Complete news archive

  • Calypso cat bonds upgraded

    S&P has upgraded the Calypso Capital II class A and class B notes, following the advent of their final risk period and consequent lack of further resets. The ratings for the class A and B notes have been raised from double-B minus to double-B and from single-B plus to double-B minus respectively.

    The AXA sponsored notes from October 2013 no .......

    News Round-up 27 October 2016

  • SFR refi incentive boosted

    Total home equity has increased by 27% since issuance across the 71,955 properties underlying the 18 single-family rental securitisations issued in 2013-2015, according to Deutsche Bank figures. The trend is expected to boost SFR issuers' refinance incentive.

    Based on property-level data released by the SFR issuers, Deutsche Bank RMBS analysts estimate that the aggregate BPO value of these properties increased .......

    News 27 October 2016

  • Timeshare default repurchases climb

    Timeshare ABS default rates are rising and there is a growing trend of default repurchases and substitutions, although Wells Fargo analysts believe investors should be well protected. Borrowers are increasingly being advised not to make payments on their timeshare loans, which chimes with observations of weaker trends in consumer credit performance in other consumer ABS sectors.

    Default repurchases and substitutions .......

    News 27 October 2016

  • CMBS A/B mod considered

    The US$47.5m Herndon Square Office Park loan securitised in CGCMT 2007-C6 appears set for a modification with an A/B split, based on October special servicer comments. An A/B modification has been offered by the borrower and is currently being negotiated.

    Trepp notes that the value of the collateral behind the loan was sharply reduced last month. The loan was sent .......

    News Round-up 27 October 2016

  • Euro ABS/MBS quiet

    This week has continued to be slow across the European ABS/MBS secondary market.

    "There's nothing going on," says one trader. "UK half-term means a lot of people are out this week and anyone who is here will be looking at primary where there are few interesting deals marketing."

    Secondary supply has been more limited than in recent weeks, the trader .......

    SCIWire 27 October 2016

  • CLO defaults slow down

    US CLO loan defaults have slowed down in Q3, though the pull-back will be short-lived, according to Fitch's latest index for the sector. The agency attributes the slow-down to debt restructuring of several defaulted companies over the past quarter.

    The CLO index though remained flat at 6.4% of the US$135.7bn portfolio, indicating the temporary nature of the slow-down. The energy .......

    News Round-up 26 October 2016

  • Servicer performance scrutinised

    A new Morningstar Credit Ratings study of aggregated consent-processing times of four large-volume US CMBS master servicers - Wells Fargo Commercial Mortgage Servicing, Midland Loan Services, KeyBank and Berkadia Commercial Mortgage - indicates that amid substantial request volume, their average completion times during the past few years have been fairly constant and even quicker in some periods. However, CMBS servicers .......

    News 26 October 2016

  • Private debt team bolstered

    Ardian has expanded its private debt offering with the appointment of Mark Brenke as co-head of Ardian Private Debt. He has over 20 years' private capital investment experience in European markets, encompassing both private debt and private equity.

    Prior to joining Ardian, Brenke worked for Intermediate Capital Group, most recently with responsibility for establishing its European direct lending business. He .......

    Job Swaps 26 October 2016

  • Margin functionality introduced

    Smart Communications and IHS Markit have launched new functionality for the ISDA 2016 Credit Support Annex (CSA) for variation margin (VM). The firms say that the integration of SmartDX into IHS Markit's Counterparty Manager automates the production, exchange, negotiation and execution of the new ISDA 2016 Variation Margin CSAs, ISDA Master Agreements and Master Confirmation Agreements.

    SmartDX maintains a machine-readable, .......

    News Round-up 26 October 2016

  • Credit solutions service expands

    NewOak Credit Services has expanded its capabilities to service the private credit market. The newly launched private credit solutions practice, led by md Yuri Yoshizawa, focuses on specialty finance and esoteric lending strategies.

    NewOak plans to leverage its credit-focused technology platform to facilitate: outsourced middle-office and asset administration; valuation; analytics; reporting; and data and document management. Solutions will be designed .......

    Job Swaps 26 October 2016

  • Aussie CMBS has RMBS elements

    Think Tank Group is in the market with a CMBS deal which includes features more typically found in RMBS. Think Tank Series 2016-1 Trust is a securitisation of loans to commercial borrowers secured by mortgages over commercial or residential properties originated by Think Tank Group.

    S&P has provisionally rated the A$130m A1 notes and A$17m A2s at triple-A. The A$1.6m .......

    News Round-up 26 October 2016

  • UKAR sells as BAWAG preps

    UKAR has launched the sales process for the Bradford & Bingley assets. Coinciding with the announcement was BAWAG's mandating of its debut UK prime RMBS - Feldspar 2016-1 - backed by Granite mortgages.

    BAWAG - of which the majority shareholder is Cerberus - acquired the portfolio at end-2015. Barclays, Citi and Credit Suisse are joint-leads on the transaction, which is .......

    News Round-up 26 October 2016

  • Russian RMBS risks recognised

    High LTV Russian RMBS loans are twice as likely to default as lower LTV loans, says Moody's. There are also higher chances of default for loans taken out by borrowers who are self-employed, loans secured by houses rather than flats, and loans underwritten by small lenders.

    In its first ever analysis of default drivers in the Russian RMBS market, the rating .......

    News Round-up 26 October 2016

  • Credit manager adds partner

    River Birch Capital has recruited a former Pine River Capital Management portfolio manager. Gaurav Tejwani joins the firm in New York as a partner.

    Tejwani was co-head of structured credit at Pine River. He was previously part of the Y-Point Financials team which moved to Pine River, and before that he worked in credit derivatives and structured credit at Barclays .......

    Job Swaps 26 October 2016

  • Safe haven?

    Securitised sovereign bonds could bring economic stability

    A European bond comprised of securitised sovereign bonds from multiple European countries could help bring funding and economic stability to the eurozone. This is according to a group of leading economists, who have drafted a proposal for so-called European Safe Bonds, or ESBies.

    The proposal highlights that the euro area lacks a union-wide safe asset, the absence of which contributes .......

    News Analysis 26 October 2016

  • US CLOs tick over

    US CLO secondary market continues to tick over despite continued distraction from primary.

    After a busy end to last week, secondary activity and the BWIC calendar is light so far this week as focus remains on primary. Secondary spreads continue to hold firm across the bulk of the capital structure as a buying bias prevails and supply continues to be .......

    SCIWire 25 October 2016

  • Landmark SME deals closed

    The EIB has disclosed its recent participation in two European SME securitisations - ROOF Leasing Austria Compartment 2016 and Sinepia (see SCI's new issue database). The former deal is the first public Austrian ABS in which the EIB Group has participated, while the latter benefits from support from the EU budget guarantee under the European Fund for Strategic .......

    News Round-up 25 October 2016

  • Loan origination tool enhanced

    Freddie Mac is set to add new capabilities to its Loan Advisor Suite in the spring. The GSE says that as the cost of originating a mortgage has more than doubled since before the financial crisis, it is collaborating with lenders to create innovative tools that reduce the costs of producing and selling high-quality loans.

    These new capabilities include: a .......

    News Round-up 25 October 2016

  • ABCP attracts new sellers

    US ABCP outstandings remained stable during 1H16, at approximately US$209bn, according to Moody's. The agency reports that although there was no material increase in issuance, a wave of activity was apparent.

    In the first half of the year, 22 new sellers were added to ABCP conduits on a prior review basis, with commitments of approximately US$7.3bn. Many of these commitments .......

    News Round-up 25 October 2016

  • Group sells debt division

    3i Group has sold its debt management business, 3iDM, to Investcorp. The sale will generate £222m in cash for 3i and an exceptional profit on disposal of £36m, subject to closing adjustments that are dependent on the transaction's completion date.

    The proceeds of the deal will be reinvested in 3i's private equity and infrastructure divisions. The transaction is set to .......

    Job Swaps 25 October 2016

  • APAC ratings affirmed

    Fitch has affirmed the long-term ratings on 161 publicly-rated Asia-Pacific structured finance (SF) and structured credit (SC) tranches in 3Q16. The agency has also upgraded six bonds, placed one on rating watch negative and downgraded another.

    Four of the upgrades were to Australian SF transactions, resulting from better-than-expected performance in terms of losses, credit enhancement (CE) build-up and the availability .......

    News Round-up 25 October 2016
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