Complete news archive

  • South African affordability analysed

    South African borrowers whose mortgage debt backs RMBS are "much more likely" to make regular payments than other borrowers, says Moody's. This is expected to remain the case, even if interest rates rise materially.

    Should interest rates rise by 3%, only an additional 1% of borrowers would have difficulties repaying their mortgages. To affect an additional 10% of borrowers, rates .......

    News Round-up 30 October 2015

  • APAC ratings 'stable'

    Fitch affirmed a total of 133 APAC structured finance tranches in 3Q15. No ratings were upgraded, downgraded or withdrawn during the quarter.

    Of the affirmed tranches, 53 were prime and non-conforming RMBS bonds backed by Australian or New Zealand properties, while 47 were CMBS backed by Japanese properties and 14 were ABS backed by loans in New Zealand. The remaining affirmations include: .......

    News Round-up 30 October 2015

  • Trups upgrades to 'temper'

    Fitch suggests that the rate of future upgrades for US bank Trups CDOs could temper due to slowing bank collateral redemptions. The lack of apparent impetus for redemptions to accelerate further supports the argument of an impending slowdown.

    Fitch explains that the cost of capital will be at the forefront of issuers' decisions to redeem early with their Trups, in contrast .......

    News Round-up 30 October 2015

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes, though tone continues to improve overall and some sectors are getting ever-more active.

    UK non-conforming continues to lead the way with healthy activity on- and off-BWIC yesterday. Flows are strong in both directions, so spreads for now remain broadly unchanged.

    The pick-up in peripherals is continuing with trades going through .......

    SCIWire 30 October 2015

  • US RMBS held

    US non-agency RMBS secondary spreads are being held at or around recent wides by a range of external and internal factors.

    "All eyes were on the Fed yesterday and while the lack of a rate rise was anticipated their hawkish comments mean fixed income and equities are off today," says one trader. "Even though high yield is edging tighter the .......

    SCIWire 29 October 2015

  • RFC on triple-net lease approach

    S&P is requesting comments on its proposed methodology for rating North American single-tenant real estate triple-net lease-backed securitisations. The proposed criteria would apply to all new and outstanding triple-net lease securitisations backed by commercial properties in North America.

    S&P explains that a triple-net lease is a lease agreement between a lessor and a lessee where the lessee is generally responsible .......

    News Round-up 29 October 2015

  • Marketplace ABS approach outlined

    KBRA has set out its methodology for rating securitisations of consumer marketplace loans in a new report.

    The rating agency's approach to the asset class is based on the methodology it uses to rate typical ABS, but it says it is aware that marketplace lending is a new and rapidly changing industry. Any rating of a marketplace lending securitisation would .......

    News Round-up 29 October 2015

  • CMBS loan repeat use to grow

    Over US$17bn of loans from prior securitisations has returned to US CMBS in the form of acquisition and refinance loans so far in 2015. Repeat borrowers are running at around 36% of total 2015 conduit issuance, although the figure is expected to grow over the next two years.

    Deutsche Bank analysts cross-checked prior securitisation lists against various market sources to ensure .......

    News 29 October 2015

  • CRE CLO initiative set up

    CRE lender Hunt Mortgage Group has hired Amy Shah to help launch and build a CLO platform for the firm. She joins as vp in the proprietary lending team and will report to Hunt director Michael Becktel.

    "In addition to establishing a CLO programme for Hunt Mortgage Group, Amy will also focus heavily on placing bridge loans and will work .......

    Job Swaps 29 October 2015

  • Loan analytics service launched

    Markit has launched a new information service covering credit and portfolio analysis for investment professionals focused on bank loans. Markit WSO Credit Manager centralises data to assist portfolio managers and credit analysts in selecting investments, monitoring credit performance and identifying risk.

    Credit Manager streamlines credit selection with screening functions that filter investment opportunities based on specific criteria. It also alerts .......

    News Round-up 29 October 2015

  • Euro secondary stays slow

    The European securitisation secondary market saw another slow session yesterday, but tone continues to slowly improve.

    Activity remains patchy across secondary markets but most sectors are now seeing a buying bias. Consequently, spreads are broadly flat to slightly tighter over the past day or so.

    Primary activity is continuing to distract participants, but secondary supply continues to tick over. For .......

    SCIWire 29 October 2015

  • Novel RMBS marketing

    TSB Bank has begun roadshowing its debut UK prime RMBS. Duncan Funding 2015-1 will not be issued from a regular master trust structure, but will maintain a revolving period of five years, with the ability to add new assets.

    The transaction is expected to offer senior tranches denominated in both sterling and euros. The A1 tranche has a WAL of three .......

    News Round-up 28 October 2015

  • Pubco performance 'under-appreciated'

    While S&P has affirmed Punch Taverns' ratings and revised its liquidity outlook from less than adequate up to adequate, the rating agency's use of its corporate methodology rather than corporate securitisation remains wrong, suggests Barclays credit analysts. With further non-core disposals expected, there is value to be found in Punch's bonds.

    S&P affirmed the ratings and revised its outlook as .......

    News 28 October 2015

  • Data firm inks rating partnership

    Silverfinch is teaming up with Fitch Solutions to provide its insurer clients with access to Fitch's credit ratings. Fitch says that the credit ratings will help allow insurers to comply with Solvency 2 regulatory reporting and risk management capital requirements for their investment portfolios.

    Fitch's 34,000 global credit ratings will now be included in Silverfinch's Solvency 2 look-through service. Asset managers who .......

    Job Swaps 28 October 2015

  • CLO ratings continue to rise

    Upgrades continued to dominate the US CLO market in 3Q15, reports S&P. The rating agency raised 141 ratings from 42 transactions, while there were no downgrades.

    "Several of these upgraded US CLOs benefited from liability paydowns, which have increased the overcollateralisation ratios. These conditions and the CLOs' low exposure to defaulting and distressed issuers have increased the credit support available .......

    News Round-up 28 October 2015

  • Euro secondary pauses

    The nascent revival in the European securitisation secondary market has come to a halt once again.

    "The last few days have been a bit better in line with global markets and the impact of Draghi's comments was finally trickling through to ABS," says one trader. "However, yesterday broader markets took a pause and that immediately fed through to us and .......

    SCIWire 28 October 2015

  • US CLOs lagging

    The US CLO secondary market is lagging behind the rally being seen in broader markets.

    "Equities and high yield have rallied, but in cash bonds and CLOs there's no firm tone and they are not really trading that well," says one trader. "The bid-ask is just getting wider and people are sitting on the sidelines - there's no real impetus .......

    SCIWire 27 October 2015

  • Navient lays out FFELP recommendations

    Navient has released repayment data on FFELP student loans, as well as a comment letter to Moody's regarding its ratings on ABS backed by such assets. The letter includes a number of recommendations, including Navient's belief that voluntary prepayments will continue to increase due to improving economic conditions, refinancing activity and the ultimate launch of the RePAYE programme.

    The data .......

    News 27 October 2015

  • ICE set to buy data giant

    ICE is set to acquire Interactive Data Corporation in a US$5.2bn deal from Silver Lake and Warburg Pincus. The deal will include a payment of US$3.65bn in cash and US$1.55bn in ICE common stock, as ICE seeks to expand its service to markets by adding technology platforms and increasing new data and valuation services.

    With the acquisition, ICE will obtain .......

    Job Swaps 27 October 2015

  • Safe harbour rule finalised

    The US FDIC's board has approved a final rule regarding the treatment of financial assets transferred in connection with a securitisation. Certain provisions adopted by the criteria for a securitisation safe harbour are set under the final rule.

    A recent Chapman and Cutler memo notes that the rule clarifies requirements with respect to the retention of an economic interest in securitised .......

    News Round-up 27 October 2015

  • Concerns rise for recent CMBS

    October remittance indicates that US$2.3bn of US CMBS 2.0 loans were newly watchlisted, including a concerning number of recent-vintage loans. The 2015 vintage accounted for almost US$200m of these watchlistings, which is the highest amount yet for the new vintage.

    The 2014 vintage contributed the highest watchlistings total at US$726m, although the 2011 vintage was not far behind at US$720m. .......

    News 27 October 2015
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