Complete news archive

  • EU adopts CDS clearing rule

    The European Commission has adopted a set of rules which require certain OTC credit derivative contracts to be cleared through central counterparties (CCPs). This implements the clearing obligation under EMIR.

    The EC's decision takes the form of a delegated regulation and refers in particular to euro-denominated CDS covering some European corporates. The clearing obligation will come into force following scrutiny .......

    News Round-up 2 March 2016

  • Sky Road, Virtus link products

    Sky Road has added an enhanced trade processing feature for CLO and loan portfolio management to its Motion platform. The new functionality allows clients to achieve straight-through connectivity with Virtus Partners' CDO Suite, Virtus' portfolio administration software for multi-asset class tracking and compliance monitoring.

    Sky Road clients can enter underlying loan portfolios in Motion and have the loans automatically sent .......

    News Round-up 2 March 2016

  • Analytics enhancements offered

    Moody's Analytics has added transaction-specific performance data to its CreditView service, allowing customers to compare performance of securitisations globally across a variety of metrics. The firm has also added a new liability management tool to its ABS System, which is designed to enable users to quickly model and reverse-engineer transactions without using complex scripting languages.

    With the enhancement to Moody's .......

    News Round-up 2 March 2016

  • PREPA extensions granted

    PREPA has granted a number of extended deadlines surrounding its debt restructuring deal, including a three-week extension for Puerto Rico officials to submit a proposed rate fee. The fee would help repay the bonds that are being used in the securitisation deal.

    The 22 March deadline has been pushed back from the original 1 March deadline that was given for .......

    News Round-up 2 March 2016

  • Delinquency decline continues

    The Trepp US CMBS delinquency rate stood at 4.15% at end-February, a drop of 20bp from January. The rate is now 143bp lower than the year-ago level.

    CMBS loans that were previously delinquent but paid off with a loss or at par totalled over US$930m last month. Removing these previously distressed assets from the numerator of the delinquency calculation helped .......

    News Round-up 2 March 2016

  • Pure APAC CLO prepped

    SC Lowy and UOB Asset Management are together launching the first fully Asia Pacific-backed, actively managed cashflow CLO. The CLO will be comprised predominantly by senior secured bank loans from Asia Pacific issuers.

    The transaction's collateral will be co-managed by UOB Asset Management and SC Lowy and underwritten by Standard Chartered, Resource Capital Market and UOB Securities. The transaction is .......

    News Round-up 2 March 2016

  • RMBS upgraded on model error

    Fitch has upgraded five tranches of the Eurohome UK series 2007-1 and 2007-2 transactions, following the discovery of an inconsistent calculation in its UK RMBS surveillance model. The inconsistency had resulted in weighted average foreclosure frequencies that were too high.

    Specifically, the class B1 and B2 notes from Eurohome UK Mortgages 2007-1 have been upgraded to single-B (from triple-C), while .......

    News Round-up 2 March 2016

  • Ocwen faces further investigation

    Ocwen has disclosed that it is the subject of a fresh investigation by the US SEC. The news comes after the servicer recently settled a US$2m penalty with the regulator for misstating financial results, following its use of a flawed methodology to value complex mortgage assets (SCI 21 January).

    In its annual report, Ocwen revealed that it received a letter from the SEC .......

    Job Swaps 2 March 2016

  • Valuations businesses sold off

    Intercontinental Exchange is set to acquire S&P Securities Evaluations (SPSE) and Credit Market Analysis (CMA) from McGraw Hill Financial. When completed, the acquisition will enable ICE to offer customers fixed income and credit data and valuation services.

    Under the terms of the agreement, ICE can elect to satisfy its payment of the purchase price in either cash or shares of .......

    Job Swaps 2 March 2016

  • Euro secondary improves

    The European securitisation secondary market continues to improve as broader markets remain stable.

    "The market is improving although yesterday was quiet overall," says one trader. "Tone is definitely better, but we're not yet seeing that much volume."

    At the same time, the trader adds: "Prices are picking up albeit quite slowly. We're noticeably lagging wider credit in that respect."

    Improvement was .......

    SCIWire 2 March 2016

  • SFR rent trends examined

    Property managers in single-family rental securitisations appear to have been steadily driving rents higher, according to a recent Morningstar Credit Ratings analysis. The study shows that these increases have come from renewals more often than new tenants for vacant properties.

    "It is in the interest of single-family rental securitisations for property managers to keep properties occupied by maintaining high renewal .......

    News Round-up 1 March 2016

  • Deal agent principles issued

    The Association of Institutional Investors has released a set of principles promoting a 'deal agent framework', which it believes would significantly enhance the governance protocols built into current US RMBS structures. The proposal seeks to reform private label RMBS contracts by providing fair investor protections, increased transparency and a flexible framework for adapting to unexpected events.

    "I believe the deal .......

    News Round-up 1 March 2016

  • Torstone continues expansion

    Post-trade securities and derivatives processing provider Torstone Technology has further expanded its team and also launched a standalone reporting module in Japan. The firm began a targeted expansion push last year (SCI 9 December 2015).

    The new arrival is Gordon Russell, who becomes head of sales and business development for Asia, based in Singapore. He has over 20 years of .......

    Job Swaps 1 March 2016

  • Freddie enhances disclosures

    Freddie Mac has expanded its disclosures for its single-family credit transfer initiatives to help provide investors with additional information to analyse. The GSE has also released details of its second STACR offering of the year, STACR 2016-HQA1.

    The enhanced disclosures include quarterly updates on credit scores for outstanding loans in all transactions and mark-to-market LTVs that leverage the estimated property .......

    News Round-up 1 March 2016

  • UBS settlement welcomed

    The president and ceo of the National Association of Federal Credit Unions (NAFCU), Dan Berger, has described UBS' agreement last week to pay US$33m in compensation over faulty pre-crisis RMBS as "welcome news". The settlement is meant to provide recovery on toxic assets, which the NCUA says caused losses to corporate credit unions that invested in the products based on untrue statements. The NCUA also accepted .......

    Job Swaps 1 March 2016

  • Structured credit analyst promoted

    Moody's has named Al Remeza associate md and head of its US structured credit new ratings team within the structured finance group. Remeza has been with the structured credit team since joining the rating agency in 2004, where his most recent responsibilities have included co-managing the structured credit team and serving as managing editor for Moody's CLO Interest newsletter.

    .......

    Job Swaps 1 March 2016

  • P2P cut-back

    Market consolidation dominates discussion

    As marketplace lending continues to rapidly evolve in Europe, the fate of small lenders is an emerging theme. SCI's inaugural Marketplace, Direct Lending & Securitisation Seminar in London last month featured a diverse set of views on how consolidation will foster securitisation through a concentration of more sophisticated platforms.

    Panellists at the seminar pointed to an increasing expectation that the .......

    Talking Point 1 March 2016

  • Euro secondary positive

    The European securitisation secondary market continues to stay positive in line with sentiment in wider markets.

    "Market tone is pretty constructive after a few stable sessions in broader markets," says one trader. "Consequently we're seeing a few people now looking to add."

    However, the trader continues: "Liquidity remains pretty thin and we're not seeing many BWICs. What action there is .......

    SCIWire 1 March 2016

  • Fannie NPL pool purchased

    New Jersey Community Capital (NJCC) is the winning bidder for Fannie Mae's second community impact pool of non-performing loans. NJCC purchased the loans through its affiliate, the Community Loan Fund of New Jersey.

    The transaction is expected to close on 21 April and includes 53 loans on properties in the Miami area with an unpaid principal balance of approximately US$13.2m. .......

    News Round-up 29 February 2016

  • Apollo merger questioned

    Apollo Commercial Real Estate Finance (ARI) is set to buy Apollo Residential Mortgage (AMTG) for a combination of cash and stock which values AMTG at US$14.59 per share, representing a premium of around 44%. The transaction values AMTG at approximately US$641m.

    The transaction has been approved by both boards of directors, but law firm Harwood Feffer is investigating potential claims .......

    Job Swaps 29 February 2016

  • Malta gets first RSPV

    USA Risk launched the first reinsurance SPV in Malta last week as the jurisdiction seeks its debut ILS deal. Exchange Re will allow ILS managers and investors to undertake private collateralised reinsurance transactions within the jurisdiction and uses a cell-based approach.

    Malta adopted legislation on securitisation cell companies back in 2014 for the purpose of governing future ILS (SCI 8 December .......

    News Round-up 29 February 2016
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