Complete news archive

  • 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

  • CMBS liquidations nudge up

    Total US CMBS loan dispositions rose slightly in November, but still came in below the US$1bn mark, notes Trepp. Average loan size declined from US$16.1m in October to US$13.1m in November.

    There were 72 loans - totalling US$941.9m - liquidated with a loss in November. Of these, five - totalling US$59.6m - were hit with losses greater than 100%, while .......

    News Round-up 9 December 2015

  • Marketplace lending set for lift-off

    Marketplace lending is primed for further expansion globally in 2016, in terms of both volume and loan type. Moody's anticipates that US marketplace lenders will continue to broaden their product offerings as they build out their platforms, although legal and regulatory issues will remain a significant risk for the industry. Marketplace lenders in France, Germany, Italy and the UK should also .......

    News 9 December 2015

  • Euro ABS/MBS stable

    The European ABS/MBS secondary market remains stable amid wider market volatility.

    "Overall our market is generally OK," says one trader. "ABS/MBS is still well insulated from the weakness in broader markets."

    The trader continues: "We're continuing to see a strong bid for UK non-conforming and buy-to-let. Meanwhile, the rest of the market appears to be well supported and spreads are .......

    SCIWire 9 December 2015

  • Space for rent

    Multi-borrower SFR segment set for growth

    Of the 26 single-family rental securitisations issued since the market's inception - totalling US$14bn - only three have been multi-borrower deals. However, a significant shift in issuance is underway.

    Invitation Homes 2013-SFR1 was the first-ever SFR deal, debuting two years ago (SCI 1 November 2013). One consequence of the strides the sector has made since then is that the established .......

    News Analysis 9 December 2015

  • US CDO/CLO pick up

    The US CLO secondary market is picking up a little, while activity in the Trups CDO sector is outperforming recent levels

    "CLOs are getting a little busier again as we head into year-end," says one trader. "Buyers are still fairly cautious though and the bid-ask in mezz is still pretty wide so the bonds that are changing hands are restricted .......

    SCIWire 8 December 2015

  • CMBS pay-offs dip

    The percentage of US CMBS loans paying off on their balloon date fell modestly last month to 76%, less than a point below the October number and above the 12-month moving average of 68.1%, according to Trepp. By loan count as opposed to balance, 77.1% of loans paid off in November.

    On this basis, the pay-off rate was above October's .......

    News Round-up 8 December 2015

  • SEF spins off post-trade arm

    The processing services arm of trueEX is being separated from the derivatives trade execution platform. Splitting off the post-trade business should enable more efficient, cost-effective and independent solutions, says the firm.

    The new entity - truePTS - will be able to offer allocations, instant status notification and other processing capabilities to all market participants, not just clients of the SEF. .......

    Job Swaps 8 December 2015

  • Collaboration to boost UK lending

    A series of exclusive agreements signed by RBS with three separate investment partners - AIG Asset Management, Hermes Investment Management and M&G Investments - will boost access to capital for UK businesses backed by private equity. Mid-market firms will be able to borrow up to £100m in a single transaction that can be co-funded by all four lenders.

    Each transaction .......

    Job Swaps 8 December 2015

  • StuyTown gets FNMA funding

    Fannie Mae is set to provide a US$2.7bn loan to help finance the acquisition of Stuyvesant Town/Peter Cooper Village after a recent surprise agreement was reached to sell the property (SCI 21 October). The financing of the sale will come through an affiliate of Blackstone securing the loan from Wells Fargo Multifamily Capital - a Fannie Mae-delegated underwriting and servicing (DUS) lender. The loan will be a 10-year, low-levered commitment.

    Fannie .......

    News Round-up 8 December 2015

  • Investment policy revised

    Blue Capital Global Reinsurance Fund is set to revise its investment policy and modify the performance fees payable to the investment manager in advance of the January 2016 reinsurance cycle. Specifically, based on its long-term view of the property catastrophe market, the company's board believes that it is appropriate to reduce the fund's target return and modify the calculation of .......

    Job Swaps 8 December 2015

  • Final 2015 CMBS auctions announced

    The volume of US CMBS loans out for auction has decreased slightly this month, to US$190m. The deals with the highest exposure are BACM 2006-2, BACM 2006-5 and MLMT 2006-C1.

    BACM 2006-2 has US$93m from five properties and one note due for auction. Of the US$190m, Barclays analysts note that the bidding process has already been completed for US$53m, although .......

    News 8 December 2015

  • GSE vet moves on

    Jay Kirsch has joined Greystone as md, focusing on production of small balance loans across the Freddie Mac and Fannie Mae platforms. He reports to Rick Wolf, senior md and head of production for Greystone's small loan operations.

    Kirsch arrives from Freddie Mac's multifamily group, where he most recently served as asset management and operations client relationship manager for the .......

    Job Swaps 8 December 2015

  • Irish real estate portfolio unloaded

    RBS subsidiaries Ulster Bank and Ulster Bank Ireland will dispose of a portfolio of Irish real estate loans to a subsidiary of Cairn Homes and an affiliate of Lone Star Funds for £360m. Completion is expected by the end of the year.

    The transaction represents the equivalent of £700m in risk-weighted assets as at 31 December 2014 and is part of .......

    News Round-up 8 December 2015

  • MultiCat losses likely

    S&P has lowered to single-D from triple-C minus its rating on MultiCat Mexico series 2012-I class C notes and removed it credit watch negative. The downgrade is due to Swiss Re's request for an extension of the maturity of the notes, which were scheduled to mature on 4 December.

    The catastrophe bond's maturity will now automatically extend by one month .......

    News Round-up 8 December 2015

  • Further FFELP deals extended

    Navient has extended the maturity dates of six FFELP student loan ABS trusts that it sponsors. In total, US$1.1bn of bonds have had their dates extended to 2083 on both the senior and subordinated tranches, effective from 2 December.

    The six trusts affected by the amendments are Navient Student Loan Trusts 2014-2, 2014-3, 2014-4, 2014-5, 2014-6 and 2014-7. The move follows Navient's .......

    News Round-up 8 December 2015

  • Participation certificate debuts

    Sarana Multigriya Finansial has listed on the Indonesia Stock Exchange (IDX) the country's first ABS in the form of a participation certificate - known as Efek Beragun Aset Berbentuk Surat Partisipasi (EBA-SP) - an instrument introduced by the regulator last year. Dubbed SMF-BTN 01 - Kelas A, the IDR181.6bn transaction securitises housing loans provided by state-owned lender Bank Tabungan Negara.

    News Round-up 8 December 2015

  • Euro secondary slows

    Yesterday saw a fairly slow session across the European securitisation secondary market, but it could yet pick-up again before year-end.

    "Yesterday was quiet, but it's too early to be thinking of year-end just yet," says one trader. "The areas of activity there were still bode well for the remainder of this week and hopefully next."

    The main focus yesterday was .......

    SCIWire 8 December 2015

  • SCI Start the Week - 7 December

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

    Pipeline
    Several deals joined the pipeline in the first week of December. The final count consisted of seven ABS, two ILS, three RMBS, one CMBS and one CLO.

    The ABS were: US$380m California Republic Auto Receivables Trust 2015-4; US$265m CHAI 2015-PM3; CNY3bn Fuyuan 2015-2 Retail Auto Mortgage Loan Securitization Trust; €800m Noria 2015; US$600m SPS Servicer Advance Receivables Trust .......

    News 7 December 2015

  • TICC meeting confirmed

    TICC Capital has announced that its special meeting will take place on 22 December, when stockholders of the company will be given the opportunity to vote on the agreement for it to be acquired by Benefit Street Partners (BSP). The meeting will also include the election of six new directors to the TICC board of directors.

    The announcement comes after .......

    Job Swaps 7 December 2015

  • Commission drops CDS case

    The European Commission has dropped proceedings against 13 investment banks over their alleged involvement in breaching antitrust standards in the CDS market. The Commission's decision comes nearly 2.5 years after it originally accused the banks of colluding to prevent the market from transitioning to regulated exchanges (SCI 1 July 2013).

    "Today's closure decision regarding the 13 investment banks is based on a thorough .......

    Job Swaps 7 December 2015
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