Complete news archive

  • 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

  • Institutional relationship agreed

    SME marketplace lender P2Binvestor has forged a relationship with HCG Fund Management. The partnership marks the first of several new institutional relationships for P2Binvestor.

    P2Binvestor says it spent the last few months in the due diligence process with HCG, retooling its investment product offering to address matters, such as the complicated tax requirements of foreign-domiciled funds. The result is a .......

    Job Swaps 8 October 2015

  • Euro secondary return continues

    Activity and prices in the European securitisation secondary market continue to return to normal, but liquidity is still below usual levels for this time of year.

    "We saw flows across all asset classes yesterday," says one trader. "Even UK non-conforming is taking off having been very quiet recently."

    Peripherals are continuing their rise of recent days. "Prices are up noticeably, .......

    SCIWire 8 October 2015

  • US CLOs suffer

    The US CLO secondary market continues to suffer from a lack of liquidity for a variety of reasons.

    "We're seeing a decrease in liquidity," says one trader. "That's to some extent being driven by bank regulation - bank balance sheets are skewed toward investment grade, which obviously reduces liquidity in non-investment grade, and those balance sheets are now required to .......

    SCIWire 7 October 2015

  • New US property price peak

    Central business district (CBD) office was the best-performing segment of Moody's/RCA Commercial Property Price Indices (CPPI) national composite index in the last three months. CBD office prices rose 6.3%, with suburban office prices rising 3%.

    The CPPI rose 1.6% in August, led by a 1.8% rise in the core commercial segment. It has now topped its pre-crisis peak on a .......

    News Round-up 7 October 2015

  • Growing options for European SMEs

    New debt market instruments which have been developed over recent years will increase funding flows to European SMEs and mid-caps, says Moody's. This will allow these firms to access more flexible, less expensive financing, potentially through securitisation.

    New funding options range from SME bond markets and private debt funds to peer-to-business lending. However, the rating agency notes that bank lending .......

    News Round-up 7 October 2015

  • Under pressure?

    Credit deterioration affecting 2.0 CLOs

    The percentage of US CLO 2.0 loans trading below 90 continues to rise, reaching a year-to-date peak of more than 8% last month. Credit quality erosion is limiting origination and impacting pricing, with manager performance coming under greater scrutiny as a result.

    "Certainly the market value overcollateralisation deterioration is apparent across the CLO 2.0 space. We are seeing dispersion among .......

    News Analysis 7 October 2015

  • ILS lawyer brought back in

    Cadwalader, Wickersham & Taft has appointed Matthew Feig to its capital markets group in New York, where he will focus on risk-linked securities and structured finance. He previously spent seven years with the firm, before leaving for Stroock & Stroock & Lavan.

    Feig returns to Cadwalader as special counsel to the ILS team, which is led by Malcolm Wattman and .......

    Job Swaps 7 October 2015

  • Euro secondary accelerates

    The pick-up in activity and pricing levels in the European securitisation secondary market is accelerating.

    Yesterday saw a further improvement in sentiment on the back of the same in broader markets. As a result, flows increased, though liquidity is still very patchy, and spreads were broadly flat to slightly tighter. Prime spreads, including autos, continue to hold firm, but it .......

    SCIWire 7 October 2015

  • Synthetic CRE note prepped

    Scope Ratings has assigned a preliminary triple-B rating to an unusual synthetic securitisation. The €10m Herrenhausen Investment - Compartment IV note represents the 10.9% first-loss exposure to a €97m syndicated portion of a €347m commercial real estate loan.

    The loan was issued by a Landesbank, and syndicated with Deutsche Hypothekenbank and another German mortgage lender. It is exposed to the .......

    News Round-up 7 October 2015

  • Offshore liquidity risk eyed

    TMMCB 10 - a Mexican securitisation backed by offshore vessels - remains highly levered and is increasingly exposed to liquidity risk, according to Fitch. The agency says that the oil sector downturn could exacerbate these risks as asset values and day rates have declined and re-contracting of charter agreements mostly depends on a single off-taker.

    TMMCB 10 is currently rated .......

    News Round-up 7 October 2015

  • Ukraine CDS settled

    The final price for Ukraine CDS was settled at 80.625. At yesterday's auction, 11 dealers submitted initial markets, physical settlement requests and limit orders to settle trades across the market referencing the Republic of Ukraine (SCI passim).

    .......

    News Round-up 7 October 2015

  • SEC raps HLSS over accounts

    The US SEC has charged Home Loan Servicing Solutions (HLSS) for making material misstatements about its handling of related party transactions and the value of its primary asset and for having inadequate internal accounting controls. HLSS has agreed to pay a US$1.5m penalty to settle the charges and to cease and desist from disclosure and books and recordkeeping violations.

    The .......

    Job Swaps 6 October 2015

  • BPF Spain, Santander partnership affirmed

    Fitch says that the partnership between Banque PSA Finance and Santander Consumer Finance has no impact on the ratings of Auto ABS 2012-3. The transaction is secured by Spanish assets originated by BPF Spain.

    Spain has now implemented the global cooperation between BPF and SCF, following France and the UK (SCI 3 February). The partnership has been structured through the .......

    News Round-up 6 October 2015

  • Limited cap change effect for CMBS

    The capitalisation rate increases likely to follow a move by the Federal Reserve to raise interest rates will have little effect on the ratings assigned to new issue CMBS, says Moody's. Among seasoned transactions, recovery rates for specially serviced loans could decline and the percentage of loans unable to refinance at maturity could increase.

    Moody's expects the 10-year Treasury rate .......

    News Round-up 6 October 2015

  • SF specialist recruited

    Voisin Law recruited Howard O'Toole as an associate in its commercial department. He has over 15 years of experience in all areas of offshore capital markets and structured finance transactions, specialising in MTN and CP programmes. O'Toole was previously a consultant in Hatstone Lawyers' capital markets and structured finance practice.

    .......

    Job Swaps 6 October 2015

  • Bank lines up Five Arrows purchase

    Paragon Bank is set to acquire Five Arrows Leasing Group as part of its strategy to enter into the UK SME asset finance market. The challenger bank will acquire the total share capital of Five Arrows for £117m, with the transaction expected to complete by 3 November.

    Five Arrows provides asset finance products through its subsidiary brands to UK SMEs, .......

    Job Swaps 6 October 2015

  • Euro CMBS leader appointed

    DBRS has appointed Christian Aufsatz to its London office, where he will lead the European CMBS team. He was previously head of European securitised products strategy at Barclays.

    At Barclays, Aufsatz led analysis and research for European securitised products, with a focus on CMBS and CLOs. He previously spent eight years at Moody's, where he became team leader for EMEA .......

    Job Swaps 6 October 2015

  • Ukraine auction called

    ISDA's EMEA Credit Derivatives Determinations Committee has ruled that a repudiation/moratorium credit event and a failure to pay credit event have occurred in respect of the Republic of Ukraine. An auction will be held in respect of outstanding credit default swaps (CDS) on the entity today (6 October).

    Pursuant to the DC meeting statements published last month, the EMEA DC .......

    News Round-up 6 October 2015

  • CLO pro poached

    Seix Investment Advisors has appointed John Wu as md of structured capital markets for its leveraged finance platform. He will play a key role in expanding the firm's CLO business, which it says is a "strategic priority".

    Wu joins Seix from CIFC Asset Management, where he served as co-head of structured products, senior portfolio manager and md. He oversaw various .......

    Job Swaps 6 October 2015

  • Euro secondary slowly improves

    Tone and activity are slowly picking up in the European securitisation secondary market.

    Bolstered by stronger broader markets sentiment in most secondary sectors has improved, which is helping to stabilise spreads and encourage participants to return, but liquidity remains generally thin. In prime, autos led the way yesterday notably in VW assets, whereas in peripherals Portuguese bonds saw the biggest .......

    SCIWire 6 October 2015
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