Complete news archive

  • 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

  • LatAm expansion inked

    DBRS has opened a new office in Mexico City as part of its ongoing global expansion program. The agency has named Salvador Cruz svp, country manager and head of business development for Mexico, and Luis Alvarez vp, global compliance officer and regulatory counsel for Mexico.

    Cruz began working at DBRS in early January 2016 and reports to Sean O'Connor, md, .......

    Job Swaps 1 July 2016

  • New York foreclosure boost

    New York Governor Andrew Cuomo last week signed a series of laws that could have a sweeping impact on the foreclosure process in the state of New York, according to Morgan Stanley RMBS strategists. In particular, the legislation establishes a pre-foreclosure duty to maintain on mortgagees and creates an expedited foreclosure process for vacant and abandoned houses.

    Under the new .......

    News 1 July 2016

  • Cross-border ABS prepped

    Engenium Capital is in the market with a cross-border Mexican equipment ABS. Dubbed Engenium Capital Equipment Dollar Trust, the US$340.5m single-tranche deal is backed by a revolving pool of equipment leases and loans originated in Mexico with the notes denominated in US dollars.

    S&P has assigned a preliminary triple-B plus rating to the notes due in 2026. The collateral pool .......

    News Round-up 1 July 2016

  • Freddie starts RPL sales

    Freddie Mac is offering its first structured sale of seasoned loans by offloading a US$199m pilot deal from its mortgage-related investment portfolio. The collateral consists of option adjustable-rate mortgages or similarly originated loans that have since been modified under a HAMP or proprietary modification.

    The two-step process will first involve the sale upon the result of a competitive bidding process, subject .......

    News Round-up 30 June 2016

  • Rating agency increases reach

    Scope Corporation is set to acquire FERI EuroRating Services, effective from the start of August. The firm intends to establish itself as the European alternative to the US rating agencies.

    Scope Group intends to spread its business across three areas under Scope Corporation. Scope Ratings will be responsible for all credit rating activities; Scope Analysis will be in charge of .......

    Job Swaps 30 June 2016

  • Acorn Re notes affirmed

    Fitch has affirmed Acorn Re Series 2015-1's US$300m class A notes at double-B. The rating agency believes the notes and indirect counterparties are performing as required and adds that there have been no reported early redemption notices or events of default, nor have there been any reported covered events within the risk period.

    The notes, which provide reinsurance protection to .......

    News Round-up 30 June 2016

  • RFC issued on front-end CRTs

    The US FHFA is seeking input in response to two new reports it has released on Fannie Mae and Freddie Mac's credit risk transfer (CRT) programmes. One of the reports sheds further light on single-family CRTs, in an attempt to assist the GSEs in their analysis of front-end transactions.

    The document seeks feedback from stakeholders on specific proposals to adopt additional .......

    News Round-up 30 June 2016

  • CMBS liquidations move up

    US CMBS liquidation volume was below the 12-month average in June, according to Trepp. Disposition activity reached US$809.3m for the month, which is below the US$902.9m average but up from US$501.5m in April and US$854.5m in May.

    The average loan size liquidated also dropped to US$10.1m across 80 loans, below the US$13.4m average figure over the past 12 months. In addition, seven loans worth .......

    News Round-up 30 June 2016

  • Damage control

    Brexit hits European ABS recovery, capital markets reform

    The UK's vote to leave the EU has caused untold damage to the recovery of the European securitisation market. Not only will issuance volumes suffer, but reform of the European capital markets via the CMU has also been set back significantly - both of which could limit the role that securitisation can play in economic regeneration and the reshaping of .......

    News Analysis 30 June 2016

  • Reclassification challenges outlined

    A number of financial institutions have reclassified their structured finance books in accordance with IFRS 9, in order to carry out parallel runs in 2017. Although the formal implementation of IFRS 9 is not due until 2018, firms hope that the early implementation of infrastructure and audit trails may eliminate capital management and volatility of provisioning risks, which are more .......

    News 30 June 2016

  • US CLOs rebounding

    The US CLO secondary market has begun rebounding in the past few sessions after the caution seen immediately following the UK referendum result.

    "The vote brought with it a lot of unknowns obviously, but we have seen some good volume over the last couple of days," says one trader. "Double-Bs had a couple of good names in for the bid .......

    SCIWire 30 June 2016

  • Euro ABS/MBS normalising

    European ABS and MBS have been quick to shrug off Brexit worries, with activity building up again this week and more BWICs scheduled for today.

    "The market seems to be over the shock of last week. There was a drop on Friday morning but things started trading again on Tuesday and yesterday was pretty much back to normal," says one .......

    SCIWire 30 June 2016

  • Recruitment rocked

    Brexit compounding ABS hiring issues

    The recruitment outlook for structured finance took a potentially big blow when the UK decided to leave the EU last week in its referendum vote. With hiring activity already at a moribund pace this year, concerns about immigration limits and capital outflows are weighing further on human resources both in Europe and the US.

    The surprise Brexit result sent shockwaves .......

    News Analysis 30 June 2016

  • Credible values

    AIFMs evaluate Brexit implications

    Alternative investment fund managers (AIFMs) are facing a number of uncertainties following the UK's vote to leave the EU. Their immediate attention will be focused on how to reflect the Brexit result in tomorrow's mid-year valuation reports. Longer term, UK-domiciled managers will be evaluating the prospects of relocating operations to a country within the EU.

    Last Friday's referendum result has .......

    News Analysis 29 June 2016

  • Settlement reinvestment options weighed

    Current holders of non-agency RMBS from 512 Countrywide deals have finally received almost US$8bn in cash payments, five years after the original settlement (SCI passim). As investors look to put the cash back to work, Morgan Stanley analysts believe other securitised products would make a natural destination for reinvestment.

    The Countrywide settlement covers breaches of certain representations and warranties as .......

    News 29 June 2016

  • Barclays boosts credit team

    Barclays has recruited Michael Khouri as md and a member of its credit trading team in London. He will join the bank in late September and report to Dan Friedman, head of European high yield and distressed credit trading.

    Khouri previously held various senior roles at Morgan Stanley, most recently as head of European distressed trading and global risk. He has also .......

    Job Swaps 29 June 2016

  • Debut cell phone deal nears

    Fitch has assigned preliminary ratings to the first securitisation to be backed by cell phone contracts in the US. At the top of the capital structure, the US$1bn of class A notes in Verizon Owner Trust 2016-1 have been assigned an expected triple-A rating.

    The deal also comprises US$84.52m double-A rated class B notes and US$84.51m single-A class Cs. S&P is also expected .......

    News Round-up 29 June 2016

  • Solar value proposition discussed

    KBRA says that the phenomenal recent growth of distributed solar photovoltaic (PV) generation in the US is largely due to the increasing affordability of solar - with PV systems now priced at approximately US$3.5/watt, a reduction of more than 50% in the past five years - and solar developers offering creative financing mechanisms, such as power purchase agreements (PPAs) and .......

    News Round-up 29 June 2016

  • Energy expert picked up

    Crédit Agricole has appointed Gerard Vincitore as md in its structured finance advisory group for the Americas. He joins as part of the bank's larger corporate and investment banking arm, where he will head up advisory activities in the North American power and utilities sector and be involved in specific energy-related transactions in the Americas.

    Prior to joining the bank, .......

    Job Swaps 29 June 2016

  • Exchange offer launched

    Markit has commenced an offer to exchange any and all of the outstanding US$750m aggregate principal amount of 5.000% Senior Notes due 2022 issued by IHS for up to an aggregate principal amount of US$750m of new 5.000% Senior Notes due 2022 to be issued by Markit and cash. For each US$1,000 principal amount of existing IHS notes tendered, eligible .......

    Job Swaps 29 June 2016
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