Complete news archive

  • 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

  • Trading head replaced

    Jim Buccola has taken over the responsibilities of CMBS and CLO trading for Credit Suisse, following the departure of previous head Chris Callahan. Buccola's role expands from his current role as head of private mortgage trading for the bank.

    .......

    Job Swaps 8 January 2016

  • Annaly beefs up

    Annaly Capital Management has promoted five senior officers, added three to its management team and expanded its operating committee.

    The promotions include the appointment of David Finkelstein as cio, agency and RMBS. He is also a member of Annaly's operating committee.

    Timothy Coffey has been promoted to chief credit officer, overseeing the expanded risk management team for Annaly's three investment .......

    Job Swaps 8 January 2016

  • US CLOs lack commitment

    The US CLO secondary market is suffering from a lack of investor commitment in all but the most liquid bonds.

    "It's a new year, but still the same themes," says one trader. "We keep switching back and forth between risk-on and risk-off primarily taking our cue from high yield spreads."

    The trader continues: "Right now, CLO secondary is not a .......

    SCIWire 7 January 2016

  • Underwriting tool offered

    CrediFi Corp has launched what it describes as an end-to-end CMBS solution that provides valuable insights into deals and their performance. Dubbed CrediFi CMBS Suite, the tool is designed to help lenders discover more lending opportunities across CMBS and non-securitised loans.

    The CMBS Suite platform provides users with property details, comparables and built-in mapping technology, enabling more informed and fluid .......

    News Round-up 7 January 2016

  • Fintech-focused office opens

    Clayton Holdings has opened a new consulting office in Silicon Valley. Senior md and head of Clayton Consulting Andrew Pollock will lead the office in Los Gatos, California, and manage the fintech consulting team.

    The move is meant to help serve the growing number of fintech companies that are forming in the San Francisco Bay Area, particularly those involved in the .......

    Job Swaps 7 January 2016

  • Collaboration targets upstream energy

    Rivington Securities has entered into an agreement with GSO Capital to assist the Blackstone credit arm in identifying, structuring, servicing and administering credit and equity co-investment opportunities in the middle market upstream energy sector. The pair will focus on companies with private equity sponsors.

    Structures provided by GSO through the Rivington relationship will include traditional debt, equity co-investments and structured .......

    Job Swaps 7 January 2016

  • DCM duo drafted in

    Cantor Fitzgerald has appointed Kevin Reynolds and Timothy Swift to lead its debt capital markets origination team. The pair join from Cowen and Company.

    Reynolds joins as md and will be responsible for bringing new issue debt products and developing a distribution-driven banking and financing practice for corporate issuers. He was head of capital markets origination at Cowen and has .......

    Job Swaps 7 January 2016

  • US HPA variations outlined

    The US domestic housing market has experienced a 23% price increase since the beginning of the housing recovery in 2011, according to S&P. House price appreciation (HPA) is expected to appreciate at a greater pace for Chicago, Boston and San Francisco over the next five years, with growth at 45%, 29% and 38% respectively.

    In contrast, New York HPA is .......

    News Round-up 7 January 2016

  • Resolution in sight for DSB deals

    Noteholder meetings have been scheduled for 27 January for defunct DSB Bank's Monastery 2004-I and 2006-I, and Chapel 2003-I and 2007-I transactions. The meetings are in connection with offers made by the DSB bankruptcy trustees to the relevant SPVs to settle unpaid duty of care claims in full (SCI passim). Rabobank credit analysts note that further resolution of the duty .......

    News Round-up 7 January 2016

  • Distressed debt vet enlisted

    Cerberus Capital Management has appointed David Abrams as senior md of Cerberus UK Advisors. He will be based in London and focus on unique and compelling distressed opportunities in emerging markets, Europe and other sectors of interest.

    Abrams was most recently at Apollo Management, where he was the managing partner of the Apollo European Principal Finance Funds franchise. He has .......

    Job Swaps 7 January 2016

  • EM credit team spins off

    Argentem Creek Partners has completed a management buyout from Black River Asset Management. Argentem Creek is staffed by Black River's former emerging markets credit investment team and will focus on serving institutional investors.

    The new entity is employee-owned and led by ceo and cio Daniel Chapman, president and coo Charles Friedberg and global head of business development Angela Samfilippo Gorder. .......

    Job Swaps 7 January 2016

  • Fed concludes counterparty programme

    The New York Fed concluded its Mortgage Operations Counterparty (MOC) Pilot Program last week. The programme was launched in 2014 (SCI 6 August 2014) to help broaden access to open market operations and gain further experience in dealing with a wider range of firms.

    Three firms were selected for the programme and began transacting with the Open Market Trading Desk .......

    News Round-up 7 January 2016

  • Abengoa auction due

    An auction to settle the credit derivative trades for Abengoa CDS is to be held on 14 January, after a failure to pay credit event was determined in connection with the entity (SCI 14 December 2015). The move follows the company's failure to pay coupons under its €750m Euro CP programme.

    .......

    News Round-up 7 January 2016

  • Macy's exposure gauged

    Macy's has announced 36 new store closures as part of a cost-reduction plan. Morgan Stanley CMBS strategists identify 10 loans totalling US$501m across 11 CMBS that have exposure to the closures.

    The largest loan by allocated balance with exposure is the US$79.3m Valley Mall, securitised in JPMCC 2006-LDP6. Four of the loans with exposure - totalling US$142m - are securitised .......

    News Round-up 7 January 2016

  • Marketplace best practices outlined

    Orchard Platform has published a paper outlining eight essential best practices for marketplace lending investing. The report highlights the challenges for institutional investors and investment managers when approaching this emerging asset class, including via securitisation.

    A primary consideration when investing in marketplace lending is whether to employ an alpha or a beta investment strategy, according to Orchard. Origination platforms can .......

    News 7 January 2016

  • Euro secondary picks up

    After a lull for a holiday in many European jurisdictions yesterday, the European securitisation secondary market is picking up again today, at least in terms of BWICs.

    "We saw a pick-up in activity on Tuesday, but it slowed again yesterday as a lot of people were away," says one trader. "I expect flows to remain fairly quiet overall today as .......

    SCIWire 7 January 2016

  • Sukuk market to shrink

    The global sukuk market will remain below peak levels in 2016, says S&P, as the market's historic largest issuer has ceased issuing. Total annual issuance is expected to be US$50bn-US$55bn.

    Issuance in 2015 was US$63.5bn, which was down sharply from the US$116.4bn issued in 2014. The decrease can largely be attributed to the central bank of Malaysia - Bank Negara .......

    News Round-up 6 January 2016

  • European counterparty concerns resolved

    S&P has removed from creditwatch negative its ratings on 21 tranches in eight European CDOs and repack transactions. This consists of 15 tranches in four cashflow CLOs, two tranches in one cashflow ABS CDO and four tranches in three repackaging transactions.

    The rating agency took various actions on UK and German commercial banks in June 2015, following the introduction of .......

    News Round-up 6 January 2016

  • US CMBS loss severities examined

    While a US CMBS special servicer's expertise may be the main factor in determining the recovery on a defaulted loan, other factors also contribute to the ultimate loss severity. S&P has identified the three fundamental factors as the originator and size of their origination portfolio, the time spent with the special servicer after a loan default and the geographical location .......

    News Round-up 6 January 2016

  • Canada chief appointed

    DBRS has appointed Douglas Turnbull as vice chairman and country head, Canada. He reports to Dan Curry, the company's ceo.

    In this newly created leadership position, Turnbull will be responsible for overseeing all of the rating agency's day-to-day operations in Canada. As part of the global management team, he will also focus on the strategic development of DBRS's rating business .......

    Job Swaps 6 January 2016
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