Complete news archive

  • 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

  • Multifamily supply ups risk

    While multifamily CMBS ratings should be unaffected, Fitch says that there is rising risk of class A overbuilding in some submarkets. The concentration of high-end construction in 12 metro areas is intensifying and new supply in the student housing sector continues to break records.

    The rating agency notes that the majority of new multifamily construction is concentrated in just 12 .......

    News Round-up 21 June 2016

  • Strategic initiatives fund launched

    DFG Investment Advisers has completed a US$100m first closing for a fund that will enable it to pursue strategic initiatives. The move follows the completion of its fourth CLO transaction - the US$406m Vibrant CLO IV - via Goldman Sachs (see SCI's new issue database).

    Volkan Kurtas, DFG's founder, comments: "The CLO management landscape is undergoing a sea .......

    News Round-up 21 June 2016

  • Valuations vendor acquired

    Markit is set to acquire Prism Valuation, a provider of independent valuation and risk analysis of derivatives and structured products. The acquisition will complement Markit's portfolio valuations service and enable the firm to offer customers enhanced coverage of complex OTC derivatives and structured OTC products. It will also expand Markit's customer base among regional banks and structured product issuers.

    The .......

    Job Swaps 21 June 2016

  • Asset finance targeted

    The British Business Bank has opened its enterprise finance guarantee (EFG) accreditation process for new lenders, including asset finance providers. The programme aims to increase the number and diversity of lenders offering EFG-supported borrowing facilities to smaller businesses.

    The re-opening of EFG lender accreditation is in response to one of the recommendations from the Enterprise Finance Guarantee Strategic and Operational .......

    News Round-up 21 June 2016

  • Interest deferral supports Spanish RMBS

    Performance among S&P-rated Spanish RMBS has improved over the past 24 months, with the agency's index for 4Q15 showing the lowest level of delinquencies since 1Q13. While a subset of 2006 and 2007 vintage transactions continue to show weak performance, interest-deferral trigger mechanisms are positively influencing the ratings on their senior notes.

    As of 4Q15, severe delinquencies among 2006 and .......

    News Round-up 21 June 2016

  • Euro secondary solid

    The European securitisation secondary market remains solid ahead of Thursday's UK EU referendum.

    Thanks to negligible activity due to the Barcelona conference all sectors were insulated against wider market volatility driven by Brexit fears last week. Improving broader sentiment on Friday and yesterday has left ABS/MBS secondary spreads largely unchanged on the previous week albeit on the back of very .......

    SCIWire 21 June 2016

  • Trading head switches to rival

    Mehdi Kasani has joined BNP Paribas to head its European ABS trading team, based in London. He joins from RBC Capital Markets, where he was European head of ABS and structured credit trading. He has also held senior roles at Citi and Lloyds, trading ABS and RMBS for both banks.

    .......

    Job Swaps 20 June 2016

  • State Street risk tool updated

    State Street has teamed up with Northfield Information Services and Morningstar to enhance its truView risk management tool. The multi-asset, online platform will integrate Northfield's risk factor tools, including its risk factor decomposition offering.

    The truView platform will specifically incorporate the 'Everything Everywhere' model and 'optimiser' risk analysis and portfolio allocation tool. The former calculates risk measures across all asset classes, .......

    News Round-up 20 June 2016

  • Securitisation SPC prepped

    China Bank Capital Corporation is set to establish a special purpose corporation known as CBC Assets One (SPC). The vehicle will hold the assets of China Bank Capital securitisations, including property developer 8990 Holdings' forthcoming PHP5bn contract-to-sell receivables deal (SCI 25 April). The bank says the addition of this new subsidiary will "round out its offerings and help improve its .......

    News Round-up 20 June 2016

  • SCI Start the Week - 20 June

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

    Pipeline
    The industry conference in Barcelona reduced primary market activity last week. There were four ABS as well as one RMBS and two CMBS added to the pipeline.

    US$811m Ford Credit Auto Owner Trust 2016-REV2, US$123m Golden Bear Funding Notes Series 2016-1, US$156.07m Sierra Auto Receivables Securitization Trust 2016-1 and US$379.8m SoFi Consumer Loan Program 2016-1 accounted for the .......

    News 20 June 2016

  • MBIA-wrapped CDOs downgraded

    S&P has lowered the ratings on 11 classes of notes from six US CDOs to triple-C from single-B, following the downgrade of MBIA Insurance Corp (SCI 17 June). The affected transactions are Coronado CDO, Fulton Street CDO, Mulberry Street CDO, Mulberry Street CDO II, Oceanview CBO I and Zohar II 2005-1.

    S&P says it bases the ratings on these notes .......

    News Round-up 20 June 2016

  • MERS set for 'modernisation'

    ICE is set to acquire a majority equity position in MERSCORP Holdings, owner of Mortgage Electronic Registrations Systems (MERS). In addition, the two companies have entered into a software development agreement to modernise and enhance the MERS platform.

    "This agreement brings the strengths of our organisations together to benefit the US residential mortgage finance market," comments Jeffrey Sprecher, ICE chairman .......

    Job Swaps 20 June 2016

  • 'Transformative' changes for Indian ABS

    The introduction of three significant regulatory changes over the past two months could have transformative implications for India's structured finance market, according to Moody's. A new tax regime is expected to lift post-tax investment returns from securitisation trusts, changes with regard to foreign portfolio investors (FPIs) should encourage foreign investment and changes to deal structures, while a new bankruptcy code .......

    News Round-up 20 June 2016

  • NPL sale announced

    Fannie Mae has announced its latest sale of non-performing loans, including the fourth community impact pool that it has offered. The two larger pools of approximately 3,300 loans totalling US$526.1m in unpaid principal balance and the Miami-focused community impact pool of approximately 90 loans totalling US$20.1m in UPB are available for purchase by qualified bidders.

    Bids are due on the .......

    News Round-up 17 June 2016

  • Muted sentiment revealed

    Delegates at this year's IMN Global ABS conference were more pessimistic about publicly-placed European structured finance issuance volumes compared to last year, according to a survey undertaken by Fitch. Of those polled, 34% expected 2016 issuance volumes to beat last year's levels, significantly down from the 59% who predicted a year-on-year rise in 2015.

    Overall, 34% of respondents expected a .......

    News Round-up 17 June 2016

  • Norske auction due

    An auction to settle the CDS trades for Norske Skogindustrier ASA is to be held on 22 June, following the determination of a restructuring credit event in respect of the entity (SCI 25 April). ISDA notes that further to and for the purposes of Section 13 of the 2016 Norske Skogindustrier ASA credit derivatives auction settlement terms, the €150m 11.75% .......

    News Round-up 17 June 2016

  • MBIA Corp liquidity warning

    S&P has lowered its financial strength rating on MBIA Insurance Corp to triple-C from single-B, with a negative outlook. The move is due to the insurer's weak liquidity positon and, absent favourable developments, the expectation that it is unlikely to meet all of its insurance policy obligations in the next 12 months.

    Specifically, the insured notes issued by the Zohar .......

    News Round-up 17 June 2016

  • Risk transfer trio closed

    Fannie Mae last month completed three credit insurance risk transfer (CIRT) deals, continuing its efforts to reduce taxpayer risk by increasing the role of private capital in the mortgage market. The three deals - CIRT 2016-4, CIRT 2016-5 and CIRT 2016-6 - represent the largest cumulative CIRT transaction to date, shifting a portion of the credit risk on pools of .......

    News Round-up 17 June 2016

  • Blockchain cat swap executed

    Allianz Risk Transfer (ART) and Nephila Capital have successfully piloted the use of blockchain smart contract technology for transacting a natural catastrophe swap. The test-run not only demonstrates that transactional processing and settlement between insurers and investors could be significantly accelerated and simplified by blockchain-based contracts, but also points to other benefits, such as increased tradability of cat bonds and .......

    News Round-up 17 June 2016

  • Streamlined extension service offered

    Nelnet has launched a new online forum designed to facilitate effective communication with and among investors in FFELP student loan ABS. Free for investors, the service is powered by DealVector and allows them to receive bond-specific notifications and documentation from Nelnet more rapidly than through traditional channels. Investors can also communicate with Nelnet and other bondholders through DealVector's secure messaging .......

    News Round-up 17 June 2016
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