Complete news archive

  • Remits ramp up

    November saw a spike in US CMBS 2.0 remittance activity. Highlights include foreclosure of an 'oil boom' loan and a couple of maturity extensions.

    Twelve loans totalling US$128.89m became newly delinquent last month, including three 2015 vintage loans (with two from JPMBB 2015-C3), according to Morgan Stanley. Additionally, two loans were classified as non-performing matured - the US$24m Woodlands Square .......

    News 10 December 2015

  • Chinese liquidity provisions evolving

    Fitch notes that new liquidity provisions in Chinese ABS are emerging as the market continues to mature. Provisions, which include both trapping collection cashflows after closing and fund reserve accounts, could be effective in mitigating structural liquidity risks.

    The agency explains that the Chinese market is divided into three different structures to mitigate this risk. A number of transactions, including .......

    News Round-up 10 December 2015

  • Abengoa decision explained

    ISDA's EMEA Determinations Committee has published a statement that details the background to its split decision regarding an Abengoa bankruptcy credit event (SCI 9 December). The statement reveals the DC's consideration of the nature of the filing of an Article 5bis communication and the effect it has on the debtor filing it. Abengoa filed on 25 November a communication pursuant .......

    News Round-up 10 December 2015

  • BlackBox data, analytics acquired

    Moody's Corporation has acquired the RMBS data and analytics assets of BlackBox Logic. The loan-level data and technologies will be integrated into Moody's structured analytics and valuations unit.

    The enhanced residential mortgage loan data will be available through Moody's Analytics' bulk data feeds and structured finance portal. The products feature extensive loan- and pool-level data for global securitised assets, as .......

    Job Swaps 10 December 2015

  • US, European ABCP outlook 'robust'

    ABCP demand remains robust heading into 2016, says Fitch. A rising interest rate environment is expected to encourage increased use of the short-term product.

    There was US$226bn in US ABCP outstanding through early December, which is slightly below year-end 2014 levels and 81% below the US$1.2trn peak of July 2007. However, conduit sponsors were active and the year-over-year decline is .......

    News Round-up 10 December 2015

  • SB offering innovates again

    Freddie Mac has priced its largest small balance loan offering to date and the first to include collateral from multiple lenders. The GSE will provide approximately US$400m in SB9 Certificates, which are anticipated to settle on 22 December.

    Freddie is guaranteeing four classes of senior notes issued by FRESB 2015-SB9 Mortgage Trust and is acting as mortgage loan seller and master .......

    News Round-up 10 December 2015

  • Japanese credit outlook 'strong'

    The credit quality and performance of Japanese ABS, RMBS and CMBS should remain strong in 2016, says Moody's. A supportive job market will be key in underpinning high credit quality.

    The credit quality of collateral in new consumer-related Japanese ABS - such as auto loan, instalment sales and credit card ABS - will remain strong next year, reflecting supportive labour market conditions, .......

    News Round-up 10 December 2015

  • KfW commits to SMEs

    KfW says it plans to commit a further €1bn in 2016 to the Europe securitisation market, up from its €840m investment this year. Half of the firm's 2016 volume will go towards promoting and diversifying SME financing in Germany and Europe, which will be a substantial increase on the €190m portion spent this year in the SME area.

    KfW's plans .......

    News Round-up 10 December 2015

  • US outlook stable with caveats

    The outlook for US structured finance is stable to positive overall next year, says Fitch. However, the rating agency notes that certain subsectors bear watching for signs of trouble.

    Over 87% of Fitch's rating outlooks remain either stable or positive heading into 2016 as collateral quality remains excellent, with solid performance metrics and robust structural protections. "That said, it is .......

    News Round-up 10 December 2015

  • Euro secondary mixed

    It's turning into a typically quiet December across most of the European securitisation secondary market, but there is some healthy activity in a couple of sectors.

    "The secondary market is still holding up quite well despite broader credit concerns," says one trader. "Flows in general are very quiet, but we are continuing to see strong activity in some sectors via BWICs."

    SCIWire 10 December 2015

  • TRID violations prompt concern

    US mortgage lenders could face a tough time complying with the US CFPB's recently enacted TILA-RESPA Integrated Disclosure Rules (TRID), according to Moody's latest credit outlook publication. Several third-party review (TPR) firms have revealed to the agency that over 90% of the first pipeline of residential mortgage loans subject to TRID that they reviewed had TRID compliance violations, albeit many of them were .......

    News Round-up 10 December 2015

  • Latest SPO sale completed

    Freddie Mac has sold via auction 5,311 deeply delinquent non-performing loans (NPLs) serviced by Wells Fargo from its mortgage investment portfolio as part of its standard pool offerings (SCI 10 November). The transaction is expected to settle in February, after which servicing will be transferred.

    The loans have been delinquent for around three years and have an aggregate loan-to-value ratio .......

    News Round-up 9 December 2015

  • CATCo acquisition completed

    Markel has completed the purchase of CATCo Investment Management's assets, which will now operate under the name Markel CATCo Investment Management. CATCo ceo Tony Belisle will lead the newly branded firm, with the rest of the team transitioning over.

    The completion of the deal combines Markel's traditional reinsurance capabilities with CATCo's focus on ILS. An announcement of the proposed acquisition .......

    Job Swaps 9 December 2015

  • Split ruling for Abengoa

    ISDA's EMEA Determinations Committee has made a surprise split ruling on whether a bankruptcy credit event has occurred in connection with Abengoa. The move will trigger pay-outs on CDS written under the 2003 credit derivatives definitions, but not those under the 2014 definitions.

    At issue is the DC's decision to treat the Abengoa question as two separate requests in respect .......

    News Round-up 9 December 2015

  • Euro CLOs BWIC-driven

    The European CLO secondary market is being dominated this week by a spike in BWIC volume.

    "Everything is BWIC-driven this week - away from the auctions not a lot is happening," says one trader. "Things have widened, but we're still seeing strong execution."

    The trader continues: "There have been a lot of mezz lists in particular, but they're still clearing .......

    SCIWire 9 December 2015

  • BDC revises fees

    Medley Capital Corp has become the latest BDC to lower its fees under the investment management agreement (SCI 26 November). In consultation with the company's board, MCC Advisors has agreed to reduce its base management fee to 1.50% on gross assets above US$1bn from 1 January 2016. In addition, it will reduce its incentive fee from 20% on pre-incentive fee .......

    Job Swaps 9 December 2015

  • Torstone targets expansion

    Torstone Technology is hiring executives in London, New York, Singapore and Hong Kong as it seeks to grow its workforce by over a quarter. It has already named Julie Merry as cfo and Margaret Bailey as North American head of sales.

    Merry has previously worked for a number of software and consultancy businesses, including Charteris. She spent eight years at PricewaterhouseCoopers .......

    Job Swaps 9 December 2015

  • SFM sale confirmed

    Elian has completed its acquisition of SFM Europe, with Elian's international finance team set to merge with the company. An agreement for the sale of SFM Europe was announced by Elian three months ago as it expressed its intention to enhance its corporate and structured finance offering (SCI 3 September).

    The acquisition pushes Elian's head count up to 640 employees .......

    Job Swaps 9 December 2015

  • CPPI continues upwards trend

    The Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index increased by 0.4% in October, extending its streak of double-digit annualised gains to 33 months. Central business district (CBD) continues to be the best performing segment.

    "The price recovery has been under way for more than five years, but is getting long in the tooth," says Moody's CRE research .......

    News Round-up 9 December 2015

  • ABS, RMBS improvements expected

    Improving credit quality in 2016 will benefit European RMBS and ABS, says Moody's. However, a divide is likely to emerge, as collateral performance in northern European deals outperform their southern counterparts.

    Moody's notes that jurisdictions such as the UK, Germany and the Netherlands will likely be supported by better borrower affordability, low underemployment and house price growth. In Spain, France .......

    News Round-up 9 December 2015

  • Solar loan ABS anticipated

    ABS secured by residential and non-residential solar financing contracts are continuing to emerge as a distinct sector of the US securitisation market, observes Moody's. Although all securitisations to date in the sector have been backed by solar leases or power purchase agreements, the agency expects solar loan securitisations to arrive next year.

    "We expect further growth in ABS secured by .......

    News Round-up 9 December 2015
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