Complete news archive

  • 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

  • ISDA strengthens DC rules

    ISDA has voted to make a number of changes to its Credit Derivatives Determinations Committees (DC) rules. The trade organisation says the move is part of an effort to strengthen its process for determining whether a credit event has occurred in the credit derivatives market.

    The changes, which are set to be implemented from mid-February, primarily focus on reinforcing controls and procedures. .......

    News Round-up 12 January 2016

  • 'Drag-along' rights disputed

    In adjourned meetings, subordinate noteholders of Panther CDO III, IV and V last week passed an extraordinary resolution seeking to allow the issuers to pay legal costs in connection with a suit against Hayfin Capital Management. Class B and C noteholders of Panther CDO III and IV also passed the resolution.

    The CDOs - which are managed by M&G Investment .......

    Job Swaps 12 January 2016

  • Ground lease protections revisited

    Moody's says that prudent ground lease lenders include two key provisions in mortgage loan documentation - a robust new lease clause and terms ensuring the superiority of the ground lease to fee mortgages. The agency notes that although the vast majority of ground leases contain such provisions, many do not have fully credit-neutral versions of these lender protections.

    Unlike a .......

    News Round-up 12 January 2016

  • Margin tool offered

    TriOptima has launched triResolve Margin, a web-based end-to-end margin processing service delivered in collaboration with AcadiaSoft. The tool aims to assist market participants meet the challenges posed by the new regulatory requirements for margining uncleared OTC derivatives by automating the margin process in a comprehensive, scalable and cost-effective solution.

    Through the partnership with AcadiaSoft, triResolve Margin delivers exception-based processing with .......

    News Round-up 12 January 2016

  • Euro secondary seeks change

    The European securitisation secondary market is still stable and fairly quiet, but that could change quickly.

    "The market remains stable as it has been for the last week despite broader market volatility," says one trader. "Not a lot went on yesterday even though the wider market was calm."

    However, the trader continues: "Secondary market tone feels constructive and while wider volatility means .......

    SCIWire 12 January 2016

  • SCI Start the Week - 11 January

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

    Pipeline
    Pipeline additions picked up last week as market participants returned to their desks for the new year. As well as six new ABS there was also an ILS, three RMBS, a CMBS and a SME CLO announced.

    The ABS were: US$1.2bn AmeriCredit Automobile Receivables Trust 2016-1; CNY2.79bn Driver China Three; ¥30bn Driver Japan Five; US$340m DT Auto Owner .......

    News 11 January 2016

  • CBRE Dutch team bolstered

    CBRE had hired Aart Visser as associate director in its Netherlands debt and structured finance team. He joins from Berlin Hyp, where he was commercial manager in real estate finance, responsible for sourcing and structuring CRE loans in a range between €20m and €200m.

    .......

    Job Swaps 11 January 2016

  • SEC punishes insider trading

    The US SEC has prohibited Steven Cohen from supervising funds that manage outside money until 2018 in order to settle charges that he failed to supervise a portfolio manager who engaged in insider trading while employed at his firm. Cohen's family office firms will also be subject to SEC examinations and must retain an independent consultant to review their activities.

    Job Swaps 11 January 2016

  • Hotels drive delinquency improvement

    US CMBS delinquencies finished 2015 down by 17% by balance from year-end 2014, according to Fitch's latest index results for the sector. The overall delinquency rate stood at 4.02% for the year, lower by 14bp from the previous month and by 60bp from a year ago. This is the lowest level seen since October 2009.

    CMBS delinquencies finished 2015 at .......

    News Round-up 11 January 2016

  • Nevada sets 'negative' solar standard

    New tariffs approved by the Public Utilities Commission of Nevada are credit negative for the solar ABS sector and could spur other states to follow precedent, according to Moody's latest Credit Outlook publication. The tariffs, which went into effect on 1 January, cut the rates at which consumers with installed rooftop solar systems can sell excess power to the electric .......

    News Round-up 11 January 2016

  • UK Mortgages staff strengthened

    TwentyFour Asset Management has recruited Silvia Piva as a portfolio manager in its ABS team. She joins the team to work primarily on UK Mortgages, the firm's closed-ended fund launched in July 2015, which invests in UK residential mortgage pools and funds them in the UK RMBS market (SCI passim).

    Piva was most recently a director in RBS's UK & .......

    Job Swaps 11 January 2016

  • Euro secondary solid

    Last week closed on a solid note in the European securitisation secondary market.

    Secondary spreads were once again firm across the board on Friday, though volumes were lower than previous sessions. Prime and peripheral assets remain in the foreground.

    For the former, focus is primarily on shorter tenors, but levels have held up across the sector more widely. Meanwhile, peripherals .......

    SCIWire 11 January 2016

  • NPL pro recruited

    Crayhill Capital Management has appointed Thomas Wickwire as md in its New York office. He will serve as a key member of the firm's investment team and help source, underwrite, structure, manage and exit asset-based investment opportunities, particularly in the real asset space. Specifically, he is tasked with identifying mispriced opportunities with attractive fundamental, regulatory or technical dynamics.

    Wickwire brings .......

    Job Swaps 8 January 2016

  • Justifiable reliance affirmed

    The purchaser of an unrated junior tranche in the CDO transaction STACK 2006-1 adequately pled justifiable reliance by stating that it relied on the credit ratings of the senior tranches, according to a recent New York Supreme Court appellate ruling. Judge David Friedman dismissed an appeal by Morgan Stanley, in a case that has significant implications for the limits on .......

    News 8 January 2016

  • RMBS speeds to jump

    Several Alt-A and prime jumbo US RMBS deals could experience significantly higher voluntary prepayment speeds this year as a high number of loans are set to switch from interest-only to amortising. Morgan Stanley analysts identify certain key characteristics to help predict a borrower's repayment fate.

    Last year 53 deals saw more than 70% of the mortgages in their pool move .......

    News 8 January 2016

  • Milbank names new partner

    Milbank, Tweed, Hadley & McCloy has appointed John Goldfinch as partner. Goldfinch is a member of the law firm's alternative investments group and has a broad structured finance, securitisation and transactional derivatives practice. This includes specialising in European CLOs and regulatory developments.

    .......

    Job Swaps 8 January 2016

  • CMLT 2008-LS1 liquidations progress

    Based on its monthly review of the CMLT 2008-LS1 CMBS, KBRA notes that four REO assets underlying the transaction were up for bid in online auctions in December, three of which sold and one failed to trade. A total of 28 assets securing the transaction have now been auctioned since September.

    These assets include 26 REO properties and two specially .......

    News Round-up 8 January 2016

  • Pay-offs hit 12-month low

    The percentage of US CMBS loans paying off on their balloon date fell sharply in December, posting their lowest reading since December 2014, according to Trepp. Last month's reading is 52.1%, over 20 points below the November number and well below the 12-month moving average of 68.3%.

    By loan count as opposed to balance, 66.2% of loans paid off in .......

    News Round-up 8 January 2016

  • Euro secondary still insulated

    The European securitisation secondary market continues to remain insulated from broader market volatility and has seen a boost in activity.

    Yesterday ended up being a busy day across asset classes with focus, as expected, surrounding the large number of BWICs. Secondary market tone remained firm as the BWIC supply was readily absorbed and spreads generally held up.

    In particular, prime .......

    SCIWire 8 January 2016

  • Distressed trading head moves

    Adam Savarese has returned to Goldman Sachs as md and head of US distressed trading. Based in New York, he will report to Jeff Verschleiser.

    Savarese joins from Morgan Stanley, where he was also head of US distressed trading. Prior to that, he had his first stint at Goldman Sachs as an associate.

    .......

    Job Swaps 8 January 2016
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