Complete news archive

  • Maturity wave pay-offs projected

    Morningstar Credit Ratings projects that paying off US CMBS loans on time will become progressively more difficult through 2017, as many of the maturing loans were aggressively underwritten near the peak of the market and remain overleveraged. Based on LTV ratios, debt yields and loan proceeds benchmarks, the agency predicts a decline in the 2016 maturity pay-off rate to 65%-70%, .......

    News Round-up 24 February 2016

  • Long iTraxx positions 'vulnerable'

    Net long non-dealer positions have been cut by almost US$17bn over the past week or so across the Markit iTraxx Main index, marking the largest two-week risk reduction for the series since early 2011, according to Bank of America Merrill Lynch European credit derivatives strategists. Should the downward trend continue, they anticipate that the current long CDS investor base will .......

    News 24 February 2016

  • Lending harmony?

    CMU set to transform SME investment landscape

    Funding Circle is optimistic about the finalisation of the Capital Markets Union (CMU) and the possibility of a harmonised European regulatory framework to facilitate cross-border lending and investment. In particular, the firm believes that the regulatory package has the potential to transform the ability of investors on a global level to both invest in SME loans and securitise them.

    After .......

    Talking Point 24 February 2016

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes.

    "Liquidity remains very thin overall," says one trader. "However, there is still demand in the prime area, particularly in Dutch paper and yesterday we also saw some for Italian bonds."

    At the same time, the trader adds: "Sterling sellers have started coming in. There wasn't a big incidence in UK .......

    SCIWire 24 February 2016

  • US CLOs steady

    The US CLO secondary market looks to have stabilised but remains fairly quiet.

    "It seems like things have stabilised since the January widening," says one trader. "However, it was very slow yesterday and looks like it will be slow again today and probably for the remainder of this week heading into ABS Vegas."

    The trader continues: "Everyone is now looking .......

    SCIWire 23 February 2016

  • Australian marketplace lender boosted

    DirectMoney has partnered with Macquarie Bank in a deal where the bank will purchase A$5m of loans originated through the platform. As part of the partnership, the bank has also been appointed an adviser to the platform, with a view to assisting in building infrastructure to facilitate access to a wider range of capital markets investors.

    One route to providing .......

    Job Swaps 23 February 2016

  • Resi oil exposure eyed

    The credit performance of oil and gas-focused metropolitan areas has worsened on a relative basis within several major residential securitisation types, Moody's reports. The deterioration correlates with rising unemployment and declines in home prices in those areas and affects legacy RMBS, single-family rental transactions and GSE credit risk transfer transactions.

    "The weakening in credit performance is limited so far, but .......

    News Round-up 23 February 2016

  • FSC, RiverNorth unlock horns

    Fifth Street Finance Corp (FSC) has entered into an agreement with RiverNorth Capital Management under which RiverNorth will not contest FSC's slate of director nominees at its upcoming AGM. RiverNorth owns 8.7% of FSC's common stock and has previously criticised the way the firm is run (SCI 19 November 2015).

    RiverNorth has also agreed to withdraw its binding proposal to .......

    Job Swaps 23 February 2016

  • Mortgage portfolio sale agreed

    OneSavings Bank subsidiary Rochester Mortgages has entered into a mortgage sale agreement to acquire approximately £396m of UK residential mortgage loans from Deutsche Bank subsidiary DB UK Bank. Completion of the acquisition is conditional upon OneSavings Bank establishing an off-balance sheet securitisation vehicle, which will acquire approximately £374m of the portfolio. The bank will retain approximately £22m of the portfolio .......

    News Round-up 23 February 2016

  • Negative Euribor risks highlighted

    A continued decline of Euribor rates poses a number of risks to euro-denominated Australian RMBS and ABS, says Moody's. Deals that could be impacted are those that have no mitigants in place to withstand a negative interest rate scenario.

    "As Euribor rates move further into negative territory - beyond the buffer provided by the note margins - such deals will need .......

    News Round-up 23 February 2016

  • Delinquencies for oil-boom loans

    Morgan Stanley CMBS strategists have identified eight US CMBS 2.0 loans totalling US$55m - all of which are secured by properties located in oil-boom regions - that turned delinquent this month. A further oil-exposed loan realised an appraisal reduction, according to February remittance reports, suggesting a potential loss.

    The largest of the newly delinquent loans is the US$17.9m Eagle Ford .......

    News Round-up 23 February 2016

  • Euro secondary starts slowly

    It was a slow start to the week for the European securitisation secondary market, but today looks likely to see something of a pick-up.

    "Yesterday was for the most part pretty slow," says one trader. "Primarily there was a just a lot of chatter around Brexit and its broader implications including the potential for people to step away from sterling .......

    SCIWire 23 February 2016

  • Belgian SME deals 'strong performers'

    Deals that are backed by loans to Belgian small businesses should emerge as one of the strongest performers in the European ABS market, says Moody's. This is due to both growth and deleveraging of such entities, which has improved their profit margins.

    "Better financing conditions are helping business investment," explains Monica Curti, a Moody's vp and senior credit officer. "It's .......

    News Round-up 22 February 2016

  • UK risk over-represented

    Some €6.5bn of European ABS paper has traded off BWICs in the last nine months, according to JPMorgan figures, implying healthy secondary trading across the region. An analysis undertaken by European securitisation analysts at the bank shows that traded ratios remained above 70% for all bonds offered by sellers, with UK risk significantly over-represented in terms of collateral appearing on .......

    News 22 February 2016

  • Loan-level model introduced

    JPMorgan has developed a new loan-level transition model for GSE residential mortgage loans, which aims to help investors better understand the relative value in credit risk transfer fixed severity and actual loss RMBS. Actual loss deals are expected to look better under the framework.

    The Freddie Mac and Fannie Mae dataset contains loans issued from 1999 through 2014. Both datasets .......

    News Round-up 22 February 2016

  • CRE CDO transferred

    RE CDO Management has assigned its interest in the collateral management agreement for Sorin Real Estate CDO IV to Talmage. The issuer has also appointed Talmage as the successor advancing agent.

    Moody's has determined that the proposed appointment of a successor collateral manager and successor advancing agent will not result in any adverse action with respect to any current ratings .......

    Job Swaps 22 February 2016

  • Top CLO managers unveiled

    CIFC Asset Management remained the US leader in Moody's latest CLO manager league tables, managing 30 deals in 2H15. This follows a wider trend that saw little change from 1H15, with the major players across the US, Europe and globally still dominating the rankings.

    Although CIFC topped the US tables by number of deals, Credit Suisse led by AUM with .......

    News Round-up 22 February 2016

  • Demica beefs up

    Demica has appointed Jen Collet, Giovanni Lazzeri and Karel Krejci as coo, director, origination and director, supply chain finance origination respectively.

    In her new role, Collet will play a pivotal part in Demica's expansion, working closely with ceo Matt Wreford to support future corporate development. She will also lead the operational aspects of the business, ensuring optimum client service, building .......

    Job Swaps 22 February 2016

  • SCI Start the Week - 22 February

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

    Pipeline
    Pipeline entrants were dominated by ABS issuers last week. A handful of CDOs/CLOs and CMBS deals also began marketing.

    Auto ABS continues to be well represented, with the US$1.02bn Ally Auto Receivables Trust 2016-2, US$810.82m Ford Credit Auto Owner Trust 2016-REV1 and US$1.25bn Toyota Auto Receivables 2016-A Owner Trust transactions newly announced last week. Consumer ABS deals comprised .......

    News 22 February 2016

  • Euro secondary solid

    The European securitisation secondary market remained solid on Friday despite broader market weakness.

    Volumes remained generally low as the week closed out, but tone remained firm and most spreads ended the session unchanged. Off-BWIC activity once again revolved around prime assets and eligible peripherals. Meanwhile, BWICs generated a flurry of activity in the afternoon and the bulk of line items .......

    SCIWire 22 February 2016

  • OTC specialist promoted

    NetOTC has promoted derivatives risk management specialist David Maloy to coo, expanding his responsibilities for the strategy, management and development of the firm's global operations. Prior to the appointment, he oversaw NetOTC's US-based activities.

    Before NetOTC, Maloy served as global head of collateral management at Credit Suisse, where he looked after margin management and valuations. He is also one of .......

    Job Swaps 19 February 2016
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