Complete news archive

  • ICE meets EMIR standards

    The Bank of England has authorised ICE Clear Europe as a CCP in accordance with EMIR. It says that ICE has demonstrated that the clearinghouse's governance, operations, risk management, treasury and banking infrastructure are EMIR compliant.

    "ICE Clear Europe is delighted that our clearing operations have been authorised by the Bank of England in line with the requirements of EMIR .......

    News Round-up 21 September 2016

  • CMBS 'unaffected' by floods

    Recent floods in Louisiana could stress the state's cash balance but CMBS deals there are unlikely to be affected in the near term - despite elevated risk (SCI 8 September) - according to Fitch. The agency comments that despite damage totalling US$8.7bn throughout the state, properties linked to CMBS rated by Fitch are largely unscathed.

    The rating agency states that throughout the .......

    News Round-up 21 September 2016

  • GS meeting settlement requirements

    Goldman Sachs is meeting its consumer relief requirements as part of its US$5bn RMBS settlement, says the settlement's monitor. A report from monitor Eric Green shows that Goldman Sachs passed its first round of compliance testing for the consumer relief portion of its settlement, which was reached earlier this year (SCI 12 April).

    In addition to a US$2.385bn civil monetary .......

    News Round-up 21 September 2016

  • ESMA seeks derivatives comments

    ESMA has published a discussion paper regarding the trading obligation under MiFIR. The trading obligation will move OTC trading in liquid derivatives onto organised venues.

    MiFIR outlines the process for determining which derivatives should be traded on-venue. The current consultation is seeking stakeholders' feedback on the options put forward by ESMA on how to calibrate the trading obligation.

    The consultation .......

    News Round-up 21 September 2016

  • Fresh Sears closures announced

    Seritage Growth Properties, the Sears REIT spin-off, has exercised its right to terminate the leases at 17 unprofitable stores, with all 17 understood to be Kmart stores. The JPMCC 2015-SGP CMBS, which is secured in part by the borrower's interests in 235 wholly-owned properties, is affected.

    Seritage's business plan is to recapture, redevelop and re-lease space at each property to .......

    News Round-up 21 September 2016

  • Rated UK MPL ABS prepped

    Zopa is in the market with its inaugural rated consumer loan securitisation, which is the first rated securitisation of UK marketplace consumer loans. The £138m deal, dubbed Marketplace Originated Consumer Assets 2016-1, is backed by unsecured consumer loans originated via Zopa's marketplace lending platform.

    Moody's has assigned provisional ratings of Aa3 to the £114m class A notes, A2 to the .......

    News Round-up 21 September 2016

  • DBRS strengthens non-bank focus

    DBRS intends to expand coverage of both corporate and structured finance ratings tied to the non-bank financial institution (NBFI) sector. The NBFI and structured finance analytical teams will be more closely aligned to provide investors, issuers and all interested parties with a better understanding of these institutions and their operations.

    "We see structured finance transactions from non-bank financial institutions as .......

    Job Swaps 20 September 2016

  • South African RMBS 'robust'

    South African RMBS will remain robust despite subdued growth expected for the country's economy, according to Moody's. The rating agency adds that the credit risk of borrowers in the collateral pools is minimal relative to borrowers in the wider population.

    Greg Davies, avp at Moody's, states: "While consumer indebtedness is high, RMBS borrowers have lower debt levels compared to their .......

    News Round-up 20 September 2016

  • CDS index rolls provide opportunities

    The roll to CDX IG27 may be uneventful in terms of names changes, but Morgan Stanley analysts believe that it does offer investors a good opportunity to move existing longs from cash into synthetic credit, given a sharp compression in the cash-CDS basis. Meanwhile, speculation on the demise of the European single name CDS market were premature, argues Markit, considering .......

    News 20 September 2016

  • Bumper week for ABS issuance

    Last week brought the highest number and dollar total of new ABS for any week for the past three years. It also brought the 2016 year-to-date total ahead of 2015 supply over the same period.

    JPMorgan puts the total at 21 ABS for US$12.8bn. The average over the past three years has been six transactions and less than US$4bn per week.

    News Round-up 20 September 2016

  • RFC on RMBS methodology

    DRBS has issued a request for comment on the proposed UK addendum to its European RMBS methodology, which is considered to be a material change. Comments are published on the rating agency's website and should be received on or before 19 October 2016.

    The UK addendum introduces a new proprietary default model to forecast expected defaults and losses on European .......

    News Round-up 20 September 2016

  • Macy's impact considered

    While Macy's is yet to release a list of which stores will be closing (SCI 18 August), closures are expected to begin in early 2017. Fitch reports that there are 86 properties backing 104 loans across 79 CMBS where Macy's is a top-five tenant.

    Most of these properties are located in regional malls, with a smaller number of retail centres .......

    News Round-up 20 September 2016

  • 'Increased scrutiny' for Italian banks

    The asset quality of Italian banks will come under increased scrutiny if the ECB's guidance on non-performing loans (NPLs) is implemented, according to Fitch. The rating agency suggests that should the guidance go through, Italian banks will "rise up the agendas" of regulators, governments and Eurozone authorities.

    Such scrutiny will result because the new guidance will impose "realistic" and "ambitious" .......

    News Round-up 20 September 2016

  • High CLO supply

    US CLO supply last week was the highest for the year as four new issues and two refis priced for a total of US$3.61bn. The rolling four-week average of new issuance has been trending higher all year and has reached US$2.3bn.

    Year-to-date supply is US$58.9bn on 136 CLOs. According to JPMorgan figures, this includes 16 US refis at US$5.46bn. The .......

    News 20 September 2016

  • Bankruptcy poses CMBS concerns

    Morningstar Credit Ratings finds elevated risk in 17 commercial mortgages with exposure to Golfsmith International Holdings, amounting to an allocated property balance of US$365.5bn. Golfsmith filed for bankruptcy on 14 September, resulting in the closure of 20 stores - two of which are properties backing loans in CMBS, totalling US$42.6m in allocated property balance.

    Golfsmith is also the anchor tenant .......

    News Round-up 20 September 2016

  • Australian mortgage arrears rise

    Mortgage arrears in Australia have risen 4bp to 1.14% in 2Q16, which comes as a surprise to the market, notes Fitch. Its latest Dinkum RMBS Index - which tracks Australian mortgage loans underlying RMBS - report highlights that the rise is unusual given the strong economic environment, low-interest rates and low-but-positive real wage growth.

    It adds that the country has .......

    News Round-up 19 September 2016

  • Many Navient rating actions taken

    Moody's has upgraded 15 classes of notes and downgraded 14 classes in securitisations sponsored or administered by Navient. It has also confirmed the ratings of 14 classes of notes. All the ABS - totalling US$7.7bn over 31 securitisations - are backed by FFELP student loans.

    The downgrades are the result of Moody's analysis that indicates that the tranches will not .......

    News Round-up 19 September 2016

  • ILS firm hires industry vet

    Markus Schmutz has joined Rewire Securities. He will work at the investment bank to boost its analytical, advisory and structuring expertise.

    Most recently he was ceo at Swiss Re Capital Markets and Swiss Re Risk Solutions Corporation as well as md, head of ILS structuring at Swiss Re Capital Markets, New York. He has extensive experience managing teams involved in the .......

    Job Swaps 19 September 2016

  • SCI Start the Week - 19 September

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

    Pipeline
    After the flood of additions in the week before, last week's pipeline activity was calmer. There were three new ABS added, as well as an RMBS, two CMBS and two CLOs.

    Bavarian Sky German Auto Loans 5, €726m PSA 2016 and €750m SC Germany Consumer 2016-1 accounted for the ABS. The RMBS was Fastnet Securities 12.

    US$1.12bn FREMF .......

    News 19 September 2016

  • Virtus expands European arm

    Virtus Partners has made three senior hires as it expands its European activities. Dean Fletcher is hired as chief strategy officer, Dermot Caden as head of European Regulated Fund Administration and Jennifer Nolan as senior director of its Dublin arm.

    Nolan has over 15 years' industry experience, having previously worked at BNY Mellon Corporate Trust for nine years. She has .......

    Job Swaps 19 September 2016

  • Brazil RMBS RFC issued

    Moody's has published a request for comment on its proposed approach to Brazilian RMBS, to be submitted no later than 17 October 2016. The approach uses an RMBS collateral analysis model called Moody's Individual Loan Analysis (MILAN) which is a key component in its loan and portfolio loan evaluation.

    It states that in determining Brazil MILAN it used parameters for .......

    News Round-up 16 September 2016
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