Complete news archive

  • 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

  • CMBS spread widening to continue?

    An analysis of previous US CMBS corrections undertaken by Morgan Stanley CMBS strategists suggests that the current sell-off in the market is not as pronounced, despite it being the longest on record. The study indicates that while there may be periodic tactical rallies, CMBS spreads can continue widening for four primary reasons until the S&P 500 index troughs.

    The start .......

    News 16 February 2016

  • Credit assessment proposals finalised

    The EBA has published its final draft implementing technical standards (ITS) for the mapping of external credit assessment institutions' (ECAIs) credit assessments for securitisation positions. The ITS will be part of the EU's Single Rulebook for banking and insurance, and will allow securitisation credit ratings to be used for the calculation of institutions' capital requirements.

    Specifically, the standards will map out .......

    News Round-up 16 February 2016

  • Markel names coo

    Markel CATCo Investment Management has appointed Mark Way as its first coo. The move follows the rebranding of the firm after Markel's acquisition of CATCo late last year (SCI 9 December 2015).

    In his new role, Way will be responsible for the firm's day-to-day operations and will report to ceo Tony Belisle. He has been with CATCo since its inception in 2011, following a .......

    Job Swaps 16 February 2016

  • Direct lending head hired

    Stuart Aronson has joined Whitehorse Capital in New York as direct lending group head. The unit provides customised financing solutions to sponsor and non-sponsor mid-market borrowers. Previously, he was president and ceo of GE Capital's sponsor finance unit from February 2003 to December 2015, and before that worked in the firm's structured finance and capital markets groups.

    .......

    Job Swaps 16 February 2016

  • Euro secondary stalemate

    With the US absent and continuing improvements in broader markets, it was stalemate in the European securitisation secondary market yesterday.

    "Market tone is generally OK," says one trader. "But with the US holiday not a lot went on yesterday."

    However, he adds: "We did see a couple of BWICs come out in the afternoon and all but one 1.0 CMBS .......

    SCIWire 16 February 2016

  • FNMA aims for liquidity

    Fannie Mae has priced its latest credit risk sharing transaction under the Connecticut Avenue Securities series. To promote additional liquidity, the GSE for the first time sought a credit rating for the M2 bonds in a CAS transaction. It is also for the first time selling a portion of the first loss position, further reducing taxpayer exposure to credit losses.

    News Round-up 15 February 2016

  • Delinquencies post largest decline

    US CMBS delinquencies posted the largest month-over-month decline in January since Fitch began tracking the segment 15 years ago, reflecting the resolution of the Stuyvesant Town/Peter Cooper Village asset (SCI passim). Loan delinquencies fell by 109bp last month to 2.93% from 4.02% at end-2015, while the dollar balance of late-pays fell by US$4.2bn to US$11.1bn. The last time delinquencies dropped .......

    News Round-up 15 February 2016

  • PACE 'green' bonds hit landmark

    The US PACE ABS market hit US$1bn in 'green' bonds last week after Renovate America closed its second deal of its kind. The US$217.5m HERO Funding Trust 2016-1 securitisation, which is secured by over 9,000 PACE assessments levied against residential properties in California, received double-A ratings on its class A notes from both Kroll and DBRS (see SCI's new issuance News Round-up 15 February 2016

  • SCI Start the Week - 15 February

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

    Pipeline
    As with the previous week, pipeline additions last week were dominated by ABS. There were seven new ABS deals announced, as well as an ILS, an RMBS and two CMBS.

    The ABS were: US$556m ARI Fleet Lease Trust 2016-A; US$300m Avant Loans Funding Trust 2016-A; US$446m Flagship Credit Auto Trust 2016-1; US$1bn GM Financial Automobile Leasing Trust 2016-1; .......

    News 15 February 2016
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