Complete news archive

  • Court rejects class X claims

    A second judgment in less than a month has gone against CMBS class X noteholders. Last month, a judge ruled against the class X noteholders in Windermere VII, dismissing the plaintiffs' arguments (SCI 11 April), while the latest case concerned four transactions in the Titan series, including Titan Europe 2006-1.

    The Titan case focused in particular on the interpretation of .......

    News 13 May 2016

  • Citi taps traders

    Faraz Naseer has been appointed as head of US high yield trading at Citi. He replaces James Nessell, who is understood to have left the bank earlier this year.

    Kelly Maier has also been recruited as a credit trader, focusing on high yield and CDS. His experience includes high yield trading for Goldman Sachs and a previous credit trading role .......

    Job Swaps 13 May 2016

  • Loss criteria updated

    Fitch has updated its criteria for estimating losses on US RMBS mortgage pools, following the release of an exposure draft in February (SCI 9 February). The update reflects the changes proposed in the exposure draft, as well as additional changes resulting from market feedback and additional research by the agency.

    The core principle of the framework remains the interaction between .......

    News Round-up 13 May 2016

  • US CLOs pause

    The US CLO secondary market looks to be taking time to reflect this week.

    "It seems like the rally has taken a bit of a pause this week," says one trader. "People are looking at where things stand in respect to credit and deciding on what the path forward might be."

    However, the trader adds: "This week has turned out .......

    SCIWire 12 May 2016

  • Value to be had in card ABS

    The first euro-denominated credit card ABS of the year priced this week, helping to chip away at the dearth of primary supply. European credit card ABS distributed issuance is just €550m year-to-date, the second-lowest tally since 2011, so investors are increasingly focusing on secondary market opportunities.

    Just one UK credit card ABS - Penarth 2016-1 - had priced prior to .......

    News 12 May 2016

  • ILS pro takes full reins

    Rafal Walkiewicz has been appointed as the sole ceo of Willis Capital Markets & Advisory (WCMA). The move comes over a year after the ILS veteran was made co-ceo with Michael Guo, who has now stepped down from this role. As part of this reshuffle, WCMA's Vincent Lien in Hong Kong and John Philipsz in Australia will take on joint responsibility .......

    Job Swaps 12 May 2016

  • VW ABS ramping up

    Volkswagen Financial Services' (VWFS) ramping up of its ABS programme in Europe has seen it issue €6bn in transactions since the emergence of the 'default device' scandal back in September 2015. Moody's says that the pace of the car manufacturer's ABS issuance is making it a more important tool within its overall funding mix.

    VWFS' securitisation debt steadily grew to .......

    News Round-up 12 May 2016

  • Treasury paper released

    The US Treasury has released a white paper on marketplace lending, which continues the work initiated by last year's request for information (RFI). It reviews over 100 responses from a range of key industry figures and makes recommendations for the continued safe growth of the industry.

    The report provides an overview of the evolving industry, reviews stakeholder opinions and provides .......

    News 12 May 2016

  • Business services exposure gauged

    The credit quality of many business services sector issuers has deteriorated over the past year, which Moody's cites as credit negative for CLO 2.0 deals. The sector is the second-most widely held among these transactions, with 200 issuers accounting for approximately 12.1% of total CLO 2.0 collateral.

    Between January 2015 and April 2016, Moody's added seven more business services issuers .......

    News Round-up 12 May 2016

  • Excess rent impact analysed

    Single-family rental (SFR) investor loans where the property income exceeds 1.2 times the debt service have generally experienced a better-than-average default rate, according to a new Morningstar Credit Ratings study. The agency expects these loans to be a driver of SFR market growth.

    A new type of investor property loan has emerged from SFR originators - such as B2R Finance, .......

    News Round-up 12 May 2016

  • Countrywide pay-out nears

    The New York Supreme Court last week received a proposed severance order and partial final judgement from BNY Mellon as trustee for 512 of the 530 RMBS trusts subject to the US$8.5bn Countrywide Settlement. A group of investors, who have been actively involved in the determination of the proper procedures for handling the payout, have filed a motion consenting to .......

    Job Swaps 12 May 2016

  • Euro secondary still sluggish

    Activity continues to be sluggish in the European securitisation secondary market despite the tone remaining firm across the board.

    In ABS/MBS, Tuesday saw a flurry of BWICs that traded well, but yesterday auction activity slowed once more. Flows continue to be generally light even though sentiment is positive with prime RMBS and autos, along with select peripheral names attracting the .......

    SCIWire 12 May 2016

  • Italian insolvency laws praised

    Fitch says that changes made to Italy's insolvency laws since mid-2015 are positive, as they should shorten the time that creditors must wait before settling claims. However, it warns that due to the early stages of the process, the laws must be put into practicality before a full judgement can be made.

    The agency suggests that the most significant change .......

    News Round-up 11 May 2016

  • China NPL challenges considered

    The Bank of China (BOC) has announced that it is proactively preparing for the pilot implementation of its NPL securitisation scheme. At the same time, Fitch has commented that NPL transactions in China will provide a challenge to investors due to the unpredictability of their cashflows and an uncertain judicial process.

    As part of its preparation, the BOC is providing offering documents .......

    News 11 May 2016

  • SFIG TRID framework 'adequate'

    SFIG's draft proposal to standardise the framework for reviewing and grading loans for TILA-RESPA Integrated Disclosure (TRID) rule compliance is generally adequate to identify compliance risks that are likely to cause RMBS losses, says Moody's. However, the rating agency does disagree with one grading provision.

    The framework has a grading scale designed to distinguish material TRID violations from immaterial ones. .......

    News 11 May 2016

  • Canada CMBS under fire

    The Fort McMurrary wildfire is adding stress to six Canadian CMBS, in particular, according to Fitch. This comes after the evacuation of the city's residents last week as the fire continues to spread.

    The six deals that Fitch rates with exposure to properties located in Fort McMurray are: CMLS 2014-1, IMSCI 2012-2, IMSC 2013-3, IMSCI 2013-4, IMSCI 2014-5 and REAL-T 2014-1.

    News Round-up 11 May 2016

  • Oil boom remits 'muted'

    April remittance reports showed muted activity for US CMBS 2.0 loans secured by properties located in oil boom regions compared to prior months, with only three such loans transferring to special servicing, according to Morgan Stanley CMBS strategists. Last month, 13 2.0 loans totalling US$137.7m became newly delinquent and 177 loans totalling US$2.6bn were watchlisted.

    Overall, six loans totalling US$37m .......

    News 11 May 2016

  • Swiss Re promotes ILS leaders

    Swiss Re has named Judy Klugman and Jean-Louis Monnier as co-heads of its global ILS business. Klugman will also remain as Swiss Re's global head of ILS distribution and lead the ILS team in New York. Monnier will take on responsibility for ILS structuring and lead the ILS team in London, while also remaining head of the property and casualty .......

    Job Swaps 11 May 2016

  • Mid-market fund closes

    Czech Asset Management has closed its third direct lending fund complex, dubbed SJC III, with total commitments in excess of US$1.7bn. The fund's direct lending strategy will focus on providing privately negotiated, floating-rate senior secured loans to US middle market companies that generate revenue of US$75m-US$500m.

    The fund has exceeded its US$1.5bn target, with all of the capital raised coming .......

    News Round-up 11 May 2016

  • PREPA bondholders set out offer

    The PREPA Bondholder Group is offering to pre-fund the purchase price of the bonds they agreed to buy in 2016 from the commonwealth's utility under the bond purchase agreement (BPA). The group says that this will help facilitate the completion of the restructuring support agreement between the two, which has dragged on since last year (SCI passim).

    Under the terms of .......

    News Round-up 11 May 2016

  • Deal agent rankings assigned

    Morningstar Credit Ratings has assigned two new vendor rankings for the recently created roles of RMBS deal agent and representation and warranty reviewer, becoming the first in the industry to do so. The agency assigned its MOR RV2 residential vendor rankings to Clayton Holdings, a wholly owned subsidiary of Radian Group.

    Morningstar says it is the only rating agency offering .......

    News Round-up 11 May 2016
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