Complete news archive

  • 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

  • CMBS oil exposure analysed

    Kroll Bond Rating Agency has designated US$684m of CMBS 2.0 oil exposed loans in both KBRA-rated (21) and non-rated transactions (seven) as KBRA loans of concern (K-LOCs). Among the agency's rated transactions, North Dakota and Texas include collateral with oil-exposed K-LOCs. Oklahoma and Colorado have also been identified with oil-exposed K-LOCs in non-KBRA rated transactions.

    K-LOCs are loans that are .......

    News Round-up 19 February 2016

  • Russian bankruptcy law gauged

    A new Russian bankruptcy law that came into effect in October 2015 will only impact a limited number of ABS and RMBS in the country, Moody's reports. The law introduces a legal mechanism for individual debt restructuring and encourages lenders to devise repayment plans rather than sell the assets in the event of a borrower's bankruptcy.

    Moody's notes that the new law .......

    News Round-up 19 February 2016

  • Trups defaults keep low

    Combined defaults and deferrals for US bank Trups CDOs remained at 17.4% at the end of January, according to Fitch's latest index results for the sector. Two performing issuers representing US$7.7m across two CDOs redeemed their Trups during the month, while there were no new deferrals, defaults or cures.

    Across the 74 Fitch-rated bank and mixed bank and insurance Trups .......

    News Round-up 19 February 2016

  • Manager replacement sought

    IMC Asset Management tendered its resignation as investment manager for the Strawinsky I CLO by written notice to the issuer on 31 December 2015, recommending Dynamic Credit Partners Europe as successor manager. The collateral management agreement provides that a manager's resignation shall not be effective until a successor manager has been appointed.

    Consequently, the issuer has notified noteholders that it .......

    Job Swaps 19 February 2016

  • Novo Banco deadline extended

    ISDA's EMEA Determinations Committee has further extended the deadline for holding a binding vote on the Novo Banco succession event question until the end of April (SCI 17 February). The DC has been advised under Portuguese law that the 2015 Annual Accounts of Novo Banco must be published by then, but if the accounts become available earlier, it says it .......

    News Round-up 19 February 2016

  • Euro secondary fades

    Levels and activity are fading in the European securitisation secondary market as the broader market rally runs out of steam.

    Activity remained patchy across the board yesterday, with prime assets once again leading the way, albeit in lower volumes than in previous sessions. Meanwhile, the appetite for Portuguese paper of recent days has faded somewhat and kept spreads slightly off .......

    SCIWire 19 February 2016

  • Bank's clearing head replaced

    JPMorgan has promoted Nick Rustad to lead its global clearing business, which includes CDS. He replaces Emily Portney, who was global head of agency clearing and collateral management in New York.

    Rustad was previously head of EMEA emerging markets rates. He will report to the bank's global head of prime services, Jason Sippell, with the role shifting to London.

    At the .......

    Job Swaps 18 February 2016

  • Euro CLOs stabilising

    The European CLO secondary market looks to at last be stabilising.

    "This week so far has been more or less the same as last week," says one trader. "Accounts have been selling via BWIC or away from them with dealers acting as liquidity providers - though this week has been less frantic than last there's still a ratio of 90% .......

    SCIWire 18 February 2016

  • Risk management pro promoted

    NXT Capital has promoted Stacia Kopplin to md of risk management. She will be responsible for all risk management activities, including loan review, operational risk management, risk rating implementation and monitoring, data governance and portfolio management. She was previously a director in risk management.

    Before joining NXT, Kopplin worked at Merrill Lynch Capital until 2008. She also spent 14 years .......

    Job Swaps 18 February 2016

  • SFR operating expenses up

    Net operating expenses for most single-family rental (SFR) securitisations issued in 2013 and 2014 are slightly above underwritten assumptions, which Moody's describes as slightly credit negative for the affected transactions. Exceptions to this trend are the Invitation Homes (IH) and Silver Bay deals.

    The first six months of operating cashflows for 2013 and 2014 SFR transactions suggest that non-contractual costs .......

    News Round-up 18 February 2016

  • CMU package progresses

    The European Parliament is today expected to begin discussing the EU's securitisation initiative, comprising the new securitisation regulation and the amendment to the CRR. Approval by the parliament is the last major step towards implementation of the rules and follows the European Council's approval of the package in December (SCI passim).

    Following the first exchange of views today, the presentation .......

    News Round-up 18 February 2016

  • Euro ABS/MBS split

    There continues to be a strong split in where activity is taking place in the European ABS/MBS secondary market.

    "Tone over the past few days has been much more positive in line with the macro trend," says one trader. "However, there is still a marked divergence over where activity is centred."

    The trader continues: "Most focus continues to surround prime .......

    SCIWire 18 February 2016

  • Italian NPL losses to be recognised?

    The Italian government's guarantee of senior notes under its NPL securitisation proposal (SCI passim) is expected to facilitate increased lending by Italian banks. However, banks may also have to recognise losses if sales to SPVs are made at a discount, Moody's notes.

    The proposal will allow banks to securitise their non-performing loans, subject to certain conditions. The structure must be .......

    News Round-up 17 February 2016

  • US CLOs active

    Participants in the US CLO secondary market are keeping active despite the current lack of BWIC supply.

    "There's a lot of activity even though the volume of lists isn't high," says one trader. "A lot of energy being is expended on trying to figure out where prices are and should be, as well as in out of comp trading."

    The .......

    SCIWire 17 February 2016

  • MAGEL tender offer unveiled

    Banco Comercial Português has launched separate tender offers for the respective €930m and €1.41bn class A notes of Magellan Mortgages No. 2 and No. 3. The bank says the purpose of the offers is to proactively manage its outstanding liabilities and capital base.

    The prices BCP will pay for validly tendered RMBS bonds will be determined pursuant to an unmodified .......

    News Round-up 17 February 2016

  • Permanent chief named

    GLI Finance has appointed Andy Whelan permanent chief executive. He was previously interim ceo of the company and will combine the role with leading the growth of Sancus, which it acquired in November 2014. Together with Whelan, GLIF's executive team comprises Emma Stubbs (cfo), Marc Krombach (md) and Louise Beaumont (head of public affairs & marketing).

    .......

    Job Swaps 17 February 2016

  • ABS trader recruited

    Natixis has brought in Peter Cui as a director, trading ABS and CLOs. He moves from Jefferies, where he was svp and traded ABS and CDOs. Cui's previous experience also includes similar roles at Cohen & Co and UBS.

    .......

    Job Swaps 17 February 2016

  • SF pro switches law firm

    Colleen McDonald has moved to Sheppard, Mullin, Richter & Hampton as partner, following the same role at Reed Smith. Working in the firm's finance and bankruptcy practice group in San Francisco, she will focus on securitisation, structured finance, commercial finance transactions and complex financial products.

    McDonald advises financial institutions regarding the acquisition and sale of assets primarily involving newly originated, .......

    Job Swaps 17 February 2016

  • Governmental intervention test resolved

    The three-judge external review panel convened by ISDA in connection with the Novo Banco governmental intervention credit event (GICE) question (SCI 29 January) has ruled that CDS referencing Novo Banco were not triggered on 29 December 2015 when the Bank of Portugal re-transferred five senior bonds back to Banco Espirito Santo. This marks the first time that the external review .......

    News 17 February 2016

  • Euro secondary improves

    Tone in many European securitisation secondary market sectors continues to improve in line with broader markets.

    "Yesterday, tone was bit better overall in our space as credit in general continued to improve," says one trader. "But the biggest story was Portugal."

    The trader continues: "The tender announcement from BCP for MAGEL 2  and 3 combined with rising sovereign bonds and .......

    SCIWire 17 February 2016
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