Complete news archive

  • Reperforming loan bid wins

    Towd Point Master Funding (Cerberus) has been confirmed as the winning bidder on two pools of reperforming loans sold by Fannie Mae. The pools consisted of 3,500 loans totalling US$789.2m in unpaid principal balance.

    The loans were marketed to potential bidders from 11 October (SCI 12 October). The eventual cover bid price for the two pools was 88.15% of unpaid .......

    News Round-up 9 November 2016

  • Six-year record for UK card ABS

    The three-month average rolling charge-off index for UK credit card ABS marked its steepest quarterly deterioration since August 2009, says Fitch. It increased from 2.6% in 2Q16 to 3.4% in 3Q16, largely driven by charge-offs reported by Penarth and Gracechurch.

    "The increase in Penarth's charge-offs simply reflects a return to the transaction's long-term band after the removal of 90-plus days .......

    News Round-up 9 November 2016

  • Spain consumer loan effect considered

    Spanish consumer lending volume is rising, notes Moody's, albeit from a modest base and with further growth prospects limited by external pressures. While unsecured consumer loans are riskier than other types of lending, the rating agency does not believe underwriting standards have loosened too far and therefore there should not be much of a negative effect on Spanish ABS.

    "Despite .......

    News Round-up 9 November 2016

  • Pay-offs move higher

    The percentage of US CMBS loans that paid off on their balloon date moved modestly higher in October to 68.6%, slightly above the September level of 66.9% and the 12-month moving average of 66.4%, according to Trepp. By loan count as opposed to balance, 77.1% of loans paid off last month.

    On this basis, the pay-off rate was about 10 .......

    News Round-up 9 November 2016

  • EMEA delinquencies inch up

    The 12-month rolling European CMBS loan maturity default rate in S&P's rated universe decreased to 21.1% from 29.8% in October. The delinquency rate for continental European senior loans increased to 68.6% from 67.8% during the month, while the rate for UK loans increased to 34% from 32.7%. Overall, the senior loan delinquency rate rose to 55.4% from 54.5%.

    .......

    News Round-up 9 November 2016

  • US CLOs resilient

    The US CLO secondary market continues to hold up in the face of primary activity and the US election.

    "New issues, refis and resets keep coming, but secondary has remained resilient in spite of the high volume of supply," says one trader. "We continue to see good demand throughout the capital structure, but particularly in triple-As at the moment, which .......

    SCIWire 8 November 2016

  • Debut Italian RMBS priced

    Banca del Mezzogiorno has issued and retained its inaugural RMBS transaction, dubbed MCC RMBS. The €427.20m deal is backed by Italian residential mortgage loans.

    Moody's and DBRS have rated the €320m class A notes (which priced at three-month Euribor plus 80bp) Aa2/AA, but the €107.20m class B notes are unrated. The deal is a static cash securitisation consisting of Italian residential mortgages .......

    News Round-up 8 November 2016

  • 'Other CRA products' report released

    IOSCO has published a consultation report on 'other' CRA products, seeking further insight into how market participants use non-traditional products or services offered by rating agencies. The report is intended to clarify information provided by respondents to two survey questionnaires which IOSCO published last year, and also asks respondents to comment on IOSCO's current understanding of such products.

    IOSCO considers .......

    News Round-up 8 November 2016

  • HMBS disclosures enhanced

    Ginnie Mae is enhancing the disclosures relating to HECM reverse mortgage pools data in the existing Factor A II and Factor B II files. The first set of changes is in connection with populating data in existing fields.

    Regarding the pool interest rate field, for all HMBS pools, this will contain the current period security interest rate. Previously, this field .......

    News Round-up 8 November 2016

  • Non-compliance hits UK SLABS

    Moody's has downgraded the ratings of three classes of Honours Series 2 and placed on review for downgrade two others, affecting £409.45m of securities. The action on this UK student loan ABS was prompted by the sharp increase in future costs associated with the non-compliance with applicable consumer credit legislation.

    Specifically, Moody's has downgraded the class B notes to Ba1 .......

    News Round-up 8 November 2016

  • US property prices hit landmark

    The Moody's RCA/Commercial Property Price Indices (CPPI) US all-property composite index increased 0.7% in September. Property prices are now up more than 100% since the January 2010 financial crisis trough.

    Apartment prices rose 1% in September and prices in the larger core commercial segment rose 0.6%. Property prices are now up 21% on the November 2007 pre-crisis peak, with apartment .......

    News Round-up 8 November 2016

  • Foreign national risks highlighted

    Mortgage loans made to foreign nationals in the US present some unique risks, Moody's notes. The agency says that although currently small, if exposure to such loans in RMBS grows as the market expands, lenders will need to adequately mitigate against the uncertainties associated with this lending.

    "The main risks in lending to foreign nationals relate to a lack of .......

    News Round-up 8 November 2016

  • Euro ABS/MBS distracted

    Activity in the European ABS/MBS secondary market continues to be light with participants focusing elsewhere.

    "Secondary is still relatively quiet," says one trader. "The market continues to be distracted by primary, where there are currently a couple of new issues that we're working on, and obviously events in the US are also taking some attention today."

    Nevertheless, the trader continues: .......

    SCIWire 8 November 2016

  • Framework recommendations released

    The EBA has published a report on two new international frameworks proposed by the Basel Committee: a new standardised framework for counterparty risk (CCR) - the SA-CCR - and a new market risk (MKR) framework (the fundamental review of the trading book (FRTB)). In the report, the EBA focuses on the effects of these two frameworks for large and small .......

    News Round-up 7 November 2016

  • Technology agreement inked

    CR has signed an agreement with Oxane Partners, which will see the two firms work in close cooperation to deliver industry-leading systems and technologies to support CR's expanding asset and loan management functions. As part of the agreement, CR has acquired an equity stake in Oxane.

    The cooperation with Oxane will cover work within a number of areas, including analytics, .......

    Job Swaps 7 November 2016

  • Americas head named

    First Avenue has recruited Jess Larsen as a partner and head of Americas. He leads the firm's sales, distribution and origination efforts across North and South America.

    Prior to joining First Avenue, he served as global head of institutional sales at Highland Capital Management, where he led a team of 12 through a successful restructure to produce a significant increase .......

    Job Swaps 7 November 2016

  • Duration extension considered

    Fair Oaks Income Fund reports that the commitment period of the master fund ended in June. The company has subsequently introduced a redemption mechanism to return to shareholders capital realised from the fund and has made its first distribution under that mechanism.

    However, Fair Oaks Capital believes that there is an ongoing opportunity to invest in US and European CLOs .......

    News Round-up 7 November 2016

  • Och-Ziff debuts Euro CLO

    Och-Ziff Europe Loan Management has priced its debut European CLO - the €413m OZLME. The senior notes continued the slew of sub-110bp prints seen last month (see SCI's new issue database).

    Rated by Moody's and S&P, the transaction comprises €230m Aaa/AAA rated class A notes (which priced at three-month Euribor plus 103bp), €63m Aa2/AA class Bs (plus 165bp), .......

    News Round-up 7 November 2016

  • SCI Start the Week - 7 November

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

    Pipeline
    There was another pickup in pipeline additions last week, as four new ABS, three RMBS and six CMBS were announced. The ABS were US$150m Diamond Resorts Owner Trust 2016-1, E-CARAT 7, C$426m GMF Canada Leasing Trust Series 2016-1 and CNY4.2bn Silver Arrow China 2016-2.

    Brass No.5, US$187.9m Colony American Finance 2016-2 and £448m Towd Point 2016-Granite 2 accounted .......

    News 7 November 2016

  • External mandates

    Growing number of AIFMs consider external valuers

    Since AIFMD came into force, institutions have interpreted the requirement for the 'proper and independent' valuations of an alternative investment fund's assets in different ways. The majority carry out the valuation process internally and employ a third-party valuation agent in an advisory capacity. However, there are certain sectors of the market that may be increasingly likely to outsource valuations to .......

    News Analysis 7 November 2016

  • Information services chief appointed

    Ranjit Tinaikar has been named president of Fitch Information Services, effective 1 December. Based in New York, he will join the Fitch Group management team and report to Fitch Group president and ceo Paul Taylor.

    Prior to joining Fitch, Tinaikar worked for Thomson Reuters between 2012 and 2016 as md and global head of asset management, wealth management, investmentbanking and .......

    Job Swaps 4 November 2016
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