Complete news archive

  • DBRS chairman named

    Stephen Joynt has been appointed executive chairman of DBRS Group. Already a member of the board, he brings a wealth of experience in the global credit rating industry, having served as the president and ceo and board member of Fitch for ten years. During that time, he led the agency through growth initiatives and acquisitions, expanding its market presence and .......

    Job Swaps 12 February 2016

  • SF legal duo brought in

    Kaye Scholer has beefed up its finance department by bringing in structured finance experts Howard Goldwasser and Skanthan Vivekanada. Both arrive as partners from K&L Gates, with the former based in New York and the latter in Los Angeles. The pair will provide their CLO 2.0 expertise to Kaye Scholer's current CLO team. 

    Goldwasser's recent experience includes trade receivables financings .......

    Job Swaps 12 February 2016

  • NMS unveils risk management group

    NMS Capital Group has launched a new global risk management services group that will be headed by newly promoted ceo Marion Madden and president John Gill. Headquartered in London, NMS Global Risk Solutions will advise clients in a number of services, which cover securitisation and institutional insurance.

    The services include designing global commercial insurance strategies to drive organisational cost savings, providing .......

    Job Swaps 12 February 2016

  • Euro secondary slides

    Activity and pricing levels are sliding across the European securitisation secondary market.

    Prime autos and RMBS finally succumbed to broader market downward pressure and edged wider on very light volumes yesterday. 2.0 CMBS is still offering some resistance, but elsewhere tone remains weak and liquidity is thin across the board.

    Street buyers are occasionally being seen in select names in .......

    SCIWire 12 February 2016

  • Right to return

    Non-prime mortgages set for US comeback?

    Attempts to reinvigorate the US non-prime RMBS market appear to be gaining traction. However, the sector still needs to overcome being tarnished by the subprime stigma.

    Angel Oak recently tapped the non-prime RMBS market when it completed its first deal in the sector - Angel Oak Mortgage Trust 2015-1 - in December via Nomura. The US$150.4m transaction comprises US$135.32m of senior and .......

    News Analysis 11 February 2016

  • Credit hedge fund exposures gauged

    The latest US Office of Financial Research market monitor report highlights the substantial investor redemptions experienced by certain credit funds at the end of last year (SCI 23 December 2015). In the report, the bureau examines hedge fund exposures to credit markets and their use of leverage, based on non-public Form PF data.

    The analysis shows that, unsurprisingly, a number .......

    News Round-up 11 February 2016

  • Broker-dealer adds RMBS trader

    First Empire Securities has hired RMBS trader Richard Liao. He was most recently an agency RMBS trader at Société Générale. Liao has also previously worked at RBC Capital Markets and BNP Paribas.

    .......

    Job Swaps 11 February 2016

  • Cross-border swap rules approved

    The US SEC has voted to adopt rules requiring non-US companies that use personnel in the US to arrange, negotiate or execute security-based swap transactions to include such transactions in determining whether those companies should register as security-based swap dealers. These rules aim to ensure that both US and foreign dealers are subject to Title VII of Dodd-Frank.

    "These final .......

    News Round-up 11 February 2016

  • MiFID 2 deadline extended

    The European Commission has announced a one-year extension for firms to comply with its MiFID 2 standards as it seeks more time to set up the complex technical infrastructure entailed within the package. The new deadline is now 3 January 2018.

    Following talks with ESMA, the Commission accepted that many financial firms would struggle to reach the 2017 deadline. ESMA .......

    News Round-up 11 February 2016

  • Common CCP approach agreed

    The European Commission and the US CFTC have reached an agreement on a common approach regarding requirements for central counterparties (CCPs). The move means that European CCPs will be able to do business in the US more easily and that US CCPs can continue to provide services to EU companies.

    But Julian Hammar, of counsel at Morrison & Foerster, notes .......

    News Round-up 11 February 2016

  • Euro CLOs unsettled

    Wider market volatility is continuing to unsettle the European CLO secondary market.

    Thanks to the short-lived improvement in the macro picture yesterday, secondary trading picked up a little, mainly in seniors, but only relative to the extremely light flows of late. The majority of CLO investors remained sidelined and the single line item in for the bid, CRNCL 2014-4X C, .......

    SCIWire 11 February 2016

  • Euro ABS/MBS switchback

    Yesterday was a better day in the European ABS/MBS secondary market, but today looks set to see a switch back to recent patterns.

    "There was a slight rebound in broader markets yesterday, which enticed people back into the market," says one trader. "Notably, we saw some selling of senior assets and they all went through in line with expectations."

    However, .......

    SCIWire 11 February 2016

  • Servicing penalties imposed

    The OCC has terminated mortgage servicing-related consent orders against US Bank and Santander, and assessed civil money penalties against the banks for previous violations of the orders. The consent orders were terminated after the OCC determined that the institutions now comply with the orders.

    The OCC - and the former Office of Thrift Supervision in the case of Santander - .......

    Job Swaps 10 February 2016

  • Florida servicer payments 'credit positive'

    The payments made on delinquent loans by servicers in Florida are credit positive for the RMBS backed by the assets, Moody's reports in its latest Servicer Dashboard publication. The agency suggests that the practice may protect servicer rights to restart the foreclosure process on properties underlying long-delinquent loans and consequently gain recoveries on them.

    Some servicers have been crediting payments .......

    News Round-up 10 February 2016

  • CMBS originations business closed

    Redwood Trust is repositioning its commercial mortgage business to focus solely on investing activities and will discontinue commercial loan originations for CMBS distribution. However, the company will continue to opportunistically invest in mezzanine and subordinate CMBS tranches that meet its risk/return profile.

    "We have concluded that the challenging market conditions our CMBS conduit has faced over the past few quarters .......

    Job Swaps 10 February 2016

  • Insurance solutions to target SMEs

    Newly formed managing general underwriter Ventus Risk Management and XL Catlin have formed a partnership to bring unique property insurance solutions to the catastrophe exposed SME market, using key distribution partners. The platform will be supported by collateralised catastrophe reinsurance funds and traditional reinsurance.

    Ventus ceo George Reeth comments: "We are initially targeting select classes of coastal commercial property risks, .......

    Job Swaps 10 February 2016

  • 'London whale' fine levied

    The UK Financial Conduct Authority has fined Achilles Macris £792,900 for failing to be open and cooperative with the regulator. He was head of JPMorgan's international chief investment office (CIO) in London, responsible for a number of portfolios - including the synthetic credit portfolio - at the time of the 'London whale' trades (SCI passim).

    Macris was the main contact .......

    Job Swaps 10 February 2016

  • MultiCat Mexico triggered

    S&P says that its single-D rating on the MultiCat Mexico series 2012-I class C notes is unaffected following a triggering event. The agency received an event report for Hurricane Patricia from the calculation agent AIR Worldwide Corp, which confirms that a triggering event has occurred in relation to the catastrophe bond, resulting in a principal reduction of US$50m for the .......

    News Round-up 10 February 2016

  • CAF 2015-1 workout progressing

    The first loan default in the US$251.6m Colony American Finance 2015-1 multi-borrower single-family rental (SFR) securitisation is expected to have little impact on the transaction's performance, as the US$1.1m loan accounts for just 0.4% of the collateral pool. The loan transferred to the special servicer - Midland Loan Services - in November 2015, a month after the transaction closed.

    Of .......

    News Round-up 10 February 2016

  • Euro secondary struggles

    The European securitisation secondary market continues to struggle amid wider market volatility, but there are still some exceptions.

    "Yesterday was once again quite weak overall," says one trader. "There was hope of some improvement thanks to better things in broader credit, but it will take more than that for us to recover more fully."

    However, the trader adds: "We continue to see .......

    SCIWire 10 February 2016

  • US CLOs challenged

    Internal and external factors are making things difficult in the US CLO secondary market.

    "There's not a whole lot happening - it's a very challenging market at the moment," says one trader. "Secondary isn't helped by primary being hung as well - it's too difficult to get a deal away with secondary spreads 100+ wider than new issue, the arb .......

    SCIWire 9 February 2016
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