Complete news archive

  • 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

  • Trups CDO cures slow

    Defaulted and deferring US Trups CDO exposures increased in Q1 for the first time since the beginning of 2012, according to Moody's. The agency reports that new defaults and deferrals are outpacing cures.

    "The median deal-weighted cumulative par of bank and insurance Trups that have defaulted or are deferring interest increased by 45bp - to 20.37% of original par - .......

    News Round-up 17 June 2016

  • Director duo appointed

    New York Mortgage Trust has appointed Kevin Donlon and Michael Clement as directors, with the latter also serving as a member of the board's audit, compensation and nominating and corporate governance committees. Donlon was named president of the REIT last month, following its acquisition of RiverBanc, which he founded in 2010.

    Donlon was previously an md with BlackRock, following its .......

    Job Swaps 17 June 2016

  • Tobacco ABS pay-downs rise

    US cigarette consumption rose for the first time in nine years in 2015, interrupting a long-term trend of declining smoking. Moody's says that tobacco settlement ABS are consequently receiving larger payments from tobacco manufacturers in 2016 than they did last year.

    Cigarette shipments - a proxy for consumption - have fallen by an average of 3%-4% per year since the .......

    News Round-up 17 June 2016

  • Collateral platform acquired

    Broadridge Financial Solutions has expanded its global securities financing and collateral management capabilities through the acquisition of 4sight Financial Software. The firm says that 4sight's solutions and global client footprint complements its North American presence in the securities financing market.

    Through this acquisition, Broadridge now offers global solutions that include front-to-back office securities lending, repo processing, synthetic financing and enterprise-wide .......

    Job Swaps 17 June 2016

  • Green Bond Principles updated

    A 2016 edition of the Green Bond Principles (GBP) has been released, creating an online resource for voluntary issuer information on green bond alignment and introducing guidance for issuers of social bonds. The latest edition benefits from the input of GBP members and observers, and takes into account recent market developments.

    While the 2016 update continues to be framed by .......

    News Round-up 16 June 2016

  • Euro ABS prospects polled

    In its first annual survey of European structured finance and covered bond market participants, DBRS finds that 79% of portfolio managers intend to increase their securitisation investment - 64% by 'a little' and 14% by 'a lot'. Just under half (43%) of respondents cite 'lack of supply' as a reason why they are restricted from purchasing more, with 'regulation' the .......

    News 16 June 2016

  • Origination probe underway

    CBL & Associates Properties has disclosed that the US SEC is conducting an investigation into four specific non-recourse secured loans that the firm originated in 2011 and 2012. Specifically, the purpose of the review is to ensure that the information provided to lenders regarding lease status reports, revenues and expected revenues did not materially vary from the firm's financial statements.

    Job Swaps 16 June 2016

  • SME lender names chief

    British Business Bank Investments has appointed Catherine Lewis La Torre as ceo, effective from 1 September. She joins from Cardano, where she is head of private equity and responsible for managing a portfolio of private capital fund investments with over £1bn of client commitments. The appointment follows the announcement that Peter Wilson was stepping down as ceo in March.

    Lewis .......

    Job Swaps 16 June 2016

  • Hatteras tender extended

    Annaly Capital Management has extended its previously announced exchange offer to purchase all of the outstanding shares of common stock of Hatteras Financial Corp (SCI 11 April). Under the offer, Hatteras common stockholders may elect to receive, in exchange for each share of Hatteras common stock they hold: US$5.55 in cash and 0.9894 shares of Annaly common stock; US$15.85 in .......

    Job Swaps 16 June 2016

  • Trading trio recruited

    CastleOak Securities has bolstered its leveraged finance sales and trading capabilities by hiring Michael Miller, Thomas Takacs and Richard Wright. All mds, the trio is charged with growing the firm's leveraged finance fixed income sales and trading team.

    Most recently, Miller served as head of trading at Macquarie Capital from 2012 to 2015. He previously held leveraged finance roles at .......

    Job Swaps 16 June 2016

  • ABS team strengthened

    TwentyFour Asset Management has recruited John Lawler to its ABS portfolio management team. Lawler will officially join the firm in August. He previously held senior roles at RBS, Barclays and Nomura.

    .......

    Job Swaps 16 June 2016

  • Dual ILS tools debut

    Huang & Associates Analytics (HAA) has released two new ILS tools, RAPID Pro and Deal Tracker. They will be used to assist reinsurers and fund managers in areas that include comprehensive pricing, underwriting and fair valuation.

    RAPID - short for Risk Aggregation Platform for ILS Decisions - is designed to provide a robust framework for fair valuation of transactions. Meanwhile, .......

    News Round-up 16 June 2016

  • Uncleared margin tool launched

    Allen & Overy has teamed up with Deloitte to launch MarginMatrix, a new tool to help major banks deal with OTC derivative regulatory requirements set to begin in September. The digital end-to-end service is the first major collaboration between an international legal practice and one of the 'big four' professional service firms in creating such a product.

    In light of .......

    News Round-up 15 June 2016

  • Reporting regulations amended

    The US CFTC has approved a final rule that amends existing swaps reporting regulations in order to provide additional clarity regarding reporting obligations for cleared swap transactions. The rule also aims to improve the efficiency of data collection and maintenance associated with the reporting of the swaps involved in a cleared swap transaction.

    The rule removes uncertainty as to which .......

    News Round-up 15 June 2016

  • EM CDS volume up

    Emerging markets CDS trading volume stood at US$363bn in 1Q16, according to a survey of 13 major dealers undertaken by EMTA. This represents a 5% decrease on 1Q15 volume of US$383bn, but a 43% jump compared to the US$254bn in reported transactions in 4Q15.

    "The high volume this quarter should alleviate concerns that CDS is a shrinking market. The large .......

    News Round-up 15 June 2016

  • Veteran London trader tapped

    Imperial Capital Group has hired Jonathan Noonan as svp and a senior trader focusing on CMBS, pubs and esoteric ABS. He will join the structured products trading group in the firm's London office. Noonan joins from Bank of America Merrill Lynch, where he most recently was a director and ABS trader.

    .......

    Job Swaps 15 June 2016

  • Distressed opportunity fund closes

    Crestline Investors has made an additional closing of its Crestline Opportunity Fund III, bringing its capital to US$720m. The fund invests primarily in SME corporate and ABS opportunities, with a focus in North America and Europe.

    The ninth in Crestline's series of opportunistic funds seeks to take advantage of dislocations in the two continents' primary and secondary markets. The fund provides sub-US$50m .......

    News Round-up 15 June 2016

  • More SLABS reviewed on FFELP update

    Moody's has taken rating actions on 403 tranches of FFELP student loan ABS and ABS backed by mixed pools of student loans (both FFELP and private), affecting approximately US$84.3bn of securities. The move follows the agency's initial assessment of the securities under its updated FFELP student loan ABS methodology, which it published yesterday (14 June).

    Moody's placed 266 tranches in .......

    News Round-up 15 June 2016

  • Trigger point

    Novo Banco outcome still raising questions

    Two controversial credit event determinations earlier this year in connection with the retransfer of Novo Banco bonds left many affected CDS holders aggrieved. Three months on, questions are still being asked about the reliability of such contracts to pay out.

    The Portuguese central bank, Banco de Portugal (BoP), precipitated the Novo Banco controversy in August 2014 when it transferred a .......

    News Analysis 15 June 2016

  • Legislation to support Italian SME NPLs

    Moody's says that recent legislative initiatives in Italy should benefit SME NPL securitisations in the country through streamlining the insolvency process and improving loan recoveries. The issuance of SME NPL ABS is expected to re-emerge in Italy in 2016 after nearly ten years of dormancy.

    The Italian government outlined its intent earlier this year to introduce rules establishing a guarantee .......

    News Round-up 14 June 2016
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