Complete news archive

  • Goldberg bolsters commercial practice

    Goldberg Segalla has brought in Louis Russo as partner and a member of its business and commercial practice group. He moves from Alston & Bird, where he was counsel.

    Russo will provide Goldberg with experience in contract and fraud-based disputes, involving financial services, corporate governance, securities fraud, employment, and residential and commercial loan servicing. He has represented trustees and liquidating .......

    Job Swaps 29 March 2016

  • PartnerRe names chairman, ceo

    John Elkann has been appointed as chairman of PartnerRe's board of directors, while Emmanuel Clarke has been announced as president and ceo. The board movements follow the approval late last year by PartnerRe shareholders to allow EXOR to finally purchase the company (SCI 20 November 2015) after months of debate and negotiation surrounding the future of the company.

    Elkann's appointment adds to his current .......

    Job Swaps 29 March 2016

  • QCLO bill positives underlined

    The Barr-Scott bill could pose indirect positive effects on the US CLO and leveraged loan markets by lowering the risk retention burden for managers bringing new deals to the market, Moody's reports. The bill passed the House Financial Services Committee earlier this month and now awaits potential passage in the House and the Senate (SCI 4 March).

    The legislation introduces .......

    News Round-up 29 March 2016

  • GE balloon risk ups volatility

    Significant exposure to balloon loans across GE small-business loan ABS deals is unique among major sponsors in the sector. Balloon payments representing 38% of the current pool balances in transactions rated by Moody's are coming due, mainly within the next seven years.

    Performance volatility is increasing as a result of occasional balloon loan defaults at loan maturity. Balloon loan exposure .......

    News Round-up 29 March 2016

  • Credit Suisse settles RMBS charges

    The NCUA has achieved its latest settlement from a series of cases surrounding faulty pre-crisis US RMBS, as Credit Suisse has agreed to a US$29m payout. The federal agency has successfully pursued numerous securities cases against large investment banks (SCI passim), pushing its total in related legal recoveries up to US$2.5bn.

    The latest case saw the NCUA represent Members United and .......

    News Round-up 29 March 2016

  • Japanese rating upgrades increase

    The upgrade rate for Japanese structured finance securities rose in 2015, notes S&P. S&P Japan raised 8.3% of its outstanding ratings on Japanese structured finance securities last year, up from 4.5% in 2014.

    The 2015 upgrade rate exceeded the downgrade rate of 4.5% and resulted in an upgrade-to-downgrade ratio of 186%, which also surpassed the 2014 ratio of 143%. Separately .......

    News Round-up 29 March 2016

  • Chinese ABS expansion 'to continue'

    China's securitisation market will continue to grow this year, albeit at a slower pace than in 2015, says Fitch. Issuance last year doubled to reach a record CNY600bn from more than 300 transactions.

    Market expansion will be driven by regulatory changes which have made it simpler and more efficient for financial institutions to issue structured finance securities. The rating agency .......

    News Round-up 29 March 2016

  • Freddie offloads more NPLs

    Freddie Mac has sold off a further US$1.4bn of seriously delinquent loans serviced by Nationstar Mortgage. The latest sales consisted of two transactions via auction: an extended timeline pool offering (EXPO) on 10 March and a standard pool offering (SPO) on 25 February.

    Freddie began marketing the pools earlier this year (SCI 27 January), in which the loans were offered as seven .......

    News Round-up 24 March 2016

  • RPL, NPL approach updated

    Moody's has made updates to its rating methodology for securitisations backed by NPLs and reperforming loans (RPLs). The changes incorporate proposals that the agency made late last year in a request for comment on the rating approach (SCI 25 November 2015).

    The main changes involve a consolidation of the approaches Moody's has used to rate RMBS of NPLs and RPLs into a .......

    News Round-up 24 March 2016

  • For-profit loan exposure eyed

    A pair of recent private student loan ABS - Navient Private Education Loan Trust 2015-B and 2016-A - include high concentrations of collateral tied to a single for-profit institution, according to Moody's. The agency says such exposure is credit negative for the transactions, due to the very high default rates of for-profit loans and the regulatory scrutiny facing for-profit institutions.

    News Round-up 24 March 2016

  • Credit Suisse exits European ABS

    Credit Suisse is pulling the plug on its European ABS presence as it revealed new details on its global restructuring plans. The bank confirmed that it will end operations in European securitised product trading, along with distressed credit and long-term illiquid funding.

    Capital allocation will also be reduced in a number of other areas, which it describes as 'not consistent' with its new strategy. .......

    Job Swaps 24 March 2016

  • Credit products group acquired

    Cowen and Company is set to acquire CRT Capital Group's credit products, credit research, special situations and emerging markets units. The acquired business will be named Cowen Credit Research and Trading and CRT will use the proceeds to invest further in its equities, banking and rates businesses.

    CRT's credit products unit includes the sales and trading of distressed debt, private .......

    Job Swaps 24 March 2016

  • Energy turmoil hits Canadian CMBS

    Of the 331 loans in Fitch-rated Canadian CMBS, six have transferred to special servicing due to oil industry exposure, as of the March 2016 remittance. This represents 2.4% of the total C$2.7bn of Canadian transactions across nine conduits and one large loan transaction.

    The affected loans are: Lakewood Apartments (representing 8.3% of IMSCI 2012-2), Lunar & Whimbrel Apartments (3.2% of .......

    News Round-up 24 March 2016

  • Pepper RMBS largest for decade

    Pepper Group has priced a new A$700m-equivalent non-conforming RMBS, the largest to hit the Australian market since 2006. Pepper Residential Securities Trust No. 16 is also the company's largest deal to date.

    The deal was originally sized at A$600m, but was upsized upon strong demand that scaled up the order book. At the initial deal size, the book was oversubscribed by about 85%.

    The .......

    News Round-up 24 March 2016

  • CMBS TRS index introduced

    Markit and Trepp have launched a new total return swap index referencing US last cashflow triple-A rated CMBS bonds issued in the previous 12 months. Dubbed the Markit iBoxx Trepp CMBS TRS Index, the underlying index for the contract is the Markit iBoxx Trepp CMBS Original AAA Rolling Index.

    Markit will be the index administrator and calculation agent for the .......

    News 24 March 2016

  • Pacific auction due

    The auction to settle the credit derivative trades for Pacific Exploration & Production Corporation CDS will be held on 6 April. ISDA's Americas Determinations Committee resolved that a failure to pay credit event occurred in respect of the entity earlier in March (SCI 14 March).

    .......

    News Round-up 24 March 2016

  • US CLO surge

    There is a surge in US CLO secondary supply today.

    Sellers appear to be looking to capitalise on the continuing mezz bid on the last full trading day ahead of the long weekend with a considerably larger number of auctions than in recent sessions. The move follows most of yesterday's lists trading reasonably well with the exception of the large .......

    SCIWire 23 March 2016

  • Dutch covereds outstrip placed ABS

    A new study published by the Dutch central bank, DNB, shows that banks in the Netherlands had more covered bonds outstanding (at €61bn) than non-retained RMBS (€55bn) at end-2015. Further, non-retained securitisation volume has dropped from €94bn in 2007 to €55bn. In contrast, while covered bond supply has also declined, the amount of covered bonds outstanding has remained roughly stable.

    News Round-up 23 March 2016

  • Law firm poaches bank md

    Richards Kibbe & Orbe has recruited Vincent Basulto to join its New York office as a partner in its corporate department. He leaves his role as md of Macquarie Group's credit markets division and general counsel for one of the bank's investment advisors.

    Basulto's practice will focus on structured finance, debt transactions, marketplace lending, derivatives and other transaction work in connection with .......

    Job Swaps 23 March 2016

  • EM CDS volumes tumble

    Emerging market CDS trading volume declined by 35% in 4Q15 from the same time a year earlier, according to EMTA's latest index results for the sector. The survey of 13 major dealers reveals that trading stood at US$254bn during the quarter, which also represents a 33% decrease in volume from 3Q15.

    The largest trading volumes came from Brazil, at US$37bn, .......

    News Round-up 23 March 2016

  • Trups CDO defaults, deferrals flat

    US bank Trups CDO combined defaults and deferrals remained at 17.4% at end-February, according to Fitch's latest index results for the sector. Three performing issuers representing US$20m across three CDOs redeemed their Trups last month, while one deferring issuer representing US$12m was sold across two CDOs - realising a 50% recovery - and was removed from the portfolio.

    One issuer .......

    News Round-up 23 March 2016
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