Complete news archive

  • 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

  • US CLOs rejuvenated

    The US CLO secondary market is continuing to exhibit strong activity after a positive start to this week.

    "The last few days have been the busiest that I've experienced since the UK's EU referendum vote," says one trader. "There have been strong bids across the entire capital structure and we are finally seeing activity return to pre-Brexit levels."

    The market's .......

    SCIWire 14 July 2016

  • Manager replacement rejected

    A second successor collateral manager has been rejected by Gramercy Real Estate CDO 2007-1 noteholders. The controlling class had directed the issuer to appoint C-III Investment Management as successor manager (SCI 23 June), but sufficient objections to the appointment were received and certain collateral management agreement conditions weren't satisfied. As a result, the appointment of C-III will not occur.

    .......

    Job Swaps 14 July 2016

  • Corporate development team boosted

    Z Capital Group has recruited David DeMilt as md in its corporate development team. He will be based in the firm's New York office and is responsible for covering investors in North America.

    DeMilt was previously an svp in Oaktree Capital Management's marketing and client relations group, where he spent four years expanding limited partner relationships in both private equity .......

    Job Swaps 14 July 2016

  • Ownership change lifts ABS ratings

    Fitch has upgraded the Bosphorus Series 2015-A, 2015-B, 2015-C and 2015-D notes, as well as the Bosphorus Series 2012-B, 2012-C and 2012-D notes from triple-B plus to single-A minus. The upgrades are a result of originator Finansbank's ownership change.

    The Bosphorus transactions securitise diversified payment rights. These are payment orders processed by banks which can arise for a variety of .......

    News Round-up 14 July 2016

  • Step-up tranches refinanced

    Four US CLOs - ACAS CLO 2013-2, Carlyle Global Market Strategies CLO 2014-3 and Neuberger Berman CLO XII and XVI - have been refinanced over the last two weeks. None of the refinancings were plain vanilla, with three having been driven by the desire to refinance step-up tranches.

    The most plain vanilla of the refinancings was for Neuberger Berman CLO .......

    News 14 July 2016

  • CMBS defaults move up

    S&P's 12-month European CMBS loan maturity default rate moved up to 7.3% from 7% at the end of June. This coincides with a drop in the delinquency rate for continental European senior loans to 58.4% from 58.7%, while the rate for UK loans remained at 19.6% to end last month. On an overall basis, the senior loan delinquency rate decreased .......

    News Round-up 14 July 2016

  • Foreign aid ILS mooted

    London Market Group (LMG) has launched a white paper on an ILS solution for catastrophes in under-insured markets. It says the creation of a Foreign Aid catastrophe Bond (FAB) could provide a more cost-effective approach to catastrophe relief.

    "The idea behind the FAB is a joint initiative between the [UK] government and LMG to provide a cost-effective response to catastrophes .......

    News Round-up 14 July 2016

  • SEC adopts swap reporting rules

    The US SEC has adopted amendments and guidance related to rules regarding the regulatory reporting and public dissemination of security-based swap transactions. The new Regulation SBSR rules and guidance are designed to increase transparency.

    The final rules assign the reporting duties for platform-executed security-based swaps that will be submitted to clearing and for security-based swaps resulting from the clearing process. .......

    News Round-up 14 July 2016

  • SME joint initiative launches

    The European Investment Fund has teamed up with several national promotional institutions to launch the EIF-NPI Securitisation Initiative (ENSI). The initiative is a risk-sharing platform aimed at providing more funding to European SMEs via the capital markets.

    The ENSI partner institutions alongside the EIF are KfW, bpifrance, CDP, Malta Development Bank Working Group, IFD, ICO and BBB. The EIF says .......

    News Round-up 14 July 2016

  • Euro secondary stays light

    Flows in the European securitisation secondary market continue to be light though sentiment remains positive.

    "It's been pretty quiet in general with little end-user activity and BWICs few and far between," says one trader. "However, everyone for choice is still a better buyer and looking for assets."

    The trader continues: "As with wider credit the tone across ABS/MBS is strong. .......

    SCIWire 14 July 2016

  • Demica boosts origination team

    Demica is continuing to build out its origination team with the addition of three new members. Angel Blanco and Marc Wolf join as origination directors, while Enrique Jiminez becomes senior supply chain finance origination director. All three will report to Demica head of origination Tim Davies.

    Blanco is tasked with originating receivables finance, trade receivables securitisations and supply chain finance .......

    Job Swaps 13 July 2016

  • Citizens hires for SF push

    Citizens Bank has recruited Brent Hazzard as head of structured finance for its commercial banking business. He joins from GE Capital, where he led both the firm's restructuring and distressed debt initiatives.

    Citizens' structured finance group is focused on building relationships with large and mid-tier investment banks, distressed-focus private equity funds and other intermediaries to source senior secured financing opportunities .......

    Job Swaps 13 July 2016

  • ABL vet joins middle market firm

    Monroe Capital has hired asset-based lending veteran Marc Adelson as originations md. He will join Ben Marzouk and Lee Stern in the firm's New York office.

    Adelson has more than 30 years of experience providing financing to middle market companies. He was previously cco at Medallion Financial and president of its asset-based lending business. Before that, he was ceo and .......

    Job Swaps 13 July 2016

  • Clearing phase-in eyed

    ESMA has published a consultation paper proposing to change the phase-in period for central clearing of OTC derivatives applicable to financial counterparties with a limited volume of derivatives activity under EMIR. The authority proposes to amend EMIR's Delegated Regulations on the clearing obligation to prolong, by two years, the phase-in for Category 3 financial counterparties.

    The move aims to help .......

    News Round-up 13 July 2016

  • RFC issued on fleet approach

    Moody's is requesting comments on proposed changes to its methodology for rating ABS backed by rental cars and trucks. The agency expects the proposal to result in rating downgrades of up to one notch for some senior tranches in trusts with lower minimum depreciation rates and weaker historical fleet compositions, and rating upgrades of up to three notches for junior .......

    News Round-up 13 July 2016

  • Negative interest rates hit ETD deals

    Legacy securitisations of Spanish electricity tariff deficit (ETD) debt are effectively charging interest to noteholders in a negative interest rate environment, Moody's reports. In ETD securitisations with floating interest rate notes, the issuer chooses to deduct the interest payment from the value of the outstanding amount of the notes, while maintaining the pass-through payments to noteholders. As a result, the .......

    News Round-up 13 July 2016

  • Markit merger completed

    IHS and Markit have completed their merger to form IHS Markit (SCI passim). The firm begins trading today (13 July) on the Nasdaq Global Select Market under the trading symbol 'INFO'.

    The new 11-member board of directors for IHS Markit consists of: Dinyar Devitre, Ruann Ernst, William Ford, Balakrishnan Iyer, Robert Kelly, Deborah McWhinney, Jean-Paul Montupet, Richard Roedel, James Rosenthal, .......

    Job Swaps 13 July 2016

  • US CLOs confident

    The US CLO secondary market is exhibiting a more confident tone almost three weeks on from the destabilising effect of the Brexit vote.

    "High yield has been climbing every day lately and is now approaching 105 after being at 104 yesterday," says one trader. "That's reflective of the risk-on sentiment we're seeing right now."

    The trader adds that a number .......

    SCIWire 12 July 2016

  • Progress 2014-SFR1 to prepay

    Progress Residential plans to prepay the US$465.9m loan that serves as collateral for the Progress 2014-SFR1 securitisation, with the deal becoming the first single-asset single-family rental transaction to pay off in full as a result. The prepayment will be funded by a portion of the proceeds from the US$462.7m Progress 2016-SFR1 transaction that is currently marketing.

    Progress 2014-SFR1 is collateralised .......

    News Round-up 12 July 2016

  • Reputation management

    Side pocket pros and cons debated

    Side pockets are a portfolio management tool that can benefit both investors and managers alike. But having fallen from grace in the wake of the financial crisis, it is debatable whether they can regain their reputation as a viable liquidity management resource.

    A number of high-profile UK CRE funds were revalued and suspended trading last week as a result of .......

    News Analysis 12 July 2016
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