Complete news archive

  • Russian regs choking issuance

    S&P expects Russian structured finance issuance to dampen for the rest of the year due to recent regulatory changes. Financial market turbulence, a decrease in origination of underlying loan assets, asset deterioration and diminishing state support for investor demand have already hit issuance in the country this year.

    As of 1 January, the Central Bank of Russia increased the risk .......

    News Round-up 8 June 2016

  • Brazilian trustees feeling squeeze

    Smaller trustees will have to exit the Brazilian securitisation market or merge with larger competitors, says Fitch. This is because of markedly decreased issuance, high operating costs and low profitability.

    Smaller, lower-capitalised companies which rely on non-recurring structuring fees to cover ongoing operating expenses are expected to feel the most pressure. The rating agency notes that companies which only act .......

    News Round-up 8 June 2016

  • Leadership appointments unveiled

    IHS and Markit have announced senior executive leadership appointments for IHS Markit, following the consummation of their merger of equals (SCI 21 March). The appointments will be effective upon completion of the merger, which is expected to close in 2H16.

    Jerre Stead, IHS chairman and ceo, will assume the same role for IHS Markit. Lance Uggla, chairman and ceo of .......

    Job Swaps 8 June 2016

  • Liquidation volume climbs

    US CMBS liquidation volume climbed to US$854.5m in May, up from US$436m in March and US$501.5m in April, according to Trepp. Last month 72 loans that averaged US$11.9m in balance were paid off.

    Including two B-notes totalling US$29.1m, eight loans comprising US$87.1m paid off with over 100% in losses. The top five loans disposed of with the highest losses last .......

    News Round-up 8 June 2016

  • A/B loan transfers eyed

    Fitch reports an up-tick in US CMBS loss severities as more modified A/B loans transfer back to special servicing. The agency adds that many A/B loan modifications have still not stabilised and are unlikely to be able to refinance in the current market.

    Loss severities are likely to continue increasing as modified A/B loans transfer back to special servicing, according .......

    News Round-up 8 June 2016

  • US CLOs take a breather

    The US CLO secondary market is taking breather so far this week after last week's pick-up in activity.

    "It was a nice end on the new issue side last week with over US$1.6bn in new deals, but both the primary and secondary markets seem for the most part to be waiting for the interest rate announcement now," says one trader. .......

    SCIWire 7 June 2016

  • Malaysian MTN programme readied

    Amanah Saham Nasional Berhad (ASNB) is prepping the first issuance under its new RM10bn Perpetual Nominal Value MTN Amanah Saham Bumiputera (ASB) securitisation programme. Dubbed Westeros Capital, the deal is the first rated Malaysian ABS involving personal loans secured against ASB investments.

    The Series 2016-1 transaction is expected to comprise RM970m class A and RM30m subordinate MTN notes, preliminarily rated .......

    News Round-up 7 June 2016

  • Apollo reshuffles

    Apollo Investment has appointed Howard Widra as president, following on from his most recent role as co-head of direct origination for Apollo Global Management. Widra replaces Edward Goldthorpe, who resigned the post along with his role as cio of Apollo Investment Management (AIM).

    The company has also made further moves with AIM's deputy cio Tanner Powell named as the unit's .......

    Job Swaps 7 June 2016

  • CFO deal prepped

    Astrea Capital, a subsidiary of Azalea Asset Management, is in the market with a collateralised fund obligation. Astrea III consists of notes backed by the cashflows generated by a pool of 34 private equity funds.

    Fitch has rated the S$234m class A1 notes single-A, the US$170m class A2 notes single-A and the US$100m class B notes triple-B. The notes are .......

    News Round-up 7 June 2016

  • Index research head named

    Markit has appointed Aram Flores as md and head of index research and development, based in New York. Part of his remit is to explore new index opportunities within US fixed income and expand into cross-asset products.

    Flores previously spent 13 years at Deutsche Bank, where he co-headed index and ETF research and development. He had overall responsibility for the .......

    Job Swaps 7 June 2016

  • UK BTL portfolio sale planned

    UKAR plans to follow last year's £13bn Granite portfolio sale (SCI 15 November 2015) with the offloading of a further £16bn in mortgages, understood to be the pool backing Bradford & Bingley's outstanding Aire Valley master trust securitisation programme. The sale process is expected to start this year.

    B&B launched Aire Valley in 2004 and issued around £8.7bn of securitised .......

    News 7 June 2016

  • REIT pro snapped up

    Hunton & Williams has hired Robert Smith as a partner to its real estate capital markets practice. His practice focuses on REITs, with a focus on the mortgage REIT space, including publicly traded mortgage REITs on securities offerings and corporate and securities law reporting matters.

    The law firm adds that Smith's experience will include significant contributions to securitisation. Prior to .......

    Job Swaps 7 June 2016

  • Navient extends three more deals

    Navient has extended a further US$1.1bn in FFELP student loan ABS. The amendments include the extension of the legal final maturity dates for the A7 and B tranches of SLM Trust 2003-14 to 2065.

    SLM Trust 2004-3's A6 and B tranches have also been extended to 2064, while the maturity date on the subordinate tranche of SLM Trust 2014-1 has .......

    News Round-up 7 June 2016

  • PACE deal sets landmark

    Renovate America has priced the largest PACE ABS to date, a US$305.3m designated green bond. HERO Funding Trust 2016-2 is the seventh deal from Renovate, pushing the programme's total issuance to US$1.35bn.

    The transaction comprises a single tranche of class A notes, rated double-A by Kroll Bond Rating Agency. The notes are secured by 13,432 PACE assessments levied on residential properties across California. The .......

    News Round-up 7 June 2016

  • Derivative ties strengthened

    The US CFTC's chairman Timothy Massad has signed a memorandum of understanding with ESMA that allows the regulators to share information on central counterparties (CCPs). This adds to the growing supervision shared between the two authorities over trade reporting within the global derivatives market and provides the official mandate for ESMA to recognise US CCPs.

    Prior to this announcement, the most .......

    News Round-up 7 June 2016

  • Steady CDO growth projected

    The global CDO market is expected to grow at an annual growth rate of 5% between 2016 and 2020, according to a new report by Technavio. However, the research firm says that this should be expedited by growth in the integration of global financial services within the same period.

    The report outlines two other trends that will also contribute to .......

    News Round-up 7 June 2016

  • Trups trinity

    CDO trio, attractive spreads spark optimism

    The Trups CDO sector has shown signs of resurgence in recent months. A trio of new deals, improved performance and attractive secondary market opportunities have generated optimism about the asset class.

    StoneCastle Advisors set the wheels back in motion for Trups CDOs in September 2015, when it closed Community Funding CLO, the first new issue in the sector since 2008 .......

    News Analysis 7 June 2016

  • Euro ABS/MBS defies concerns

    Steady primary supply and a firm European ABS/MBS secondary market are providing cause for optimism.

    "Despite the perceived increase in likelihood of a vote for Brexit, the market feels pretty firm. Those referendum concerns were shrugged off pretty quickly yesterday and prices are continuing to go up with spreads grinding down," says one trader.

    He adds: "There have been a .......

    SCIWire 7 June 2016

  • Firm launches third credit fund

    AnaCap Financial Partners has closed its third credit fund after initially upsizing it on investor oversubscription. The AnaCap Credit Opportunities III fund holds a €595m mandate to target performing, semi-performing or non-performing credit assets that primarily comprise consumer, SME and mortgage debt across Europe.

    The fund is approximately 30% larger than its predecessor vehicles and was upsized from an original .......

    News Round-up 6 June 2016

  • Euro SF risk overestimated?

    The amended external ratings based approach (EBRA) for calculating regulatory capital changes in European structured finance (SF) transactions has come under scrutiny in a recent report from Scope Ratings. Entitled 'External Rating Based Approach: One-size-fits-all limits banks' lending capacity', the study analyses the 11 European SF transactions rated by the agency and questions whether the EBRA amendments may result in .......

    News 6 June 2016

  • CMBS loss severities recover

    US CMBS loss severities dropped in 1Q16 to 49.3% across 143 loans after posting high weighted averages to close out last year, according to Moody's. The figures represent a decrease from the 58.2% weighted average loss severity posted across 240 liquidated loans in 4Q16, but are still higher than the 42.8% average since January 2000.

    "Loan liquidations from the troubled 2006 to .......

    News Round-up 6 June 2016
×