Complete news archive

  • 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

  • Academics urge CMU rethink

    A group of academics have signed off on a letter to the European Parliament that asks MEPs to consider the ramifications of reviving the securitisation market by passing the bill for a Capital Markets Union (CMU). The letter was sent prior to a meeting in Brussels today by the Committee on Economic and Monetary Affairs to discusses proposals for securitisation regulations.

    The letter outlines .......

    News Round-up 24 May 2016

  • Subprime auto loans lengthening

    Recently rated US subprime retail auto ABS deals have been seeing an increasing amount of longer-term loans in their pools, according to S&P. The agency says that the great number of these loans is leading to more back-loaded losses and longer loss curves.

    The S&P Global Ratings subprime index shows a 76% rise in the percentage of loans with original .......

    News Round-up 24 May 2016

  • Middle-market mix to revert

    CLOs, private equity firms, hedge funds and banks are expected to play a larger role in financing middle-market (MM) companies as the bulk of middle-market loans mature in 2016-2020. Moody's suggests in its latest CLO Interest publication that this mix of lenders will be more representative of the mix that was in place prior to 2007, before business development companies .......

    News Round-up 24 May 2016

  • Mortgage servicer shuffles staff

    Following its acquisitions of Homeloan Management (HML) in November 2014 and UKAR's mortgage servicing activities earlier this month (SCI 10 May), Computershare is set for a restructure. From next month, UKAR's 1,700-strong staff will transfer to Computershare's new Loan Services business, including UKAR ceo Richard Banks.

    Former HML ceo Andrew Jones will become ceo of Computershare Loan Services, while Banks .......

    Job Swaps 24 May 2016

  • Due diligence firm promotes pair

    Clayton Euro Risk has promoted two directors to its board. Michael Chadwick and David Avent both take seats on the UK boards of the due diligence firm and of Clayton Holdings UK.

    Chadwick is md of operations. He joined Clayton in 2008, having previously held senior underwriting roles at Deutsche Bank, Lehman Brothers and the London Mortgage Company. He is .......

    Job Swaps 24 May 2016

  • Debut green RMBS prepped

    Obvion is in the market with what is believed to be the first-ever green RMBS. Dubbed Green Storm 2016, the €279m deal is collateralised by Dutch prime mortgage loans secured by energy-efficient residential houses.

    Arranger Rabobank notes that the pool comprises properties with the highest energy-efficiency labels ('A' and 'B') and is further constrained by the construction year of the .......

    News Round-up 24 May 2016

  • Euro secondary patchy

    Activity in the European securitisation secondary market remains very patchy.

    Despite a positive end to last week that saw spreads tick in and a continuing strong tone in to this, ABS/MBS continues to see highly selective trading. While there is little BWIC activity, what flows there are have so far this week been focused on prime assets.

    Similarly, tone remain .......

    SCIWire 24 May 2016
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