Complete news archive

  • BNP cut-back planned

    BNP Paribas is set to cut half of its 35-person London securitisation team under plans to implement broader cut-backs to its investment banking operations. The cuts will reportedly see 233 investment bank jobs in total given the axe. However, a number of the roles in the securitisation department are expected to be redeployed into other areas of the bank.

    .......

    Job Swaps 20 May 2016

  • Risk retention class debuts

    Colony Starwood Homes is in the market with its first single-family rental securitisation - the US$535.9m Colony Starwood Homes 2016-1 - following the merger of Colony American Homes and Starwood Waypoint Residential Trust in January. The transaction is also notable for including a risk retention class, representing a subordinate 5% horizontal strip designed to comply with risk retention rules.

    Provisionally .......

    News 20 May 2016

  • US CLOs weaken

    The late start to the week for the US CLO secondary market saw signs of weakness yesterday and tone will be tested further today.

    "There's a little bit of caution coming back into the market as volatility creeps back into broader markets and consequently ours," says one trader. "We've got a large number of lists today, which may well start .......

    SCIWire 19 May 2016

  • Groundbreaking SLABS hits

    SoFi's second ABS of the year has hit the market, making it the ninth rated term ABS the online lender has completed. Dubbed SoFi Professional Loan Program 2016-B, the US$379.7m marketplace transaction is backed by refinanced student loans and incorporates a number of new features.

    Provisionally rated by DBRS and Moody's, the ABS comprises US$101.38m AAA/Aaa rated class A1 notes, .......

    News 19 May 2016

  • Collateral concerns cause downgrades

    The ratings on the class E notes of Mountain Hawk I CLO and on the class D and E notes of Mountain Hawk II CLO have been downgraded by S&P. Mountain Hawk I has been affected by a decline in supporting collateral and increase in triple-C rated or defaulted assets, while Mountain Hawk II has also suffered significant par loss.

    The .......

    News 19 May 2016

  • KRIS coverage expanded

    Kamakura Corporation has added coverage of 849 public firms in Bulgaria, Croatia, Hungary, Romania and Serbia to its Kamakura Risk Information Services (KRIS) platform. The default probability and bond information service now covers more than 38,000 public firms in 67 countries, over 120 sovereigns, more than 6,500 US commercial banks and almost all securitised commercial real estate loans in the .......

    News Round-up 19 May 2016

  • Countrywide pay-outs 'positive'

    A New York Supreme Court decision last week ordering trustee BNY Mellon to make US$7.9bn worth in cash payments to Countrywide bondholders will benefit RMBS investors, says Moody's in its latest Credit Outlook. The court's order set out payments to be made to 512 trusts for their June distribution dates, but proceedings are ongoing on the 18 remaining trusts (SCI .......

    News Round-up 19 May 2016

  • CRE CDO manager replaced

    The holders of a majority of the outstanding principal amount of the controlling class of Gramercy Real Estate CDO 2007-1 have directed the issuer to appoint Dock Street Capital Management as successor collateral manager, replacing CWCapital Investments. The issuer intends to appoint Dock Street as successor manager, unless a majority by aggregate outstanding amount of each class of notes objects .......

    Job Swaps 19 May 2016

  • CDO trading abuses alleged

    Megan Messina, a Bank of America md and co-head of structured credit products, has filed a discrimination lawsuit against the bank that includes allegations surrounding its supposed role in misleading CLO trading partners and clients. In particular, the lawsuit highlights the alleged role that Messina's colleague and co-head of global structured credit products David Trepanier played in the supposed abuse .......

    News 19 May 2016

  • Upgrades boost Spanish RMBS

    The Spanish RMBS sector continues its recovery, with Moody's last week upgrading 200 classes of Spanish RMBS across 91 deals. JPMorgan European securitisation analysts expect this to provide positive technical support for secondary market pricing, although capital requirement benefits will be mixed.

    As well as the 200 upgrades, a further 108 classes were affirmed and only five were put on .......

    News 19 May 2016

  • Middle-market warehouses analysed

    Investment in middle-market CLO warehouses is on the rise, according to DBRS. These facilities share similarities with typical bank loan and middle-market CLOs, but have key structural elements that differ in order to match the characteristics and typical lifecycle of lending to middle-market borrowers.

    Warehouse securitisation facilities have historically been funded by banks, clubs of investors or ABCP conduits without .......

    News Round-up 19 May 2016

  • Euro secondary strong but slow

    Sentiment remains strong across the bulk of the European securitisation secondary market but away from CLOs activity remains very slow.

    ABS/MBS secondary continues to be hampered by lack of supply as BWICs have remained thin on the ground this week. Meanwhile, flows are highly selective and almost exclusively dealer-driven.

    There is more activity being seen in the CLO space, however. .......

    SCIWire 19 May 2016

  • MBS trading, sales teams boosted

    KeyBanc Capital Markets has expanded it fixed income sales and trading platform with the appointment of a seven-person team in New York to focus on MBS. This includes Joe Vaccaro, who joins from RBC Capital Markets to serve as md and head of mortgage trading for KeyBanc.

    Vaccaro will be responsible for developing and managing the secondary trading desk, while partnering .......

    Job Swaps 18 May 2016

  • ITB RMBS resilient

    Investment Trade Bank's (ITB) fall into temporary administration has not had a substantial effect on the performance of its Russian RMBS, Moody's reports. The transactions have not experienced any significant change regarding servicer disruption, commingling issues or note payment disruption.

    A servicing transfer was initiated for two of ITB's three transactions after it went into administration, resulting in the two deals successfully transferring to DeltaCredit Bank .......

    News Round-up 18 May 2016

  • SFIG adds advocacy leader

    SFIG has named Thomas McCrocklin as director of advocacy. He will report directly to executive director Richard Johns and will lead the group's interactions with regulators and legislators.

    McCrocklin was most recently vp and head of federal affairs at Zurich North America. He has also served as senior counsel on the US House of Representatives Committee on Financial Services and was .......

    Job Swaps 18 May 2016

  • Fund targets new structured opportunities

    Semper Capital Management is prepping a new alternative asset strategy to seize new opportunities in structured credit resulting from a combination of post-crisis regulatory changes and disruptive technology. The firm has begun making investments in target assets and will officially launch the fund on 1 June.

    "New, previously impossible products are being created as a result of big data and .......

    Job Swaps 18 May 2016

  • Taberna CDO served

    The trustee for Taberna Europe CDO II has served the issuer with a notice of default, stating that it is in breach of clauses 22 of the collateral management agreement and clause 11.13 of the trust deed. These breaches are required to be remedied within 45 days, failing which an EOD will arise.

    The notice of default was served following .......

    News Round-up 18 May 2016

  • Dynamic appointment approved

    The controlling class of Strawinsky I CLO, acting by ordinary resolution, has not disapproved the appointment of Dynamic Credit Partners Europe as successor investment manager. Dynamic will therefore, subject to the other conditions of the master investment manager terms, be appointed as successor investment manager for the transaction. The move follows the objection of a class B noteholder to the .......

    Job Swaps 18 May 2016

  • Small-value sales due

    The New York Fed's open market trading desk intends to conduct two small-value agency MBS sales operations on 25 May and 1 June, beginning at around 2pm ET and ending at 2:30pm ET. The total current face value of sales across the two operations will not exceed US$150m.

    The desk has published an operating schedule, detailing the date, time, operation .......

    News Round-up 18 May 2016

  • US CLOs still becalmed

    The US CLO secondary market remains becalmed this week so far.

    After a fairly quiet end to last week, CLO BWIC activity is yet to get going this week with a conference in New York yesterday and today encouraging sellers to hold off until tomorrow. Indeed, Wednesday's auction calendar is already building strongly.

    For today, there are currently no US .......

    SCIWire 17 May 2016

  • Tobacco ratings withdrawn

    Fitch says that it is withdrawing any outstanding ratings on US tobacco ABS. The agency notes that its confidence in the current ratings have eroded as a result of a number of individual, customised modifications to calculations that were originally made in the Master Settlement Agreement (MSA).

    Fitch explains that it can no longer guarantee that its ratings are maintained for the tobacco .......

    News Round-up 17 May 2016
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