Complete news archive

  • Spanish repossession recovery to continue

    Moody's expects recoveries on repossessed Spanish properties to continue rising. Recovery rates have so far risen alongside an improving economy and a 5.8% increase in Spanish house prices since 2013.

    "Given the favourable economic backdrop, we consider that Spanish securitisation vehicles will be able to sell their repossessed properties more easily," says Moody's vp Carole Bernard. "So far, losses on .......

    News Round-up 26 November 2015

  • Aussie ABS, RMBS defaults to inch up

    The delinquency and default rates for Australian ABS and RMBS will rise slightly next year from their current low levels, Moody's projects. This is due to below-trend economic growth and an uptick in unemployment.

    "The credit quality of the mortgage collateral for new RMBS issued in 2016 will deteriorate - when compared with 2015 - owing to the inclusion of .......

    News Round-up 26 November 2015

  • Pass-through tax treatment mooted

    The US Bipartisan Budget Act of 2015 - signed earlier this month - is set to impact the tax treatment of a variety of securitisation structures. The act replaces a longstanding set of statutory provisions governing the audit and adjustment of partnership income tax returns.

    Under existing rules, adjustments to partnership income are generally accounted for and tax paid at .......

    News Round-up 26 November 2015

  • ESMA, SFC sign MOU

    ESMA and the Securities and Futures Commission (SFC) of Hong Kong have concluded a memorandum of understanding that will allow the exchange of information on derivative contracts held in trade repositories. The agreement allows both regulatory bodies to have indirect access to trade repositories established in the EU and Hong Kong respectively.

    ESMA has already reached MOU agreements with the Australian Securities & .......

    News Round-up 26 November 2015

  • BDC shareholder activism eyed

    Depressed share price valuations and governance concerns have ignited shareholder activism campaigns against three business development companies (BDCs) over the last several months. Fitch believes the heightened dialogue may lead to strengthened oversight, which would be beneficial for BDC creditors, provided other equity-friendly measures are not over-emphasised.

    Four fund managers - respectively TPG and Highland, Elliot Management and River North .......

    News Round-up 26 November 2015

  • Ratings withdrawn on 'lack of interest'

    S&P has withdrawn its ratings on all notes, except one, issued by Ballantyne Re. The agency says it received a request from the sponsor of the ILS, Scottish Re (US), to withdraw the ratings in 2010 but opted to maintain unsolicited ratings due to potential market interest. However, it notes that there is seemingly no longer significant market interest in .......

    News Round-up 26 November 2015

  • Euro secondary activity fades

    Activity in the European securitisation secondary market is fading away thanks to the US public holiday, but sentiment remains positive.

    "We're quietening down now with Thanksgiving today," says one trader. "Also a lot of people are being distracted away looking at primary and the BMW deal in particular."

    Secondary tone appears to remain strong however. "UK non-conforming and buy-to-let seniors .......

    SCIWire 26 November 2015

  • NPL, RPL RFC issued

    Moody's is requesting feedback on proposed changes to its methodology for rating securities backed by non-performing loans (NPL) and re-performing loans (RPL). The proposed changes consolidate the approaches the rating agency has used to rate RMBS of NPLs and RPLs into a single methodology.

    The proposed methodology would not result in any rating changes, says Moody's. Market participants are invited .......

    News Round-up 25 November 2015

  • China committee assembled

    The China Asset Securitisation and Structured Finance Professional Committee has held its inaugural meeting, after being established under the leadership of the People's Bank of China. The committee, also known as the Inter-Bank Market Dealers Association, will explore ways of improving institutional arrangements for securitisation in China, specifically through conjunction with regulatory authorities.

    PBOC deputy governor Pan Gongsheng says that the committee .......

    Job Swaps 25 November 2015

  • Multifamily attracting investors

    The CRE multifamily sector is seeing increased investment as underwriting standards loosen for multifamily loans, reports Trepp. Market indicators suggest that the rebound of the economy has prompted lenders to take on more risk.

    "Coming out of the recession, multifamily CRE garnered a lot of attention, capital and development," says Joe McBride, research associate at Trepp. "Caps on GSE lending volume, maturing loans .......

    News Round-up 25 November 2015

  • GE portfolio sold off

    GE Capital has agreed to sell a £3.8bn portfolio of first lien mortgage loans from its UK Home Lending business to an investment consortium consisting of Blackstone, TPG Special Situations and CarVal Investors. The transaction represents the sale of almost all of GE Capital's remaining UK mortgages and is expected to close in December.

    "We began this year with around .......

    News Round-up 25 November 2015

  • Consumer ABS programmes minted

    Latitude Financial Services - the renamed GE Consumer Finance business acquired by KKR, Varde Partners and Deutsche Bank - has closed a pair of revolving ABS transactions. Rated by Fitch, the NZ$972.9m New Zealand Sales Finance and Credit Cards Trust and A$3.76bn Australian Sales Finance and Credit Cards Trust programmes are backed by New Zealand and Australian consumer receivables respectively.

    News Round-up 25 November 2015

  • Bank's LatAm exit raises concerns

    Deutsche Bank's decision to close its operations in Argentina and Mexico is credit negative for the Argentine and Mexican securitisations for which it acts as trustee or common representative, says Moody's. Deutsche Bank Argentina acts as trustee in 36 securitisations, while Deutsche Bank México acts as common representative in 1,300 transactions.

    The bank's decision to close its operations in Argentina .......

    News Round-up 25 November 2015

  • Agricultural receivables deal debuts

    BSEC has launched a trade receivables securitisation for Debbané Frères, a provider of agricultural solutions in Lebanon. Dubbed Debbane Agri SIF, the US$13.3m transaction is believed to the first of its kind in the local market and channels financing to support agriculture, an underserved vital economic sector in Lebanon.

    Etienne Debbane, chairman and ceo of Debbané Frères, comments: "Our long .......

    News Round-up 25 November 2015

  • JLT partner relocates

    Nick Duffin has transferred from JLT Re's London office to join JLT Bermuda as a partner. He joined JLT Re in 2012 and through his 14-year reinsurance career has gained experience across multiple asset classes, including ILWs.

    In his new role, Duffin will continue to work with existing clients, as well as expanding the JLT Re role in the Bermuda .......

    Job Swaps 25 November 2015

  • Euro secondary stays strong

    Despite weaker global markets and reduced volumes the European securitisation secondary market is still showing some strong signs.

    "Yesterday was a bit quieter with flows minimal across most sectors as a result of weakness in broader credit thanks to increasing global political tension," says one trader. "However, we saw some strong activity and prints around BWICs."

    The trader continues: "Italian .......

    SCIWire 25 November 2015

  • US RMBS restricted

    Activity and transparency in the US non-agency RMBS secondary market is restricted in this shortened week.

    "As expected for this holiday week it's pretty quiet - today is likely to be the busiest day and there's $2-300m in for the bid," says one trader. "Overall, it's hard to get a sense of real pricing levels with trading sessions essentially restricted .......

    SCIWire 24 November 2015

  • CDS volumes rise

    Emerging markets CDS trading in 3Q15 was US$376bn, according to EMTA's latest index results for the sector. Meanwhile, ISDA figures show a 12.9% trade count increase from the previous quarter.

    The latest EMTA figure is very close to the one from 3Q14 and represents a 37% increase from the US$275bn of reported transactions in 2Q15.

    Aside from 2Q15, reported volumes .......

    News Round-up 24 November 2015

  • Hong Kong OTC proposals set out

    The Hong Kong Securities and Futures Commission (SFC) has opened a consultation on proposals to update the guidelines for regulating automated trading services (ATS). The proposals are presented in a paper which primarily covers potential regulatory changes to encompass OTC derivative transactions.

    "The ATS Guidelines have not been amended since they were first introduced in 2003," the paper says. "A review .......

    News Round-up 24 November 2015

  • Marketing head brought in

    Clayton Holdings has hired Mark Hughes as evp of sales and marketing. He will be responsible for sales, business development and marketing for Clayton, as well as subsidiaries Green River Capital, Red Bell Real Estate, ValuAmerica and Clayton Euro Risk.

    Prior to joining Clayton, Hughes was president of LenderLive's due diligence division, assisting lenders and investors in diligence and underwriting .......

    Job Swaps 24 November 2015

  • US job growth supports card ABS

    Strong employment growth should keep US credit card ABS performance metrics near records through the end of the year, says Fitch. Prime charge-offs are expected to increase this month and delinquencies are expected to rise.

    The unemployment rate for October fell to 5%, according to the US Department of Labor, which is a level last reached in April 2008. The .......

    News Round-up 24 November 2015
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