Complete news archive

  • Euro ABS/MBS picks up

    Activity in the European ABS/MBS secondary market is picking up.

    "There's a fair bit of primary supply at the moment and we're now seeing some rotation activity off the back of that," says one trader. "As a result, there's been a pick up in sellers in the last few days."

    Nevertheless, the trader adds: "That paper has been digested easily .......

    SCIWire 6 October 2016

  • Diversifying strategies unit enhanced

    Sara Rejal has been promoted to head of liquid alternatives and Karen Dolenec to head of real assets at Willis Towers Watson within its diversifying strategies department. Rejal will oversee hedge funds, alternative beta, reinsurance and multi-asset strategies, with Dolenec managing real estate, infrastructure and natural resources.

    Prior to Willis Towers Watson, Rejal was at HSBC for seven years as .......

    Job Swaps 5 October 2016

  • Risk retention preparedness polled

    With the US risk retention effective date just under three months away, JPMorgan CLO analysts say they have uncovered some industry progress in their latest CLO client survey, but more is needed. They note that the majority of respondents (71%) agree that less than half of US CLO managers appear to have a clearly defined risk retention strategy.

    Only 2% .......

    News 5 October 2016

  • SME debt fund closed

    BNP Paribas Investment Partners has completed a €500m final close of its European SME Debt Fund. The fund attracted a range of European institutional investors and finances SMEs in Europe through a combination of bank lending and fund financing.

    The fund reached its target at first close, with investors including insurers and pension funds, as well .......

    News Round-up 5 October 2016

  • CMBS pay-offs dip

    The percentage of US CMBS loans that paid off on their balloon date in September held steady at 66.9%, slightly below the August level of 68.4% and the 12-month moving average of 67.1%, according to Trepp. By loan count as opposed to balance, 67.5% of loans paid off in September.

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

    News Round-up 5 October 2016

  • Uncleared margin rules adopted

    The European Commission has adopted a delegated regulation that specifies how margin should be exchanged for OTC derivatives contracts that are not cleared by a CCP. The Commission says it decided to endorse the joint European Supervisory Agencies' standards with certain amendments, in particular concerning the concentration limits for pension scheme arrangements and the timeline for implementation.

    The rules set .......

    News Round-up 5 October 2016

  • Data deal sealed

    Intercontinental Exchange has completed its acquisition of the S&P Securities Evaluations (SPSE) and Credit Market Analysis (CMA) businesses (SCI passim). SPSE will become known as Securities Evaluations and will form part of the data products and services that comprise ICE Data Services. Securities Evaluations will be managed and operated separately from the existing fixed income evaluated pricing services from ICE Data .......

    Job Swaps 5 October 2016

  • Liquidation order challenged

    A district court in Minnesota has ruled on the correct interpretation of the Gramercy Real Estate CDO 2007-1 indenture with respect to liquidating the collateral, as sought by the trustee Wells Fargo. The move follows the filing of motions for judgement on the pleadings by Merrill Lynch and Waterfall Asset Management, as well as the filing of a response to .......

    News Round-up 5 October 2016

  • CLO shop formed

    Eagle Point Credit Management, GreensLedge Holdings and Sumitomo Mitsui Trust Bank have jointly established Marble Point Credit Management, a new credit service provider and investment platform focused on the US CLO market. The aim is to provide a 'one stop shop' for all services required in the CLO issuance process by leveraging each party's expertise and functions.

    The three firms .......

    Job Swaps 5 October 2016

  • US CLO shift

    Attention has shifted away from the US CLO secondary market.

    "The market is very quiet right now," says one trader. "We are seeing a lot of activity in the re-set/refinancing/new issue space and secondary is having to take a back-seat to that."

    At the same time, the trader reports: "There are a lot of bonds sitting on dealer inventory that .......

    SCIWire 4 October 2016

  • Plan B

    Contingent NAV strategies readied

    Over a year has passed since BNY Mellon suffered its NAV outage, resulting in almost a week of NAV calculation disruption for hundreds of funds. With increased emphasis on the need for a contingent - or back-up - NAV, funds are preparing to put appropriate measures in place.

    There has been a significant global response to the NAV outage incident .......

    News Analysis 4 October 2016

  • Implicit support guidelines published

    The EBA has published guidelines on implicit support for securitisation transactions that aim to clarify what constitutes 'arm's length conditions' and when a transaction is not structured to provide support for securitisations. It builds on the European Commission's securitisation package under the CMU reform and aims to provide clarity on the matter for credit institutions.

    The new guidelines propose an .......

    News Round-up 4 October 2016

  • Trading pro tapped

    Cairn Capital has hired Asif Godall as its new deputy cio. He will report to cio Andrew Jackson and be responsible for portfolio management within multi-asset credit.

    Godall was previously at HSBC for 17 years, where he most recently held the position of global head of traded credit. He has also set up a number of businesses with HSBC, including .......

    Job Swaps 4 October 2016

  • RBS fined over RMBS

    RBS has been fined US$120m by the state of Connecticut in relation to malpractice in the run-up to the financial crisis. The fine specifically relates to 250 RMBS deals worth US$250bn underwritten by the bank from 2005 to 2008, on which it was required to conduct due diligence on the collateral and to ensure that representations to the public and investors about .......

    News Round-up 4 October 2016

  • Positive returns for CLOIE

    The total amount of CLOs paid down in JPMorgan's CLOIE index since the August rebalance through 30 September was US$2.59bn in par outstanding, split between US$1.18bn and US$1.41bn of pre-crisis and post-crisis CLOs. US$6.5bn across 74 tranches from 15 deals was added to the post-crisis CLOIE segment at the August rebalance.

    All CLOIE sub-indices saw positive returns last month. The .......

    News Round-up 4 October 2016

  • Delinquencies reverse course

    The Trepp US CMBS delinquency rate reversed course in September, increasing by 10bp to reach 4.78%. The rate remains 50bp lower than the year-ago level and 39bp lower since the beginning of the year.

    CMBS loans that were previously delinquent but paid off with a loss or at par totalled about US$850m last month. Removing these previously distressed assets from .......

    News Round-up 4 October 2016

  • Asset managers merge

    Henderson Group and Janus Capital Group have agreed to an all-stock merger of equals. The combined company will be named Janus Henderson Global Investors.

    The combination of the two businesses is expected to create a leading global active asset manager, with significant scale, diverse products and investment strategies, as well as depth and breadth in global distribution. The merger is .......

    Job Swaps 4 October 2016

  • Bank servicers slim down

    Falling portfolio volumes and improved loan performance is leading to staff cuts at US bank mortgage servicers, according to Fitch. This contrasts with non-bank servicers, where staff numbers have remained stable, driven by a focus on servicing growth and a general need for more frequent borrower interaction.

    At banks, the number of full-time mortgage servicing employees has fallen from 8,000 .......

    News Round-up 4 October 2016

  • Cabela's acquisition boost

    Capital One is set to acquire Cabela's credit card operations, including US$5.2bn in receivables and US$5bn in associated funding liabilities. The move has been welcomed for helping resolve the uncertainty in the securitisation market regarding the disposition of the CABMT credit card ABS trust.

    Capital One will acquire the operations for par value of the credit card receivables, less the .......

    News Round-up 4 October 2016

  • Securitisation could lighten load

    NPLs in Italy, Spain and Ireland continue to weigh on banks' balance sheets, according to Moody's. It suggests this may be alleviated through securitisation, with recovery processes also playing an important role in collateral performance.

    The agency comments that enforcement procedures can be lengthy and volatile, adding to the uncertainty regarding the timing of cashflows from recoveries. Data quality is .......

    News Round-up 4 October 2016

  • Spanish re-performing deal prepped

    Blackstone affiliate Spain Residential Finance is in the market with the €265m SRF 2016-1 RMBS. The transaction is believed to represent the first refinancing of a Spanish legacy mortgage portfolio.

    The securitisation is largely backed by seasoned re-performing loans originated by Caixa Catalunya, CaixaTarragona and Caixa Manresa, which were merged to form Caixa d'Estalvis de Catalunya, Tarragona i Manresa and .......

    News Round-up 4 October 2016
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