Complete news archive

  • US CLOs stuck

    Despite a hefty BWIC calendar the US CLO secondary market continues to lack direction.

    "We're still mainly seeing sideways trading," says one trader. "There's no consensus on future price direction though it feels like we're going wider to flat."

    However, the trader adds: "We are seeing some people come in and try to opportunistically add - particularly single-As and triple-Bs .......

    SCIWire 14 October 2015

  • Longevity swaps consultant hired

    Murray Blake has joined Lane Clark & Peacock as a consultant and member of its pension de-risking practice. He specialises in advising trustees and companies in understanding and implementing risk-reduction strategies through the use of buy-ins, buy-outs and longevity swaps.

    Blake arrives from Pacific Life, where he worked in structuring and commercial negotiations for new longevity swap contracts, treaty implementations .......

    Job Swaps 14 October 2015

  • TICC responds to 'misrepresentations'

    TICC Capital has sent a letter to stockholders urging them to support the agreement - at its special meeting on 27 October - which will allow for an affiliate of Benefit Street Partners to become TICC's new investment adviser (SCI 8 October). The letter also lists a number of 'misrepresentations' made by rival bidder TPG Specialty Holdings (TPG BDC).

    TICC .......

    Job Swaps 14 October 2015

  • TRS programme debuts

    Goldman Sachs and Sumitomo Mitsui Trust Bank are marketing the first series of notes from an unusual total return swap (TRS) programme. The US$1bn SumitG Guaranteed Secured Obligation Issuer series 2015-1 has been assigned a preliminary double-A plus rating by S&P.

    SumitG is an SPE established in Ireland. At closing, it will issue the series 2015-1 notes and enter into .......

    News Round-up 14 October 2015

  • James Alpha taps fund managers

    John Brynjolfsson and Tim Alford have joined James Alpha Advisors, in order to continue serving as portfolio managers of the James Alpha Global Enhanced Real Return Fund (GRRIX). Their moves follow the winding down of Armored Wolf - the company founded by Brynjolfsson - which includes the transition of the corporate and operational aspects of the GRRIX fund to James Alpha. The .......

    Job Swaps 14 October 2015

  • Spanish housing recovery 'uneven'

    Fitch reports that loss severities on Spanish mortgage foreclosures have continued to rise, despite the gradual recovery of the country's residential property market. The agency suggests that the distressed property market is unlikely to share in the benefits of the wider recovery any time soon.

    Average loss severities on repossessed properties sold in 1H15 were 61% of the loan balance .......

    News Round-up 14 October 2015

  • Sovereign CDS clearing expanded

    ICE Clear Credit has introduced CDS clearing for three more sovereign single names. The addition of France, Germany and the UK increases the number of sovereign names clearing on the platform to 21.

    Across ICE Clear Credit and ICE Clear Europe, notional volume traded in sovereign CDS is up 23% year over year, as of 30 September. ICE has also .......

    News Round-up 14 October 2015

  • Cap rates projected

    Given investor concern over the impact of higher interest rates on capitalisation rates and CRE values, S&P has developed a cap rate simulation over a 10-year horizon for the five major property types. The tool utilises future interest rate projections from the agency's term structure model and a regression that was created from historical CMBS loan data.

    "In the current .......

    News Round-up 14 October 2015

  • Euro secondary consolidates

    Yesterday was primarily about consolidating recent gains in the European securitisation secondary market, though pockets of activity remain.

    "After a few days of market strength, yesterday saw some stabilisation," says one trader. "At the same time, away from BWICs flows reduced again."

    However, there continue to be strong pockets of activity. "We again saw activity in autos with DRVON bid .......

    SCIWire 14 October 2015

  • Cairn restructuring completed

    The restructuring of the first European CLO 2.0 was completed last week (SCI 16 September). Cairn CLO III has been 'Volckerised' via a loan-only exemption and extended to enable the non-call and reinvestment periods to end two and four years after settlement respectively. Two new mezzanine tranches were also added to the capital structure - €22m double-B rated class E .......

    News Round-up 14 October 2015

  • Euro CLOs slip

    European CLO secondary spreads are slipping wider as liquidity remains limited.

    "We're seeing quite a lot of BWICs, but not much flow business," says one trader. "It's difficult to get client interest at the moment because they're apprehensive about the current price trajectory continuing through to the end of the year."

    At the same time, the trader adds: "There are .......

    SCIWire 13 October 2015

  • Finance practice bolstered

    Thomas Jones has joined King & Spalding as partner in the firm's financial institutions and finance practices. He specialises in structured finance and derivatives, representing banks and financial institutions on a range of structured products.

    Jones arrives from Allen & Overy, where he was a partner. His experience spans monetisation transactions and complex transactions involving commodities, as well as funding, .......

    Job Swaps 13 October 2015

  • Rating agency expands in Italy

    Scope Ratings has hired Roberto De Santis to help build up its presence in Italy. As the agency's new official 'Representative for Italy', he will manage all client relationships across Scope's four rating segments: corporates, banks, structured finance and alternative investments.

    The agency's avoidance of US-centric perspectives is said to be of particular interest to Italian issuers, as it does .......

    Job Swaps 13 October 2015

  • Subprime loan losses compared

    Loans that are serviced by banks experience higher losses than those serviced by non-bank entities within the top US states for home foreclosures, says Moody's. Florida, New York and New Jersey account for 42% of all subprime loans in foreclosure in US private label RMBS, with loss severities across all three more than 10% higher for bank serviced loans that .......

    News Round-up 13 October 2015

  • Navient data welcomed

    Navient last week released a data package detailing the performance of its FFELP student loan portfolio, with the aim of providing more transparency on the performance trends for loans in deferment, forbearance and income-driven repayment (IDR) plans, as well as default and prepayment history. Barclays ABS analysts note that the data broadly shows that deferment and forbearance rates rose during .......

    News Round-up 13 October 2015

  • GSE remedies clarified

    Fannie Mae and Freddie Mac have released a selling representation and warranty remedies framework, which aims to provide clarity on the process followed in categorising origination defects, seller corrections of such defects and available remedies. In addition, it offers greater transparency regarding GSE discretion on loan-level decisions when reviewing a mortgage in quality control.

    The framework introduces a new three-category .......

    News Round-up 13 October 2015

  • Euro ABS/MBS keeps impetus

    Despite a quiet day yesterday thanks to the US holiday, the European ABS/MBS secondary market is still heading in the right direction.

    "We're seeing more flows and there's generally more impetus to get things done," says one trader. "Stability in broader markets for the last six or seven days, though they have opened weaker this morning, is bringing people back .......

    SCIWire 13 October 2015

  • Third NPL batch up for sale

    Fannie Mae is marketing its third set of NPLs as part of its programme to offload severely delinquent loans and assist troubled mortgage borrowers. The latest group consists of three pools of approximately 7,000 loans, totalling US$1.2bn in UPB.

    "As with previous loan sales, servicers are required to apply a range of options to help borrowers avoid foreclosure whenever possible," says .......

    News Round-up 12 October 2015

  • ILS team beefs up

    Hiscox Re's ILS operation, Kiskadee Investment Managers, has announced two senior appointments. Andrew Hughes will assume the role of ILS chief compliance officer and general counsel, while Matthew Swann has been appointed to the position of portfolio manager. Director of ILS - Michael Jedraszak - has also been named cio of Hiscox Re Insurance Linked Strategies.

    Hughes joins Kiskadee from .......

    Job Swaps 12 October 2015

  • ILS risk tool launched

    Huang & Associates Analytics has released a risk aggregation platform designed to assist ILS investors in making quick investment decisions. RAPID is built to allow ILS investors to actively monitor portfolio analytics while they participate in the market. The tool seeks to provide critical portfolio information in a robust, transparent and readily available manner, preventing investors from making crude assumptions based .......

    News Round-up 12 October 2015

  • Retail late-pays trend up

    US CMBS delinquencies fell last month, despite retail late-pays trending slightly higher, according to Fitch's latest index results for the sector. Loan delinquencies dropped by 6bp in September to 4.46% from 4.52% a month earlier. The dollar balance of late-pays fell by US$87m to US$16.8bn from US$16.9bn in August.

    Resolutions of US$688m in September edged out new delinquencies of US$624m. .......

    News Round-up 12 October 2015
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