bs; Baa3/A- class Cs; and .......

    News Round-up 17 November 2016

  • RMBS, re-REMIC criteria updated

    Fitch has updated its criteria for analysing outstanding US RMBS and new and outstanding re-REMICs. The criteria revisions are not expected to have immediate rating implications for outstanding rated classes, although a revision to the time-specific payoff requirements for rating upgrades of recent vintages could lead to an increased number of rating upgrades over time.

    The rating agency's updates are .......

    News Round-up 17 November 2016

  • Euro ABS/MBS unchanged

    There's been little movement in the European ABS/MBS secondary market this week, so far.

    While sentiment continues to be positive, volumes have remained low this week as most investors appear content to sit on the sidelines for now. What activity there has been has revolved around prime assets and Street trading. Consequently, ABS/MBS secondary spreads across the board have remained .......

    SCIWire 17 November 2016

  • CRT line-up finalised

    Panellists are being finalised for SCI's latest Capital Relief Trades Seminar, which is being held on 22 November in London. The event will be hosted by Reed Smith at its offices at 20 Primrose Street, EC2A 2RS.

    As securitisation shifts from being used as a funding tool to a balance sheet and credit risk management tool, balance sheet relief trades .......

    News Round-up 17 November 2016

  • Fresh faces

    New breed of RMBS issuer steps up

    A slew of issuance from private equity companies and other non-traditional issuers is changing the face of the European RMBS market. The trend can be seen in multiple jurisdictions, with deal structures evolving as a result.

    In the UK, investor reaction to these deals has been mixed. Austrian bank BAWAG PSK issued Feldspar 2016-1 at the start of this month, .......

    News Analysis 16 November 2016

  • Margin initiative chief replaced

    ISDA has appointed Tara Kruse as head of its working group of margining requirements initiative. She replaces Mary Johannes, who is leaving ISDA for other opportunities.

    Kruse was previously co-head of data, reporting and FpML for ISDA and will now work on preparations for the variation margin 'big bang' on 1 March 2017 and the extension of initial margin requirements .......

    Job Swaps 16 November 2016

  • Markit Analytics leader appointed

    IHS Markit has appointed Andrew Aziz as global head of Markit Analytics. He has two decades of experience in fintech and was most recently at IBM.

    Aziz will be responsible for leading the business, product and research and development functions at Markit Analytics. At IBM he led strategy, quantitative analytics and research for the risk analytics division, and he has .......

    Job Swaps 16 November 2016

  • CRA guidelines finalised

    ESMA has published its final report on guidelines on credit rating agencies' methodologies. The guidelines clarify how rating agencies should validate and review their methodologies, increasing the quality of the quantitative measures used in the review process.

    The guidelines will require rating agencies to review their methodologies in terms of: discriminatory power, covering their ability to rank rated entities in .......

    News Round-up 16 November 2016

  • Accounting method queried

    Fifth Street Asset Management (FSAM) has postponed the filing of its Form 10Q and related earnings call for the quarter ended 30 September 2016. The move is related to the company's decision to revisit the accounting method previously used for its common stock ownership of Fifth Street Finance Corp (FSC) and Fifth Street Senior Floating Rate Corp (FSFR), the publicly-traded .......

    Job Swaps 16 November 2016

  • Auto ABS restructured

    Italian auto loan ABS A-Best 14 - which closed on 11 May (see SCI's new issuance database) - has been restructured. The amendments include the retranching of the principal amount of all classes of notes, increasing the total issuance volume and portfolio size, and changing the fixed interest rates of the class B, C and D notes. The .......

    News Round-up 16 November 2016

  • Positive review after error

    Fitch has placed 12 classes of notes issued by Salisbury 2015-1 on rating watch positive. The move reflects a model correction, which leads to a higher rating recovery rate (RRR) in the portfolio credit model (PCM) output.

    The PCM used at closing did not correctly apply the market value decline, as specified by Fitch's UK RMBS criteria. The agency says .......

    News Round-up 16 November 2016

  • 'Transformational' capital offered

    TCA Fund Management Group has closed the first investment made by its new fund. Touted as a hybrid opportunity fund, it features an innovative combination of private equity and credit characteristics.

    The idea behind the new fund is to take a big credit approach to the small cap space, according to TCA Fund Management Group ceo Bob Press. "Fund investments .......

    News 16 November 2016

  • US CLOs slow

    Activity in the US CLO secondary market continues to be very light post-election and last Friday's holiday.

    "It's very, very slow with no volume to speak of on BWIC," says one trader. "The most notable list today is a mix of mezz and equity, but we're not even sure if all of that will trade and the seller is often .......

    SCIWire 15 November 2016

  • Reinsurance pro brought in

    TigerRisk Partners has appointed reinsurance industry veteran Patrick Denzer as partner, with a particular focus on client management and strategic development. He was most recently Americas chairman at Guy Carpenter and has also served as ceo of John B Collins Associates, where he began his career with a focus on property catastrophe reinsurance and was involved in the development of .......

    Job Swaps 15 November 2016
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