Complete news archive

  • Euro opportunistic credit team hired

    Crestline Investors has recruited an experienced European opportunistic credit team and opened its first European office, in London. The London office will be managed by Michael Guy, who becomes European cio.

    Guy has over 20 years of experience in the investment industry and founded the Tenax Credit Opportunities Fund. He has also worked as co-head of European loans and special .......

    Job Swaps 9 March 2016

  • Promotion due at Och-Ziff

    Nim Sivakumaran is set to replace Donald La Vigne as head of European structured credit strategies at Och-Ziff Capital Management Group's London office after the latter's departure in June. Sivakumaran is currently an md and analyst in the firm's European structured credit investment team.

    .......

    Job Swaps 9 March 2016

  • Euro secondary sidelined

    The improving macro picture has so far failed to encourage the majority of participants back into the European securitisation secondary market.

    "Yesterday was mainly dominated by BWICs, which went through OK but a lot of clients are still on the sidelines," says one trader. "While market tone keeps improving in line with broader markets liquidity hasn't moved in tandem with .......

    SCIWire 9 March 2016

  • Energy boost

    Renovate America capital markets md Craig Braun and capital...

    Q: How and when did Renovate America become involved in the securitisation market?
    Braun:     We started originating PACE loans in 2012 and we securitised our first HERO bonds in 2014. PACE provides a financing alternative for homeowners when they need to replace aging heating or air conditioning units or make other energy efficiency or renewable energy upgrades.

    PACE allows homeowners to .......

    Provider Profile 9 March 2016

  • Cautious optimism for US CLOs

    Mezz paper is at the forefront of the current bout of cautious optimism in the US CLO secondary market.

    "Over the past three years we've seen the same pattern - the market has sold off from about October and then everyone comes back from Vegas filled with optimism about the relative value of our product and starts buying CLOs," says .......

    SCIWire 8 March 2016

  • Opportunistic credit fund launched

    La Française Global Investment Solutions has launched a multi-strategy long/short credit fund, dubbed LFIS Vision UCITS - Credit. The fund will invest opportunistically in a diverse portfolio of undervalued or overvalued credit assets.

    The fund is managed by the firm's credit strategies team, led by Renaud Champion, and is run alongside the team's established credit opportunities strategy. Average credit experience .......

    News Round-up 8 March 2016

  • Deleveraging drives Trups improvement

    Moody's reports that the credit quality of Trups CDOs continued to improve in 2015 due to deleveraging of senior notes from redemptions and excess interest diversions, improvements in OC ratios and steady-to-improving collateral credit quality. The agency last year upgraded the ratings on 216 tranches in 59 Trups CDOs and downgraded the ratings on two tranches in one deal after .......

    News Round-up 8 March 2016

  • Oaktree targets Aussie growth

    Oaktree Capital Group has opened an office in Sydney, Australia. Byron Beath has joined the firm as md to lead investment activities in Australia and New Zealand and will be based in the Sydney office.

    Beath was previously at Macquarie Bank. He spent 15 years at the bank, most recently as a director in the corporate and asset finance division.

    .......

    Job Swaps 8 March 2016

  • MBS REITs to merge

    ARMOUR Residential REIT is set to acquire JAVELIN Mortgage Investment Corp for a consideration to be paid in cash, which would value JAVELIN at 87% of its book value, including a reduction of US$1m for JAVELIN's transaction expenses. Under the terms of the merger agreement, a wholly-owned subsidiary of ARMOUR will commence a tender offer to acquire all of the .......

    Job Swaps 8 March 2016

  • Sports Authority exposure gauged

    Fitch suggests that Sports Authority's withdrawal from some locations, following its Chapter 11 bankruptcy protection filing, may pressure smaller strip malls or neighbourhood shopping centres. However, US CMBS deals that the agency rates aren't expected to be significantly impacted by the store closures.

    Fitch has identified 49 transactions with exposure to Sports Authority, 20 of which are CMBS 1.0 vintages .......

    News Round-up 8 March 2016

  • Euro secondary pick-up?

    After a very slow start to the week yesterday European securitisation secondary market activity looks set to pick up today.

    A volatile day in wider markets kept most participants on the sidelines once more and meant flows were extremely light again yesterday, nor were there any BWICs. Consequently, secondary spreads were unchanged across the board.

    Nevertheless, market sentiment remains positive. .......

    SCIWire 8 March 2016

  • Securis launches ILS fund

    Securis Investment Partners is launching a fund which will enable investors to participate directly in pure catastrophe event risk. Securis Catastrophe Bond Fund is a sub-fund of Northill Global Funds ICAV and is Securis' first UCITS-compliant fund. The fund will invest in a portfolio of cat bonds, diversified across a range of securities which are exposed to risk in different .......

    News Round-up 7 March 2016

  • Prudent valuation views sought

    The EBA has launched a public consultation on the inclusion of prudent valuation into COREP, the reporting framework through which EU banks report supervisory information. The consultation will run until 30 March.

    The EBA's proposed changes would allow the inclusion of the new requirements for reporting information on prudent valuation, as well as some supplementary requirements for reporting credit risk .......

    News Round-up 7 March 2016

  • Operational risk SMA proposed

    The Basel Committee has issued for consultation proposed revisions to the operational risk capital framework. The new standardised measurement approach (SMA) for operational risk builds on the Committee's earlier consultation paper issued in October 2014.

    The Committee says the proposed revisions are part of its broad objective of balancing simplicity, comparability and risk sensitivity. The SMA aims to address a .......

    News Round-up 7 March 2016

  • SCI Start the Week - 7 March

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

    Pipeline
    With many market participants decamped to Las Vegas for the industry conference, pipeline activity last week was muted. There were four ABS and four RMBS added.

    US$440m California Republic Auto Receivables Trust 2016-1, US$991.28m Capital Auto Receivables Asset Trust 2016-1, US$664m Conn's Receivables Funding 2016-A and US$122.33m OSCAR US 2016-1 accounted for the ABS. The RMBS were Agate .......

    News 7 March 2016

  • Vendor bolsters regional growth

    4sight Financial Software has opened a new North American office in New York, as a direct response to increased demand for its products and several recent client wins in the region. Jonathan Cooper, who has been named North American sales director, will be responsible for regional growth at the location.

    Cooper has 30 years' capital markets experience. He was previously .......

    Job Swaps 7 March 2016

  • Quarterly loss severity spikes

    US CMBS liquidations in 4Q15 saw the highest quarterly loss severity since 1Q10, when Moody's began tracking losses across the sector. The agency notes that severities were driven by a number of large loans liquidated at high losses.

    "The fourth quarter of 2015 saw 240 loans liquidate with an average loss severity of 58.2%, up significantly from the 210 loans .......

    News Round-up 7 March 2016

  • PREPA progress reviewed

    The extended deadline for PREPA to submit a new rate plan to Puerto Rico's new energy commission (SCI 2 March) suggests that the utility and its creditors are making progress towards an organised debt restructuring, according to Moody's. This development follows the recent enactment of securitisation legislation that will help facilitate a subsequent PREPA debt restructuring.

    The submission of a .......

    News Round-up 7 March 2016

  • RFC issued on Indian RMBS

    Moody's has published a request for comment on its proposed approach to rating Indian RMBS. The agency proposes using its residential mortgage collateral analysis model MILAN, which is a key element of its approach to loan and portfolio level evaluation. In addition, it will publish a methodology supplement outlining the country-specific values for the assumptions and adjustments that the methodology .......

    News Round-up 7 March 2016

  • AnaCap increases Italian NPL holdings

    AnaCap Financial Partners has purchased two Italian NPL portfolios with a face value of more than €2bn. The portfolios were acquired by AnaCap Credit Opportunities III from SPVs whose securities were majority owned by GE Capital Real Estate and RBS.

    The portfolios each have a gross book value of around €1bn and include secured and unsecured SME loans, with the .......

    News Round-up 4 March 2016

  • GGLF expected to stabilise

    Moody's says that the German Ground Lease Finance (GGLF) CMBS continues to perform in line with its expectations after the agency met with the managing agent Immofori in February. Refinancing remains a risk to the transaction, however, and will be contingent on the amount of excess cash left available to amortise the structure prior to its final maturity.

    The transaction has caused .......

    News Round-up 4 March 2016
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