Complete news archive

  • CFPB issues final rule on servicing

    The CFPB has amended its mortgage servicing rules to ensure mortgage servicers treat homeowners and struggling borrowers fairly. It is also issuing an interpretive rule under the Fair Debt Collection Practices Act relating to servicers' compliance with certain mortgage servicing provisions as amended by the final rule.

    The CFPB introduced common-sense rules for servicers in January 2014 (SCI 20 January .......

    News Round-up 8 August 2016

  • CDS portfolio switch

    Credit Suisse recently announced in its 2Q16 earnings that it offloaded a portfolio of approximately 54,000 CDS trades during the quarter. The buyer, unnamed in the bank's earnings report, is believed to be Citi.

    According to Credit Suisse, the sale reduced its leverage exposure by US$5bn, as its strategic resolution unit decreased its risk-weighted assets by 13% and leverage exposure .......

    News Round-up 8 August 2016

  • Maturity wall diminishing

    Approximately US$23bn of Fitch's US CMBS fixed-rate loan universe is still scheduled to mature during 2H16, excluding loans that have already been defeased, with an additional US$61bn in 2017. The remaining 2016 maturities include US$8bn in Q3 and US$15bn in Q4. At the same time last year, however, US$54bn was scheduled to mature in 2016 and US$69bn in 2017.

    Among .......

    News Round-up 8 August 2016

  • Permanent capital accessed

    HIG Capital has sold a minority stake to Dyal Capital Partners III, a permanent capital vehicle managed by Neuberger Berman. Under the terms of the transaction, Dyal has acquired a passive non-voting stake, representing less than 15% of the economic interests of the firm.

    Proceeds will be primarily used to increase HIG's investments in its own funds and to seed .......

    Job Swaps 8 August 2016

  • MSR pro picked up

    Incenter has hired capital markets expert Al Qureshi as md, analytics, to build upon its existing mortgage servicing rights analytics platform. He arrives from US Bank, where he was head of mortgage servicing hedging and hedging analytics. Qureshi joins a platform that was purchased as Interactive Mortgage Advisors and rebranded earlier this year.  

    .......

    Job Swaps 8 August 2016

  • Japan stimulus to boost SMEs

    A new ¥28trn stimulus package introduced by the Japanese government is credit positive for SME structured finance deals, says Moody's in its latest Credit Outlook. The package includes measures to help ease SME refinancing and provide them with greater flexibility for borrowing.

    According to Moody's, diversification and funding alternatives will help a variety of SME deals, including CLOs and ABS .......

    News Round-up 8 August 2016

  • Isolux Corsan bankruptcy determined

    ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a bankruptcy credit event occurred in respect of Grupo Isolux Corsan Finance. The move follows a restructuring agreement entered into by the firm that includes a suspension of payments proceeding relating to its €850m unsecured notes due 2021 and the bankruptcy of four of its Spanish subsidiaries.

    Specifically, under the restructuring, .......

    News Round-up 8 August 2016

  • SCI Start the Week - 8 August

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

    Pipeline
    A further 11 deals joined the pipeline last week. This was split into three ABS, three RMBS, four CMBS and a CLO.

    US$200m Avant Loans Funding Trust 2016-C, US$178.15m Foundation Finance Trust 2016-1 and US$785m Hyundai Auto Lease Securitization Trust 2016-C accounted for the ABS. The RMBS were US$380.7m Agate Bay Mortgage Trust 2016-3, £2.25bn Hawksmoor Mortgages 2016-1 .......

    News 8 August 2016

  • Direct lending team acquired

    A partnership managed by CVC Credit Partners, supported by a fund advised by Coller Capital, has acquired Northport Capital TRS from Resource Capital Corp. The move will increase assets under management in CVC Credit Partners' global direct lending strategy to approximately US$1bn and complement its existing European strategy.

    Northport is a direct lender that specialises in providing credit facilities to .......

    Job Swaps 8 August 2016

  • REIT reduces RMBS footprint

    Five Oaks Investment Corp disclosed in its latest 8K filing that it has reduced the aggregate capacity of its repurchase agreement for the financing of residential mortgage loans with Barclays from US$150m to US$25m. The move is part of the REIT's plans to revise significantly its prime jumbo business, effective from 1 August.

    Specifically, for the foreseeable future, Five Oaks .......

    News Round-up 5 August 2016

  • Specially serviced loans increase

    Moody's reports the share of specially serviced US conduit CMBS loans increased by 82bp to 6.86% in 2Q16 from 6.04% the previous quarter. However, this share remains 586bp below the April 2011 peak of 12.72%.

    The share of delinquent loans rose to 4.6% from 4.4% the prior quarter too. Moody's commercial mortgage metrics weighted average base expected loss consequently rose to 4.6% .......

    News Round-up 5 August 2016

  • MBS hedge funds rebounding

    Preqin's 2Q16 Hedge Fund Survey shows that hedge funds in the credit strategy category experienced four consecutive quarters of outflows since the beginning of 2015, with about US$17bn of outflows in 2016 alone, mostly concentrated in Q1. A Wells Fargo analysis of the data suggests that amid this outflow, ABS-focused hedge funds saw declines in AUM in 4Q15 (by 6%) .......

    News 5 August 2016

  • MBS vet joins Nathan Hale

    Nathan Hale Capital has boosted its capital markets division with the appointment of Kurt Weisenfluh. He is tasked with expanding the firm's presence in the RMBS market.

    Weisenfluh has more than 25 years of industry experience and was previously a risk management consultant for Newbold Advisors. He has also worked as md for BlackRock, head of mortgage trading for Barclays .......

    Job Swaps 5 August 2016

  • ILS pro takes new role

    The former head of international capital markets at Aon Securities has moved on to RenaissanceRe, where he has become an md in the Ventures unit. Based in Bermuda, Chris Parry started in the new role this month.

    Parry spent seven years at Aon and previously worked at Dresdner Kleinwort, Citi and BDO. He has deep experience in structured finance and .......

    Job Swaps 5 August 2016

  • Uncleared margining tool launches

    ISDA and IHS Markit have teamed up to launch ISDA Amend 2.0. The free online service allows market participants to implement the new margining requirements for non-cleared derivatives, as well as inform counterparties about elections they have made under the ISDA Resolution Stay Jurisdictional Modular Protocol.

    The updated service aims to help companies tackle the complex challenges and documentation involved .......

    News Round-up 5 August 2016

  • RMBS compare tool debuts

    Fitch has introduced a data comparison tool for US RMBS, which encapsulates all of its US residential mortgage transactions issued since the start of 2012. The tool allows users to compare key credit attributes across transactions and issuers in an Excel format.

    Transactions that are included in the report are US RMBS, GSE credit risk-sharing transactions and re-performing loan deals. .......

    News Round-up 5 August 2016

  • NPL renaissance

    €9bn Italian ABS provides fresh impetus

    Banca Monte dei Paschi di Siena (MPS) announced last week that it plans to offload its entire portfolio of sofferenze (bad debt) loans into a securitisation vehicle. The move is a significant landmark in the recovery of the Italian non-performing loan ABS market, which the national government has worked hard to revive.

    Banca d'Italia figures put total Italian NPL volume .......

    News Analysis 5 August 2016

  • COLT confidence

    Rated non-prime RMBS shifts market dynamics

    The issuance of Lone Star Fund's COLT 2016-1 in June marked a turning point for the US non-prime RMBS space, as the deal was the first of its kind to be rated post-financial crisis (SCI 10 June). The sector still faces a number of hurdles, but the transaction has sparked optimism that more could soon follow.

    "[COLT 2016-1] is still .......

    News Analysis 5 August 2016

  • US CLOs still strong

    The US CLO secondary market is still maintaining the strong activity levels seen since the Brexit vote back in late June.

    "The market is very strong, with this continuing to centre on mezzanine where a real curve is developing," says one trader. "Sellers saw the strong execution in BWICs early in the summer and have found little reason to stop .......

    SCIWire 4 August 2016

  • Demand expected for jumbo Hawksmoor

    Initial price thoughts have been released for the first post-Brexit UK non-conforming RMBS, Hawksmoor Mortgages 2016-1. At an expected £2.25bn, the deal is also noteworthy for its size, especially given the August print.

    Hawksmoor 2016-1 is backed by a pool of first-ranking owner-occupied and buy-to-let non-conforming loans, secured by properties in England, Wales, Scotland and Northern Ireland. GE Money Home .......

    News 4 August 2016

  • Leverage ratio recommendations made

    The EBA has published its report on the impact assessment and calibration of the leverage ratio (LR), recommending the introduction of an LR minimum requirement in the EU. An LR requirement of 3% on the provision of financing by credit institutions would be relatively moderate, the EBA says, while still leading to more stable credit institutions.

    The recommendation of a .......

    News Round-up 4 August 2016
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