Complete news archive

  • 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

  • International ABS issuance surging

    The international ABS markets have seen the highest issuance volumes in the first three quarters of this year than any post-crisis period, according to JPMorgan European securitisation analysts. Issuance hit €67.8bn at the close of 3Q15, approximately 18% higher than the average volume over the past five years.

    During 3Q15 only, €21.5bn in bonds were sold to investors, some 5% and 18% .......

    News 12 October 2015

  • Cross-asset conviction

    Renaud Champion, head of credit strategies for La Fran&#...

    Q: How and when did La Française Global Investment Solutions (LFGIS) become involved in the securitisation market?
    A:     LFGIS is the solutions business line of the La Française Group. LFGIS was established in late 2012 and is 35% owned by its founders - Sofiene Haj Taieb and Arnaud Sarfati - and key personnel; La Française is .......

    The Structured Credit Interview 12 October 2015

  • ILS fund gains manager

    Pioneer Investments has added Chin Liu as the fourth portfolio manager of its Pioneer Diversified High Income Trust, joining Andrew Feltus, Jonathan Sharkey and Charles Melchreit. Liu is vp for Pioneer, managing event-linked bonds and ILS across multiple fixed income portfolios. His duties in ILS include risk modelling, portfolio construction and security selection.

    Liu is also portfolio manager of the Pioneer ILS .......

    Job Swaps 12 October 2015

  • Missing link?

    Blockchain set to revolutionise derivatives market

    New technology could make the derivatives market not only more transparent, but also cheaper. Market participants believe that blockchain technology could also solve collateral shortages - and that may only be the beginning of its utility.

    Although the general excitement over Bitcoin has waned, the potential use of either it or a similar cryptocurrency is generating renewed interest. This is .......

    News Analysis 12 October 2015

  • SCI Start the Week - 12 October

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

    Pipeline
    ABS accounted for the majority of transactions joining the pipeline last week, including a number of esoteric deals. Additionally, a pair apiece of CMBS and RMBS were announced, as well as a European CLO.

    The ABS comprised: US$376m CHAI 2015-PM2, US$799m Capital Auto Receivables Asset Trust 2015-4, US$300m Exeter Automobile Receivables Trust 2015-3, €150m FADE Series 21, US$160.4m .......

    News 12 October 2015

  • Euro secondary settled

    The European securitisation secondary market is continuing in the settled pattern seen of late.

    There were no surprises on Friday as a relatively quieter day, though flows continue to improve slowly, saw spreads close broadly unchanged overall. Today looks set to follow a similarly settled pattern especially given the US public holiday.

    Peripherals continue to benefit the most from buying .......

    SCIWire 12 October 2015

  • German multifamily stability expected

    German multifamily housing (MFH) transactions should continue their trend of stable to positive collateral performance over the coming quarters, says Fitch. Rental levels have increased while vacancy rates are stable and cost ratios over the last 12 months have been within expectations.

    The rating agency expects the MFH sector to also continue to consolidate, following a series of mergers over .......

    News Round-up 9 October 2015

  • CMBS pay-offs slide

    The percentage of US CMBS loans paying off on their balloon date slid sharply last to 60.4%, according to Trepp, more than 13 points below the August percentage. The rate is also below the 12-month moving average of 67.7%.

    By loan count as opposed to balance, 65.3% of loans paid off in September. On this basis, the pay-off rate was .......

    News Round-up 9 October 2015

  • Euro secondary stays on track

    Ever-improving broader markets are driving increasingly positive sentiment in the European securitisation secondary market and its revival over the past few days remains on track.

    Yesterday again saw an uptick in overall activity though flows were slightly down as the heavier BWIC calendar took precedence. There was buying interest across the board, albeit still restricted to selected names in each .......

    SCIWire 9 October 2015

  • Valuations service offered

    Principia Partners has launched an online derivatives portfolio valuation, risk and accounting management platform dubbed pasVal. The offering is a web-based interface and valuations engine that aims to provide complete portfolio reporting without the burden of full-scale system ownership. The monthly subscription service is designed to help portfolio and risk managers quickly value and analyse the most complex subset of .......

    News Round-up 9 October 2015

  • FHSL 2006-1 resolution eyed

    Both the RPI and interest rate swap providers for the Fairhold Securitisation CMBS are set to exercise their rights to terminate the hedges. A period of lengthy discussion is now expected between the borrower (ultimately the Tchenguiz brothers), bondholders and swap counterparties with a view to a resolution.

    At the last reporting date in May, the aggregated mark-to-market of the .......

    News Round-up 9 October 2015

  • US RMBS stabilises

    The US non-agency RMBS secondary market has stabilised and activity is slowly increasing again.

    "It was slow last week and that continued through to this Tuesday," says one trader. "But since then high yield has rallied and that has had a knock-on effect in secondary RMBS."

    The trader continues: "Sentiment has stabilised and everyone appears a bit more optimistic. It's .......

    SCIWire 8 October 2015

  • Private debt advantages outlined

    Benefit Street Partners (BSP) ceo Thomas Gahan and president Richard Byrne have issued an open letter to the stockholders of TICC Capital Corp regarding its agreement to acquire TICC Management. The letter reiterates the firm's "full commitment" to complete the transaction with TICC and shares information about its plans for delivering superior, sustainable and long-term returns to TICC stockholders. The .......

    Job Swaps 8 October 2015

  • ABS exec recruited

    Shirley Chen has joined Mogo Finance Technology in the newly created role of treasurer, based in the firm's Toronto office. She has over 15 years of financial management experience and has led or been directly involved in C$20bn of ABS deals.

    Mogo says that Chen's addition underscores its commitment to expand and diversify its sources of funding as it continues .......

    Job Swaps 8 October 2015

  • CMBS ruling logic questioned

    A legal ruling has had to fill in the gaps in documentation for yet another pre-crisis transaction - Gemini (Eclipse 2006-3) - as CMBS 1.0 shortcomings continue to cause problems. However, while the court has ruled in favour of what it believes is most in line with the deal's intended economics, its logic has been questioned.

    The court was asked .......

    News 8 October 2015

  • Lack of action puts RMBS on watch

    S&P has placed 22 tranches of 11 European RMBS on creditwatch negative. The move follows various rating actions taken on UK and German banks over the summer.

    Among those summer rating actions, ratings were lowered on Barclays and Deutsche Bank, which are involved as counterparties in transactions now placed on creditwatch. The overarching principle of S&P's counterparty criteria is the .......

    News Round-up 8 October 2015

  • Swedish ILS manager expands

    ILS-specialist Entropics Asset Management has expanded its footprint by appointing Mika Mäkinen to represent the firm in Finland. He will work as a country representative through his company Helsingin Aktuaarikonsultointi.

    Mäkinen will strengthen relations with institutional investors in Finland. One of his priorities will be to inform institutions about how the asset class is treated in the upcoming implementation of .......

    Job Swaps 8 October 2015

  • Minority interest acquired

    Dyal Capital Partners has acquired a passive minority interest in the controlling company of Chenavari Investment Managers. Chenavari will continue to be led by ceo and co-cio Loic Fery and co-cio Frederic Couderc, who will retain complete control over the firm's operations and investment process.

    Dyal's strategic minority interest will be passive with no oversight of Chenavari's governance. The vast .......

    Job Swaps 8 October 2015

  • Vice chair steps up

    Walter Investment Management has appointed Denmar Dixon ceo and president, effective from 10 October. He is currently the company's vice chairman, cio and evp.

    Dixon succeeds Mark O'Brien, who is retiring from his role as ceo, but will continue as chairman through year-end. The company expects to benefit from his continued service as a director thereafter.

    .......

    Job Swaps 8 October 2015

  • SIMM utility vendor named

    ICE Benchmark Administration (IBA) has been selected to build and operate a crowdsourcing utility for the ISDA Standard Initial Margin Model (SIMM). The crowdsourcing utility is intended to aggregate and compile risk data to enable market participants to implement the ISDA SIMM consistently.

    ISDA says that IBA was chosen following an in-depth selection process, which began with a public invitation .......

    News Round-up 8 October 2015
×