Complete news archive

  • 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

  • SCI Start the Week - 11 April

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

    Pipeline
    Pipeline activity picked up again last week. There were 10 ABS additions, as well as an RMBS, two CMBS and two CLOs.

    The ABS were: US$220.33m American Credit Acceptance Receivables Trust 2016-2; €549.1m Bumper 7; US$1.175bn CarMax Auto Owner Trust 2016-2; US$751.6m Chrysler Capital Auto Receivables Trust 2016-A; US$342.69m CPS Auto Receivables Trust 2016-B; A$500m Crusade ABS Series .......

    News 11 April 2016

  • CRE fund closes

    Venn Partners has secured £185m of institutional investment for the second close of its CRE debt fund. Venn Commercial Real Estate Fund I targets direct lending opportunities in the UK and Western European CRE market, focusing on value-add loans in the mid-market.

    Within a close-ended structure, loans will be offered at up to 75% LTV and will include maturities for .......

    News Round-up 11 April 2016

  • Aussie rent yields at record low

    Rental yields for houses in Sydney and Melbourne have reached record lows, according to Moody's. This has reduced the affordability of servicing investment properties relative to household incomes, increasing the risks for residential property investors and RMBS.

    The drop in rental yields has seen a rise in the level of cashflow losses suffered by residential property investors over the past .......

    News Round-up 11 April 2016

  • CMBS 2.0 delinquencies inch up

    While the overall US CMBS delinquency rate remained relatively unchanged in March, CMBS 2.0 delinquencies saw a modest up-tick, according to Fitch's latest index results for the sector.

    Loan delinquencies last month fell by 1bp to 2.90% from 2.91% a month earlier. Fitch-rated new issuance volume of US$6.9bn in February (across seven transactions) exceeded the portfolio run-off of US$5.1bn, causing .......

    News Round-up 11 April 2016

  • Mortgage REITs merge

    Annaly Capital Management is set to acquire Hatteras Financial Corp for a consideration to be paid in cash and shares of Annaly common stock, which values Hatteras at US$15.85 per share of its common stock based upon the closing price of Annaly common stock on 8 April. The value of the consideration represents a premium of approximately 24% to the .......

    Job Swaps 11 April 2016

  • CRT TRID impact gauged

    Credit risk transfer RMBS issued by Fannie Mae and Freddie Mac are likely to incur only small losses related to violations of the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosure (TRID) rule, Moody's suggests. At least initially, however, the frequency of violations is expected to be high.

    The FHFA has directed the two GSEs not to conduct routine post-purchase RMBS .......

    News Round-up 11 April 2016

  • CRM sold to management team

    Banc of California has agreed to sell The Palisades Group to Palisade Holdings I, which is owned by current members of the Palisades management team - led by ceo Stephen Kirch and cio Jack Macdowell. The Palisades Group is an investment advisor specialising in residential credit, which also serves as a securitisation credit risk manager.

    Banc of California has sanctioned the .......

    Job Swaps 8 April 2016

  • CDS blockchain test completed

    The DTCC, Markit and Axoni have joined four banks in completing the first successful test trade of single name CDS through the use of blockchain technology. The banks were Bank of America Merill Lynch, Citi, Credit Suisse and JPMorgan.

    In early March, the participants conducted 85 structured test cases to assess a number of aspects, including lifecycle functionality, integration with external systems, .......

    News Round-up 8 April 2016

  • Data tool expands to CMBS

    Actovia is branching out its data coverage to encompass the US CMBS market through a new tool. The tool will provide names and contact details for properties with CMBS mortgages, which can be sourced at both a national or regional level.

    The company says the platform has been launched in light of the sector's incoming maturity wave (SCI passim) and .......

    News Round-up 8 April 2016

  • Derivatives lawyer added in LA

    Seyfarth Shaw has appointed Gordon Peery as a partner in Los Angeles. He will serve as chair of its derivatives practice and as a member of its real estate practice.

    Peery's expertise is in derivatives and structured finance. He was previously at Borden Ladner Gervais, where he was global derivatives advisor, and has also worked at K&L Gates and Dechert.

    .......

    Job Swaps 8 April 2016

  • Pacific CDS settled

    The final price of Pacific Exploration & Production Corp CDS has settled at 20 (SCI 24 March). At an auction held on 6 April, 11 dealers submitted initial markets, physical settlement requests and limit orders to settle trades across the credit derivatives market referencing the entity.

    .......

    News Round-up 8 April 2016

  • Synthetic securitisation seminar planned

    The EBA and the European Investment Bank Group are set to jointly host a seminar on 31 May to discuss opportunities and challenges surrounding the role and potential use of credit guarantees and synthetic securitisation in the banking sector. The aim of the seminar, which will be held at the EBA premises, is to provide a forum for discussing the .......

    News Round-up 8 April 2016

  • Distressed research head named

    SC Lowy has appointed Miles Tadman head of research - Europe. Based in London, he will be responsible for expanding research coverage to support SC Lowy's fast-growing European business. Tadman previously led the distressed analyst teams at Barclays and Deutsche Bank.

    .......

    Job Swaps 8 April 2016

  • Special forces

    ABS dealer tiering emerging via departures, specialisation

    Credit Suisse's recent decision to exit securitised trading in Europe highlights the reshaping of the ABS frontier that is underway across the region. Against the backdrop of regulatory pressures and capital constraints, many dealers are adopting a narrower, more specialised approach.

    In its announcement, Credit Suisse said the reason for ceasing its European ABS trading operations is due to a .......

    News Analysis 8 April 2016

  • China NPL rules mooted

    Chinese authorities are pushing to incorporate NPLs as a fully-fledged product within the country's growing securitisation market. The National Association of Financial Market Institutional Investors (NAFMII) is leading the initiative with a new set of guidelines for an NPL framework, which were opened for feedback last month.

    The rules reflect NAFMII's standard ABS guidelines and are split into two sections. .......

    News 7 April 2016

  • US CLOs stay strong

    The strong tone in the US CLO secondary market is showing no signs of diminishing.

    "The secondary rally continues to strengthen - this wave now really seems to have some power to it," says one trader. "After significant tightening in recent weeks we've seen no fading of the bid this week."

    The trader continues: "Quality bonds are still being bid .......

    SCIWire 7 April 2016

  • Capital markets unit adds DCM director

    Macquarie Capital has appointed Warrick Booth as md in its European debt capital markets team. He will be based in London and report to Sam Newman, head of European DCM, and Stephen Mehos, head of US DCM.

    Booth will lead the syndication of debt and structured equity. He has over two decades of experience in investment banking and has held .......

    Job Swaps 7 April 2016

  • CVA consultation launched

    The EBA has launched a public consultation on draft amending regulatory technical standards (RTS) on credit valuation adjustment (CVA) proxy spread, which aim to ensure a more adequate calculation of own funds requirements for CVA risk. The RTS propose limited amendments to the European Commission's Delegated Regulation (EU) No 526/2014 based on two policy recommendations contained in the EBA's CVA .......

    News Round-up 7 April 2016

  • Private credit exec poached

    Walt Jackson has joined Onex Credit to establish a direct lending platform. He has thirty years of experience in the leveraged loan, high yield and mezzanine markets, most recently as coo of the private credit group at Goldman Sachs' merchant banking division.

    .......

    Job Swaps 7 April 2016

  • Parametric pricing app launched

    Risk Management Solutions (RMS) has launched a new cloud-based app that provides the ability to assess and underwrite parametric contracts linked to ILS and reinsurance contracts. RMS Cat-in-a-Box gives a simplified means to assess namesake contracts, which provide cover for a particular type of catastrophe with a given geographical boundary.

    The niche nature of such contracts are often used by corporates .......

    News Round-up 7 April 2016
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