Complete news archive

  • 'Less risk' in marketplace RMBS

    Additional risks posed to RMBS issued by marketplace lenders (MPLs) will be mitigated by existing regulatory and securitisation frameworks, Moody's says. In a recent comment, the rating agency says it expects future issuance of RMBS from MPLs, but suggests that it will pose less risk than unsecured consumer loan ABS issued by MPLs.

    The agency has repeatedly stressed the lack .......

    News Round-up 8 September 2016

  • Lender seeks asset-backed future

    Fintech consumer lender Uberima has appointed Richard Bartlett as cfo to help drive the shift to an asset-backed funding model. Bartlett is a member of the board for Prime Collateralised Securities and was previously at RBS, where he held various roles in securitisation and debt capital markets and rose to head of coverage and debt capital markets.

    Uberima intends to .......

    Job Swaps 8 September 2016

  • Structured products pro recruited

    JLT Re has hired Matthew Carter as a partner in its London market and international division, which is led by Bill Bennett. Carter is tasked with leading all structured and non-traditional reinsurance for the UK and Europe, as well as working with JLT Re's structured products team in North America. He joins from Guy Carpenter, where he was svp for structured .......

    Job Swaps 8 September 2016

  • Citadel makes CDS push

    Citadel Securities is launching a European credit derivatives business and has hired Sylvain Lebre to head its operations. The business will begin by trading swaps tied to indices later this year. Lebre previously held senior roles at Barclays, Morgan Stanley and Societe Generale, trading CDS and credit indices.

    .......

    Job Swaps 8 September 2016

  • Flooding raises CMBS fears

    More than 300 properties backing CMBS loans may be at elevated risk due to major flooding in Louisiana last month, says Morningstar Credit Ratings. There are 302 properties, with an allocated property balance of US$1.1bn, potentially affected.

    The properties back 214 loans in CMBS. Almost all are located in the Livingston and East Baton Rouge parishes of the state. While .......

    News Round-up 8 September 2016

  • Euro CLO rally continues

    The widespread tightening in the European CLO secondary market is continuing.

    "We saw the rally accelerating in the second half of August and that's kept going in September so far," says one trader. "Tightening hasn't been the usual summer result of just a handful of trades - there were a lot of flow trades in August and that's carried on .......

    SCIWire 8 September 2016

  • Chinese lease ABS listed

    Shanghai Renren Finance Leasing Co has launched Leasing Asset-Backed Securitization Plan II, which will be traded on the Shanghai Stock Exchange. Rated by United Ratings, the RMB510.6m ABS is collateralised by finance leasing contracts for used cars and will be administered by Founder Fubon Asset Management.

    The priority class A tranche, which accounts for over 70% of the transaction, has .......

    News Round-up 7 September 2016

  • UCITS fund takes off

    Angel Oak Capital Advisors reports that its MontLake Angel Oak Multi-Strategy Income UCITS Fund has surpassed US$150m in assets under management and returned 7.12%, as of 31 August, since its inception on 4 December 2015. The firm says its decision to bring its mortgage and structured credit expertise to the European UCITS marketplace was predicated on years of robust demand .......

    News Round-up 7 September 2016

  • Borrower profile lifted

    Caliber Home Loans is in the market with its latest non-prime RMBS - the US$216.97m COLT 2016-2. Sterling Bank and Trust originated 15.3% of the pool, improving the borrower credit profile compared to the preceding transaction.

    Fitch notes that while the credit quality of the remainder of the pool originated by Caliber in 2016-2 is consistent with the credit quality .......

    News Round-up 7 September 2016

  • China collateral memorandum released

    ISDA has published a memorandum on the legal issues surrounding the exchange of collateral with Chinese counterparties. The publication follows the rollout of the Basel Committee's new margin requirements for non-cleared derivatives in a variety of jurisdictions on 1 September.

    "This memorandum helps the market to understand the types of security interests recognised in China and analyses enforceability of the .......

    News Round-up 7 September 2016

  • Mortgage originations spike

    US mortgage origination figures hit a three-year high in Q2, with REO and short sales making up 7% of all residential transactions, according to Black Knight. While this is the lowest such share for nine years, it is still twice the normal market level of just over 3%.

    The data firm points out that two-thirds of distressed sales in residential .......

    News Round-up 7 September 2016

  • Balloon payoffs spike in August

    The percentage of loans that paid off on their balloon date rebounded in August to 68.4%, rising from 55.6% in July, notes Trepp. It is the first monthly increase since March and surpassed the 12-month moving average of 66.5%.

    By loan count rather than balance, 72.3% of loans paid off in August. The 12-month rolling average by loan count is .......

    News Round-up 7 September 2016

  • Four more NPL pools sold

    Fannie Mae has successfully offloaded another set of non-performing loans, it's seventh sale to date. There were four separate winners for the equivalent number of pools on offer, which accumulated to the total sale of approximately 6,800 loans at US$1.06bn.

    Goldman Sachs subsidiary, MTGLQ Investors, was the winning bidder of the first and largest pool, coming to over US$468,000 worth in .......

    News Round-up 7 September 2016

  • Capital relief trades webinar due

    SCI is hosting a complimentary webinar on the current status of capital relief trades. The event is being held at 3pm UK time today (6 September), but will also be available to download from the SCI website afterwards.

    Increased pressure on bank capital requirements in the aftermath of the financial crisis has led to a rise in banks seeking to .......

    News Round-up 6 September 2016

  • Mall sentiment eyed

    The price of CBL & Associates Properties' stock moved higher over the course of August, while the Markit CMBX.BB.6 index moved lower, marking the first time this year that the two have disconnected. Morgan Stanley CMBS strategists believe this disconnect may present an opportunity and suggest three different trades through which to capitalise on it.

    "The debt markets are pricing .......

    News 6 September 2016

  • CLO expert joins Dentons

    Dentons has recruited Martin Sharkey as a partner to its banking and finance practice in London. He joins from Clifford Chance, where he led its European CLO practice, which included advising on ABS products, portfolio sales and structured finance transactions. Sharkey's clients include banks, global investment management firms, asset managers, financial institutions, private equity firms and insurance companies.

    .......

    Job Swaps 6 September 2016

  • Euro secondary stays positive

    The positive tone continues across the European securitisation secondary market.

    Although the US public holiday has hampered activity so far this month, secondary spreads across European ABS/MBS and CLOs have continued to edge in since 1 September. UK non-conforming paper continues to lead the way boosted by the dearth of primary supply and the upcoming Aire Valley refinancing, combined with the .......

    SCIWire 6 September 2016

  • Green bond scores proposed

    S&P is proposing a new product to analyse and estimate the environmental impact of projects or initiatives financed by bonds. Dubbed the Green Bond Evaluation, it would consider both climate change mitigation and adaptation projects.

    The Green Bond Evaluation is not a credit rating and would be based on a new green bond evaluation framework and scoring methodology. It would .......

    News Round-up 5 September 2016

  • Delinquencies reverse course

    The Trepp CMBS delinquency rate reversed course in August and dropped for the first time since February. The US CMBS delinquency rate now stands at 4.68%, a decrease of 8bp from July.

    The rate is 77bp lower than the year-ago level and 49bp lower since the beginning of the year. The multi-year low of 4.15% was reached in February 2016 .......

    News Round-up 5 September 2016

  • Residential NPL sale announced

    The US Department of Housing and Urban Development (HUD) has announced another sale of non-performing residential loans as part of its Distressed Asset Stabilisation Program (DASP). On 14 September HUD will offer 20 non-performing residential mortgage pools made up of 10,500 notes with an unpaid principal balance (UPB) of approximately US$1.7bn.

    The sale will also consist of 12 Neighbourhood Stabilisation Outcome .......

    News Round-up 5 September 2016

  • SCI Start the Week - 5 September

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

    Pipeline
    It was another quiet week for the pipeline as the Labor Day weekend came into view. At the final count there were three ABS, one ILS, four RMBS and four CMBS added.

    €800m Ginkgo 2016-PL1, US$533.9m PHEAA Student Loan Trust 2016-1 and US$941.49m WOART 2016-B accounted for the ABS. The ILS was US$250m Nakama Re Series 2016-1.

    US$221.3m .......

    News 5 September 2016
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