Complete news archive

  • RMBS downgraded on correction

    Moody's has downgraded the rating of the Navigator Mortgage Finance No. 1 €10m class C notes from Ba1 to Ba2. The move reflects the correction of an assumption in the cashflow modelling for the Portuguese RMBS deal, as well as a reassessment of the mitigating factors in relation to counterparty risk.

    In its last rating action on the deal in .......

    News Round-up 24 June 2016

  • LatAm partnership agreed

    Numerix has partnered with Mexico's Proveedor Integral de Precios (PiP), the leading independent price provider in Latin America. Numerix will enrich the PiP Analytics service platform with risk sensitivities, market risk factors, credit and counterparty risk factors, and performance attributions, including CVA, PFE, DVA, DV01 and VaR. The new analytics platform provided by PiP offers real-time analytical services that allow .......

    Job Swaps 23 June 2016

  • PACE, solar deals come to fore

    The US solar and PACE ABS market has been busy this week, led by Spruce Finance bringing the largest deal so far to encompass unsecured residential energy efficiency loans and retail instalment contracts. The US$83.78m dual-tranche Spruce ABS Trust 2016-E1 received investment grade ratings from Kroll Bond Rating Agency.

    The class A notes were assigned a single-A rating by the agency. The .......

    News Round-up 23 June 2016

  • CRE 'storm' predicted

    US commercial real estate (CRE) prices could drop as much as 5% over the next 12 months, according to a new PIMCO report. The price decline could come from a confluence of factors, including volatility in public markets, tightened regulations, maturing loans and uncertain foreign capital flows - a number of which tie into the performance of CMBS.

    The report notes .......

    News Round-up 23 June 2016

  • Norske auction settled

    Yesterday's CDS auction for Norske Skogindustrier ASA comprised four buckets, with 10 dealers submitting initial markets, physical settlement requests and limit orders to settle trades across the market referencing the entity. An auction in respect of Bucket 1 was not held, following the repayment of the €150m 11.75% senior unsecured notes due 2016 (SCI 17 June), and the final price .......

    News Round-up 23 June 2016

  • Second successor manager selected

    The holders of a majority of the controlling class of Gramercy Real Estate CDO 2007-1 have selected C-III Investment Management as successor collateral manager. Should any noteholders wish to object to the appointment, they are requested to notify the trustee in writing by 21 July.

    Dock Street Capital Management had previously been put forward as successor collateral manager (SCI 19 .......

    Job Swaps 23 June 2016

  • Anchor investment proposed

    The IFC has disclosed that it is considering becoming an anchor investor in United Asia Loan Funding, the Asia-Pacific CLO co-managed by UOB Asset Management and SC Lowy Asset Management (SCI 2 March). The transaction will securitise primarily Asian emerging market loans that were originated by both global and regional banks.

    United Asia Loan Funding is expected to be sized .......

    News Round-up 23 June 2016

  • Risk model proposals criticised

    The GFMA, ISDA, IACPM and JFMC have issued a joint response to the Basel Committee's consultation on reducing variation in credit risk weighted assets and the constraints on internal model approaches. The response warns that the proposals are the "most significant conceptual change to the capital framework since the advent of Basel 2" and would likely hurt the measurement and understanding of risk.

    News Round-up 23 June 2016

  • Marathon bolstered

    Blackstone Strategic Capital Holdings Fund has acquired a passive, minority interest in Marathon Asset Management. Concurrent with this transaction, Marathon partner and coo Andrew Rabinowitz has been elevated to president and coo.

    Additionally, Marathon senior md Vijay Srinivasan has assumed responsibility for overseeing global credit research. This position was formerly held by Richard Ronzetti, who has announced his retirement.

    Marathon .......

    Job Swaps 23 June 2016

  • Euro secondary settles down

    After a flurry of activity over the past two sessions the European securitisation secondary market has settled down today to await news from the UK EU referendum.

    Following a quiet Monday volumes picked over the next two days sparked by the increase in BWIC activity noted on Tuesday and continuing improvement in wider markets. Flows were relatively healthy yesterday too .......

    SCIWire 23 June 2016

  • Business development head hired

    Solutus has recruited Gareck Wilson from Brookland Partners in a senior role to develop its UK business as part of the firm's expansion plans. As head of business development, he brings diverse high-end experience gained across the real estate finance sector in the UK, Europe and internationally, including debt restructuring, corporate advisory, lending, securitisation and capital markets.

    In his previous .......

    Job Swaps 22 June 2016

  • Sufficient scrutiny?

    MPL verification enhancements sought

    The resignation of Lending Club ceo Renaud Laplanche and the subsequent disclosure of 'control deficiencies' at the platform shocked the marketplace lending sector. Investors have pulled back and getting them onside again is dependent on demonstrating that the market can be open and transparent.

    Lending Club has been a pioneer in marketplace lending ABS and was the first platform to .......

    News Analysis 22 June 2016

  • Stepping up

    Double boost for FFELP SLABS market

    Industry efforts to address the FFELP student loan ABS maturity issue have stepped up a gear with the launch of Nelnet's investor forum via the DealVector platform (SCI 17 June). The market received a further boost last week when Moody's released its updated FFELP student loan ABS methodology (SCI 15 June).

    DealVector now has the top two sponsors of FFELP .......

    News Analysis 22 June 2016

  • NPLs sold to repeat bidder

    Freddie Mac has sold its latest batch of NPLs, auctioning off an additional 2,879 in deeply delinquent loans. Previous successful bidder, Lone Star Funds 9 Mortgage Holdings, was successful in picking up four of the five pools this time around - at US$516.6m worth of loans - while Upland Mortgage Acquisition acquired the remaining US$189.7m pool.

    Three of the pools .......

    News Round-up 22 June 2016

  • US CLOs cautious

    The US CLO secondary market is in cautious mood ahead of the UK EU referendum.

    "There's been a number of investors pulling out or showing some hesitancy until they see the decision of the vote," says one trader. "Things should pick up a little bit afterwards though."

    The market is also still experiencing tiering, the trader adds. "There's a more .......

    SCIWire 21 June 2016

  • MPL webinar scheduled

    SCI is hosting a complimentary webinar exploring how the marketplace lending sector is responding to recent developments. The event is being held at 7pm UK time on 23 June, but will also be available to download from the SCI website afterwards.

    The webinar will cover questions raised by Lending Club's recent difficulties, not least the importance of thorough .......

    News Round-up 21 June 2016

  • Cracks emerging in US housing

    A robust housing market has not prevented a number of 'minor' cracks from opening up within US housing, reports Fitch. Rising interest rates, demographics and employment growth point to a positive 2H16 and start to 2017, but challenges for the housing recovery include ongoing labour shortages and the potential for it to become more widespread. 

    Fitch believes that current trends have created a .......

    News Round-up 21 June 2016

  • Atrato boosts research expertise

    Atrato Advisors has hired Andy Vantine to lead its credit and event-driven strategy research, reporting to the company's director of research, Michael Boensch. Vantine had previously been co-director of research at Chi-Rho Financial.

    Alongside Vantine's appointment, Atrato head of operational due diligence, Danny Santos, has assumed the additional role of chief compliance officer. Further, analyst Maria Razaq will move into .......

    Job Swaps 21 June 2016

  • Pillarstone brings in trio

    Pillarstone has made three new hires as part of its continued European push. The appointments are Jonathan Conway and Pablo Crespo as partners, and Michele Sabatini as director.

    Conway joins following his role for Barclays as EMEA head of restructuring and EMEA head of CRE and debt for equity. Meanwhile, Crespo arrives as a former director for AnaCap, while Sabatini .......

    Job Swaps 21 June 2016

  • Opportunities fund closes

    Asset manager Hamilton Lane has closed the Hamilton Lane Strategic Opportunities Fund 2016, which represents more than US$210m in limited partner commitments, exceeding the initial US$150m target. The fund is focused on making credit-orientated investments with consistent cash yield.

    The fund consists of new and existing Hamilton Lane investors from around the world, including insurance companies, Taft-Hartley pension plans, endowments .......

    News Round-up 21 June 2016

  • ABL role for British Steel purchase

    Funds advised by Greybull Capital have completed the acquisition of British Steel's long products business from Tata Steel. AlixPartners Corporate Finance managed the debt raising process, in which a £150m multi-asset asset-based lending (ABL) facility was provided by PNC Business Credit.

    .......

    News Round-up 21 June 2016
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