Complete news archive

  • Euro secondary on the up

    Activity and sentiment are on the up in the European securitisation secondary market.

    Bolstered by improving broader markets, activity in securitisation secondary picked up yesterday and market tone continues to improve. Better buying interest was seen across most sectors and spreads are broadly flat to slightly tighter.

    Prime autos and RMBS saw healthy flows yesterday, while the bid for UK .......

    SCIWire 18 November 2015

  • Navient extends RCA

    Navient has amended the transaction agreements for 66 FFELP student loan ABS trusts, 23 of which are either on review for downgrade or on rating watch negative. The amendments allow Navient to provide loans to the trusts under a revolving credit agreement (RCA) at its discretion. The RCA permits the trusts to borrow from Navient to cover any payment shortfalls .......

    News Round-up 18 November 2015

  • Default interest suit filed

    Four funds - understood to be Appaloosa Investment LP I, Palomino Fund, Thoroughbred Fund and Thoroughbred Master - have filed a complaint in New York State Supreme Court to block a potential pay-out of default interest to CWCapital following the impending Stuyvesant Town/Peter Cooper Village sale (SCI passim). The crux of the issue is whether the special servicer is entitled .......

    Job Swaps 18 November 2015

  • ESMA consults on CRAs

    ESMA has published a discussion paper on the validation and review of credit rating agency (CRA) methodologies. The paper provides background on validation practices in the credit rating industry and shares good practice observed by ESMA in its recent supervisory investigation.

    The paper also seeks stakeholders' views on the validation and review of CRA methodologies. It particularly requests views on how .......

    News Round-up 18 November 2015

  • Purchase progress?

    ABSPP prospects assessed one year on

    The ECB's ABSPP entered into force on 19 November 2014 (SCI passim) and has dominated European ABS proceedings since. A recent ECB commitment to QE2 has buoyed the market, but the lackluster performance of the purchase programme a year since its inception may temper expectations.

    What role ABSPP could have in QE2 is not yet known, but the purchase programme's limited success .......

    News Analysis 18 November 2015

  • US CLOs lack clarity

    Despite the surge in BWICs yesterday, it is still difficult to divine clear pricing trends in the US CLO secondary market.

    "Yesterday was one of the busiest days for quite some time," says one trader. "A fair amount of what was in for the bid traded, but there wasn't a great deal of colour released."

    Consequently, pricing levels are hard .......

    SCIWire 17 November 2015

  • Cavalry CLO quartet acquired

    Sankaty Advisors is set to acquire the management contracts of four CLO portfolios, totalling US$1.6bn of assets, from Regiment Capital Advisors. The contracts to be transferred are for Cavalry CLO II, Cavalry CLO III, Cavalry CLO IV and Cavalry CLO V.

    The transaction is expected to be completed by the end of 2015. Sankaty has managed 27 CLOs since inception .......

    Job Swaps 17 November 2015

  • Structured debt chief moves on

    Paul Hastings is set to add Paul Severs to its London office as a partner in its corporate practice. He joins from Berwin Leighton Paisner, where he was head of structured debt and capital markets.

    Severs has experience across the structured finance and securitisation markets. He has previously also worked at FGIC and Clifford Chance, where he was a partner.

    .......

    Job Swaps 17 November 2015

  • STS changes proposed

    Insurance Europe has released a paper which makes a number of proposals regarding alignment of the draft regulation for a European STS framework with Solvency 2. Among its suggestions, the paper says that capital charges for STS deals should be aligned to those for corporate bonds.

    The paper also says that the scope of all tranches - junior and senior - in STS transactions .......

    News Round-up 17 November 2015

  • Aircraft ABS set to grow

    The aircraft ABS sector should continue to grow next year, with more deals and more leasing entrants, says Fitch. The agency counts 11 aircraft securitisations completed since the start of 2014.

    Some recent deals have included increased concentrations in older aircraft, while regional jets and turbo-prop aircraft are also being included more frequently in collateral pools. Outstanding ABS performance has .......

    News Round-up 17 November 2015

  • High RMBS severity warning

    Smaller loan balances will keep liquidation severities on US RMBS loans high over the next few years, according to Moody's. This is due to the high observed loss severities on smaller loan balances and a larger proportion of such loans in existing pools.

    Moody's notes that loss severities on loans with liquidated balances of less than US$45,000 are consistently 30% .......

    News Round-up 17 November 2015

  • Madden scenarios played out

    The ongoing litigation surrounding Madden vs. Midland Funding poses risks to marketplace lenders and related ABS, suggests Moody's. The agency says that it throws into doubt the presumed legal benefits that come with marketplace lenders using third-party partner banks to originate loans.

    The US Second Circuit Court of Appeals back in May held that non-bank debt collectors that purchased written-off .......

    News Round-up 17 November 2015

  • LatAm structured leader added

    Nomura has made three appointments to its emerging markets business in the Americas. Karan Madan, JP Alvarado and Siobhan Morden join as mds.

    Madan becomes md and head of emerging markets in the Americas. Among his duties will be building out the structured products business in the region. He was most recently regional head of Latin America and head of .......

    Job Swaps 17 November 2015

  • Sullivan names new partner

    Sullivan & Cromwell has elected six new partners, including Ari Blaut. His corporate practice provides a particular focus on leveraged finance and acquisition finance transactions involving syndicated institutional loans, asset-based loans and issuances of secured and unsecured high yield debt securities. Blaut also regularly acts in direct lending and distressed lending transactions.

    .......

    Job Swaps 17 November 2015

  • Titan up

    Quelle case reverses course

    The English Court of Appeal overturned a landmark decision earlier this month when it reversed a UK High Court ruling that provided CMBS issuers with a legal basis for pursuing negligence claims against a property valuer. The decision is believed to potentially be transferable to other CMBS transactions.

    The case brought before the High Court last year centred on the .......

    News Analysis 17 November 2015

  • Euro secondary still slow

    It has been a typically slow start to the week in the European securitisation secondary market.

    "Yesterday was a typical Monday - a little bit slow going," says one trader. "There wasn't much on BWIC either, though the action around the two CHAPE bonds was interesting and they covered at 15 and 32."

    At the same time, the trader says: .......

    SCIWire 17 November 2015

  • US CLO surge

    The US CLO secondary market is seeing a surge in BWIC volume today.

    "It's unusually busy for a Monday," says one trader. "Certainly in terms of the number of sellers, if not the total volume being traded."

    The trader continues: "Activity has increased following the market going wider across the capital stack last week. The biggest moves were in the .......

    SCIWire 16 November 2015

  • REIT's board bolstered

    Two Harbors Investment Corp has appointed Lisa Pollina to its board of directors. She has extensive experience in the financial services industry, having most recently served as vice-chairman for RBC Capital Markets.

    Prior to that, Pollina was senior advisor to the ceo for RBC International, where she also served as senior advisor for the boards of RBC Canadian Trust Company .......

    Job Swaps 16 November 2015

  • SF platform set to spin off

    First Names Group plans to spin off its US-based structured finance subsidiary, First Names Structured Services (USA), to its existing US management team of Mark Ferraris and Orlando Figueroa. The transfer of the ownership is expected to complete by the end of the year and will prompt a subsequent rebranding. As part of the agreement, both companies will continue to .......

    Job Swaps 16 November 2015

  • RMBS criteria update planned

    S&P is planning to propose revisions to its criteria for analysing pools of residential loans that support RMBS or covered bonds in France, Germany, Sweden and Denmark. The agency also plans to publish new criteria for analysing pools of residential loans in Belgium and Austria.

    "We expect to align the revised and new criteria, where relevant, with the analytical framework .......

    News Round-up 16 November 2015

  • Freddie RMBS benefits mezz

    Freddie Mac is in the market with its first rated senior/subordinate cash RMBS. The US$600m Freddie Mac Whole Loan Securities Trust Series 2015-SC02 has a number of unique structural features that differentiate it from private-label RMBS transactions and generally benefit the mezzanine bonds, according to Moody's latest Credit Outlook.

    Moody's has provisionally assigned A2, Baa2 and Ba1 ratings to the .......

    News Round-up 16 November 2015
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