Complete news archive

  • Purpose test amendments adopted

    The retention undertaking letters for Castle Park CLO, Orwell Park CLO, Dartry Park CLO, Phoenix Park CLO and Sorrento Park CLO have been amended to include two further representations made by their manager GSO/Blackstone, which aim to comply with the 'purpose test', as envisaged under the European Commission's Capital Requirements Regulation proposals (SCI 2 October). The amendments state that the .......

    News Round-up 9 November 2015

  • Mexican RMBS approach published

    Moody's has published its transitioned approach for rating Mexican RMBS using its MILAN framework. The agency recently proposed the change from its previous rating approach in a request for comment to the market (SCI 18 September).

    Under the MILAN framework, Moody's begins with a portfolio analysis of the securitised collateral pool. The results of this analysis are the portfolio's expected losses .......

    News Round-up 9 November 2015

  • AIMCO equity acquired

    Fair Oaks Income Fund has entered into binding contracts to acquire, in the primary market, US$25m notional of AIMCO CLO Series 2015-A equity notes. The investment represents 78% of the transaction's total equity.

    The manager of the CLO is Allstate subsidiary AIMCO. The deal's current target portfolio has a principal value of US$500m across an expected 200 unique bank loan .......

    Job Swaps 9 November 2015

  • Blockchain usage examined

    A new GreySpark Partners report examines how a number of investment banks and exchanges are experimenting with usage of blockchain and distributed ledger technology (DLT). The report highlights how these experiments are supported by software applications that are being developed by US and European financial technology start-up companies, and how usage of the blockchain by banks is poised to increase .......

    News Round-up 9 November 2015

  • Euro secondary quiet

    The European securitisation secondary market closed last week quietly and looks set to start today in the same vein.

    Secondary volumes dropped again on Friday as the primary market drew investor attention and secondary spreads for the most part were unchanged despite continued broader market positivity. A few sectors did however see some uptick in prices - notably CMBS and .......

    SCIWire 9 November 2015

  • Fresh & Easy exposure gauged

    About US$209.2m in CMBS exposures across 16 loans could be affected by Fresh & Easy's latest bankruptcy filing, reports Morningstar. However, the agency says that the impact would be limited to five loans with balances of less than US$7m.

    These loans have the greatest risk of going delinquent because the grocer occupies at least 48% of the leasable space. Conversely, .......

    News Round-up 6 November 2015

  • Volcker compliance sought

    Separate meetings of St Paul's CLO IV noteholders have been convened for 26 November to consider and, if thought fit, pass an extraordinary resolution. The issuer wishes to amend the investment management agreement (IMA) to comply with the Volcker Rule.

    The proposed amendments will provide noteholders with the option to hold notes with different voting rights in respect of resolutions .......

    News Round-up 6 November 2015

  • Amherst welcomes mortgage team

    Standish Mellon Asset Management has strengthened ties with subsidiary Amherst Capital Management by moving its mortgage team over to the firm. The team will remain in Boston and continue to utilise the same investment processes for Standish clients.

    However, it will gain access to Amherst Capital's real estate data set and analytical tools to provide additional advantages to its work .......

    Job Swaps 6 November 2015

  • CLO-driven offering closes

    CIFC Asset Management has closed an offering of US$40m in aggregate principal of unsecured senior notes. Proceeds from the offering will be used by the firm, together with short-term investments and cash currently on its balance sheet, to comply with future CLO risk retention obligations.

    The notes will pay interest semi-annually at a rate of 8.5% per annum and will .......

    News Round-up 6 November 2015

  • ESMA seeks clearing feedback

    ESMA has opened a public consultation on draft requirements regarding indirect clearing. The draft rules cover arrangements for OTC derivatives and exchange-traded derivatives.

    ESMA's consultation aims to address issues raised by stakeholders in prior consultations. It also seeks to ensure consistency in the application of EMIR and MIFIR.

    .......

    News Round-up 6 November 2015

  • Trigger event for cat bond?

    The class C notes of MultiCat Mexico Series 2012-I have been downgraded from single-B minus to triple-C minus by S&P. The rating agency had placed the ratings on credit watch on 28 October.

    The ILS bond remains on credit watch with negative implications. They were placed on credit watch because of concerns that a trigger event may have occurred when .......

    News Round-up 6 November 2015

  • CMBS liquidations dip again

    US CMBS loan dispositions have dipped back below the US$1bn mark to reach a liquidation volume similar to the end of the summer, says Trepp. There were 54 loans totalling US$868.9m liquidated with losses in October.

    Although total disposition volume declined, average loan size has continued to trend upward. From US$11.48m in August and US$14.46m in September, average size reached .......

    News Round-up 6 November 2015

  • Broker-dealer adds RMBS trio

    Nathan Hale Capital has made three hires to strengthen its institutional agency RMBS team. The new additions are Scott Mooney, John Fenwick and DJ Dal Pizzol.

    Mooney has more than 15 years of experience in trading agency RMBS. He was most recently director of mortgage-backed trading at Société Générale in New York and has also worked at BNP Paribas and .......

    Job Swaps 6 November 2015

  • PREPA agreement formalised

    The Puerto Rico Electric Power Authority (PREPA) has entered into a restructuring support agreement with an Ad Hoc Group of PREPA bondholders, comprising traditional municipal bond investors and hedge funds, its fuel line lenders and the Government Development Bank for Puerto Rico. The agreement formalises the economic terms agreed between PREPA, the Ad Hoc Group and the fuel line lenders .......

    News Round-up 6 November 2015

  • OTC outstandings compressed further

    The notional amount of outstanding OTC derivatives contracts declined from US$629trn at end-December 2014 to US$553trn at end-June 2015, according to the BIS. The organisation says that trade compression to eliminate redundant contracts was the major driver of the decline.

    Gross market value of outstanding derivatives contracts declined even more sharply in 1H15. Market values decreased from US$20.9trn to US$15.5trn .......

    News Round-up 6 November 2015

  • CLO manager acquired

    Conning has agreed to acquire CLO and high yield bond specialist Octagon Credit Investors, taking over management of its US$12bn in assets. Andy Gordon will continue as Octagon's ceo, and the firm's existing investment and business teams will remain in place.

    The acquisition will enable Conning to expand its expertise by inheriting Octagon's experience in below-investment grade assets. These assets span across .......

    Job Swaps 6 November 2015

  • Marketplace pricing partnership agreed

    Thomson Reuters has launched an evaluated pricing service for marketplace lending, partnering with MountainView. The service aims to provide fixed income investors and investment managers with third-party, fair market valuation and price verification for hard-to-value loans.

    Originations on marketplace lending platforms have doubled each year since 2010, reaching approximately US$12bn in 2014 and exceeding US$16bn for the first six months .......

    News Round-up 6 November 2015

  • Euro secondary firms up

    Tone in the European securitisation secondary market continues to firm up.

    Despite the large number of BWICs yesterday, pricing levels held up across the majority of sectors and the majority of bonds in for the bid traded in line with expectations. CMBS, peripherals and UK non-conforming continue to improve, while UK and Dutch prime remain solid. Auto ABS were the .......

    SCIWire 6 November 2015

  • US RMBS distracted

    Macro concerns are distracting the US non-agency RMBS secondary market.

    "The market has been fairly busy this week, but continued rate volatility is proving a distraction," says one trader. "Swap spreads are tighter - currently negative to US Treasuries; we have non-farm payrolls tomorrow; and the Fed still has a chance to do something this month. That's all keeping people .......

    SCIWire 5 November 2015

  • CLO specialist poached

    Golub Capital has hired Joseph Wilson as md to expand the firm's existing distribution capabilities. His responsibilities include managing and expanding relationships with buyers of leveraged loans.

    Wilson is additionally tasked with identifying and executing secondary market opportunities within and outside the current Golub Capital portfolio. He will also provide insights on underwriting and financial structures for LBOs, recapitalisations and refinancings.

    Job Swaps 5 November 2015

  • AOFM auctions put on hold

    The AOFM has cancelled its previously planned RMBS auctions for November and December. The decision follows the government agency's failure to sell any assets in its fifth auction last month (SCI 22 October).

    The AOFM has not committed to any further scheduled sales as of now, but states that auctions will be on hold until at least February 2016. If the government agency .......

    News Round-up 5 November 2015
×