Complete news archive

  • Leveraged finance heads appointed

    Goldman Sachs has appointed Dominic Ashcroft and Luke Gilliam as co-heads of leveraged finance capital markets in EMEA. Both were previously mds in the bank's leveraged capital markets team and are based in London.

    .......

    Job Swaps 28 July 2016

  • Single-family rents rising

    Tenant demand for US single-family properties remains robust, with rent increases in securitised properties approaching 6%. According to Morningstar Credit Ratings' analysis over the last 18 months, rents rose for most properties in 23 single-borrower, single-family rental securitisations.

    While deals backed by single-family rental properties have existed for less than three years, their performance so far has been in line .......

    News Round-up 28 July 2016

  • CLO trading flexibility 'reducing'

    US CLO 2.0s are losing trading flexibility because of leveraged loan quality deterioration and diminished spreads, says Moody's. Managers are struggling to maintain compliance with collateral quality tests while sourcing eligible collateral investments.

    Of the 613 US CLO 2.0s Moody's rates that were still reinvesting as of 1 June, 20 were failing either their WARF or WAS tests. Another 35 .......

    News 28 July 2016

  • 'Watershed' securitisation facility closed

    Sun Life Assurance Company of Canada, Securcor and Blue Bridge Finance have closed a private securitisation facility for US$40m between Blue Bridge SPV Funding I and Securcor. The facility will be funded by Sun Life.

    The securitisation facility will allow Blue Bridge to expand market share and represents a watershed event for the firm as it allows it to migrate .......

    News Round-up 28 July 2016

  • GSE loan data released

    Fannie Mae has released historical loan performance data in support of its reperforming loan securitisation programme. The data covers approximately 700,000 loans on the GSE's book that were modified due to delinquency.

    This includes loans that are either current, delinquent or liquidated post-modification. "We are pleased to share this data, which will enable investors to better understand the expected performance .......

    News Round-up 28 July 2016

  • Collateral management changes made

    A trio of CLOs have amended their collateral management agreements following on from NewStar Capital's acquisition of Feingold O'Keeffe Capital last year (SCI 17 September 2015). The affected CLOs are Avery Street CLO, Emerson Place CLO and Lime Street CLO.

    In each case: the cause event relating to the departure of NewStar's key personnel has been revised to add a .......

    News Round-up 28 July 2016

  • OTC expert hired

    CloudMargin has recruited Lee McCormack as head of product strategy for its London headquarters. The firm says it will utilise McCormack's experience in OTC trading, clearing and settlement. His previous experience includes senior roles at Nomura, Morgan Stanley and UBS, with a focus that includes derivatives.

    CloudMargin has also brought in Lisbeth Hadingham as sales vp for North America. Based .......

    Job Swaps 28 July 2016

  • Euro CLOs switch

    Activity in the European CLO secondary market has switched from sporadic to fluid this week.

    "The market has become a lot more fluid over the past week or so," says one trader. "With that has come continued tightening across the capital structure in both 2.0s and 1.0s."

    The trader continues: "We've seen good two-way flows across the board. There's not .......

    SCIWire 28 July 2016

  • Foreign policy

    US agency MBS picking up European, Asian demand

    A surge in foreign interest in US agency MBS over recent months is adding a broader dynamic to the sector. Asian and European accounts are leading the charge in demand, with the latter emerging as a new investor frontier.

    Indications of shifting demand began to surface in May when US Treasury International Capital (TIC) data revealed a spike in net .......

    News Analysis 27 July 2016

  • Soloso sales underway

    Wells Fargo - as trustee for Soloso CDO 2005-1 - has conducted a series of public and private sales of portfolio collateral, in accordance with a New York Court order and pursuant to directions received from Lansuppe Feeder as requisite noteholder. The sale of 43 assets resulting in liquidation proceeds of US$159.05m has been settled.

    The proceeds are being held .......

    Job Swaps 27 July 2016

  • APAC ratings supported

    Fitch affirmed the long-term ratings on 131 Asia-Pacific structured finance and structured credit (SC) tranches in 2Q16. The agency also downgraded 10 bonds, while six were upgraded and one was placed on rating watch negative.

    All of the downgrades involved Australian prime RMBS transactions that face concentration issues as the note balances reduce in size. The Flexi ABS Trust 2013-1 .......

    News Round-up 27 July 2016

  • BNP picks up duo

    BNP Paribas is continuing to reshape it securitisation team in Europe with the additions of Bilal Husain and Simon Jones. The pair join the bank's new asset finance and securitisation (AFS) division, with Husian taking the role of head of EMEA AFS syndicate and Jones head of residential mortgage and consumer origination and structuring for EMEA AFS.

    The duo arrive .......

    Job Swaps 27 July 2016

  • Mortgage portfolio acquired

    Delta Lloyd Leven has purchased a €500m portfolio of Dutch whole loans from Rabobank. The portfolio consists of individual residential mortgages with an average LTV of 80%.

    The firm says that the transaction fits within its strategic asset allocation, as the portfolio complements its own origination of mortgages. The impact of the transaction on the Delta Lloyd's solvency ratio (SII .......

    News Round-up 27 July 2016

  • FFELP criteria updated

    Fitch has published its revised criteria for rating US FFELP student loan ABS. The main changes to the criteria are revised assumptions and stresses for deferment, forbearance, IBR, default timing and prepayments for both new ratings and surveillance. In addition, the new surveillance approach introduces rating tolerances based on time to maturity.

    Based on additional analysis and feedback received during .......

    News Round-up 27 July 2016

  • Debut sale for structured loans

    Freddie Mac has completed its first-ever structured loan sale following the auction of a US$198.9m pool of 846 seasoned loans. Chimera Investment was the winning bidder for the JPMorgan-serviced loans, marking the beginning of Freddie's expansion of its re-performing loan securitisation and NPL sales programmes.

    The transaction is expected to settle in October, after Freddie began marketing the transaction to potential bidders on .......

    News Round-up 27 July 2016

  • KBRA confirms SF managers

    Kroll Bond Rating Agency has confirmed the names running its structured finance team hierachy. The managers for the respective asset classes are: Eric Thompson in CMBS and RMBS; Anthony Nocera in commercial ABS; Rosemary Kelley in consumer ABS; and Andrew Guidici in project finance and energy. All will report to KBRA president and coo Jim Nadler.

    .......

    Job Swaps 27 July 2016

  • ABL team recruited

    Texas Capital Bank has recruited Chris Capriotti, Jeff Tompkins and Olivia Pipitone to take on responsibility for expanding its asset-based lending (ABL) practice. Capriotti will lead the group, succeeding Ed Franco, who retired last month.

    The team was formerly with JPMorgan. Capriotti and Tompkins spent 20 years and 16 years respectively with the firm, focusing on ABL.

    .......

    Job Swaps 27 July 2016

  • RFC on ECL guidelines

    The EBA has launched a consultation on draft guidelines on credit institutions' credit risk management practices and accounting for expected credit losses, which will run until 26 October. The guidelines seek to ensure sound credit risk management practices associated with the implementation and ongoing application of the accounting for expected credit losses.

    High-quality and consistent application of the accounting standards .......

    News Round-up 27 July 2016

  • Benchmark beginnings

    Positive reception for debut device payment ABS

    Verizon's debut securitisation of device payment plan agreements (DPPAs) earlier this month marked the successful launch of a new asset class, which has the potential to become an on-the-run benchmark consumer ABS sector. Heavy oversubscription of the US$1.69bn transaction - dubbed Verizon Owner Trust 2016-1 - and a tight print, together with rising handset receivables volumes, are expected to entice .......

    News Analysis 27 July 2016

  • US CLOs to be tested

    The US CLO secondary market is continuing to rally, but will be tested by a busy BWIC schedule today.

    "The market's still running up significantly, but there is also a sense of caution at the same time," says one trader. "This wariness is directed towards the potential for a catalyst to suddenly disrupt tightening. Hence, there is also an element .......

    SCIWire 26 July 2016

  • MSR portfolio sold

    First South Bank has purchased a US$84.6m mortgage servicing rights portfolio from Freddie Mac and Fannie Mae. The portfolio comprises 452 high quality loans based in North Carolina. The purchase increases First South Bank's MSR book to approximately US$2.8m and also brings its total balance of mortgage loans serviced for others to approximately US$376.9m.

    .......

    News Round-up 26 July 2016
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