Complete news archive

  • Portfolio solutions head poached

    Federico Montero has joined Evercore's investment banking business in London as an md, leading its European real estate portfolio solutions team. The team will focus on providing independent advice in relation to the sale of non-core loan portfolios secured by commercial real estate, along with related debt advisory opportunities.

    In his new role, Montero will work closely with Evercore's financial .......

    Job Swaps 5 July 2016

  • Secondary markets advisors sought

    ESMA has published a call for candidates to form a consultative working group (CWG) for its secondary markets standing committee (SMSC). The two-year term of the existing CWG will expire shortly.

    The CWG mainly advises and assists the SMSC on technical standards to be submitted to the European Commission and on guidelines, Q&As and other guidance in relation to relevant .......

    Job Swaps 5 July 2016

  • BBC-linked CMBS downgraded

    Fitch has downgraded the class A notes of Juturna (European Loan Conduit No. 16) and Pacific Quay Finance to single-A plus from double-A minus, with a negative outlook. The action follows a change in the agency's view of the credit quality of the BBC, which is the sole tenant of the underlying properties.

    The affected CMBS are fully amortising sale .......

    News Round-up 5 July 2016

  • Big appetite

    ABS investors hungry for more deals

    While political developments on the other side of the Atlantic may have increased risk, US ABS still provides ample opportunities to invest. Gross ABS issuance is up to almost US$90bn for the year so far, as investor demand remains high.

    ABS spread widening in the immediate aftermath of the UK's EU referendum result was only modest and Wells Fargo structured .......

    News Analysis 5 July 2016

  • GSE NPL programmes 'favourable'

    The US FHFA has released its first report covering the progress and results from Fannie Mae and Freddie Mac's NPL sales programmes. As of the end of May, the GSEs have sold over a combined 41,600 NPLs with a total unpaid principal balance of US$8.5bn.

    The NPLs had an average delinquency of 3.4 years and an average current LTV ratio .......

    News Round-up 4 July 2016

  • Portugal Telecom bankruptcy called

    ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a bankruptcy credit event occurred in respect of Portugal Telecom International Finance. An auction will be held in due course in respect of outstanding CDS trades referencing the entity.

    The move follows Portugal Telecom parent Oi's filing on 20 June of a request for judicial reorganisation with the Court of the .......

    News Round-up 4 July 2016

  • Multifamily lender acquired

    Cornerstone Real Estate Advisers is set to buy Ares' agency lending subsidiary, ACRE Capital, for US$93m. The acquisition could close as early as this quarter, which would expand Cornerstone's commercial loan origination platform and double the size of its multifamily loan portfolio from US$5bn to US$10bn.

    ACRE Capital originates and services multifamily residential mortgage loans, senior housing and healthcare facility .......

    Job Swaps 4 July 2016

  • Florida NPLs sold

    Freddie Mac is continuing its bulk offloading of NPLs, with its latest auction seeing it sell a combined US$43.7m across 189 deeply delinquent loans. The loans were spread across two separate pools, both of which had Community Loan Fund of New Jersey as the winning bidder.

    The loans have been delinquent for almost five years, on average. Mortgages that were previously modified and .......

    News Round-up 4 July 2016

  • International expansion eyed

    Tikehau Capital has completed two share capital increases of €510m and signed up two new institutional investors as shareholders of its holding company. These transactions will provide the group with additional resources to develop its global strategy and accelerate its international expansion.

    Through a €94m capital increase, Tikehau Capital Advisors (TCA) has gained new shareholders Temasek and FFP (the listed .......

    Job Swaps 4 July 2016

  • CLO pay-downs drop

    The number of CLOs paid down in JPMorgan's CLO index (CLOIE) since the May rebalance through 30 June was US$1.45bn in par outstanding, down from US$3.83bn the previous month. This was split between US$790m and US$650m of pre-crisis and post-crisis CLOs respectively.

    The post-crisis CLOIE saw US$6.1bn added across 100 tranches from 18 deals at the June rebalance. However, CLOIE .......

    News Round-up 4 July 2016

  • RFC issued on IO clarification

    Moody's is seeking comment on a proposed clarification to the methodology it uses to rate interest-only (IO) securities regarding when ratings will be withdrawn. If the content of this RFC is adopted as proposed, the agency would withdraw the ratings of approximately 35 US CMBS IO classes that have reference principal balances of zero, since the debt-like obligation associated with .......

    News Round-up 4 July 2016

  • SCI Start the Week - 4 July

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

    Pipeline
    Additions to the pipeline were limited once again last week, although two large Chinese deals added variety. The week's three ABS were CNY3bn Driver China Four Trust, US$340.5m Engenium Capital Equipment Dollar Trust and US$1.169bn Verizon Owner Trust 2016-1, while the only RMBS was CNY3.8bn Jiamei 2016-1 and the sole CLO was €359m Accunia European CLO I.

    Pricings
    There .......

    News 4 July 2016

  • Derivatives notionals up

    Trading revenue of US commercial banks and savings associations rose to US$5.8bn in 1Q16, from US$4.3bn in the previous quarter, according to the OCC. The notional amount of derivatives held by insured US commercial banks increased by US$12trn during the quarter to US$192.9trn, primarily due to growth in interest rate notionals.

    The OCC's latest 'Quarterly Report on Bank Trading and .......

    News Round-up 4 July 2016

  • Countrywide cash benefits 'broad'

    Holders of 512 legacy Countrywide deals receiving allocated shares of US$7.7bn in settlement proceeds are not the only beneficiaries of that settlement, say Morgan Stanley analysts. The massive paydown has also put many more bondholders into better positions in terms of credit enhancement and outstanding principal balance.

    By the terms of the Countrywide settlement agreement, once investors have received their .......

    News 1 July 2016

  • UK CLO exposure examined

    Morgan Stanley figures show that UK exposures account for 13.7% of European CLO 2.0 collateral. Variation among portfolios and managers is apparent, with the 25th-percentile deal exposure to the UK at 10.3% and the 75th-percentile deal exposure at 16.4%.

    A Brexit-related recession would increase the risk of performance deterioration across the sector, although any negative impacts should be mitigated by .......

    News 1 July 2016

  • Brexit MSR impact weighed

    The UK's vote to leave the EU last week could hurt valuations for some US residential mortgage servicers, says Fitch. The agency expects US mortgage rates to drop in the fall-out from the Brexit decision, which comes after mortgage servicer right (MSR) valuations already declined in 1Q16.

    MSR-holding entities with portfolios more exposed to interest rate movements are expected to .......

    News Round-up 1 July 2016

  • UK sovereign-linked deals downgraded

    Fitch has downgraded 18 tranches, and placed another two on rating watch negative, from six transactions which are credit-linked or have significant direct credit exposure to the UK sovereign. The rating actions follow the downgrade of the country's long-term issuer default rating to double-A earlier this week.

    Annington Finance No.1 and Sceptre Funding No.1 rely entirely on rental payments from .......

    News Round-up 1 July 2016

  • JQH exposure eyed

    Last Sunday's John Q Hammons Hotels & Resorts bankruptcy protection filing is being closely monitored by Kroll Bond Rating Agency. The rating agency has identified five loans across 10 CMBS with an aggregate balance of US$690m that are impacted by the filing.

    Kroll rates four of the 10 securitisations. No ratings are being put on watch at this time.

    The .......

    News Round-up 1 July 2016

  • ESMA reviews harmonisation issues

    ESMA has released a peer review which pinpoints areas for greater EU harmonisation among national securities regulators. The review notes that regulators are sufficiently resourced and have approved prospectuses within legal deadlines, but suggests further convergences would be beneficial.

    The review, covered between January 2013 and December 2014, found that prospectuses have been seen as often complex and difficult to .......

    News Round-up 1 July 2016

  • Freddie hits ACIS milestone

    Freddie Mac has recorded its largest purchase to date under its Agency Credit Insurance Structure programme, obtaining three policies that provide up to a combined maximum limit of US$788m for losses on single-family loans. The policies transfer much of the remaining credit risk associated with the GSE's three STACR issuances this year, STACR 2016-DNA2, STACR 2016-HQA2 and STACR 2016-DNA3.

    These transactions transfer a .......

    News Round-up 1 July 2016

  • Chinese RMBS announced

    Postal Savings Bank of China (PSB) is prepping a RMB3.82bn RMBS called Jiamei 2016-1. The transaction is backed by 9,441 first-ranking Chinese full-documentation mortgage loans with a weighted average loan-to-value ratio of 57.8%.

    Fitch has assigned expected ratings to the deal, which comprises: RMB500m single-A plus rated class A1 notes; RMB900m single-A plus class A2s; RMB1.91bn single-A plus class A3s; .......

    News Round-up 1 July 2016
×