Complete news archive

  • Spanish SME risks outlined

    Increased lending to SMEs in Spain is seen by Moody's as a positive for the country's economic growth. However, fierce lending competition could spur mispricing risks and loosening underwriting standards.

    "SMEs form the backbone of the European economy, and the Spanish one in particular," says Gaston Wieder, avp at Moody's. "They represent 99.9% of the total number of enterprises, provide almost .......

    News Round-up 16 December 2015

  • Litvak case set for retrial

    The Second Circuit Court of Appeals has reversed the conviction of former Jefferies md Jesse Litvak (SCI 12 March 2014) and remanded the case for retrial. A Haynes and Boone client memo notes that in doing so, however, the Court of Appeals rejected the broker's broad argument that lies concerning ancillary transaction fees could never form the basis for a .......

    Job Swaps 16 December 2015

  • Liquid launch

    Agency RMBS favoured ahead of Fed lift-off

    A 25bp increase in the Fed funds target rate is widely expected to be announced later today. The pace of future interest rate hikes will impact the mortgage basis and the US agency market, which is strengthening investor appetite for liquid RMBS.

    As 2016 approaches, political and economic uncertainty is rising and demand for liquid investments is increasing, confirms Tradex .......

    News Analysis 16 December 2015

  • Clearing rules released

    ASIC has released rules implementing Australia's mandatory central clearing regime for OTC derivatives of financial institutions. The aim is to reduce systemic risk in OTC derivatives markets and applies to interest rate swaps denominated in Australian dollars, US dollars, euros, sterling and Japanese yen between dealers.

    In line with overseas mandatory clearing requirements, the regime also provides the basis for .......

    News Round-up 16 December 2015

  • FFELP outlook weighed

    Moody's expects FFELP student loan ABS repayment rates to remain low in 2016. The combined percentage of FFELP loans in deferment, forbearance and income-based repayment (IBR) are anticipated to remain high, while voluntary prepayments should rise slightly. At the same time, further strengthening in the job market for young college graduates - combined with continued high IBR usage - will .......

    News Round-up 16 December 2015

  • Euro secondary split

    Activity and price direction in the European securitisation secondary market is currently split in two key sectors.

    "In common with broader credit, overall volumes are low and liquidity is very thin," says one trader. "It's a result of both the time of year and the volatility in global markets."

    However, within securitisation secondary it continues to be a story of .......

    SCIWire 16 December 2015

  • US CLO supply surge

    After a quiet few days US CLO BWIC supply has picked up today.

    "We're seeing a lot more lists today," says one trader. "I don't think it's anything to do with the Fed tomorrow, it looks like it's just sellers trying to get in ahead of any more bad stuff in commodities."

    List volume aside, the market is exhibiting the same .......

    SCIWire 15 December 2015

  • Trade receivables recommendations offered

    Demica has published a guide on trade receivables securitisation for corporate treasurers. The report covers four important areas to be assessed by anyone contemplating a securitisation, taking into account new players in the market.

    "With non-bank financiers entering the field, such as hedge funds and private equity houses, corporate treasurers can continue to benefit from important working capital advantages. However, .......

    News Round-up 15 December 2015

  • Market supports benchmark change

    A majority of US ABS and CMBS market participants would support switching the pricing benchmark from the swaps curve to US Treasuries, according to a JPMorgan survey. Of the respondents, 61% favour a switch, while 28% advocate sticking with swaps.

    The survey was fairly representative of the ABS investor base, with money managers accounting for 47% of respondents (compared to .......

    News 15 December 2015

  • Right to sue

    Macfarlanes partner Lois Horne and solicitor Alexa Segal exa...

    The Court of Appeal has overturned a decision at first instance that a valuer, Colliers, was liable for a negligent valuation of a commercial property that was collateral for a securitised loan while Quelle - the then biggest mail order company in Germany - was the tenant. In doing so, the Court of Appeal has made comments that an SPV .......

    Talking Point 15 December 2015

  • Capital preservation sought

    Assenagon Asset Management has launched a new fund that aims to make active and flexible use of opportunities within a diverse investment universe to achieve attractive long-term returns. Dubbed Assenagon Multi Asset Wertsicherung (translated as capital preservation), the fund harnesses a smart approach to risk management that is designed to ensure the capital preservation level does not fall below 90% .......

    News 15 December 2015

  • Third Avenue reshuffles management

    Third Avenue Management is changing its management structure, pursuant to which the firm's management committee will lead the firm going forward. As part of the change, Third Avenue and ceo David Barse have mutually agreed to separate. The move follows the recent liquidation of the Third Avenue Focused Credit Fund (FCF).

    Pursuant to the liquidation of FCF, a distribution will .......

    Job Swaps 15 December 2015

  • Mid-market vet brought in

    HIG WhiteHorse, an affiliate of HIG Capital, has hired Eric Nadzo as principal in its Boston office. He will be responsible for sourcing and executing debt investments in middle market companies across a broad range of industries, with experience in business services, healthcare, technology, manufacturing and specialty finance. Prior to joining HIG, Nadzo focused on debt and equity investments at .......

    Job Swaps 15 December 2015

  • Solar loan ABS debuts

    SolarCity is in the market with an inaugural securitisation backed by its MyPower loan product. The US$185m SolarCity FTE Series 1 Series 2015-A is secured by a pool of 11,583 solar loans used to install residential rooftop photovoltaic systems.

    The systems are geographically distributed across 13 states, with California, Colorado and Arizona constituting about 94.8% of the collateral. The original .......

    News Round-up 15 December 2015

  • Euro CRE rates vulnerability 'increasing'

    Continued yield compression is expected next year in the European commercial property market, which should also see declining debt yields. That has been the case in 2015, increasing borrowers' vulnerability to future interest rate increases.

    Yields in prime UK commercial properties are expected to stabilise. Prime yields are already below 2007 peak levels in some European markets, which increases the .......

    News Round-up 15 December 2015

  • Interactive Data deal done

    ICE has completed its US$5.2bn acquisition of Interactive Data from Silver Lake and Warburg Pincus. As proposed in its earlier announcement (SCI 27 October), ICE has paid through a combination of US$3.65bn in cash and 6.47 million ICE common stock shares.

    The shares were valued at US$1.55bn on 23 October, but have since risen to an approximate value of US$1.67bn .......

    Job Swaps 15 December 2015

  • Ranieri recruits RMBS pro

    Ranieri Strategies has added two new partners, including Eric Kaplan to focus on structured finance. His duties will include working on housing, mortgage and RMBS reform endeavours with regulators and industry colleagues.

    Kaplan joins from Shellpoint Partners, where he was md and head of mortgage finance. In this role, he was primarily involved in the building of its non-agency RMBS and .......

    Job Swaps 15 December 2015

  • Euro secondary hangs on

    European securitisation secondary spreads are mostly hanging on despite increasing broader market volatility but there are some signs of softening.

    In the end, a handful of BWICs emerged yesterday and provided the main focus. However, the highlight, a double-B CLO list, for the most part did not trade. The covers released indicated spread widening in the sector, though the trend .......

    SCIWire 15 December 2015

  • CRE pro moves on

    Linda Gorbenko has joined Arbor Commercial Mortgage as director. In this role, she is responsible for originating commercial financing across the firm's loan product offering, including FHA, Fannie Mae, Freddie Mac, CMBS, bridge, mezzanine and preferred equity.

    Prior to her move, she was an executive director at CIBC, where she originated short- and long-term, fixed and floating rate CMBS. She .......

    Job Swaps 14 December 2015

  • ESMA makes TR proposals

    ESMA has published a consultation paper proposing to enhance the current functionalities offered by trade repositories (TRs) for data access under EMIR. The authority says current comparability of data is insufficient and rules for TR access should be improved significantly.

    To that end, ESMA proposes amendments to the current rules in order to ensure direct and immediate access to data .......

    News Round-up 14 December 2015

  • Latest MiFID 2 proposals unveiled

    ESMA has published its technical standards for the implementation of MiFID 2. The standards describe how the legislation will apply in practice to market participants, market infrastructures and national supervisors.

    The rules include cooperation arrangements for the trading venue of substantial importance in a host member state. They also include the suspension and removal of financial instruments from trading on a regulated market, a .......

    News Round-up 14 December 2015
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