Complete news archive

  • Diversified income beefs up

    The PIMCO Diversified Income portfolio management team has been bolstered with the addition of Dan Ivascyn (PIMCO's group cio and portfolio manager) and Alfred Murata (md and portfolio manager). They join Curtis Mewbourne (md and portfolio manager) and Eve Tournier (evp and head of pan-European credit portfolio management) as co-managers on the strategy. Mewbourne will retire from PIMCO at end-September .......

    Job Swaps 27 May 2016

  • China NPL deals imminent

    The Chinese NPL securitisation market is set to begin re-emerging with China Merchants Bank (CMB) and Bank of China (BOC) recently announcing plans to introduce the first deals at the end of this month. This development is a credit positive for the market, according to Moody's in its latest Credit Outlook.

    The deals will be the first to be issued in .......

    News Round-up 26 May 2016

  • US CLOs still bearish

    The US CLO secondary market continues to show bearish tendencies this week as traders wait and prep for a busy summer ahead.

    "There's some money waiting to come into the market, but there's currently a broad consensus that a correction is taking place," says one trader. "At the same time, secondary activity has increased beyond BWICs and we're seeing a .......

    SCIWire 26 May 2016

  • Credit pro recruited

    Capula Investment Management has hired Daniel Escobar as a portfolio manager. Escobar joins the firm following his departure in February from BlueCrest Capital Management, where he had also been a portfolio manager. He has also held similar roles for Arrowgrass Capital Partners and Deutsche Bank.  

    .......

    Job Swaps 26 May 2016

  • Structured credit effort strengthened

    Alexey Dronov has rejoined MARV Capital as md and head of structured credit sales and trading. He will lead the sales team and expand the firm's initiatives in the structured credit market, especially the secondary CLO market.

    Dronov was previously a trader and an associate portfolio manager at Highland Capital, where he helped manage a portfolio of CLOs. Along with .......

    Job Swaps 26 May 2016

  • ACIS innovates again

    Freddie Mac has obtained its first Agency Credit Insurance Structure (ACIS) policy that transfers risk on a reference pool of 15-year residential mortgages not linked to Structured Agency Credit Risk (STACR) debt note bonds. The new transaction provides credit loss protection up to a combined maximum limit of approximately US$201m of losses on single-family loans and a portion of credit .......

    News Round-up 26 May 2016

  • European fund targets US RMBS

    BlackRock is launching Europe's first ETF investing in high quality US RMBS. The fund has been dubbed iShares US Mortgage Backed Securities UCITS ETF (IMBS) and provides access to triple-A rated RMBS issued by three agencies backed by the US government.

    The underlying Barclays US MBS Index is based on a universe of individual fixed rate pools, which should ensure .......

    News Round-up 26 May 2016

  • Review finds 'no evidence' against Ocwen

    Duff & Phelps has conducted an independent analysis of allegations made by Gibbs & Bruns concerning non-performance by Ocwen as servicer for a number of RMBS trusts (SCI 27 January 2015). Duff & Phelps has found that none of the allegations were supported by evidence.

    Duff & Phelps was engaged by Wells Fargo in its capacity as master servicer for .......

    News Round-up 26 May 2016

  • Debut GBA assigned

    Moody's has assigned its first green bond assessment (GBA) of GB1 to Green Storm 2016, a green Dutch RMBS originated by Obvion (SCI 24 May). The GBA represents a forward-looking transaction-oriented opinion on the relative effectiveness of the issuer's approach to allocating assets to and reporting on environmental projects financed by proceeds from green bond offerings.

    "Our GB1 grade for .......

    News Round-up 26 May 2016

  • Euro secondary strengthens

    The European securitisation secondary market is continuing to strengthen.

    "Market tone continues to be strong in our market thanks in part to the current positive wider credit environment," says one trader. "However, it remains difficult to source paper as everybody is holding on to what they have."

    The trader continues: "Flows are still thin, while primary and secondary supply is falling .......

    SCIWire 26 May 2016

  • Euro secondary picking up

    European ABS activity is picking up as market sentiment improves.

    "Right now activity is actually pretty decent. The last couple of days have seen a few bid-lists as dealers have become more aggressive in looking at paper," says one trader.

    The trader notes that market participants appear to be becoming more relaxed about the UK's upcoming EU referendum. This is .......

    SCIWire 25 May 2016

  • BDC buys out rival

    Ares Capital is set to acquire American Capital in a deal that will form a combined company worth more than US$13bn of investments. The board of directors for both companies unanimously approved the merger, with American Capital shareholders set to receive US$3.43bn in cash and stock consideration as a result.

    The announcement coincides with a separate decision for American Capital .......

    Job Swaps 25 May 2016

  • Swap margin rules adopted

    The US CFTC has adopted final rules on cross-border margin requirements for uncleared swaps. A decision was made to adopt the rules after the regulator's members voted two to one in favour, with Commissioner Christopher Giancarlo the lone dissenter.

    The rules align closely with the cross-border margin requirements already adopted by prudential regulators. According to the CFTC, the rules require .......

    News Round-up 25 May 2016

  • Wildfire exposure gauged

    DBRS has identified 12 loans across nine Canadian CMBS, with a current outstanding balance of C$145.8m, secured by properties located in Fort McMurray that are exposed to wildfires. The assets consist of five multifamily complexes, two hotels, two industrial facilities and an office property.

    Although 10 of the 12 loans have recourse, six of the loans that are sponsored by .......

    News Round-up 25 May 2016

  • CCP resolution considered

    The Clearing House and ISDA have issued a white paper identifying key issues that regulators should consider as they develop a comprehensive resolution framework for systemically important CCPs. The paper is intended to inform the debate begun by the Financial Stability Board (FSB) earlier this year, when it announced plans to issue for public consultation standards or guidance for CCP .......

    News Round-up 25 May 2016

  • FRTB solution offered

    Markit has launched a comprehensive solution for compliance with the new market risk capital requirements in the Fundamental Review of the Trading Book (FRTB) standards. The firm says it has worked with a number of customers worldwide to define a modular platform that will enable banks to model and manage market data and risk factors, generate scenarios and perform capital .......

    News Round-up 25 May 2016

  • Pricing exec recruited

    Markit has appointed Frank Dos Santos as head of North America business strategy for its fixed income pricing services. With nearly 30 years of fixed income experience, he joins the firm after 13 years at S&P, most recently as global head of oversight, methodologies and analytical excellence for securities evaluations.

    Markit's fixed income pricing service provides independent pricing, transparency and .......

    Job Swaps 25 May 2016

  • Retention relief?

    CMBS preservation bill hangs on Congress

    The US CMBS market is seeking some breathing space as issuers ramp up their compliance measures ahead of the implementation of risk retention rules at year-end. Participants are keenly watching the progress through Congress of a bill that proposes some much-needed relief for certain areas of the commercial real estate market.

    Risk retention measures have been at the forefront for .......

    News Analysis 24 May 2016

  • US CLOs seeking stability

    The US CLO secondary market is still trying to find a more stable footing following the conclusion of the IMN conference early last week.

    "The market has slowed recently, but it's been moderately active so far today," says one trader. "There are a fair number of auctions today, including a chunky triple-A list."

    The trader continues: "Investors have taken a .......

    SCIWire 24 May 2016

  • Indian market resurgent

    Indian rated securitisation issuance volume has grown by 45% in the 2016 fiscal year to around R25,000, according to ICRA Research Services. This reverses a three-year trend in which the market had been slowly trending downward.  

    ICRA says that the figures reflect the increased number and volumes of ABS deals, which rose by 39% and 51% respectively in the year. .......

    News Round-up 24 May 2016

  • Dutch ABS, RMBS notes upgraded

    Moody's has upgraded its ratings on two RMBS and two ABS transactions backed by loans originated by the now-bankrupt Dutch DSB Bank. The affected transactions are Monastery 2004-I, Monastery 2006-I, Chapel 2003-I and Chapel 2007.

    The upgrades have been prompted by a pay-out from the DSB Bank bankruptcy estate to the issuers representing a 100% recovery on the SPV counterclaims .......

    News Round-up 24 May 2016
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