Complete news archive

  • Fund advisers pay SEC charge

    A quartet of private equity fund advisors affiliated with Apollo Global Management have agreed to pay US$52.7m to settle US SEC charges that they misled fund investors about fees. Apollo has neither admitted nor denied supervisory failures, but has agreed to pay US$37.527m in disgorgement and interest.

    The SEC says the four advisors failed to adequately disclose the benefits they received, .......

    Job Swaps 24 August 2016

  • Trading co-head hired

    Gramercy Funds Management has brought in Chris Tackney as md and co-head of its trading desk, along with Matt Maloney. In this new role, they will both manage a trading desk that encompasses CDS, performing and distressed corporates, sovereigns, equities and currency hedges.

    Further, Tackney is responsible for building and maintaining effective relationships in order to facilitate firm-wide trade execution, .......

    Job Swaps 24 August 2016

  • Non-QM RMBS closed

    Angel Oak Capital Advisors has completed its second RMBS backed primarily by non-qualified mortgages. The US$132.65m AOMT 2016-1 transaction securitises loans originated by three affiliated lenders - Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge.

    The deal comprises US$119.38m of senior notes and US$13.26m of subordinate notes. Angel Oak Capital (through one of its accounts) .......

    News Round-up 24 August 2016

  • Liquidity warning issued

    KBRA is calling for regulators and policymakers to take notice of dwindling liquidity and capital to support the markets for mortgage servicing rights, MBS and government securities. In a new report entitled 'Low rates, low growth and falling market liquidity', the agency highlights a lack of business volumes driven by low or even negative interest rates and excessive regulation.

    "We .......

    News Round-up 24 August 2016

  • ABS syndicate head replaced

    James Gray has been appointed head of ABS syndicate at Deutsche Bank. The promotion sees him move up from his role in the bank's ABS sales team, where he was covering, the UK, Netherlands and the Nordic countries. Gray replaces Bilal Husain, who moved to BNP Paribas last month (SCI 27 July).

    .......

    Job Swaps 23 August 2016

  • SF heads announced

    US Bank has hired Joe Nardi to lead its global structured finance group, providing services that support its MBS and ABS operations. He will oversee a staff of approximately 200 employees throughout six locations across the US.

    Nardi previously served as head of capital markets structured finance (CMSF) for Wilmington Trust. Prior to his work at Wilmington, he served as .......

    Job Swaps 23 August 2016

  • FFELP SLABS 'info lacking'

    Model risk remains high and collateral transparency remains limited in FFELP student loan ABS, say Wells Fargo structured product analysts. Inconsistency among the rating agencies leads the analysts to recommend investors wait for rating actions before anticipating relative value opportunities.

    "Recent rating agency actions and commentary in the FFELP student loan ABS sector have left us somewhat puzzled," say the .......

    News 23 August 2016

  • ECON amendments weighed

    The European Parliament's ECON committee recently published 526 amendments to the proposed new European securitisation regulations. While the additional amendments include proposals for further tightening of the rules, there are also many amendments that could take the regulation in a more positive direction.

    The latest suggested changes are in addition to the 153 amendments included in the two draft reports .......

    News 23 August 2016

  • CIFC's search ends

    FAB Partners is set to acquire CIFC for approximately US$333m in cash. Under the terms of the merger agreement, CIFC shareholders will be entitled to receive US$11.46 in cash per share, representing a premium of more than 60% over CIFC's closing share price on 19 August and a premium of approximately 160% over the 27 January 2016 closing share price .......

    Job Swaps 23 August 2016

  • JPMorgan shakes up syndicate

    JPMorgan has formed a new credit product development team, which will be headed by Ryan O'Grady and comprise members of the current credit markets team. Although currently co-head of the bank's global syndicate team, O'Grady's new role will require him to focus solely on the international syndicate business. He will report to his co-head counterpart, Bob LoBue.

    In addition, following .......

    Job Swaps 23 August 2016

  • Valuation pro recruited

    Brian Sciacca has been appointed global head of valuation policy, reporting and analytics at Citi. In his new role, Sciacca will focus on improving Citi's system infrastructure and valuation control environment. He reports to Grant Rusk, North American head of valuation control and analytics.

    Sciacca was previously RBS' head of valuation control, Americas, where he redesigned the operating model and .......

    Job Swaps 23 August 2016

  • 'Quick' pay-offs reviewed

    The large volume of maturing US CMBS loans in 2016 and 2017 has sparked concern about the transfer of loans to special servicing at or near maturity, only for these loans to quickly pay off. Fitch reviewed 2016 special servicing transfers through mid-July and observed that approximately 20% of loans transferred for maturity-related default paid off within 120 days, with .......

    News Round-up 22 August 2016

  • Aire Valley redemptions due

    UKAR last week issued refinancing notices for Aire Valley Mortgages series 2004-1, 2005-1, 2006-1 and 2007-1, representing £2.9bn of Bradford & Bingley RMBS. In a move that is expected to simplify the sale of the buy-to-let mortgage portfolio (SCI 7 June), the bonds will be redeemed on 20 September.

    A further £2.5bn of retained Bradford & Bingley bonds are set .......

    News Round-up 22 August 2016

  • CLO resets to rise?

    US CLO refinancing and reset activity is expected to rise in 4Q16, as investors and collateral managers seek to extend existing deals prior to the 23 December risk-retention deadline. Over US$250bn of CLOs - representing 72% of the outstanding post-crisis market - will have exited their non-call periods during the quarter and be eligible for refinancing, according to Wells Fargo .......

    News Round-up 22 August 2016

  • THL taps marketing pro

    THL Credit Advisors has recruited Katherine Taylor as a director in its New York office, where she will focus on business development, product development, strategic relationships and marketing across the firm's direct lending and tradable credit platforms. She joins from Graycliff Partners, the former private equity team of HSBC in the US and Latin America, where she was vp and .......

    Job Swaps 22 August 2016

  • FFELP notes upgraded

    Moody's has upgraded 14 classes of notes and affirmed eight additional tranches across 19 FFELP student loan ABS transactions sponsored by Nelnet after the agency reduced its expected loss projections. The actions come after Moody's originally placed a batch of the notes on review for downgrade in June, in line with its new rating approach for the asset class.

    The reduced loss .......

    News Round-up 22 August 2016

  • ABCP issuance under threat

    S&P says that ABCP volumes could begin to feel the squeeze as a result of impending regulatory reforms. Issuance slowed in 2Q16 after what the agency describes as transitory circumstances led to a brief growth spurt from historical lows.

    Higher financing rates for auto-related issuers earlier in the year led to a temporary spike in demand for ABCP. However, volumes dropped .......

    News Round-up 22 August 2016

  • SCI Start the Week - 22 August

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

    Pipeline
    The outstanding deal pipeline has shrunk significantly over the past few weeks as the yearly August slowdown has come into effect. A marketplace lending ABS deal from loanDepot is understood to be in the works, but only one named deal - US$373.7m ECMC Group Student Loan Trust 2016-1 - joined the pipeline last week and stayed there until .......

    News 22 August 2016

  • Second UPI consultation underway

    The Committee on Payments and Market Infrastructures (CPMI) and IOSCO have published for public comment a second consultative report on harmonisation of the unique product identifier (UPI). The harmonised global UPI is intended to uniquely identify OTC derivatives products which authorities require to be reported to trade repositories.

    The UPI system will assign a code to each OTC derivative product, .......

    News Round-up 19 August 2016

  • RMBS sales, trading teams bolstered

    Hilltop Securities has made a string of changes to its RMBS trading and sales group in its New York, Chicago and Dallas offices. Chris Paternoster, Jeff Arnier, Brian Bowes and Carl Schref are all new additions to the RMBS sales and trading teams, while Joe Vendemia has been promoted to mortgage sales manager.

    Paternoster will serve as md in the .......

    Job Swaps 19 August 2016

  • ILS approach finalised

    AM Best has finalised its methodology for rating insurance-linked securities and insurance-linked structures. The 'Best's insurance-linked securities& structures methodology' (BILSM) offers insight into information requirements, key rating considerations, risk modelling and surveillance activities that are generally applied by the agency to rate ILS transactions. Its idealised issue default matrix and idealised issuer default matrix are included within the BILSM.

    AM .......

    News Round-up 19 August 2016
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