Complete news archive

  • 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

  • Reg AB-compliant deals emerge

    Four ABS sponsors - Ally, AmeriCredit, Discover and Ford - have completed Reg AB 2-compliant transactions so far this year. The new regulation went into effect in November and Ford was the first to issue a compliant deal, FORDO 2015-C (SCI 21 September 2015).

    Clayton Fixed Income Services is the asset representations reviewer on the newly printed AMCAR, FORDO and .......

    News 27 January 2016

  • CLO 2.0 refinancing on agenda

    Moody's notes that a number of European CLO 2.0 tranches exiting their non-call periods are eligible for refinancing or repricing in 2016, including 30 2014 vintage deals and six 2013 vintage deals that exited their non-call periods in 2015. The agency says that refinancing at lower coupons would improve credit enhancement by increasing excess spread and reducing liability costs on the .......

    News Round-up 27 January 2016

  • JPMorgan settles RMBS dispute

    Ambac Assurance Corporation and its segregated account have settled their RMBS disputes and litigation against JPMorgan. JPMorgan will pay US$995m in cash in return for releases of all Ambac claims against it arising from certain RMBS transactions insured by Ambac. Ambac will also withdraw its objections to JPMorgan's global RMBS settlement with RMBS trustees.

    .......

    Job Swaps 27 January 2016

  • AIG overhauls structure

    AIG has announced a series of strategic actions and organisational changes designed to create a leaner, more profitable and focused insurer. The plan includes an IPO for a portion of United Guaranty Corporation (UGC), the divestiture of AIG Advisor Group and the creation of a new legacy portfolio to hold non-strategic assets.

    AIG says it will pursue an initial public .......

    Job Swaps 27 January 2016

  • New shop for Oaktree duo

    Adams Street Partners has appointed Bill Sacher and Shahab Rashid to build a private credit platform, which will focus on a broad array of opportunities in credit alternatives on a global basis. The pair will lead the firm's credit capabilities from its new Manhattan office.

    Sacher has been named partner and head of private credit at Adams Street and brings .......

    Job Swaps 27 January 2016

  • Euro secondary on the up

    Activity and pricing levels are on the up in some sectors of the European securitisation secondary market.

    Growing positivity in broader markets yesterday helped to stimulate activity across a wider range of ABS/MBS sectors than seen in recent days. Prime assets remain the main focus, with autos and Dutch RMBS, especially STORM paper, being the biggest beneficiaries of buying interest .......

    SCIWire 27 January 2016

  • Retention return?

    Retained issuance revival surprises market

    Retained issuance volume in Europe was 63% lower in 2015 than it had been in 2014, but this decline was turned on its head in the final months of last year. Such a reversal came as something of a surprise and could signal a long-term change of direction for the market, or be forgotten by February.

    Bank of America Merrill .......

    News Analysis 27 January 2016

  • US CLO surge

    The US CLO secondary market is set for a surge in activity today, but wider market volatility may hamper it.

    "We're starting to see a bit more activity and there are a decent amount of bid lists out today compared to the past week," says one trader. "Though futures are down again this morning, which won't help."

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

    SCIWire 26 January 2016

  • Canadian OTC rules harmonised

    Canadian securities regulators across the country's various provinces have agreed to implement rules on derivatives product determination and reporting on trade depositories and derivatives data. This follows a consultation on the proposals of the rules last year (SCI 27 January 2015) and paves way for the harmonisation of a derivatives reporting regime in line with Manitoba, Ontario, Quebec and internationally.

    The provinces that .......

    News Round-up 26 January 2016

  • Trups defaults drop again

    Combined defaults and deferrals for US bank Trups CDOs decreased to 17.5% at the end of December, after maintaining their 18% rate the month prior, according to Fitch's latest index results for the sector. Approximately 0.2% of the 0.5% decline is attributed to the removal of defaulted and deferring collateral within one Trups CDO that no longer has outstanding ratings from .......

    News Round-up 26 January 2016

  • Private asset head hired

    Nicholas Bamber has joined Legal & General Investment Management (LGIM) in the newly created role of head of private assets, reporting to LGIM head of investment Aaron Meder. Bamber arrives from RBS, where he headed the bank's corporate coverage in the UK.

    According to Meder, Bamber will focus initially on European private placements, but look to build a global business across currencies .......

    Job Swaps 26 January 2016

  • Eurotunnel refi expected

    Eurotunnel has reported strong revenue growth, increasing the likelihood that it will refinance its Channel Link Enterprises Finance (CLEF) A3 and A4 bonds before year-end. The deal's euro liquidity notes appear particularly attractive.

    Eurotunnel experienced revenue growth across all of its business segments last year. Shuttle services growth was 10%, railway networks growth was 5% and Europorte growth was 15%.

    News 26 January 2016

  • China debuts finance leasing ABS

    The first Chinese ABS that involves finance leasing of used automobiles has hit the market. The transaction was issued last week by social networking internet platform Renren and will be traded on the Shanghai Stock Exchange.

    The CNY299.8m deal is broken down into three tranches, with the triple-A piece comprising 68% of the total issued, while the double-A tranche consists of a .......

    News Round-up 26 January 2016

  • Loan re-classification resolved

    Moody's has affirmed its ratings of all Pepper Residential Securities Trust No. 15 notes, following a review triggered by a re-classification of some underlying loans. The re-classification involved 6.49% of the total pool balance having either one or two adverse credit events prior to origination, instead of having no adverse credit events.

    Pepper Group notified Moody's that the adverse credit .......

    News Round-up 26 January 2016

  • Countrywide pay-outs calculated

    National Economic Research Associates submitted their allocable share calculations earlier this month for the 530 RMBS deals involved in the US$8.5bn Countrywide settlement. The calculations were largely in line with market expectations across products and vintages, according to Morgan Stanley RMBS analysts.

    "2004 and 2005 vintage alt-A and prime jumbo deals came up short of expected pay-out most regularly," they .......

    News Round-up 26 January 2016

  • First jumbo RMBS 2.0s called

    The US prime jumbo RMBS sector has seen its first three post-crisis transactions called, none of which have incurred any losses. However, despite overall exceptional performance in the asset class, Fitch expects clean-up call volume to be limited over the coming months.

    The call options were exercised on three Sequoia Mortgage Trust transactions issued in 2010 and 2011. Only one .......

    News Round-up 26 January 2016

  • Energy stress surging

    The beginning of 2016 has seen a number of stressed loan issuers - particularly in the oil and gas sector - moving closer to potential default. Wells Fargo CLO strategists highlight five recently troubled names, which account for US$1.4bn in US CLO collateral, or 0.33% of the outstanding US CLO universe.

    Earlier this month, Southcross Energy Partners - which represents .......

    News 26 January 2016

  • Euro secondary similar

    Patterns in the European securitisation secondary market remain similar despite the continuing volatility in wider markets.

    "It's still pretty quiet and trends are pretty much the same," says one trader. "Broader markets are down again this morning, but little has changed in our space."

    The trader continues: "The senior prime sector is still fine and continues to grind tighter. Meanwhile, there .......

    SCIWire 26 January 2016

  • Goldman alumni join forces

    Former Och-Ziff Capital Management partner Antonio Batista and ex-Goldman Sachs md William Douglas have teamed up to found Caius Capital, a London-based distressed credit hedge fund. Both partners, the pair take on the roles of cio and coo respectively at the new shop.

    Batista joined Och-Ziff in 2004 and was most recently portfolio manager for European distressed credit at the .......

    Job Swaps 25 January 2016

  • SCI Start the Week - 25 January

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

    Pipeline
    ABS deals accounted for more than half of last week's pipeline additions. There were six new ABS announced, as well as two RMBS and three CMBS.

    The ABS were: CNY1.31bn Autopia China 2016-1 Retail Auto Mortgage Loan Securitization Trust; US$1.14bn CarMax Auto Owner Trust 2016-1; €666m Driver Espana Three; Golden Credit Card Trust Series 2016-2; US$604.42m Hyundai Auto .......

    News 25 January 2016
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