Complete news archive

  • 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

  • UK card performance 'strong'

    The collateral performance of transactions in S&P's UK credit card ABS index remained strong on the back of economic growth in 3Q15, says the rating agency. The UK economy's growth exceeded any of the G7 or large European economies' growth over the past two years.

    Charge-offs increased from 2.9% in 2Q15 to 3.1% in 3Q15, which S&P attributes to a .......

    News Round-up 19 January 2016

  • Euro secondary hesitant

    It was an unsurprisingly quiet day yesterday in the European securitisation secondary market as participants appear hesitant to return to the fray.

    As a result of the US holiday and continuing broader market volatility it was a quiet session yesterday even for a Monday. Many investors remained sidelined and appear to be waiting for some signs of broader credit stability .......

    SCIWire 19 January 2016

  • Novo Banco meeting set

    ISDA's Determinations Committee will reconvene on 19 January to further discuss the Novo Banco potential credit event. The Committee failed to reach a conclusion last week over the conundrum and subsequently sent the process to external review (SCI 14 January).

    .......

    News Round-up 18 January 2016

  • BlueCrest fund changes management

    JPMorgan is set to take over the management of the US$1.2bn BlueCrest AllBlue Fund, which will pave the way for it to invest into a hedge fund managed by Highbridge Capital Management. The move follows the announcement last month that BlueCrest Capital Management will transition to a private investment partnership and return to clients the US$8bn that it currently manages (SCI .......

    Job Swaps 18 January 2016

  • Mid-market platform bolstered

    Kayne Anderson Capital Advisors has hired James Hunt as managing partner and ceo of its middle market credit platform. He will lead this arm of the asset manager as it continues to provide debt capital solutions to mid-market clientele with first and second lien secured debt, last-out financing, unitranche and mezzanine financing.

    Previously, Hunt was the founding chairman, ceo and .......

    Job Swaps 18 January 2016

  • SCI Start the Week - 18 January

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

    Pipeline
    The pipeline continued to build last week as a number of new deals were added. At the final count there were eight new ABS, one ILS, three RMBS, one CMBS and two CLOs.

    The ABS were: US$188.5m ACAR 2016-1; US$1.05bn Ally Auto Receivables Trust 2016-1; US$340m CPS Auto Receivables Trust 2016-A; US$750m Drive Auto Receivables Trust 2016-A; US$1.05bn .......

    News 18 January 2016

  • Euro secondary resilient

    The European securitisation secondary market remained resilient into Friday's close despite broader market volatility.

    That volatility continues to ensure that activity is patchy, however. Nevertheless, the last session of the week was reasonably busy for a Friday as technicals, notably lack of supply, continue to support spreads and fuel buying interest.

    The major beneficiaries are still ECB-eligible peripherals, CMBS and .......

    SCIWire 18 January 2016

  • Finalised FRTB 'still punitive'

    The Basel Committee has released the final version of its fundamental review of the trading book (FRTB). While the final ruling remains punitive for securitisation, it is not as harsh as earlier drafts suggested it might be.

    The final version has lower capital requirements than earlier versions recommended. However, the proposed requirements are still higher than the current SSFA standard.

    News 15 January 2016

  • Soccer deal debuts

    XXIII Capital has launched its inaugural securitisation - a US$72.9m ABS backed by nine receivable purchases and loans tied to European football clubs. Kroll Bond Rating Agency has assigned a single-A rating to the US$64.2m of class A notes in XXIII Capital Financing I.

    The remaining US$8.8m of class B notes in the transaction are unrated, with the maturity date for both classes .......

    News Round-up 15 January 2016

  • Green bond RFC issued

    Moody's has issued a request for comment on its proposed approach and methodology for evaluating an issuer's management, administration and reporting on environment projects financed through green bonds. The rating agency's green bonds assessment will apply to fixed income securities that raise capital for use in projects or activities with specific climate or environmental sustainability purposes.

    This would include debt .......

    News Round-up 15 January 2016

  • Debut receivables deal hits China

    Country Garden has brought a new ABS transaction to the market that packages part of its contract receivable rights, a deal that the Chinese property developer claims to be the first of its kind in the industry. The CNY2.95bn deal was issued via Zengcheng Country Garden and was approved by the Shanghai Stock Exchange on 25 December.

    The deal includes certain contract .......

    News Round-up 15 January 2016

  • Unique features boost SFR deal

    Home Partners of America's (HPA) unique tenant-driven property acquisition and rent-to-own business strategy will benefit the performance of its first single-family rental (SFR) securitisation, Home Partners of America 2016-1, says Moody's. HPA 2016-1 hit the market on 12 January.

    HPA acquired the properties backing the transaction based on requests from prospective homeowners who desired to rent the properties with eventual .......

    News Round-up 15 January 2016

  • Market risk requirements revised

    The Basel Committee has issued revised minimum capital requirements for market risk designed to ensure that the standardised and internal model approaches to market risk deliver credible capital outcomes and promote consistent implementation of the standards across jurisdictions. The final standard incorporates changes that have been made following two consultative documents published in October 2013 and December 2014, as well .......

    News Round-up 15 January 2016

  • EMEA default rate stable

    The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated universe decreased slightly to 10% from 10.5% at end-December 2015. Overall, the senior loan delinquency rate decreased to 47.7% from 48%.

    The delinquency rate for continental European senior loans decreased slightly to 60.2% from 60.3%. The rate for UK loans remained stable at 20%.

    .......

    News Round-up 15 January 2016

  • Client services bolstered

    Rockstead has recruited Andrew Salter to act in the newly created role of director of client services. He previously served in Investec Bank's credit trading and investment unit, but before that was head of structured finance and head of funding at Kensington.

    Additional recent hires at Rockstead include Liz Wade, who joined as head of operations, while Karen de Luca .......

    Job Swaps 15 January 2016

  • Working Group settlement agreed

    Goldman Sachs has reached an agreement in principle to resolve the ongoing investigation of the RMBS Working Group of the US Financial Fraud Enforcement Task Force, relating to the firm's securitisation, underwriting and sale of RMBS from 2005 to 2007. The settlement will resolve actual and potential civil claims by the US Department of Justice, the New York and Illinois .......

    Job Swaps 15 January 2016

  • StuyTown pay-offs emerge

    MLCFC 2007-5 has become one of the first CMBS to report distributions from the pay-off of the US$3bn Stuyvesant Town/Peter Cooper Village loan, resulting in the largest liquidation in the market's history with no loss (SCI passim). However, Barclays CMBS analysts note that the remittance report fails to answer key questions about excess proceeds and the amount paid for a .......

    News 15 January 2016

  • Euro secondary steady

    The European securitisation secondary market continues to see steady activity and pricing levels are for the most part stable.

    Once again, yesterday's activity was driven primarily by BWICs and flows off the back of those auctions. The main interest surrounded autos following the Renault raid with a few sellers emerging after the news broke, but by the close buying interest had .......

    SCIWire 15 January 2016

  • Distressed resolutions gather pace

    January US CMBS remittance reports show that several larger loans from CWCapital's bulk liquidations have been resolved. JPMCC 2006-CB17, MLMT 2006-C1 and CD 2007-CD4 have so far been the main beneficiaries of the auctions, with the disposal of US$395m, US$231m and US$934m respectively across 60 loans.

    The sales came in at slightly below appraisal, with net proceeds of about US$944bn .......

    News 15 January 2016

  • Fannie to offload more NPLs

    Fannie Mae has announced another sale of NPLs, including a second community impact pool. The community impact pool is a geographically-focused, high-occupancy pool being marketed to encourage participation by smaller investors, non-profits and minority-owned businesses.

    The four larger pools contain approximately 6,700 loans totalling US$1.35bn in unpaid principal balance. The community impact pool has around 60 loans from the Miami .......

    News Round-up 14 January 2016
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