Complete news archive

  • 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

  • US CMBS supply surges

    The US CMBS market came to life last week, as a high volume of bid-list paper made the rounds. Activity is expected to remain healthy this week.

    "BWIC volume came close to US$4bn last week for investment grade paper alone, with another US$1.5bn or so of below-investment grade paper. Typically we have been seeing around US$2.5bn of investment grade per .......

    SCIWire 19 July 2016

  • Fragile China

    NPL deals expose country's wider debt issues

    Non-performing loan securitisations ended an eight-year hiatus in China in late May when Bank of China (BOC) and China Merchants Bank (CMB) both issued new deals. Both transactions have been deemed a success by market participants, but also highlight profound, underlying fears around the economy's exposure to poor quality loans.

    Chinese authorities have this year amped up their push towards .......

    News Analysis 19 July 2016

  • Alternative investment firm reshuffles

    Kayne Anderson Capital Advisors has appointed Mike Levitt as ceo, effective immediately. It has also promoted Bob Sinnott from president and ceo to co-chairman, alongside founder Ric Kayne.

    Levitt will be based in Los Angeles and will join Sinnott and Kayne as part of the firm's executive management team. He was previously at Apollo Credit Management and founded alternative investment .......

    Job Swaps 19 July 2016

  • Counterparty criteria updated

    Fitch has revised its counterparty criteria for structured finance and covered bonds. The agency says that the changes will have a positive rating impact on up to 10 tranches across nine structured finance transactions globally and a negative impact on one tranche of an Australian ABS transaction. Two covered bond programmes could also potentially be positively impacted by the changes.

    .......

    News Round-up 19 July 2016

  • RMBS originator pays to settle

    Syncora Guarantee has settled a dispute with an originator of an RMBS for a cash payment of US$40m. The dispute concerned an insured RMBS-related transaction which was not the subject of litigation.

    The settlement is expected to increase Syncora Holdings' GAAP net income and shareholders' equity by US$40m and is expected to have the same effect on Syncora Guarantee's statutory-basis .......

    News Round-up 19 July 2016

  • CLO relative value highlighted

    Respondents to JPMorgan's latest quarterly client survey view CLO relative value as more compelling than other asset classes this quarter, compared to the 2Q16 survey. Spreads have tightened, but yield compression in broader markets likely explains this result, according to CLO strategists at the bank.

    Survey respondents were also asked to assess appropriate pricing for top-tier, mid-tier and lower-tier managers .......

    News Round-up 19 July 2016

  • Sales and trading head tapped

    Mizuho Americas has brought in Thomas Hartnett as senior md and head of fixed income sales and trading. In this role, Hartnett will lead Mizuho's US execution and distribution capabilities for clients across all fixed income asset classes, including securitised products, high yield credit, investment grade and emerging markets.

    He will also be tasked with driving product initiatives deemed critical to .......

    Job Swaps 19 July 2016

  • Puerto Rico credit event called

    ISDA's Americas Credit Derivatives Determinations Committee has resolved that a failure to pay credit event occurred in respect of the Commonwealth of Puerto Rico. The move follows Governor Alejandro Garcia Padilla's triggering of a moratorium in connection with US$911m of bond payments that were due.

    The DC had previously met a number of times to consider whether the obligations of .......

    News Round-up 19 July 2016

  • Euro CLOs sporadic

    Activity in the European CLO secondary market is sporadic in terms of volume and types of participant.

    "Activity is fairly strong, but it feels dealer led," says one trader. "2.0s are changing hands at quite high levels and seems like they will tighten further - so dealers are trying to get ahead of the market and position themselves now."

    However, .......

    SCIWire 19 July 2016

  • CDQ development

    Originator consolidation to drive issuance up?

    The €1.47bn Towers CQ transaction, which closed last month, is the first Italian salary assignment loan ABS to be publicly placed in over a year. However, originator consolidation could spur increased volumes in the sector going forward.

    The Cessione del Quinto (CDQ)/Delegazione di Pagamento (DP) business was historically considered 'street' lending and run outside of banks. But, through the intervention .......

    News Analysis 18 July 2016

  • Weighing it up

    European ABS offerings, future in the balance

    The European secondary ABS value proposition is changing. Increasingly, credit is not investors' primary concern as relative value considerations come to the fore, while potential future developments continue to weigh on traders' minds.

    "The market is moving to an investor base that cares much more about relative value, in which case, investors must take a holistic view across asset classes .......

    News Analysis 18 July 2016

  • SCI Start the Week - 18 July

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

    Pipeline
    Last week's pipeline additions included a decent mix of MBS names. In the end there were six new ABS, three RMBS, three CMBS and two CLOs added.

    The ABS were: €700m BBVA Consumo 8; US$318.5m CPS Auto Receivables Trust 2016-C; US$785m Ford Credit Floorplan Master Owner Trust A Series 2016-3; US$156.863m Ford Credit Floorplan Master Owner Trust A .......

    News 18 July 2016

  • CRE CDO switches jurisdiction

    All membership interests in the DivCore CLO 2013-1 CRE CDO, together with the issuer's ordinary and preferred shares are set to be transferred from DivCore Sub Debt Club I REIT Holding to a newly established entity, LoanCore Capital Credit REIT (LCC REIT). Moody's notes that the move will not cause it to downgrade or withdraw its ratings on the notes.

    News Round-up 18 July 2016

  • Foreign demand to drive Indian ABS

    Recent growth in the Indian securitisation market is primarily driven by the Reserve Bank of India's (RBI) policy of priority sector lending, according to S&P. Foreign banks' demand for pass-through certificate (PTC) securitisations is, in turn, partly due to their need to meet new priority sector lending targets. As the country's securitisation market builds a reputation and develops a history .......

    News Round-up 18 July 2016

  • Investment chief replaced

    Peter Schmidt-Fellner is retiring as cio and a director of NewStar Financial, but will remain involved with the firm as an external advisor to its investment committee and risk policy committee. He was a founding member of the firm and has held the role of cio since NewStar's inception in 2004. The board will be reduced in size by one .......

    Job Swaps 18 July 2016

  • FNMA completes NPL sale

    Fannie Mae has completed its sixth NPL sale, this time consisting of around 9,300 loans totalling US$1.5bn in unpaid principal balance, divided among six pools. The winning bidders are LSF9 Mortgage Holdings and PRMF Acquisition, with each submitting winning bids for three pools.

    The loan pools consist of Group 1 and Group 2 pools. The Group 1 pools have an .......

    News Round-up 15 July 2016

  • Risk expert tapped

    Andrew Davidson & Co has recruited Richard Cooperstein to lead its risk model management. The firm says it will look to utilise his background in developing and implementing investment strategies for structured credit risk, mortgage insurance, financial guarantees and servicing rights with credit risk content.

    Cooperstein was previously treasurer and vp of pricing and asset acquisitions at Ocwen Mortgage Servicing. .......

    Job Swaps 15 July 2016

  • MPL ABS ratings confirmed

    Moody's has confirmed its rating of Ba3 on the class C notes issued by the Prosper-loan backed Citi Held for Asset Issuance (CHAI) 2015-PM1, 2015-PM2 and 2015-PM3 ABS deals. The rating agency had placed the notes on review for downgrade earlier this year due to concerns over an up-tick in delinquencies.

    Moody's has based its rating confirmations on the view .......

    News Round-up 15 July 2016

  • Debt, syndicate teams reshuffled

    CaixaBank has appointed Ainhoa Landa to head its debt capital markets business as part of a broader reorganisation of its debt and syndicate operations. Landa was formerly head of structured bonds syndicate, which will now be taken on by Lorenz Altenburg.

    Landa's appointment sees her replace Maria Castro, who has moved on to lead CaixaBank's funding team. In their new roles, Landa will .......

    Job Swaps 15 July 2016

  • Bail-in protocol launched

    ISDA has launched a new protocol to help market participants meet the EU Bank Recovery and Resolution Directive (BRRD) requirement. The ISDA 2016 Bail-in Article 55 BRRD Protocol will allow Dutch, French, German, Irish, Italian, Luxembourg, Spanish and UK entities to meet the requirements of Article 55 of BRRD.

    Article 55 obliges in-scope entities to include a contractual term in .......

    News Round-up 15 July 2016
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