Complete news archive

  • Dispositions inch up

    August US CMBS disposition volume inched up slightly from July and came in above the six-month average of US$641.6m. Trepp reports that 71 loans totalling US$722.5m were disposed of in August, compared to US$681m in July and US$809.3m in June. Average loan size continues to hover slightly above single digits at US$10.2m.

    Including six smaller loans with a remaining balance .......

    News Round-up 1 September 2016

  • August boost as CLO activity drops

    Secondary CLO activity in 2016 so far is down on 2015 in both TRACE reported volume and BWICs. However, the traditional summer slowdown trend has been bucked, with JPMorgan CLO analysts noting significant activity in August.

    Along with January and November, August has consistently been a quiet month for secondary trading since 2012. In fact, since 2013 it has been .......

    News 1 September 2016

  • SF department launched

    Gattai Minoli Agostinelli & Partners has launched a structured finance department. It will be run by four new hires - all from Legance - and signals the continuation of the Italian firm's expansion into new practice areas.

    The department will be headed up by Emanuela Campari Bernacchi, who will be an equity partner, and will work alongside senior associate Valentina Lattanzi .......

    Job Swaps 1 September 2016

  • Interim chief named

    Stephen Joynt has been appointed interim ceo of DBRS. He will continue to serve as executive chairman of DBRS Group.

    Daniel Curry, who has served as ceo of DBRS since December 2013, is leaving the agency to pursue other interests.

    .......

    Job Swaps 1 September 2016

  • Refi programmes 'credit positive'

    Fannie Mae and Freddie Mac's new refinancing option for borrowers with high LTV ratios is credit positive for their credit risk-transfer transactions, says Moody's in its latest Credit Outlook. The announcement of the plans last week by the FHFA (SCI 26 August) will allow underwater homeowners with GSE mortgages to retire and replace those loans.

    Moody's explains that if affected mortgages .......

    News Round-up 1 September 2016

  • Payment history scrutinised

    The ability and willingness of catastrophe bond issuers to pay claims in a timely manner continue to be questioned, according to S&P. To test the industry's concerns, the agency identified 13 cat bonds that made claims payments following the occurrence of covered events. Except for one case where the loss payment was dragged out by the reinsured, it saw no .......

    News 1 September 2016

  • Euro secondary stable

    The European securitisation secondary market remained stable throughout August and that looks unlikely to change in the run up to the US holiday on Monday.

    For the most part 2016 followed a traditional pattern in August across ABS/MBS - liquidity was thin and activity was patchy, with BWICs few and far between. UK non-conforming/buy-to-let paper saw the most demand, which .......

    SCIWire 1 September 2016

  • Receivables platform bolstered

    Demica has appointed Daniel Kustrin as chief technology officer, responsible for overseeing the growth and development of the firm's proprietary financing platform. Reporting to Demica ceo Matt Wreford, he is expected to play a key role as the firm invests significantly in new product development in response to client demand.

    Kustrin was previously global head of technology at Cardano Risk .......

    Job Swaps 31 August 2016

  • ABS CDO manager replaced

    Dock Street Capital Management has replaced Declaration Management & Research as collateral manager for Independence VI CDO. Under the terms of the appointment, Dock Street agrees to assume all the responsibilities, duties and obligations of the collateral manager under the applicable terms of the collateral administration agreement.

    Moody's has determined that the appointment will not negatively impact any of the .......

    Job Swaps 31 August 2016

  • Mid-market CLO breaks new ground

    Churchill Asset Management returned to the US CLO market last week with a deal of several 'firsts'. It is Churchill's first 2.0 deal and first deal since the old Churchill Financial team was brought into TIAA-CREF, it is the first middle-market CLO to include a single-B tranche and it is the first distributed CLO to be jointly rated by Moody's .......

    News 31 August 2016

  • Turner preps fixed income push

    Turner Investments has named Stefania Perrucci as global head of fixed income, in line with the firm launching a series of fixed income, credit and absolute return investment strategies. In this newly-created position, she serves on Turner's investment committee, as well as on its fixed income/credit, yield/income and absolute return investment sub-committees.

    Prior to joining Turner, Perrucci was the founder of .......

    Job Swaps 31 August 2016

  • Auto finance growth to continue

    EMEA auto ABS performance should stay strong, says Moody's in the first of its new EMEA auto ABS sector update reports. The new quarterly reports will provide commentary on macroeconomic factors and regulation that affect EMEA auto ABS, new ratings and rating actions, as well as new issuance and performance trends.

    Some countries are set to outperform others as a .......

    News Round-up 31 August 2016

  • Second-loss CAS bonds rated

    Marking a first for the market, Fitch has assigned ratings to eight previously unrated M2 bonds from five Fannie Mae credit risk-transfer RMBS issued between 2013 and 2015. The agency had originally only rated the M1 classes in the five transactions, all which have either paid in full or been upgraded (SCI 26 July), reflecting strong performance to date.

    The .......

    News 31 August 2016

  • Colony offloads NPLs

    Colony Starwood Homes has sold a US$266m portfolio of 1,675 NPLs to an affiliate of Starwood Capital Group. The completion of the sale is a major step towards the REIT's exit from the NPL business.

    The portfolio was auctioned with the assistance of Credit Suisse, following the recent joint venture between Colony and Prime Asset Fund VI, in which Colony has been using Prime to conduct .......

    News Round-up 31 August 2016

  • Coupon floor fix?

    Obvion is in the market with its latest Dutch prime RMBS - Storm 2016-II. Provisionally sized at €1.15bn, the transaction is noteworthy because the lender aims to sell the single offered tranche at above par and the pool will be fully revolving for five years, with soft-bullet notes.

    The coupon for the offered tranche - the 4.9-year class A notes .......

    News 31 August 2016

  • SEC adopts data repository rules

    The US SEC has adopted amendments to provide regulatory and other authorities access to data obtained by security-based swap repositories. SEC chair, Mary Jo White, says the adoption will allow for increased transparency and reduced threats to the financial stability of the swaps market.

    Building on a proposal from September 2015, the final amendments implement provisions for the Dodd-Frank Act, .......

    News Round-up 30 August 2016

  • ITT default risk highlighted

    The US Department of Education's recent action against ITT Educational Services may increase default risk for US$123.1m in CMBS with exposure to the company, according to Morningstar Credit Ratings. In a move that may force ITT to cease operations, the Department announced on 25 August that it has banned the for-profit educational provider from enrolling new students that use federal .......

    News Round-up 30 August 2016

  • New Chinese structure 'credit positive'

    The introduction of a new type of asset-backed note in China which incorporates a trust structure is credit positive for the fledgling sector, says Moody's. The first such deal was issued by International Far Eastern Leasing Co in June and was backed by lease receivables.

    Asset-backed notes with a trust structure provide better asset ring-fencing protection for investors than was .......

    News Round-up 30 August 2016

  • Multi-borrower NOI up

    Net operating income (NOI) for properties within Fitch-rated US multi-borrower CMBS increased by 3% year-over-year in 2015. This compares to 3.2% of NOI growth in 2014, 2.5% in 2013 and 2.5% in 2012.

    Year-over-year NOI increases for the major property types from 2014 to 2015 were: 5.4% for multifamily (compared to 3.8% from 2013 to 2014); 5.1% for hotel (8.1%); .......

    News Round-up 30 August 2016

  • US CMBS loss severities drop

    US CMBS loan losses fell below the historical weighted average loss severity during 2Q16, notes Moody's. The weighted average loss severity was 41.3% for the 229 loans liquidated during the quarter, down from 49.3% for the 139 loans liquidated in 1Q16 and also down from the historical weighted average of 42.8% for loans liquidated between 1 January 2000 and 30 .......

    News Round-up 30 August 2016

  • Ocwen settles offshore charges

    Ocwen Loan Servicing has agreed to pay a US$900,000 settlement fee over allegations that it used offshore unlicensed affiliates to perform residential mortgage servicing activities for Washington-based loans. The settlement was made with the Consumers Services Division of the Washington State Department of Financial Institutions (DFI).

    The agreement included Ocwen dropping such practices, after it allegedly used companies in the .......

    Job Swaps 30 August 2016
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