Complete news archive

  • ECR appoints sales director

    Euro Credit Risk (ECR) has appointed Angus Passmore as sales and marketing director. His experience includes working with SME lending organisations, utilising ABS facilities as part of the funding platform.

    Passmore's previous roles include a stint as vp at Quadrant Risk Management, promoting the use of enterprise risk data in banks and Basel 2 risk capital assessment. He also undertook advisory tasks in .......

    Job Swaps 29 January 2016

  • External review extended

    ISDA's EMEA Determinations Committee has extended the external review schedule in connection with the governmental intervention credit event question on Novo Banco, such that the oral argument will be held on 12 February and the decision deadline will be 16 February. The association says that the amendment is due to the availability of the external review panel. The submission deadline .......

    News Round-up 29 January 2016

  • Court rules against Canary Wharf

    Canary Wharf Group sold 10 Upper Bank Street for £790m in June 2014 and used the proceeds to prepay £578m of the class A1 fixed-rate notes of its CMBS at par (SCI 2 July 2014). The spens amount of £169m was placed in an escrow account to be paid to either the class A1 bondholders or Canary Wharf Group, depending on .......

    News 29 January 2016

  • Antitrust settlement progressing

    A distribution plan has been released in connection with the CDS antitrust settlement agreed last year involving a dozen banks, ISDA and Markit (SCI 15 September 2015). In addition, a 'fairness hearing' is scheduled for 15 April, to approve the proposed settlement.

    If approved, potential claimants may submit a claim by 27 May, after which a settlement distribution for each .......

    News 29 January 2016

  • Euro secondary sees more of the same

    It was a case of more of the same in the European securitisation secondary market yesterday.

    Flows dried up a little yesterday, but the market remained relatively stable and saw a continuation of recent trading patterns. Dutch RMBS spreads edged in a little further and buying interest continued to be seen in peripherals, especially Spanish bonds.

    At the same time, .......

    SCIWire 29 January 2016

  • Law firm promotes SF pros

    Cadwalader has elected new partners and made promotions to special counsel, with a number of structured finance and credit derivatives lawyers rising through the ranks. These include Dorothy Mehta, Bonnie Neuman, Amy Ray, Kahn Hobbs and Nathan Spanheimer.

    Mehta is based in New York. She is a partner in the firm's financial services group and a leader in its investment management .......

    Job Swaps 28 January 2016

  • NPL guarantee hailed

    The Italian government is set to introduce rules establishing a guarantee mechanism, dubbed Garanzia Cartolarizzazione Sofferenze (GACS), to facilitate the transfer of non-performing loans from the books of commercial banks to securitisation vehicles. The move has been welcomed as a positive step towards clearing the country's overhang of NPLs, but uncertainty remains over the transfer prices to be used.

    Under .......

    News 28 January 2016

  • US CLOs seek clarity

    The US CLO secondary market is still struggling for price clarity.

    "We are seeing some secondary trading, but certainly not a lot of colour from it," says one trader. "Also, a few new deals are supposedly due to price this week, but it's getting late for that to happen. So, overall, the CLO market is struggling for definition."

    Nevertheless, there .......

    SCIWire 28 January 2016

  • Armenia deal debuts

    Armenia has seen the launch of its first securitisation, listed on the country's stock exchange NASDAQ OMX Armenia. The deal was issued through the SPV, Loan Portfolio Securitisation Fund I, which was established in August 2015 to securitise US$2m worth of microfinance loans originated by five universal credit organisations (UCOs).

    Two issues of the fund will be listed on the stock exchange, .......

    News Round-up 28 January 2016

  • CAA hits ILS ratings

    S&P has lowered its ratings on the class A and B notes issued by Vitality Re V Series 2014 and Vitality Re VI Series 2015 by two notches to triple-B minus and double-B minus respectively. The action reflects updated information received from Milliman and Aetna Life Insurance Co related to the recently-priced Vitality Re VII catastrophe bond.

    The Consolidated Appropriations .......

    News Round-up 28 January 2016

  • Asset manager adds SF expert

    EFA Group has appointed Jacques-Olivier Thomann as senior advisor. He will work with the management team to provide strategic counsel and insights on the business.

    Thomann was previously general manager of BNP Paribas' Swiss branch, responsible for structured finance. Earlier roles at the bank posted him in Geneva, Singapore and Paris and included a stint as global head of commodity .......

    Job Swaps 28 January 2016

  • Bibby ceo appointed

    Bibby Financial has appointed Steven Box as international ceo, expanding his role from European ceo. His operational responsibilities now extend to Canada, USA, India, Hong Kong, Singapore and Malaysia, in an attempt to aid Bibby's growth globally.

    Box joined the firm last year after working in numerous roles at HSBC, most recently as global head of receivables finance. His experience .......

    Job Swaps 28 January 2016

  • VW emissions effect yet to bite

    Buyer and dealer incentives put in place in the wake of Volkswagen's emissions violations have buoyed sales, despite a continuing stop-sale order on diesel models, says Moody's. However, the rating agency expects both sales and the performance of Volkswagen-sponsored ABS to weaken going forward.

    While Volkswagen securities performed well in October, there was some weakening seen in November. The car manufacturer .......

    News Round-up 28 January 2016

  • PREPA deal back on

    PREPA and its Ad Hoc Group of bondholders have reopened talks regarding the potential US$8bn restructuring transaction, a proposal that appeared to have fallen through after failing to reach the legislative deadline last week (SCI 25 January). An amended agreement is now edging closer, following talks between the parties over the weekend.

    Negotiations between the parties have dragged on for months over the deal, .......

    News Round-up 28 January 2016

  • Real estate practice bolstered

    Nelson Mullins Riley & Scarborough has added six attorneys to its real estate capital markets practice in the Atlanta office. Rusty Fleming and David Burch join the firm as partners from Morris, Manning & Martin; Meena Dev-Sidhu joins as of counsel from Kilpatrick Townsend & Stockton; and Seth Bloomfield and Jenna Lasseter - formerly of Morris Manning - and David .......

    Job Swaps 28 January 2016

  • Euro secondary keeps positive

    The European securitisation secondary market is holding on to the positive tone of the past few sessions.

    "Sentiment was a bit better again yesterday, flows in general are improving and prices are going higher on- and off-BWIC," says one trader. "With little primary activity technicals are supportive of secondary, so while global credit remains relatively stable that positive trend could .......

    SCIWire 28 January 2016

  • Fresh Freddie NPL sales scheduled

    Freddie Mac is marketing its latest NPL offering, an auction of US$1.6bn in seasoned non-performing residential home loans held in its mortgage investment portfolio. The loans are currently serviced by Nationstar Mortgage.

    The NPLs are being marketed via seven pools. Of these, five will be geographically diversified standard pool offerings (SPO) and two will be geographically concentrated extended timeline pool .......

    News Round-up 27 January 2016

  • Structured credit vets branch out

    Dean Atkins and Ian Robinson have been named co-heads of 400 Capital Management Europe, the new London-based unit of 400 Capital Management. Their focus will be on managing European structured credit and securitised assets.

    The pair are former co-ceos of Kinson Capital, a fixed income advisory and asset management boutique, and have previously worked at ABN AMRO. Atkins was most .......

    Job Swaps 27 January 2016

  • Synthetic disorder

    Risk transfer deals seek regulatory breakthrough

    Panellists at SCI's inaugural capital relief trades conference last month discussed regulatory developments in the sector and the push towards accommodating synthetic securitisations under the new umbrella of standardisation. However, doubts persist over the viability of harmonisation in such a diverse market.

    "The capital requirements regulation (CRR) has made some good progress with addressing harmonisation in detail, but there still .......

    Talking Point 27 January 2016

  • Interactive Data head appointed

    ICE has given Lynn Martin the reins to Interactive Data after the exchange purchased the data provider late last year (SCI 15 December 2015). The current president and coo of ICE Data Services will incorporate the services of the firm into her responsibility for overseeing global data operations at ICE.

    In this additional role, Martin will report to ICE chairman and ceo .......

    Job Swaps 27 January 2016

  • South Korean issuance surges

    South Korean securitisation issuance nearly doubled in 2015, rising by 99.8% to Won83trn from Won41.5trn the previous year. The figures come from the South Korean Financial Supervisory Service, which reveals that much of the increase was due to a 284.5% year-on-year rise in MBS issued by the Korean Housing Finance Corporation (KHFC).

    The rapid increase in issuance is attributed to .......

    News Round-up 27 January 2016
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