Complete news archive

  • Placed issuance up

    €74.5bn of securitised product was issued in Europe in 2Q16, according to AFME's latest data snapshot. This represents an increase of 30.9% from 1Q16 (€56.9bn) and an increase of 49.3% from 2Q15 (€49.9bn).

    Of this volume, €29.1bn was publicly placed (representing 39.1%), compared to €14.3bn placed in 1Q16 (representing 25.1% of that quarter's total) and €28.4bn placed in 2Q15 (56.9%). .......

    News Round-up 22 July 2016

  • Ratings status clarified

    PREPA has disclosed that it has not yet initiated the formal rating process for its new securitisation bonds, clarifying that none of the rating agencies have denied or rejected any request for a rating of such bonds. The move is in response to recent media reports that suggest rating agencies have declined to assign the restructuring bonds a high credit .......

    News Round-up 22 July 2016

  • US CLOs rolling on

    The US CLO secondary market is maintaining its momentum, particularly in the middle of the stack.

    "It's been a very fast, one-way express since Brexit," says one trader. "The rally has been particularly strong in mezzanine."

    Spreads among short-dated, top tier mezz names have benefitted the most from the positive sentiment, the trader adds. "Double-Bs have spiked, and we are .......

    SCIWire 21 July 2016

  • Negative coupon impact examined

    About 190 rated European RMBS and ABS tranches had coupons at negative levels, as of 1Q16, Moody's reports. Almost half of these tranches are concentrated in Spain, while RMBS accounts for 80% of them.

    Moody's estimates that by year-end, the number of rated RMBS and ABS tranches with negative coupons may increase to about 550 tranches. "The immediate impact has .......

    News Round-up 21 July 2016

  • Transaction head hired

    CBRE has recruited Vishnu Reddy as a senior director and head of transaction management within its capital advisors' debt and structured finance team. In the role, Reddy will focus on coordinating deal execution, as well as utilising previous experience to provide a legal function for supporting clients. He joins from BNP Paribas, where he was a real estate loan portfolio .......

    Job Swaps 21 July 2016

  • PACE insurance gets green light

    The US FHA says it will now insure mortgages on certain properties that are subject to PACE assessments. The move is a boon to this growing sector of the US ABS market, which has already hit the billion dollar mark through a number of new deals this year (SCI passim).

    Under new guidelines, the FHA has agreed to approve purchase and .......

    News Round-up 21 July 2016

  • CBL-linked liquidation highlighted

    One of LBUBS 2006-C6's more storied assets, the Chapel Hill Mall (accounting for 5.7% of the pool), has been sold after being REO for nearly two years. The liquidation is the first of several anticipated dispositions linked to sponsor CBL & Associates Properties, including several specially-serviced loans in LBUBS 2006-C6, according to KBRA.

    Kohan Retail Investment Group reportedly acquired the .......

    News Round-up 21 July 2016

  • Tortoise assists management buyout

    Tortoise Credit Strategies has assisted key Bradford & Marzec employees in completing a management buyout and has been confirmed as the successor manager of B&M CLO 2014-1. The investment decision process and core investment team at Bradford & Marzec will remain the same.

    Bradford & Marzec employees and management now own around 37% of the firm, with Tortoise investments holding .......

    Job Swaps 21 July 2016

  • TICC rotates loan strategy

    TICC Capital says it shifted US$59.1m of first and second lien syndicated corporate loans in 2Q16 as part of its strategy to rotate to higher yielding, less liquid loans that can be held on a less levered basis. The loans were reduced by a combination of sales and repayments, at an average price of 100.2% of par and a weighted average yield estimated .......

    News Round-up 21 July 2016

  • CDS commitments accepted

    The European Commission (EC) has accepted commitments by ISDA and IHS Markit on CDS licensing (SCI 29 April). The EC had previously raised competition concerns relating to the licensing of intellectual property that is needed to offer trading services.

    The EC's concerns related to the final price, which is used to value CDS if there is a default and over .......

    News Round-up 21 July 2016

  • Deal agents to benefit weaker RMBS

    The inclusion of deal agents is credit positive for future US RMBS transactions, Moody's says. Deal agents should strengthen the integrity and servicing quality of all transactions, but deals with weak collateral will benefit the most.

    Under the Private Label Securitization (PLS) Initiative working group's proposal, deal agents would have a broader role and higher standard of care than other .......

    News Round-up 21 July 2016

  • Volume growing

    ABS issuance heading up Down Under

    Australian primary ABS issuance has climbed steadily since 2008 - with a brief dip in 2012, when banks favoured covered bond issuance - and despite a slow start to 2016, this year is also expected to yield a healthy total. Full-year volume is predicted to reach A$20bn, with even more issuance likely in the future as the regulatory environment settles .......

    News Analysis 21 July 2016

  • Ralph Lauren exposure gauged

    Ralph Lauren last month announced plans to restructure, including the closure of about 50 of its retail locations. The firm has not yet disclosed which stores will be affected, but Morningstar Credit Ratings has identified 30 US CMBS loans - with an allocated balance of US$1.44bn - with exposure to Ralph Lauren brands.

    The firm's retail space totals more than 20% .......

    News 21 July 2016

  • Euro secondary firm

    Spreads across the European securitisation secondary market are remaining firm.

    Wider market positivity is feeding in to European ABS/MBS and generating improving market sentiment. While activity remains sporadic with volumes varying significantly from session to session spreads are flat to slightly tighter across the board this week so far.

    In CLOs, limited supply is continuing to support spreads across the .......

    SCIWire 21 July 2016

  • Granite sale examined

    The UK National Audit Office (NAO) has praised the British government for its £13.3bn sale of Northern Rock assets late last year to Cerberus, describing it as "value for money". The disposal of the assets in November 2015 was the government's largest ever financial asset sale.

    The sale, which was conducted by UK Asset Resolution (UKAR), comprised of £11.9bn of mortgages .......

    News Round-up 20 July 2016

  • ILS lawyer joins Chicago office

    Drinker Biddle & Reath has appointed a new member to its corporate and securities group. The law firm has added structured insurance specialist Jay Kallas to its Chicago office.

    Kallas has more than 15 years of experience and was most recently corporate counsel for Allstate in its investments and business transactions department. While at Allstate, one of his key areas .......

    Job Swaps 20 July 2016

  • Commercial ABS team boosted

    KBRA has hired Xilun Chen to the role of senior director within its commercial ABS group, reporting to Anthony Nocera, md and head of Commercial ABS. Chen's focus will include contributions to the rating of whole business securitisations, aviation, container, PACE, solar and other transportation leasing assets. 

    Chen joins from S&P, where he focused on various esoteric ABS assets. Prior .......

    Job Swaps 20 July 2016

  • Trups CDO deferrals dip

    The number of US bank Trups CDOs combined defaults and deferrals decreased from 16.6% at the end of May 2016 to 15.6% at the end of June 2016, according to Fitch's latest index results for the sector. Most of this decline was due to new cures, although 0.3% is accounted for by Fitch ceasing to rate the collateral of one .......

    News Round-up 20 July 2016

  • Spanish full-recourse eyed

    Conditions that guarantee the payment of a Spanish mortgage loan if the sale of the property at auction yields an amount that is lower than the outstanding debt are being weakened, according to Moody's. However, the rating agency says that the full-recourse feature of the Spanish market remains strong.

    "Our loss assumptions for Spanish residential mortgages heavily rely on full .......

    News Round-up 20 July 2016

  • Aussie merger agreed

    Homeloans has entered into a scheme implementation agreement (SIA) with RESIMAC, which provides for the implementation of a merger between the two Australian mortgage lenders and securitisers. Under the transaction, RESIMAC shareholders will receive all scrip consideration, through the issue of 285,380,042 new ordinary Homeloans shares. It is expected that upon completion, existing RESIMAC shareholders will hold 72.5% of the .......

    Job Swaps 20 July 2016

  • Clydesdale braves Brexit uncertainty

    Clydesdale is in the market with the UK's first post-Brexit vote RMBS. The Lanark 2016-1 transaction securitises Clydesdale and Yorkshire Bank Home Loans prime residential owner-occupied mortgages.

    The deal comprises a single tranche of class 1A sterling-denominated notes with expected triple-A ratings from Fitch, Moody's and S&P. Approximately £770m of new loans is expected be added to the master trust pool, .......

    News Round-up 20 July 2016
×