Complete news archive

  • 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

  • Underwriting duo poached

    Kirk Meyers and Randy Newman have joined Wells Fargo's securitisation underwriting team. Both are working on ABS and MBS transactions, arriving from Hilltop Holdings.

    Meyers has held a number of senior roles where he has worked in ABS, including at Southwest Securities and Banc of America Securities. Newman's previous roles have included a number of positions at Bank of America .......

    Job Swaps 27 October 2015

  • Moody's taps MBS reporter

    Moody's has hired Jody Shenn as an analyst for its RMBS and ABS services. He was most recently a mortgage bond reporter at Bloomberg. Shenn's reporting roles have also included stints at American Banker and The Wall Street Journal.

    .......

    Job Swaps 27 October 2015

  • Investment manager makes changes

    Mariner Investment Group has agreed to a number of strategic changes with majority stakeholder ORIX USA, including a reorganisation of its management structure. Mariner will continue to expand its lines of business, including the onboarding of some of ORIX USA's investment teams to develop new asset management opportunities for its clients.

    The objective is to allow ORIX USA to leverage .......

    Job Swaps 27 October 2015

  • Agency charged over misrepresentation

    DBRS has agreed to pay nearly US$6m to the US SEC over charges that it misrepresented its surveillance methodology for rating certain RMBS and re-REMICs. The rating agency allegedly failed to conduct a monthly monitor of the transactions over a three-year period.

    According to the charges, DBRS' rating methodology involves a three-step quantitative analysis of each transaction, followed with a review by .......

    Job Swaps 27 October 2015

  • Russian arrears could 'accelerate'

    Moody's reports that the rate of arrears in Russian structured mortgage deals could accelerate if a further drop in oil prices exerts downward pressure on the country's economy. The agency says that Russia's struggling economy has already pushed up arrears in RMBS and ABS from the jurisdiction.

    Delinquencies of 60 days and above increased by 10% or more in 1H15 .......

    News Round-up 27 October 2015

  • Euro secondary edges up

    Activity and some prices are edging up in the European securitisation secondary market, but trading remains patchy and could prove to be short-lived.

    Despite another slow session yesterday, where spreads were once again primarily unchanged there are signs of some small increases in secondary activity and prices. Trading continues to be highly selective but the sectors attracting investors are broadening.

    SCIWire 27 October 2015

  • SCI Start the Week - 26 October

    A look at the major activity in structured finance over the past seven days

    Pipeline
    It was an active week for the pipeline, with many deals coming and going. At the week's end four new ABS, three RMBS and three CMBS remained.

    CARDS II Trust Series 2015-3, US$750m Fifth Third Auto Trust 2015-1, US$450m Flagship Credit Auto Trust 2015-3 and VCL 22 accounted for the ABS. The RMBS were US$344m JPMMT 2015-6, US$428m .......

    News 26 October 2015

  • ABS analyst brought in

    Craig Branca has joined CoreLogic as vp, strategic accounts. The securitisation data analyst moves from Bloomberg, where he worked on mortgage products. He has also been involved in producing and managing ABS and RMBS data products for Lewtan.

    .......

    Job Swaps 26 October 2015

  • SF head restored

    William Moretti has been appointed md and head of MetLife's structured finance group for the second time. His role includes monitoring ABS/CMBS structures, opening new asset classes for investment and acquiring/selling public and private securities across all ABS sub-sectors, CMBS and CLOs.

    Moretti most recently led a team of technical derivatives specialists/quantitative analysts after his first stint as structured finance .......

    Job Swaps 26 October 2015

  • Paloma adds portfolio manager

    Sam Choi has joined Paloma Partners as a portfolio manager. He was previously md at Citadel and has also held senior roles at JPMorgan, Bear Stearns, Visible Markets and Lehman Brothers. His experience encompasses ABS and MBS management, as well as derivatives trading.

    .......

    Job Swaps 26 October 2015

  • RMBS servicers 'improving'

    US RMBS servicers are showing improvements in managing challenged portfolios amid difficult circumstances, says Fitch. This includes the difficulty of working within a framework of tighter compliance and regulatory scrutiny.

    Fitch notes that the costs of servicing continue to rise in concert with an increased compliance focus and enhanced regulatory scrutiny, while higher capital requirements may become an issue for smaller servicers. .......

    News Round-up 26 October 2015

  • Asian deal analysis set out

    The analysis of securitisation transactions in emerging Asian economies requires thorough examination of various qualitative and quantitative factors, says Moody's. Credit considerations for developing Asian markets include legal and regulatory factors, as well as the quality of underlying assets.

    On the legal front, Moody's says that there should be consideration of whether transactions have sufficient bankruptcy-remoteness protection. This includes the establishment .......

    News Round-up 26 October 2015

  • Invitation extension in the balance

    Kroll Bond Rating Agency has placed all of its outstanding ratings for Invitation Homes 2013-SFR1 on watch developing. The agency will keep this status in effect until it receives details from the servicer, Midland, as to whether the borrower will exercise one of its three one-year maturity extension options prior to the loan's current maturity date of 9 December.

    Midland .......

    News Round-up 26 October 2015

  • Watch positive for StuyTown CMBS

    The anticipated pay-off of the Stuyvesant Town/Peter Cooper Village loan (SCI 21 October) has prompted Fitch to place 12 bonds in four CMBS on rating watch positive. The rating agency has also revised its outlook for one class of notes.

    The positive watch placements are due to the potential sale of the loan for US$5.3bn, which is likely to result .......

    News Round-up 26 October 2015

  • Largest ACIS yet inked

    Freddie Mac has obtained its largest insurance policy to date under its ACIS programme. The transaction transfers much of the remaining credit risk associated with STACR 2015-DNA2.

    The policy transfers up to US$502.6m of losses on a pool of single-family loans acquired from August to November 2014. It brings Freddie Mac's total insurance coverage up to US$1.5bn this year through .......

    News Round-up 26 October 2015

  • Euro patterns persist

    The trading patterns seen over the past week or so in the European securitisation secondary market look set to continue.

    Friday again saw a reasonably positive tone across the board, but liquidity and price movements remain limited. Activity remains focused on selected names and sectors, with prime, UK non-conforming and CMBS assets experiencing a slight buying bias, while peripherals are .......

    SCIWire 26 October 2015

  • Actuary head added

    Horseshoe Group has appointed Kathy Garrigan as svp and head of actuarial services, responsible for pricing and reserving activities for the ILS firm. She is the primary contact for Horeshoe Group's portfolio of clients and participates in consulting activities that include pricing and underwriting reviews, and enterprise risk management functions.

    Prior to joining Horseshoe Group, Garrigan was a principal consultant at .......

    Job Swaps 23 October 2015

  • CMBS credit quality slip continues

    The credit quality of US conduit/fusion CMBS loans continued to decline in 3Q15, Moody's reports. Conduit loan leverage topped the pre-crisis peak of 117.5% for a second time during the period.

    Conduit loan leverage as measured by Moody's LTV (MLTV) rose to 118.2% in 3Q15, up from 117.8% in 2Q15. The weakening credit has also highlighted the disparity in the .......

    News Round-up 23 October 2015

  • China prompts container concern

    The recent economic slowdown in China could have negative implications for US container ABS transactions, says Fitch. A continued decline in China's manufacturing sector accompanied by the country entering a longer-term recessionary environment with slow GDP growth could put container utilisation and lease rates in outstanding transactions under pressure.

    China's GDP growth already decreased to 6.9% in 3Q15, moving below .......

    News Round-up 23 October 2015

  • Nuveen targets Europe

    Nuveen Investments has teamed up with TIAA-CREF Asset Management to provide three new UCITS funds to non-US investors. This includes the TIAA US Bond ESG strategy, which invests in a broad range of publicly traded investment grade bonds and fixed income securities, including MBS and ABS.

    The fund's investment options also include US Treasuries, corporate bonds and taxable US municipal .......

    Job Swaps 23 October 2015
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