Complete news archive

  • Euro secondary drifts

    European securitisation secondary spreads are continuing to drift wider.

    "Yesterday was very quiet and today looks to be the same," says one trader. "Clients are definitely sidelined as market sentiment weakens."

    The trader continues: "There are a number of factors impacting sentiment both internal and external to ABS - there's the broader macro picture obviously, combined with our US equivalent .......

    SCIWire 30 September 2015

  • WaMu appeal approved

    An appeal by the FDIC of the June ruling in the WaMu rep and warranty trial (SCI 4 June) was approved last week. Proposed schedule changes are due to be submitted by both parties this week, which may shed more light on the timing of the subsequent process.

    Bank of America Merrill Lynch RMBS analysts note that for reference purposes, .......

    Job Swaps 30 September 2015

  • Trevi 3 portfolio acquired

    AnaCap Credit Opportunities III has acquired €1.2bn of non-performing loans from UniCredit Group. Under the terms of the agreement, the AnaCap fund will acquire 100% of the Trevi 3 portfolio, which comprises Italian secured and unsecured bankruptcy and other enforcement claims against primarily SME borrowers.

    AnaCap funds previously acquired a similar portfolio of NPLs from UniCredit in October, totalling claims .......

    News Round-up 29 September 2015

  • Toro buys into NPL portfolio

    Toro has invested approximately €31.25m in instruments that are backed by the performance of a granular NPL portfolio of SME loans and secured residential loans. The company says that the co-investment will be junior to any senior financing of the portfolio, and backed proportionately by loan exposures to 1654 SMEs and to 2283 secured residential loans originated by Bancaja, Bankia .......

    News Round-up 29 September 2015

  • US CLOs still searching

    Amid broader market volatility and commodity concerns the US CLO secondary market is still searching for some price transparency.

    "There's a lot of focus on deals with a lot of commodity exposure for obvious reasons," says one trader. "Consequently buyers are shying away from CLOs with metals and mining exposure, but stuff without appears to be trading fairly realistically."

    As .......

    SCIWire 29 September 2015

  • RBS reshuffles corporate division

    RBS has appointed Scott Satriano to its new head of financing and risk solutions role as the bank looks to simplify the structure of its corporate and institutional banking (CIB) division. Simultaneously, Kieran Higgins becomes head of trading and flow sales, while Richard Bartlett has stepped down from his position as head of coverage and debt capital markets.  

    Satriano was .......

    Job Swaps 29 September 2015

  • PACE approach finalised

    DBRS has finalised its US PACE securitisation methodology, which it will use to rate and monitor property assessed clean energy transactions. The agency's approach to the asset class entails focusing on the quality of the originator and other parties involved in the transaction, evaluation of the collateral pool and historical collateral performance evaluation techniques. DBRS says it typically evaluates both .......

    News Round-up 29 September 2015

  • Fund liquidity proposals weighed

    Last week, the US SEC voted to propose tighter liquidity rules for open-end funds, including mutual funds and ETFs. While the rules would lead to several changes, the most significant one for CLO investors could be regarding liquidity buckets.

    The SEC's proposed rules would formalise the 15% limit on illiquid assets which currently serves as a guideline, classify assets into .......

    News 29 September 2015

  • Gleacher pay-outs continue

    Gleacher & Company's board has decided to make a third liquidating distribution to the firm's stockholders in the amount of US$4 per share of its common stock - approximately US$24.7m in aggregate. The record date for the distribution is 12 October, with the anticipated payment date on or about 23 October. Since Gleacher's dissolution announcement last year (SCI 29 July), its distributions now total .......

    Job Swaps 29 September 2015

  • Actual loss ACIS inked

    Freddie Mac has obtained another actual loss insurance policy under its ACIS programme, which is tied to its previous STACR 2015-DNA1 offering (SCI 8 April). The new transaction transfers much of the remaining credit risk associated with the deal to insurance and reinsurance companies around the globe.

    The policy transfers up to a combined maximum limit of approximately US$132.5m of .......

    News Round-up 29 September 2015

  • Loan ratings, CLO defaults correlated

    Default rates for leveraged loans in US CLO portfolios from 2007 to 2012 varied considerably across major CLO managers, though they did reflect the ratings of those loans, Moody's reports. Pro forma default rates came in somewhat higher than realised default rates during the same period, while the US speculative grade corporate default rate came in between the pro forma .......

    News Round-up 29 September 2015

  • Bridge resolution exceeds valuation

    Hatfield Philips International has negotiated the successful resolution of the Bridge loan, securitised in the Windermere X CMBS, via a highly targeted marketing process for the underlying properties. The gross disposal proceeds from the sale of the portfolio are in excess of €330m - a price that is greater than the latest public valuation - and net proceeds are expected .......

    News Round-up 29 September 2015

  • MiFID 2 standards finalised

    ESMA has published its final technical standards on MiFID 2, revealing how the legislation will apply in practice to market participants, market infrastructures and national supervisors. The standards are broken down into how they will help increase transparency, safety and investor protection.

    In promoting fairer and safer markets for OTC and non-equity products, ESMA says that there will be tests to determine .......

    News Round-up 29 September 2015

  • CMBS bulk sale planned

    CWCapital Asset Management is marketing US$2.12bn of distressed CRE loans and properties, most of which are from the company's specially serviced CMBS portfolio. There are 15 US CMBS transactions affected.

    The assets are slated to be auctioned in early November, although Bank of America Merrill Lynch analysts believe that the auction date may be updated over the next month. The .......

    News 29 September 2015

  • Euro secondary weakens

    The European securitisation secondary market has weakened further on the back of broader market sell-offs and continuing VW concerns.

    "Equity and credit markets are weaker and so are we," says one trader. "In particular the weakness in VW ABS has filtered through into the whole of the low beta space and with that weak it's extremely difficult to get anything .......

    SCIWire 29 September 2015

  • US CLOs put to the test

    Continuing seller-heavy activity is testing the US CLO secondary market.

    "We're approaching month- and quarter-end so the flurry of lists of the past few days is continuing," says one trader. "Broad market volatility is of course a factor, but it's more about sellers testing the market and re-pricing risk."

    The trader continues: "A lot of the lists circulating today are .......

    SCIWire 28 September 2015

  • Utility sponsored ABS debuts

    AES Distributed Energy has launched its inaugural securitisation, making it the first solar ABS deal to be backed by a utility company. Aurora Master Funding 2015-1 is secured by 15 limited purpose solar power distributed energy project companies, comprising 12 commercial, industrial, municipal and small utility companies (CIMU) and three that are residential.

    The transaction comprises two tranches and is rated by .......

    News Round-up 28 September 2015

  • Wash trading charges settled

    The US CFTC has settled charges against TeraExchange over its failure to enforce prohibition on wash trading and prearranged trading on its SEF platform. Tera allegedly offered for trading on its SEF a non-deliverable forward contract based on the relative value of the US dollar and Bitcoin, without indicating that it was a wash sale.

    The charges states that, in .......

    Job Swaps 28 September 2015

  • New index rules roll

    The Markit CDX High Yield index rolls from Series 24 to 25 today (28 September), marking the implementation of new composition rules (SCI 20 August). The updated rules aim to bridge the gap in sector composition between the cash and synthetic indices, which has partly driven the performance divergence in the two markets since the summer of 2014.

    Since the .......

    News 28 September 2015

  • SCI Start the Week - 28 September

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

    Pipeline
    The pace of deals joining the pipeline continued to slow last week. In all, there were three new ABS as well as one RMBS, one CMBS and one CLO.

    US$220m American Credit Acceptance Receivables Trust 2015-3, Canadian Credit Card Trust II Series 2015-2 and Hertz Vehicle Financing II Series 2015-3 accounted for the ABS. The RMBS was Hypenn .......

    News 28 September 2015

  • FNMA brings actual loss deal

    Fannie Mae has completed its latest credit risk sharing transaction, CIRT 2015-3. For the second time since the credit insurance risk transfer (CIRT) programme's inception in 2014, an international reinsurer participated in the RMBS. Coverage is provided based upon actual losses for a term of 10 years.

    Under the securitisation, Fannie Mae retained risk for the first 50bp of loss on .......

    News Round-up 28 September 2015
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