Complete news archive

  • Model error disclosed

    Fitch has disclosed that interest payments to the class E and F notes of SCF Rahoituspalvelut I (Kimi 1) were incorrectly modelled in its initial rating analysis of the Finnish auto ABS as senior to clearing the implied principal deficiency ledger (PDL). Correct modelling would have resulted in different model-implied ratings for two classes: one notch higher for the class .......

    News Round-up 18 October 2016

  • Analytics service enhanced

    MSCI has rolled out what it describes as substantial updates to its fixed income risk model suite, including for securitised products. Key enhancements to the service include the addition of duration times spread (DTS) factors as indicators of risk and the introduction of basis factors.

    The firm says that advantages of the DTS approach include having the ability to reflect .......

    News Round-up 18 October 2016

  • Clearing fees highlighted

    ISDA has conducted an analysis of publicly available data on clearing and surveyed both EU and US small derivatives users. The move follows ESMA's proposal to allow these entities more time to implement the clearing mandate on concerns that they appear to be having difficulties accessing clearinghouses.

    Among ISDA's findings is that over the past 18 months there have been .......

    News Round-up 18 October 2016

  • Euro secondary patterns persist

    Trading patterns in the European securitisation secondary market seen towards the end of last week are continuing into this.

    The primary market remains the main focus, but flurries of BWICs continue to bolster secondary activity. A few DNTs aside, line items in all sectors and parts of the capital structure continue to trade well. Despite some skittishness in broader markets secondary .......

    SCIWire 18 October 2016

  • Multi-borrower SFR loan transferred

    The US$4m Delavaco loan, securitised in FirstKey 2015-SFR1, has been transferred to special servicing due to imminent non-monetary default. The loan has appeared on the master servicer's monthly watchlist since December 2015, based on a decline in occupancy below 80% - decreasing to 51% by August 2016 - as well as its failure to meet a debt service coverage trigger. .......

    News Round-up 17 October 2016

  • SCI Start the Week - 17 October

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

    Pipeline
    The long list of additions to the pipeline last week was once more driven by auto ABS. There were 18 ABS additions - more than half of them autos - as well as five RMBS, four CMBS and two CLOs.

    The ABS were: US$271.5m Ascentium Equipment Receivables 2016-2 Trust; US$201.23m Axis Equipment Finance Receivables IV series 2016-1; CarMax .......

    News 17 October 2016

  • Trups CDO cures reported

    The number of US bank Trups CDO combined defaults and deferrals declined to 14.8% at end-September from 15.5% a month previously, according to Fitch's latest index results for the sector. Approximately 0.6% of the drop is due to the cure of Flagstar Bancorp, representing US$209.5m of collateral across 18 CDOs.

    Flagstar issued senior debt securities, together with a dividend from .......

    News Round-up 17 October 2016

  • Cross-sector SLABS criteria finalised

    Moody's has published its new cross-sector methodology for rating student loan ABS backed by pools consisting of both FFELP and private student loans (PSLs). The agency subsequently took action on 21 tranches across 13 transactions, affecting approximately US$506.5m of securities.

    Moody's affirmed 13 tranches across seven transactions (accounting for US$266.5m), upgraded six tranches across five transactions (US$161.2m) and downgraded two .......

    News Round-up 17 October 2016

  • Middle market pro recruited

    Churchill Asset Management has recruited Leland Richards as an md. He will report to Randy Schwimmer, senior md and head of origination and capital markets.

    Richards joins Churchill with more than 15 years of experience in middle market finance and strong relationships with leading middle market private equity firms and lenders. He previously worked at GE Capital, where he served .......

    Job Swaps 17 October 2016

  • Electronic trading association launched

    BrokerTec Europe, MarketAxess Europe, MTS Group and Tradeweb Europe have founded the Electronic Debt Markets Association Europe (EDMA Europe). The initiative aims to represent the interests of companies whose primary business is the operation of regulated electronic fixed income trading venues in the region.

    EDMA Europe will act as a source of consultation between its members in order to develop .......

    Job Swaps 14 October 2016

  • Recovery rates set to improve

    Securities backed by defaulted Italian mortgage loans may benefit from legislation aimed at expediting property foreclosures, says Moody's. The Bank of Italy has previously said changes implemented last year could reduce both bankruptcy and foreclosure procedures for mortgage loans to around three years.

    "At present, the lengthy time to recovery is credit negative for Italian MBS, since noteholders bear the .......

    News Round-up 14 October 2016

  • Risk-transfer re-REMIC announced

    The first-ever re-REMIC securitising GSE credit risk-transfer securities has hit the market. The US$159.61m Bayview Opportunity Master Fund IVb Trust 2016-CRT1 is collateralised by 12 CRT securities, comprising M2 classes from various Fannie Mae Connecticut Avenue Securities (CAS) transactions and M3 classes from various Freddie Mac Structured Agency Credit Risk (STACR) transactions.

    Provisionally rated by Fitch, BOMFT 2016-CRT1 comprises: US$63.84m .......

    News Round-up 14 October 2016

  • Scaling up

    Platforms eager to issue further marketplace ABS

    Funding Circle and Zopa intend to tap the securitisation market on a regular basis, following their debut transactions this year. Both platforms recently discussed their experiences issuing ABS at marketplace lending conference Lendit and expressed enthusiasm for pursuing the funding method further.

    Funding Circle issued its inaugural SBOLT deal in April, backed by SME loans originated through its online platform. .......

    News Analysis 14 October 2016

  • Private markets platform prepped

    Man Group is set to acquire the entire issued share capital of Aalto Invest Holding and launch Man Global Private Markets (GPM), forming the firm's private markets offering. The aim is to provide clients with access to longer-term investments with a complementary risk-reward profile to the firm's current product suite.

    Aalto is a US and Europe-based real asset-focused investment manager, .......

    Job Swaps 14 October 2016

  • Senior management shuffled

    Clayton Euro Risk has announced a number of changes to its senior management team. Among those affected is Simon Collingridge, who takes on the newly-created role of client solutions and strategic delivery director.

    Collingridge has been a consultant with the firm since March, but now becomes a full-time member of staff, dividing his time between the Bristol and London offices. .......

    Job Swaps 14 October 2016

  • ACICS hit highlighted

    Morningstar Credit Ratings believes that the US Department of Education's termination of its recognition of the largest accrediting agency of for-profit colleges - the Accrediting Council for Independent Colleges and Schools (ACICS) - intensifies default risk on US$400.6m of CMBS. Overall, 19 CMBS loans with an allocated property balance of US$549.5m have exposure to for-profit colleges that are accredited by .......

    News Round-up 13 October 2016

  • Euro RMBS shelves debut

    The inaugural rated deals from two new European RMBS programmes have been announced. Both platforms are backed by asset managers active in the structured finance space.

    The first transaction to hit the screens was London Wall Mortgage Capital's debut UK RMBS. Dubbed Fleet 2016-01, it is backed by a £238m pool of UK first-lien buy-to-let home loans originated by Fleet .......

    News 13 October 2016

  • Deutsche opts for horizontal slice

    The first-ever risk retention-compliant single-borrower CMBS has hit the market. The US$214m COMM 2016-667M is secured by a first lien on the borrower's fee interest in 667 Madison Avenue, a 25-story office building in Midtown Manhattan's Plaza District submarket.

    The trust loan is part of a US$254m whole loan, of which the seller (German American Capital) is retaining US$40m as .......

    News Round-up 13 October 2016

  • Indian ABS collateral 'improving'

    The underlying performance and asset quality of retail loans backing Indian ABS will improve over the next two years, according to Moody's. This is despite an uptick in NPLs, resulting from tightened recognition criteria.

    The new criteria will result in NPL ratios reported by non-bank financial companies (NBFCs) rising over the next two years, but the improving underlying performance will .......

    News Round-up 13 October 2016

  • Wireless spectrum deal prepped

    Sprint Corporation is in the market with a rare wireless spectrum securitisation. Dubbed Sprint Spectrum Securitization Series 2016-1, the US$3.5bn transaction features a three co-issuer structure intended to maintain the separate silos of license holders that exist prior to the transfer of the licenses to the issuers.

    The three issuers are Sprint Spectrum Co, Sprint Spectrum Co II and Sprint .......

    News Round-up 13 October 2016

  • Model-implied tool launched

    Fitch has launched a new online tool that will enable investors to conduct their own model-implied rating analysis on underlying loan level portfolios backing RMBS. Dubbed 'Resi Investor', the tool acts as an overlay to Fitch's RMBS presale reports, providing investors with a combination of the agency's own credit analysis and their own preferred scenario testing.

    The solution allows investors .......

    News Round-up 13 October 2016
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