Complete news archive

  • 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

  • Euro CLOs slumber

    Activity in the European CLO secondary market has ground to a halt.

    "Nothing has really happened in the last week or so," says one trader. "The only action of any note has been in short 1.0s and 2.0 triple-Bs."

    The momentum of the mid-September rally has disappeared thanks to external factors, the trader suggests. "Macro headlines, particularly surrounding European financials .......

    SCIWire 4 October 2016

  • REIT names new advisor

    Realty Finance Trust has appointed Benefit Street Partners (BSP) as its new external advisor. The combination of the two operations is expected to create a 'one-stop-shop' for commercial real estate owners and brokers.

    The appointment follows a competitive process for selecting a new advisor, which was conducted by a Special Committee of the company's board of directors. In connection with .......

    Job Swaps 3 October 2016

  • ILS pro promoted

    Aon Securities has promoted Danny Bailey to its new head of capital markets. He will be based at the firm's London office.

    Bailey has held several senior roles at the company and was previously director of ILS management EMEA, dealing with insurance management of the ILS, catastrophe bond and collateralised reinsurance market. In his new role, he will be responsible .......

    Job Swaps 3 October 2016

  • CMBS liquidations drop

    US CMBS liquidation volume dropped to US$611.4m in September, while overall loss severity rose by 1.91 percentage points to 50.76%, according to Trepp. During the first three quarters of 2016, 619 conduit loans totalling US$7.6bn were disposed of at an average monthly loss severity of 50.29%.

    Average loan size for September liquidations declined to US$9.4m, falling below the nine-month average .......

    News Round-up 3 October 2016

  • RE advisory bolstered

    Colliers International Group has acquired ICADE Asset Management and ICADE Conseil (ICADE). The acquisitions will be rebranded as Colliers International - Investment & Asset Management, with current md Romain Fremont becoming md of Colliers International Investment & Asset Management France. The move will help Colliers to build on its existing asset management business and advisory solutions for real estate investors .......

    Job Swaps 3 October 2016

  • Firm opens US office

    Leadenhall Capital Partners has set up a US operation, to be led by new hire Brian Weatherholtz. He takes on the role of md and will report to partner and head of business development, Lorenzo Volpi.

    Weatherholtz has several years' experience in ILS, having previously worked in senior positions for GE Capital and Swiss Re. The new US operation will .......

    Job Swaps 3 October 2016

  • Auto ABS losses jump

    US prime and subprime auto loan ABS losses continued to increase last month, according to Fitch. The agency expects losses across the two sectors to increase for the rest of 2016.

    Subprime auto ABS losses were 27% higher in August on an annual basis, far more than the 8% Fitch had originally predicted. The agency suggests that subprime losses will break .......

    News Round-up 3 October 2016

  • Credit platform aligned

    AXA Investment Managers has merged its alternative solutions and structured finance teams to create a single global alternative credit platform under the leadership of Deborah Shire, head of structured finance. The move is designed to create a simpler and more agile structure to the benefit of the firm's clients.

    The merger will provide the platform with a presence in Paris, .......

    Job Swaps 3 October 2016

  • Container ABS performance hit

    S&P has lowered its ratings on GCA2014 Holdings' class C and D notes (by three notches), as well as Global Container Assets 2014's class A1, A2 and B notes (one notch). The downgrades reflect the agency's view that both transactions are unable to withstand the stresses corresponding to the previously assigned rating levels.

    S&P notes that the performance of Global .......

    News Round-up 3 October 2016

  • Highland beefs up

    Highland Capital Management has hired Brad Eden as global head of marketing and investor relations. It is a newly created position as the firm continues to build out its international business development team.

    Eden has more than 30 years' experience in a range of institutional investment roles, including co-founding Fund Evaluation Group - an independent institutional consulting firm. He will .......

    Job Swaps 3 October 2016

  • SCI Start the Week - 3 October

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

    Pipeline
    Auto-related ABS dominated the pipeline last week, with a couple of consumer ABS, some RMBS and a CLO also making an appearance. The auto entrants comprised: US$1.025bn AmeriCredit Automobile Receivables Trust 2016-4; US$1bn BMW Vehicle Lease Trust 2016-2; US$450m Exeter Automobile Receivables Trust 2016-3; C$406m MBARC 2016-A; US$361.4m NextGear Floorplan Master Owner Trust Series 2016-2; US$1.06bn Santander Drive .......

    News 3 October 2016

  • FI team boosts securitisation expertise

    Mizuho has hired Subhathra Pavan to its fixed income sales team to help expand the firm's distribution capabilities in a number of securitised product areas. Pavan will also lead all domestic bank and GSE sales coverage for the US fixed income business.

    Pavan brings nearly 25 years of fixed income product experience and prior to Mizuho was md at Deutsche .......

    Job Swaps 30 September 2016

  • Real estate team poached

    Sidley Austin has added a trio of partners to its real estate practice in New York. Steven Koppel, Aviva Yakren and Adam Verstandig have both national and global experience advising clients in all aspects of real estate private equity and real estate finance, including capital markets lending, community development finance, low-income housing and new market tax credit products, renewable energy .......

    Job Swaps 30 September 2016

  • ICE replacement named

    Hester Serafini, currently coo of ICE Clear US, is set to replace Thomas Hammond as president when he retires on 1 January 2017. Hammond will begin transitioning his ICE Clear US responsibilities to Serafini on 1 October and, beginning on 1 January, will take on new responsibilities advising on global strategic clearing initiatives.

    He joined ICE Clear US as president .......

    Job Swaps 30 September 2016

  • US CLO status quo

    The US CLO secondary market is currently little moved by events surrounding it.

    "Overall, these are interesting times in the primary CLO and loan markets, but that's not feeding through into the secondary market," says one trader. "Volumes are light at the moment - it's still very much the status quo."

    The trader continues: "With the OPEC news hopefully encouraging .......

    SCIWire 29 September 2016

  • Liquidity focus

    Frank Dos Santos, head of North America business strategy fo...

    Q: How and when did your firm become involved in the pricing and valuations business? How has the service evolved in recent years?
    A:     Markit was founded in 2002 as a pricing service for CDS. From there, the service expanded to include bank loans.

    Since 2009 Markit has continued to expand its coverage of fixed income asset classes, now offering evaluated .......

    Provider Profile 29 September 2016

  • Top marks

    SLABS extension success exceeds expectations

    The final maturity dates on nine FFELP student loan ABS deals were extended earlier this month (SCI 14 September), as the industry continues to get to grips with the recent maturity crisis. Nelnet was able to extend all nine of the trusts that it sought to, largely through making use of DealVector's bondholder communication platform (SCI 22 June).

    "It would .......

    News Analysis 29 September 2016

  • ILS duo recruited

    AXA Investment Managers has hired Marc Belbenoit-Avich and Robin Chiche to its ILS team. Belbenoit-Avich will join as a senior portfolio manager and Chiche as a quantitative analyst, with both based in Paris, reporting to ILS head Francois Divet.

    Belbenoit-Avich was previously at Swiss Re, where he worked for nine years as a property treaty underwriter. He will join AXA .......

    Job Swaps 29 September 2016

  • Enhanced clearing regs approved

    The US SEC has voted to adopt new rules to establish enhanced standards for the operation and governance of securities clearing agencies that are deemed systemically important or that are involved in complex transactions. It has also voted to apply the enhanced standards established by the new rules to other categories of securities clearing agencies, including all SEC-registered central counterparties.

    News Round-up 29 September 2016

  • EBA clarifies EU default definition

    The EBA has published its final guidelines specifying the application of the definition of default across the EU, as well as its final draft regulatory technical standards (RTS) on the materiality threshold of past due credit obligations. Both the guidelines and RTS will harmonise the definition of default across the EU.

    The guidelines clarify all aspects related to the application .......

    News Round-up 29 September 2016
×