Complete news archive

  • Fresh mortgages rap for Ocwen

    Ocwen has settled US SEC charges that it misstated financial results by using a flawed and undisclosed methodology to value complex mortgage assets. Ocwen has made a string of settlements (SCI passim) and under this latest one will pay the SEC a US$2m penalty.

    The SEC found Ocwen inaccurately disclosed to investors that it valued assets independently at fair value .......

    News Round-up 21 January 2016

  • Manager invests in structured experience

    Alberta Investment Management Corporation (AIMCo) has strengthened its relationship with DFG Investment Advisers through the acquisition of a minority ownership stake in the asset manager's holding company. DFG's expertise is in structured credit and leveraged corporate debt markets and has an institutional client base in North America and Asia.

    .......

    Job Swaps 21 January 2016

  • Euro ABS/MBS turns

    After two weeks of insulation from broader market volatility the positive tone in the European ABS/MBS secondary market has turned.

    "It's become challenging, to put it mildly, now that macro volatility is impacting our space and drying up liquidity," says one trader. "The last two sessions have been risk off and I don't see that changing today with most investors .......

    SCIWire 21 January 2016

  • US CLOs light

    The holiday-shortened week has not produced the usual boost to activity and volumes in US CLO secondary market continue to be light.

    "Especially with the lack of primary activity you'd expect an uptick in secondary, but total visible BWIC volume is light," says one trader. "Prices are falling, which is making sellers reluctant, but month-end is coming and that will only .......

    SCIWire 20 January 2016

  • CLO issuance set to drop

    The pace of new US CLOs coming to market could be set to decline as looming risk retention takes a stranglehold, according to Fitch. The rating agency's observation comes despite a December flurry which saw 15 new deals.

    However, new issuance overall for 2015 was down from the previous year, at US$93.1bn in 2015 from US$116.2bn in 2014. There are also fewer .......

    News Round-up 20 January 2016

  • ILS portfolio manager tapped

    Butch Agnew has been brought in by Tokio Solution Management as vp, ILS portfolio management. He moves from Dyna Management Services, where he was also vp, and has previously held other senior roles at AQR RE Management, Aon Risk Solutions and ATB Financial.

    .......

    Job Swaps 20 January 2016

  • Europe credit conditions surveyed

    The European securities financing and OTC derivatives markets saw less favourable credit terms being offered to counterparties between September and November 2015, according to the ECB's latest survey. Respondents cited less favourable price and non-price credit terms, with hedge funds particularly suffering.

    The maximum amount and maturity of funding in securities financing transactions have decreased for many types of collateral, .......

    News Round-up 20 January 2016

  • ILS market hits milestone

    The ILS market reached a new height for issuance in 2015, hitting US$70bn and exceeding the previous record of US$65bn in 2014. The figures come from a new report by Willis Capital Markets & Advisory (WCMA), which says that reinsurer interest and investor confidence continued to grow last year as new products and perils were brought to the table.

    In particular, .......

    News Round-up 20 January 2016

  • Magnetar poaches SF pro

    Aidan McKeown has joined Magnetar as part of its fixed income team, focusing on structured credit and specialty finance investments. He joins after a stint as director at Lloyds. McKeown has also been a structurer at StormHarbour, as well as working in derivatives and structured products as an associate at Linklaters.

    .......

    Job Swaps 20 January 2016

  • Euro secondary story unchanged

    Yesterday's improvement in broader markets did not change the story in the European securitisation secondary market and this morning's macro weakness is likely to keep it that way.

    "Yesterday things were a bit better overall and credit indices came in some way," says one trader. "However, little changed in our sector."

    Instead, recent trends continue, the trader says. "Senior prime .......

    SCIWire 20 January 2016

  • Multifamily expert added

    Walker & Dunlop has beefed up its multifamily finance group by hiring Hal Reinauer as vp. In this role, he will focus on originating Fannie Mae and Freddie Mac loans out of the firm's Boston office.

    Reinauer moves from his role as director at Holliday Fenoglio Fowler, where he similarly concentrated on multifamily financing. He also previously served as an .......

    Job Swaps 20 January 2016

  • Prime auto LTV losses compared

    Pools of prime US auto loans with high LTV ratios perform more than three times worse on a cumulative net loss (CNL) basis than those with low LTVs, Moody's reports. Average LTVs in auto loan ABS deals issued since 2010 have been generally low too, but losses could rise as competition in the auto lending industry increases and props up the .......

    News Round-up 19 January 2016

  • FHLB rule impact gauged

    The FHFA has released a final rule which amends its guidelines for Federal Home Loan Bank (FHLB) membership. The rule adds to the woes of leveraged RMBS investors by excluding captive insurers from the list of entities eligible for FHLB membership.

    An increasing number of new members over the last few years have been reeled in by the temptation of low-cost, reliable funding from .......

    News 19 January 2016

  • APAC ratings stable

    Structured finance transactions remained stable in Japan, Australia and New Zealand in 4Q15, according to Fitch. The agency affirmed 210 APAC tranches during the quarter, with one upgrade and two downgrades.

    Of the affirmations, 188 from 65 transactions came from Australia and New Zealand. Six of the affirmed ratings were simultaneously withdrawn as an Australian RMBS warehouse was restructured. Fitch says that .......

    News Round-up 19 January 2016

  • Global SF growth predicted

    The global structured finance market could reach up to US$2trn by 2020, according to a report by market research firm Technavio. This would see an annual growth rate  of over 16% between 2016 and 2020.

    The report shows that asset performance and regulatory initiatives in the US and Europe have heightened the issuance of structured finance products. In particular, credit cards .......

    News Round-up 19 January 2016

  • Vulcan CMBS prospects eyed

    The EuroCastle Office Portfolio in Vulcan (ELoC28) has been sold at a level sufficient to repay the securitised loan in full. Progress on the other loans securitised in the deal suggests that the class F and class G notes will suffer total losses.

    The €24.9m EuroCastle loan contains six office properties in Germany and accounts for 10% of the CMBS. A .......

    News 19 January 2016

  • Alignment of interest

    Marketplace lending regulatory scrutiny discussed

    Representatives from Kaye Scholer, Fundation Group and PeerIQ recently discussed the impact of heightened regulatory scrutiny on the US marketplace lending industry during a live webinar hosted by SCI (view the webinar here). This Q&A article highlights the main talking points from the session, including the fall-out from the Madden versus Midland Funding ruling and the US Treasury's .......

    Talking Point 19 January 2016

  • Swaps allow for higher ratings

    Cross-currency swaps that mitigate the effect of foreign exchange controls have enabled Moody's to assign ratings above the applicable foreign currency bond ceilings to foreign currency-denominated securitisation transactions, says the rating agency. Without these features such ratings would not be attainable.

    "To mitigate the transferability and convertibility restrictions, an offshore swap counterparty typically receives local currency payments from an onshore .......

    News Round-up 19 January 2016

  • Oil slump is CRT concern

    Oil prices last week hit their lowest mark for 12 years, with significant implications for CRT deals. Should oil prices remain depressed over the coming quarters, Barclays analysts expect the underperformance of oil-affected areas to worsen.

    Oil prices began to fall in 2H14 and have been on a downward trajectory for much of 2015-2016. While oil areas had been outperforming .......

    News 19 January 2016

  • Hudson loses another anchor

    Hudson Valley Mall is set to lose another anchor chain when Macy's closes shop in April 2016. Kroll Bond Rating Agency warns that the regional shopping mall in Kingston, New York, is exposed to the 'debilitating effects' of co-tenancy clauses.

    The shopping mall backs US$49.6m (12.8%) of pooled debt in CFCRE 2011-C1. However, Macy's looming closure, the loss of JC .......

    News Round-up 19 January 2016

  • CLO structural tweaks emerging

    Moody's expects more multi-currency deals to emerge within the European CLO market in 2016, with sterling-denominated exposures becoming the preference. The agency also predicts that new CLO structures overall will adapt to market changes in a strong fashion.

    For example, many of the new structures will share similar characteristics to their 2015 counterparts, with subordination likely to remain around 41% - .......

    News Round-up 19 January 2016
×