Complete news archive

  • 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

  • DB enters RMBS settlement talks

    Deutsche Bank has commenced negotiations with the US Department of Justice (DoJ) to settle civil claims which may be brought as a result of the bank's issuance and underwriting of RMBS and related securitisation activities between 2005 and 2007. The bank confirms that the DoJ's opening position is a US$14bn settlement, with Deutsche Bank invited to submit a counter proposal. .......

    News Round-up 16 September 2016

  • Software firm acquires GFS

    SS&C Technologies has acquired Wells Fargo Global Fund Services (GFS), adding 250 employees to its business. They will serve over 130 global fund relationships and help build on the administrator's ability to handle complex asset classes.

    Both firms hope to benefit from the deal with SS&C gaining from GFS' fund administration expertise, which includes a wide range of complex strategies .......

    Job Swaps 16 September 2016

  • Ocwen steps up loan mods

    Ocwen's loan modification activity has doubled beginning in July with the implementation of the Streamline HAMP programme. Modification activity is expected to remain elevated for several months as a result of the programme.

    Increased cash flow from the successful modifications is expected to outweigh the costs of unsuccessful modifications, says Ocwen. Fitch notes that unsuccessful modifications will have longer liquidation resolution .......

    News Round-up 16 September 2016

  • Investment firm bulks up

    Global Credit Advisers has hired Shaun Wong as svp in its investment team. He will focus on distressed and special situations investments.

    He comes from Credit Suisse where he was a director in the distressed and special situations department. Wong has also worked at Goldman Sachs in trading, fixed income, currency and commodities and as an analyst in the corporate .......

    Job Swaps 16 September 2016

  • ISDA calls for standardisation

    There are many opportunities for greater standardisation and automation of derivatives trade processes in order to achieve improved efficiency, reduced complexity and lower costs for market participants, says ISDA in a new white paper. The association notes that market participants are increasingly looking for market solutions to automate and streamline the reporting, trading, clearing and collateral management requirements required by .......

    News Round-up 16 September 2016

  • Horizontal interest

    Sponsors assess horizontal risk retention benefits

    An increasing number of US sponsors are expected to retain a horizontal rather than a vertical risk slice in upcoming securitisations, despite complexities around valuation and disclosure of the residual interests. Several recent transactions have successfully employed the horizontal risk retention method and its economic efficiencies may convince other sponsors to follow suit.

    Later this year, all classes of US .......

    News Analysis 16 September 2016

  • Canadian CMBS outlook 'positive'

    DBRS maintains a positive outlook for Canadian CMBS as the market continues a period of elevated refinance activity brought on by the maturity of the 10-year CMBS bonds from the 2005-2007 vintages. Despite the positive outlook, the rating agency notes there are several potential risks, such as the weaker economic environment in Canada and the contraction in the jobs market .......

    News Round-up 16 September 2016

  • Agency investing

    Growing agency CMBS market attracts investors

    Combined Fannie Mae and Freddie Mac CMBS issuance is expected to come close to US$100bn for the year, with agency CMBS comfortably outstripping non-agency supply. While the agency CMBS market has historically been small, it is growing rapidly and there are attractive opportunities for investors to take advantage of.

    "The agency CMBS market has grown a lot over the last .......

    News Analysis 16 September 2016

  • US CLOs easing up

    The US CLO secondary market rally is easing up ahead of next week's ABS East Conference, but activity still remains solid.

    "There's been around a 5bp tightening in the last few sessions in the triple-As to single-As, but it's slowed up a little with the Bs," says one trader. "Good names in double-Bs are hitting in and around the low .......

    SCIWire 15 September 2016

  • Weather prediction

    JLT's weather ILS the first of many?

    The first weather catastrophe bond for 17 years has hit the market. It is hoped that the deal will kick-start an expansion of weather-linked bonds in the ILS market, but their take-up rests on greater education around the topic.

    Jardine Lloyd Thompson Capital Markets closed Market Re 2016-5 this month, providing US$30.75m in coverage for extreme European winter temperatures. Allianz .......

    News Analysis 15 September 2016

  • Online lender secures funding

    Online lender InterNex has secured a US$100m funding line from 400 Capital. It will help the lender continue to provide secured SME loans through its online platform, ranging from US$250,000 to US$5m.

    Chris Hentemann, managing partner and cio of 400 Capital, says: "We believe this partnership creates great risk-reward attributes and potential for borrowers and investors alike. We look forward .......

    Job Swaps 15 September 2016

  • Fund administrator acquired

    Montagu Private Equity is set to acquire the shares of Universal-Investment's current owners Joh Berenberg, Gossler & Co and Bankhaus Lampe. With €280bn assets under administration and 650 employees, Universal-Investment is the largest independent investment company in the German-speaking region and focuses on efficient, risk-oriented administration of funds, securities, alternative investments and real estate.

    The firm pioneered master funds and .......

    Job Swaps 15 September 2016

  • STACR hits tightest price

    Freddie Mac has priced its sixth STACR offering of the year, with the senior M1 notes printing at the tightest level to date at one-month Libor plus 80bp. The US$515m STACR Series 2016-HQA3 also saw its M2 tranche print at plus 135bp, the M3s at 385bp and subordinate Bs at 900bp.

    Fitch provisionally rated the US$143m M1 tranche at triple-B, while .......

    News Round-up 15 September 2016

  • EBRD addition broadens ISDA board

    ISDA has appointed Axel van Nederveen, treasurer of the European Bank for Reconstruction and Development (EBRD), to its board of directors. It marks the first time a supranational institution has been appointed to the ISDA board.

    ISDA announced earlier this year that it would focus on expanding the composition of its board to provide a broader perspective of derivatives market .......

    Job Swaps 15 September 2016

  • Hire supports new service

    Bishopsfield Capital Partners has hired Neil Fitzgerald to support the launch of its new Project Agent service. It is an independent service in response to demands from borrowing and investing clients.

    Project Agent will monitor covenant compliance, project progress, manage consents and waivers, and facilitate investor reporting with a focus on infrastructure, real estate and large capital expenditure debt financing.

    Iain .......

    Job Swaps 15 September 2016

  • Euro CLOs stay active

    The European CLO secondary market is continuing to see healthy levels of activity.

    "There's been lots of secondary supply over the past week and we've seen some aggressive two-way trading in both 1.0s and 2.0s," says one trader. "However, 2.0 levels are still pretty much unchanged, though double-Bs have moved a little tighter despite the recent weakness in rates and .......

    SCIWire 15 September 2016

  • End of the road?

    ABSPP volumes down, success of programme questioned

    The ECB's ABSPP is entering its third year in November and since inception has been joined by three other asset purchase schemes. While the entire ECB purchase programme is set to expire in May 2017, the effectiveness of the ABSPP in particular continues to be a topic of debate.

    ABSPP volumes have been decreasing and, as of August 2016, the .......

    News Analysis 15 September 2016

  • Third replacement rejected

    A third proposed replacement collateral manager has been rejected by Gramercy Real Estate CDO 2007-1 noteholders. Holders of a majority of the CRE CDO's controlling class had previously directed the issuer to appoint Cairn Capital Management North America as successor collateral manager (SCI 10 August). However, the issuer notified the trustee on 9 September that sufficient objections to the appointment .......

    Job Swaps 14 September 2016

  • CRT conference line-up confirmed

    Panellists have been confirmed for SCI's Capital Relief Trades Seminar, which is being held tomorrow (15 September) in New York. The event is being hosted by Clifford Chance at its offices at 31 West 52nd Street.

    The conference programme consists of a series of panel debates focusing on issues affecting capital relief trades. The sessions comprise the regulatory backdrop, originators .......

    News Round-up 14 September 2016

  • CLO UCITS fund debuts

    Fair Oaks Capital has launched the first UCITS fund to offer global access to senior secured corporate loans through investments in CLOs. The Fair Oaks Dynamic Credit Fund is actively managed, with a strong emphasis on bottom-up fundamental credit analysis.

    The fund primarily seeks exposure to investment grade rated CLO securities on a long-only basis, with no leverage used at .......

    News Round-up 14 September 2016
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