Complete news archive

  • US CLOs strengthen

    Tone and activity in the US CLO secondary market continues to strengthen.

    "The background remains positive with oil above 40, stocks hitting new highs and people happier with credit in general," says one trader. "For our part, we're seeing a bid for equity, mezz continues to rally and new issue activity is starting up again, so the CLO picture is .......

    SCIWire 26 April 2016

  • Sears exposure gauged

    Nine loans with a balance of US$111.9m across nine CMBS have exposure to Sears Holdings Corp's latest round of store closures, according to Morningstar Credit Ratings. The retailer plans to shutter 68 Kmart and 10 Sears stores this summer.

    Morningstar has identified five CMBS loans worth US$56.9m in five CMBS with significantly elevated risk of term or maturity default related .......

    News Round-up 26 April 2016

  • Liquidity tops investor concerns

    While investor fears over China-related uncertainty have subsided, concerns regarding liquidity and central bank policies have grown, according to Morgan Stanley's latest global securitised products investor quarterly survey. Liquidity is the top concern for 21% of respondents.

    Central bank policies cause the most concern for 18% of investors while disappointing US economic growth is now the third greatest concern, at .......

    News 26 April 2016

  • CLO cashflow diversion eyed

    Silver Spring CLO recently became the first post-crisis US CLO to experience full cashflow diversion from the equity. The 2014-vintage Silvermine Capital deal has a triple-C exposure of 15.6% and a 5% triple-C covenant, which is lower than the average 7.5% covenant in most post-crisis CLOs, according to JPMorgan CLO analysts.

    Silver Spring CLO's exposure to energy and mining loans .......

    News 26 April 2016

  • CLO services co-leads named

    Hillel Caplan and Lynda Lazzari have been named co-leads for Deloitte & Touche's CLO services practice within the firm's securitisation practice.

    A Deloitte Advisory partner, Caplan has more than 22 years of experience serving asset management and banking clients. Based in the firm's New York office, his new CLO services practice co-leadership role will focus on financial technology offerings to .......

    Job Swaps 26 April 2016

  • FNMA to issue reperforming deals

    Fannie Mae will later this year begin securitising reperforming loans held on its balance sheet. Reperforming loans are mortgages on which the borrower was previously delinquent but has subsequently become current - either with or without utilising a mortgage modification plan.

    Potential sales of such securities are expected to begin in the second half of the year, but will be .......

    News Round-up 26 April 2016

  • South Korean issuance up again

    South Korean ABS issuance was up by 16.8% in 1Q16 from 1Q15, according to the country's Financial Supervisory Service. Issuance totalled Won13.4trn, which is a Won1.9trn increase from the Won11.5trn issuance figure a year earlier.

    A majority of the growth came from Won8.7trn in MBS issued by the Korea Housing Finance Corporation (KHFC). The increase was mostly because newly-issued MBS backed .......

    News Round-up 26 April 2016

  • Euro secondary steady

    The European securitisation secondary market continues to move steadily ahead.

    Tone continued to be positive across the board at the end of last week and into the start of this. However, lack of supply is still an issue and is causing sessions to be steady rather than spectacular.

    Nevertheless, many of the line items in for the bid are continuing .......

    SCIWire 26 April 2016

  • Warehouse financing weighed

    Smaller lenders, non-bank entities and challenger entrants are increasingly opting for securitised ABS and RMBS warehouse financing facilities to access greater flexibility relative to traditional securitisations or unsecured funding sources, says Moody's. Although warehousing has been in use since the 1990s, the extent to which such facilities are being used is more varied by jurisdiction and investor appetite.

    "In Europe, .......

    News Round-up 25 April 2016

  • Record Philippines deal prepped

    8990 Holdings has mandated China Bank Capital to arrange and underwrite a PHP5bn securitisation, which will make it the largest-ever deal from the Philippines. The deal will securitise receivables from 8990's property development subsidiaries.

    The transaction will also be the first purely private sector securitisation in the country. Under the proposal, 8990 will sell up to PHP5bn in contract-to-sell receivables through .......

    News Round-up 25 April 2016

  • Argentine deals upgraded

    Moody's recent decision to upgrade Argentina's sovereign rating has prompted it to consequently raise the ratings of a number of securitisations. Among those upgrades are several consumer loan, lease loan and vehicle loan deals, due in part to the reduced systemic risks for all local credits.

    The affected deals are: Ames V, Pvcred Serie XXII, Lucaioli XIV, Lucaioli XV, Supervielle Créditos 81, Bancor .......

    News Round-up 25 April 2016

  • SCI Start the Week - 25 April

    A look at the major activity in structured finance over the past seven days

    Pipeline
    Last week's pipeline additions were concentrated in ABS. There were six new ABS announced, as well as an ILS and a CMBS.

    The ABS were: €800m Bavarian Sky Compartment German Auto Loans 4; €760.9m Cars Alliance Auto Loans Germany V 2016-1; US$350m Flagship Credit Auto Trust 2016-2; US$260m NP SPE II Series 2016-1; £300m RAC Bond Co; and .......

    News 25 April 2016

  • Analytics firm acquired

    Bridgepoint and Summit Partners are set to acquire Calypso Technology. The firm says the acquisition will support its next phase of growth and continued innovation in capital markets technology.

    The transaction is subject to standard competition authority clearances. Debt for the transaction was provided by Goldman Sachs, UniCredit, Crédit Agricole, Mizuho and Bank of Ireland. Calypso was advised by Wilson .......

    Job Swaps 25 April 2016

  • Efficiency drive

    Offshoring, automation shaping new IPV landscape

    Pricing and valuation operations have become an increasingly essential component of investment banks since the financial crisis, particularly within structured credit. However, as banks strive to cut costs and streamline processes, IPV functions are no exception.

    As part of recent efficiency drives, several large Tier 1 banks have wound up sections of their London or New York pricing teams in .......

    News Analysis 25 April 2016

  • Green Aussie ABS debuts

    FlexiGroup has brought the first ABS to the Australian market to include a green bond tranche. The A$260m Flexi ABS Trust 2016-1 deal is backed by a pool of Australian unsecured retail payments plans - described as 'no interest ever'.

    The transaction comprises eight tranches, with the senior class A1 notes taking up the largest chunk at A$91m. The green .......

    News Round-up 25 April 2016

  • Norske credit event called

    ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a restructuring credit event occurred in respect of Norske Skogindustrier ASA. The move follows the execution of the firm's exchange offer for its outstanding €218.11m 7.00% senior notes due 2017 for an applicable consideration comprised of exchange notes due 2026, perpetual notes and the right to subscribe in cash for ordinary .......

    News Round-up 25 April 2016

  • Loss severities remain steady

    Fitch reports that US CMBS loss severities remain steady year-over-year, rising only slightly to 45.7% in 2015 from 44.8% in 2014. The historical average now stands at 46.6%.

    As the inventory in special servicing has fallen, special servicers accordingly resolved fewer loans in 2015 compared with 2014. However, the proportion of the loans resolved with a loss is lower.

    "The .......

    News Round-up 25 April 2016

  • RMBS hit by error

    Moody's has downgraded an RMBS Mexican certificate after correcting an error in its cashflow modelling for the transaction. BRHSCCB 05U suffered the downgrade after the agency originally made an incorrect assumption that the deal was still protected through a partial credit guarantee (PCG).

    The PCG covers interest and principal payments, thus increasing the available credit enhancement on the deal. However, .......

    News Round-up 22 April 2016

  • China hurdles laid out

    Moody's says that the Chinese securitisation market could gain valuable traction once a number of hurdles are cleared. Barriers to the market's growth were at the centre of recent discussions between the agency and market players at the China Securitisation Forum in Beijing earlier this month.

    "China's economy is gradually transforming into one that is driven by consumption rather than exports," .......

    News Round-up 22 April 2016

  • Manager replacement resolved?

    Pursuant to a written resolution, the subordinated noteholders of Strawinsky I CLO have resolved to direct the trustee to appoint Dynamic Credit Partners Europe as successor investment manager, subject to controlling class (currently the class B noteholders) approval. IMC Asset Management tendered its resignation as investment manager for the second time on 15 April, having initially tendered its resignation on .......

    Job Swaps 22 April 2016

  • FNMA brings fresh CIRT transaction

    Fannie Mae has completed its tenth Credit Insurance Risk Transfer transaction. CIRT 2016-3 shifts a portion of the credit risk on a pool of single-family loans with an unpaid principal balance of approximately US$5.7bn to a single insurer.

    The covered loan pool consists of 30-year fixed rate loans with LTV ratios greater than 60% and less than or equal to .......

    News Round-up 22 April 2016
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