Complete news archive

  • Marketplace challenges weighed

    Expanded access to the ABS markets will be important to the industry's growth, according to a new survey of marketplace lending regulations compiled by Chapman and Cutler. The study also highlights several difficulties that are unique to marketplace loan ABS.

    The report suggests that while the first marketplace ABS only closed a few years ago, securitisation has quickly become an .......

    News 14 April 2016

  • Further NPLs up for bid

    Fannie Mae has announced its latest sale of non-performing loans, including a third Community Impact Pool. This smaller pool of loans is geographically-focused, high occupancy and is being marketed to encourage participation by smaller investors, non-profit organisations and minority- and women-owned businesses (MWOBs).

    The four larger pools of approximately 8,200 loans totalling US$1.527bn in unpaid principal balance (UPB) and the .......

    News Round-up 13 April 2016

  • US CLOs add variety

    It looks set to be another busy day in the US CLO secondary market with today's auction schedule involving more than mezz paper for once.

    "People keep putting out lists and they continue to trade well, we're even seeing some decent size triple-As today," says one trader. "Primarily it's still all about the bottom of the stack where, for example, .......

    SCIWire 13 April 2016

  • Consolidation concerns

    M&A may compromise pricing vendor choice and innovation

    The consolidation of evaluated pricing firms poses a number of concerns for the securitisation and derivatives markets. A diminishing number of independent pricing points, the potential for higher service charges and a possible threat to innovation are at the top of the list.

    M&A activity within the evaluated pricing business is rife. Last month ICE bought from McGraw Hill Financial .......

    News Analysis 13 April 2016

  • Cat bond fund launched

    Lombard Odier IM has launched its first catastrophe bond fund, following its recruitment drive last year of Gregor Gawron, Simon Vuille and Marc Brogli to form an ILS team (SCI 10 August 2015). The LO Funds - CAT Bonds fund will target regions with a high concentration of insured wealth, including the US, Western Europe and Japan.

    Lombard Odier says that the .......

    News Round-up 13 April 2016

  • On the rebound

    US CLO spreads, issuance rallying

    The December to February period was the worst experienced by the US CLO market since the financial crisis, but the subsequent rally in commodities and high yield has enabled most of the returns lost during that period to be regained. Cleaner portfolios of new deals, together with tightening spreads, are expected to support a growing primary market for the rest .......

    News Analysis 13 April 2016

  • EBA outlines compliance progress

    The EBA has published a report identifying a number of recommended practices for market players to reach compliance within securitisation risk retention, due diligence and disclosure. The recommendations are based on the regulator's analysis of previous measures taken in 2014.

    The report finds that institutions are generally undertaking appropriate actions to comply with regulatory requirements. In total, only 10 cases of non-compliance with .......

    News Round-up 13 April 2016

  • EMIR classifications updated

    ISDA has published an updated classification letter to enable counterparties to notify each other of their status for clearing and other regulatory requirements under EMIR. The updated letter covers the clearing obligation for certain CDS index classes, as well as some interest rate derivatives.

    The application of the clearing obligation under EMIR depends on the categorisation of each counterparty under .......

    News Round-up 13 April 2016

  • Call for entity-based approach

    In partnership with 12 other trade associations, ISDA has published a paper that recommends an entity-based approach to derivatives trade reporting in a bid to cut costs and complexity for end-users. The report argues that global adoption of an entity-based reporting framework - where sole responsibility for reporting is assigned to a single counterparty via an automated hierarchy process - .......

    News Round-up 13 April 2016

  • Euro secondary selective

    Trading continues to be selective across the European securitisation secondary market.

    "Yesterday we saw some action in prime," says one trader. "On BWIC there was a reasonably large Dutch RMBS list that traded at very tight levels - four-year STORM in the +25 area, for example. At the same time, UK prime saw two-way flows and having been under a .......

    SCIWire 13 April 2016

  • US CLOs continue

    The positive trend in the US CLO secondary market is continuing.

    "Demand for bonds continues and consequently they continue to trade well," says one trader. "It's very noticeable that the number of line items that actually trade is much higher than it was even a month ago."

    The trader continues: "We're now into the fifth week of this rally and .......

    SCIWire 12 April 2016

  • Hedging operation

    Debut oprisk ILS prepped

    Credit Suisse is prepping a unique Sfr700m ILS deal. Referred to as OperationalRe, it will utilise catastrophe bond and ILS technology to hedge a portion of the bank's operational risk and is believed to be the first transaction of its kind.

    Although Credit Suisse is reportedly seeking to close the deal by the end of the month, a number of .......

    News Analysis 12 April 2016

  • Appetite strong for marketplace loans

    A poll of 300 institutional investors suggests that appetite for marketplace loans remains strong. The second survey conducted by Richards Kibbe and Orbe, in partnership with Wharton Fintech, finds that a greater number of institutional investors are invested in the asset class than a year ago.

    The survey also highlights that optimism has grown among institutional investors, with 80% indicating .......

    News 12 April 2016

  • Retail heads CLO fears

    Retail is seen as the most troubling non-commodity sector for the global CLO market, according to the results of JPMorgan's latest quarterly client survey. It stands way ahead of the healthcare and technology sectors in joint second, receiving 3.3 times more votes from respondents.

    The question surrounding non-commodity sectors emanates from recent volatility in high yield credit markets and broader macro concerns. .......

    News Round-up 12 April 2016

  • Firms form collateralised ILS fund

    Plenum is launching a new ILS fund to invest in collateralised reinsurance transactions to be sourced and underwritten by Sequant Re. The fund will complement Plenum's current ILS offering.

    The new fund will benefit from Plenum's management expertise and the efficiency and flexibility of Sequant Re's segregated cell structure, as well as Sequant Re's expertise in sourcing, underwriting and modelling .......

    News Round-up 12 April 2016

  • Goldman settles over deceptive practices

    US Attorney General Eric Schneiderman has announced a US$5bn settlement with Goldman Sachs over the bank's deceptive practices leading up to the financial crisis. The settlement was negotiated through the RMBS Working Group.

    The settlement provides for US$670m - comprising US$480m worth of creditable consumer relief and US$190m in cash - to be allocated to New York State. The resolution .......

    Job Swaps 12 April 2016

  • Euro secondary solid

    The European securitisation secondary market remains solid but fairly quiet.

    Tone remains firm across the board though activity is still patchy. An uptick in flows and secondary supply in the middle of last week fizzled out by Friday and yesterday was no different with only very select pockets of activity, which is keeping spreads range-bound.

    Notably, Italian paper did manage .......

    SCIWire 12 April 2016

  • CRE firm adds Bay Area director

    Holliday Fenoglio Fowler has appointed John Churchward to its San Francisco office as a director focused on debt and equity placement transactions in the Bay Area. He was most recently at Palmer Capital, where he was a structured finance partner. Churchward has also worked at iStar Financial in both Boston and New York.

    .......

    Job Swaps 11 April 2016

  • FCC auction 'positive' for tower ABS

    A current spectrum auction overseen by the US Federal Communications Commission (FCC) has positive credit implications for wireless tower ABS, according to Moody's in its latest Credit Outlook. The auction allows television broadcasters the opportunity to sell their unused 600-megahertz spectrum to the US government.

    Moody's notes that American Tower, Crown Castle International and SBA Communications will use the sale .......

    News Round-up 11 April 2016

  • WINDM VII case dismissed

    Justice Snowden last week handed down judgment of the English High Court in the Windermere VII Part 8 proceedings case. The plaintiffs' arguments have been dismissed.

    Under the dispute, the WINDM VII class X noteholders and a holder of the class B notes commenced proceedings in November seeking a number of declarations as to the proper construction of the transaction .......

    News Round-up 11 April 2016

  • PREPA fee sent to Commission

    PREPA filed a petition with the Puerto Rico Energy Commission on Thursday seeking approval for a new rate fee for its bond restructuring programme. The Commission now has 75 days to respond to the proposal.

    The fee would be a separate charge on the bills of the utility's rate-payers and will be issued by a state-owned SPV. Legislation was passed in February to .......

    News Round-up 11 April 2016
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