Complete news archive

  • CBD price push continues

    Central business district (CBD) office continues to be the best-performing segment of Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index. CBD prices rose 4.3% over the past three months.

    The CPPI rose 0.7% in September, with a 0.8% rise in the core commercial segment. Prices in non-major markets have now topped their pre-crisis peaks, mainly due to gains .......

    News Round-up 11 November 2015

  • UK ILS legislation underway

    HM Treasury's announcement that it has begun the legislative process for introducing a UK ILS framework has been welcomed by the London Market Group (LMG). An amendment to the Bank of England and Financial Services Bill has been tabled to the government, which seeks power for the Treasury to make regulations facilitating and regulating ILS business.

    The main focus of the proposed power .......

    News Round-up 11 November 2015

  • RMBS comparison tool updated

    Moody's has released an updated RMBS tool which compares the key characteristics of 19 different RMBS markets, including the UK, Spain, Italy, the Netherlands, Japan, Australia and the US. The update introduces a new interactive map to compare key indicators across European markets.  

    The tool now also includes a number of new markets, such as Austria, Canada, Mexico, South Africa, South Korea and Sweden. RMBS markets .......

    News Round-up 11 November 2015

  • Divergent HQS approach highlighted

    The Basel Committee yesterday released a consultative document on capital treatment for 'simple, transparent and comparable' (STC) securitisations, which builds on the criteria issued in July (SCI 23 July). However, given the European Commission's recent 'simple, transparent and standardised' (STS) proposals, it seems that regulators continue to pursue different approaches towards high-quality securitisations (SCI 21 August) and therefore exacerbate regulatory .......

    News 11 November 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday saw another stable if sluggish day across secondary flows. BWICs took the lead and most lists saw reasonable execution.

    Fast and real money continue to look to add in the UK non-conforming space both on- and off-BWIC, though spreads across the sector remain broadly unchanged to very slightly tighter. Prime assets .......

    SCIWire 11 November 2015

  • Freddie auctions more NPLs

    Freddie Mac is marketing its latest NPL offering - US$1.2bn in deeply delinquent loans from the GSE's mortgage investment portfolio. The latest auction is the eighth to be held by Freddie Mac.

    The NPLs are being marketed via seven pools: five geographically diversified standard pool offerings (SPO) and two geographically concentrated extended timeline pool offerings (EXPO). The latter offerings target participation by smaller investors, including non-profits .......

    News Round-up 10 November 2015

  • US CLOs challenged

    The US CLO secondary market continues to face challenges.

    "There's not much going on in secondary today apart from a handful of BWICs," says one trader. "People are taking advantage of tomorrow's bond market holiday to step out of what continues to be a challenging environment."

    The trader continues: "It's been pretty tough to get trades done as external factors .......

    SCIWire 10 November 2015

  • Structured syndicate strengthened

    Santander has made a number of appointments to boost its loan origination, syndicate and sales team in the UK and Europe. Among the hires is Sujoy Roy, who joins the firm's structured finance syndicate as an associate. Previously an analyst at HSBC, he reports to Mariano Hernandez, head of structured finance syndicate for EMEA.

    Another of the appointments is Peter .......

    Job Swaps 10 November 2015

  • CMBS pay-offs spike

    The percentage of US CMBS loans paying off on their balloon date jumped sharply last month, posting the highest level in six months, according to Trepp. The October reading is 76.7%, more than 16 points above the September number. The rate is also above the 12-month moving average of 68.1%.

    By loan count as opposed to balance, 74.9% of loans .......

    News Round-up 10 November 2015

  • Private lending platform bolstered

    DDJ Capital Management has appointed Michael Weissenburger as md and head of origination, a newly-created role that is effective immediately. He joins the firm from Wells Fargo Capital Finance, where he served for ten years as director of direct loan origination. Prior to that, he held financial positions at Sonus Networks, Cognos and Converge.

    At DDJ, Weissenburger will be responsible .......

    Job Swaps 10 November 2015

  • CMBS borrower bunching considered

    Blackstone is the ultimate borrower for a full third of floating rate European CMBS issuance from 2014 and 2015. When adding the second-largest borrower - IVG - concentration increases to 50%.

    The third-largest borrower is the consortium behind London's Westfield Stratford shopping centre, which consists of Westfield, CPPIB and AIG. When Blackstone, IVG and the Westfield consortium are considered together, .......

    News 10 November 2015

  • Pricing source to expand

    Barclays is set to incorporate third-party pool-level prices into the pricing for MBS index generics in its US MBS Index, as part of several changes announced after concluding its annual index review and governance process in October. The firm says its decision reflects the evolving fixed income landscape and stakeholder feedback from a diverse set of global investors who use .......

    News Round-up 10 November 2015

  • New FFELP plan evaluated

    The US Department of Education's latest student debt repayment plan could raise prepayment rates for FFELP student loan ABS, says Fitch. The REPAYE plan is available to Direct Loan (DL) programme borrowers who received loans prior to 2010 and will be available in December.

    FFELP borrowers can become eligible for the new programme by consolidating their existing FFELP loans into .......

    News Round-up 10 November 2015

  • CLOs feeling commodity impact

    CLO performance is feeling an adverse effect from the ongoing struggles in the commodities sector, according to Fitch's latest index results for the sector. The number of CLOs reporting defaults more than doubled in 3Q15 to 41 from 19 in the previous quarter.

    Fitch believes that the ongoing stress in commodities will lead to an increase in CLO exposure to distressed .......

    News Round-up 10 November 2015

  • Split triple-B tranches seen

    The latest US conduit CMBS to print - the US$960.9m COMM 2015-LC23 - has a structural feature not seen since 2012. Rated by Fitch and Kroll, the US$28.83m D tranche was rated BBB/BBB+ (with 10.75% subordination), while the US$24.02m E tranche was rated triple-B minus (8.25%).

    Transactions featuring both triple-B plus and triple-B minus tranches were common in 2010-2012, when .......

    News Round-up 10 November 2015

  • Euro secondary stays positive

    Market tone remains broadly positive in the European securitisation secondary market.

    "Tone remains pretty good despite a weaker day yesterday in broader credit markets," says one trader. "Overall, secondary spreads aren't gapping in but continue to grind tighter in many sectors."

    The trader continues: "We saw quite a bit of activity in UK non-conforming yesterday and senior buy-to-let in particular .......

    SCIWire 10 November 2015

  • US CLOs ticking along

    The US CLO secondary market activity looks set to continue to follow its recent pattern.

    "It was a little bit busier last week, but activity continues to be no more than light to moderate and I expect this week to be the same," says one trader. "In terms of spreads, there's no obvious catalyst to move us out of the .......

    SCIWire 9 November 2015

  • Alternative debt head hired

    BNP Paribas Investment Partners has hired Laurent Gueunier as head of alternative debt management, reporting to Dominick DeAlto, cio of institutional fixed income. Based in Paris, he joins a team that is currently involved in the management of funds that invest in European securitisations, mini bonds and multi-strategy credit.

    Prior to his move, Gueunier was most recently head of structured .......

    Job Swaps 9 November 2015

  • Corporate team makes addition

    Mark Graham has joined Lloyds' corporate solutions team within capital markets, reporting to corporate securitisation head Ben Green. He will work on secured deals, comprising corporates and infrastructure. Graham has previously held a number of senior roles, including co-head of securitised products at Deutsche Bank.

    .......

    Job Swaps 9 November 2015

  • Premier strengthens ILS issuer ties

    Premier Diversified Holdings has acquired 158,000 common shares of Sequant Re Holdings for US$316,000. The acquisition is for investment purposes and to maintain Premier's current equity position in the firm.

    Premier held 3,010,000 common shares of Sequant Re before the purchase and now holds around 34.1% of all common shares. It maintains the right to appoint three directors to Sequant .......

    Job Swaps 9 November 2015

  • Invitation chooses to extend

    Invitation Homes has decided to exercise its one-year optional term extension on the single loan backing Invitation Homes 2013-1, a move that Moody's has labelled credit neutral. The deal, which was the first-ever single-family rental securitisation, still has a number of technical conditions to be settled before the extension takes effect.

    The decision to extend the loan resolves the uncertainty surrounding the deal, which led to Kroll Bond Rating .......

    News Round-up 9 November 2015
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