Complete news archive

  • 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

  • US CLOs still searching

    The US CLO secondary market is still searching for pricing clarity, meanwhile Trups CDOs are generating some interest.

    "We're still in an exploratory phase," says one trader. "There's bit more activity today in terms of BWICs, but most players are still trying to figure out where things are going to go longer term. Shorter-term it's obviously difficult to ignore the .......

    News Analysis 14 January 2016

  • CLO market concerns catalogued

    While the US CLO market recorded its second-highest full-year issuance in 2015, CLO market participants remain concerned by fundamentals, technicals and liquidity. Oil prices are also a considerable concern, but interest rates are not, while risk retention clarity has continued to increase as the implementation deadline draws closer.

    JPMorgan's sixth annual CLO market survey was conducted in December and polled 91 .......

    News 14 January 2016

  • Novo Banco questions mulled

    ISDA's EMEA Determinations Committee continues to mull two questions submitted to it at end-December and beginning of January in connection with the Bank of Portugal's retransfer of five senior domestic bonds from Novo Banco to Banco Espírito Santo. Market participants are querying whether a governmental intervention credit event has occurred with respect to Novo Banco and if there is a .......

    News Round-up 14 January 2016

  • AXA IM boosts SF team

    AXA Investment Mangers has appointed The Duy Nguyen as senior portfolio manager. He will be based in Paris and report to co-head of securitised and structured assets Alexandre Martin-Min.

    Nguyen will be responsible for managing multi-asset class portfolios within AXA IM's structured finance team. He was most recently at Natixis and has also worked at Société Générale.

    .......

    Job Swaps 14 January 2016

  • Online lender taps CRE pro

    RealtyMogul.com has brought in Michelle Paretti as senior md, head of originations and underwriting. She joins following roles as senior md for the small balance CRE finance group at Guggenheim Partners and coo for Guggenheim CRE finance group.

    Paretti has also previously been coo of illiquid alternative investments at Credit Suisse. In addition, she served as head of Credit Suisse's .......

    Job Swaps 14 January 2016

  • Chase settlement edging to end

    JPMorgan has now paid US$3.68bn in consumer relief to 3,695 borrowers through 30 June 2015, according to the latest figures from RMBS Settlement Monitor Joseph Smith. The payments are part of an agreed settlement following claims that Chase, Bear Stearns and Washington Mutual packaged and sold bad RMBS.

    The latest figures reveal a further US$126.25m in claimed credit through the first .......

    Job Swaps 14 January 2016

  • BGC, GFI merger closes

    BGC Partners has completed its merger with GFI Group. The announcement marks the end of a process that began in 2014 and included a bidding war with CME Group (SCI passim).

    "While the front office operations of BGC and GFI will remain separately branded companies, we continue to make excellent progress on integrating our back office, technology and infrastructure," says Shaun Lynn, .......

    Job Swaps 14 January 2016

  • CCP connectivity offered

    4sight Financial Software and Pirum have collaborated to deliver a new interface between their platforms, allowing users of 4sight's Securities Lending & Borrowing product to seamlessly integrate with Pirum's Real-Time Post-trade Automation services. The interface can be used to process various parts of the securities finance post-trade lifecycle in real time, including bilateral and tri-party collateral management, and for connectivity .......

    News Round-up 14 January 2016

  • Euro secondary unchanged

    The European securitisation secondary market looks to be keeping to the same pattern seen in previous sessions - quiet away from a reasonably active BWIC calendar.

    "This week flows have been relatively quiet because of the very high volatility in broader credit," says one trader. "Today is looking like it will be no different."

    There have, however, been some pockets .......

    SCIWire 14 January 2016

  • ILS pro moves up

    KPMG in Bermuda has made a number of promotions to its team, including Eric Heinrichs to md. Heinrichs is currently a partner for the firm, specialising in the insurance/reinsurance market. His experience extends to ILS funds in a number of classes. Prior to Bermuda, he was positioned as audit senior in Canada for KPMG.

    .......

    Job Swaps 13 January 2016

  • New French debt class proposed

    A proposal by the French Ministry of Finance to modify the hierarchy of claims in liquidation during 2016 could boost the ability of French banks to issue loss-absorbing instruments, according to S&P. The agency says that the process would also subsequently protect more senior obligations.

    If enacted, the draft amendment would establish a new debt category made of securities ranking senior to subordinated .......

    News Round-up 13 January 2016

  • African off-grid solar deal debuts

    Oikocredit and solar energy provider BBOXX have teamed up to produce the first securitisation for off-grid solar in Africa. The firms will fund the distribution and financing of solar technology for low income households in Kenya.

    The structure was created by setting up an SPV called BBOXX DEARs. The SPV bundles the contracts of BBOXX customers who have bought solar .......

    News Round-up 13 January 2016

  • Euro ABS/MBS active

    It was an active day across the bulk of the European ABS/MBS secondary market and today looks set to be the same.

    Yesterday's activity was led by BWIC activity, where the majority of line items traded well. Prints were notably strong on the Spanish names in for the bid.

    Volumes built off the back of BWIC supply and thanks to .......

    SCIWire 13 January 2016

  • Reduced doc risks mitigated

    Reduced documentation loans increase the risk of default in Alt-A, subprime and prime private label RMBS backed by these loans unless mitigated by a borrower's strong credit profile, says Moody's. Such mitigants include both quantitative and qualitative factors.

    Delinquencies of 60 days or more on outstanding pre-2005 private label RMBS reduced doc loans were more than 50% higher than comparable .......

    News Round-up 13 January 2016

  • US CLOs stalled

    The hoped for New Year revival in the US CLO secondary market is still stalled.

    "Everyone is just waiting and watching," says one trader. "Waiting for the secondary market to get going in 2016 and waiting for new issue pricing - there are a few deals marketing, but nothing concrete to go on yet."

    Nevertheless, the trader adds: "There's nothing .......

    SCIWire 12 January 2016

  • Fund offers core assets access

    AXA Investment Managers has launched a fund offering investors access to the core lending activity of major European commercial banks. The AXA IM Partner Capital Solutions fund raised €230m last year.

    As banks increase lending to their core professional clients, regulatory requirements to provide more upfront capital provide an opportunity for capital relief trades where the fund identifies suitable lending portfolios .......

    Job Swaps 12 January 2016

  • Capital relief deal agreed

    Dutch pension fund PGGM and Banco Santander have entered into a risk-sharing transaction regarding a €2.3bn portfolio of SME loans originated in Spain. The portfolio of the synthetic transaction consists of more than 6,000 Santander loans to its clients and will see PGGM sell credit protection against potential losses on a portion of the loans.

    Mascha Canio, head of credit and insurance-linked .......

    News Round-up 12 January 2016

  • CMBS unit moves to sole ownership

    Walker & Dunlop is to take full ownership of Walker & Dunlop Commercial Property Funding (WDCPF), its CMBS lending platform. Bob Restrick will join WDCPF as ceo.

    Restrick has 25 years of experience in CMBS, having most recently served as md at Annaly Capital Management. WDCPF was formerly a joint venture between Walker & Dunlop and a fund managed by .......

    Job Swaps 12 January 2016

  • Real estate firm adds CMBS vet

    Greystone has appointed Gregory Forester as md to lead its newly-formed hospitality-focused lending and investing practice. His initial focus will be on CMBS fixed- and floating-rate financing.

    Forester has more than 28 years of experience in debt transactions originated for balance sheet, CMBS and loan syndication executions and was most recently commercial leader and md for GE Capital Real Estate's .......

    Job Swaps 12 January 2016

  • European property platform boosted

    HIG Capital has added Graham Emmett to its real estate team. He joins as md and will be based in London.

    Emmett was most recently an investment partner in Cheyne Capital's real estate division. He has also worked at firms such as ICG Longbow and was head of the European mezzanine debt investments team for Goldman Sachs' special situations group .......

    Job Swaps 12 January 2016
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