Complete news archive

  • Bs lose out in hope note refi

    The One & Two Prudential Plaza loan has been refinanced in such a way as to avoid paying proceeds to the modified B-note. Barclays CMBS analysts describe it as "the worst case of hope note strategic refinancing to date".

    The CMBS loan paid off last month with a full recovery and deferred interest paid to the senior US$336m A-note, while .......

    News 23 September 2015

  • P2P lender taps CMBS vet

    Gary Bechtel has been appointed as president of Money360. He will be responsible for expanding the firm's lending programmes, building out its origination and loan processing capabilities, and interacting with institutional investors.

    Bechtel joins the CRE marketplace lender from Business Partners, where he was chief lending officer. He has also held senior roles at a number of other firms, including .......

    Job Swaps 23 September 2015

  • RFC called on Slovak RMBS

    Moody's is seeking comments on its proposed new methodology for analysing the credit risk of Slovakian RMBS transactions. The agency says that no rating changes will result from the publication of the new approach.

    Moody's says its emerging securitisation markets reference is a highly relevant benchmark for Slovakia. To derive the calibration of the country-specific values and assumptions for Slovakia, Moody's specifically .......

    News Round-up 23 September 2015

  • UK FF assumptions updated

    Fitch has published an exposure draft over proposed revisions for estimating losses on UK residential mortgage pools that are applicable in the analysis of UK RMBS. Although the overall analytical framework remains unchanged, revisions have been made to foreclosure frequency (FF) assumptions.

    One such proposal by Fitch is for a proposed reduction in FF assumptions for prime and non-conforming loans. The agency notes that the UK .......

    News Round-up 23 September 2015

  • Multifamily debt mounts

    Outstanding US multifamily mortgage debt now exceeds US$1trn and is growing at almost 10% a year, according to the Mortgage Bankers Association. The level increased by US$38.5bn in 2Q15, a 1.4% increase over the last quarter, as three of the four major investor groups increased their holdings.

    The four major investor groups are: bank and thrift; CMBS, CDO and other .......

    News Round-up 23 September 2015

  • RPL credit factors highlighted

    The performance of reperforming mortgage loans (RPLs) since their last modification is crucial in the analysis of their credit strength, says Moody's. Potential operational risks must also be prioritised in the analysis.

    "The credit strength of RPLs depends not only on the creditworthiness of the underlying asset pool, but also on the effective servicer practices with regards to loan modifications," .......

    News Round-up 23 September 2015

  • Trups defaults unchanged

    The number of US bank Trups CDO combined defaults and deferrals remained at 18.8% for the second month running at the end of August, reports Fitch. Two defaulted issuers, with a total notional of US$9m in two CDOs, were sold from their respective portfolios with an average recovery of 20.8%.

    Additionally one cured issuer with notional of US$2.9m in one .......

    News Round-up 23 September 2015

  • Mezz purchases on the cards

    The ECB has clarified its intention to buy mezzanine tranches of European securitisations with a third-party guarantee under the ABSPP. The update effectively allows the central bank to purchase guaranteed mezzanine tranches - defined as tranches between the senior-most and first-loss tranches on the basis of post-enforcement or post-acceleration priority of payment - providing the guarantor is subject to at .......

    News 23 September 2015

  • Euro secondary picks up

    The European securitisation secondary market is seeing a pick-up in activity.

    Amid a spike in broader market volatility and the evolving Volkswagen story, secondary activity and client enquiries grew significantly from recent levels yesterday. Inevitably attention was focused around auto ABS with a flurry of bonds across European jurisdictions offered for sale, most traded but transparency on pricing levels was .......

    SCIWire 23 September 2015

  • Freddie posts record NPL sale

    Freddie Mac says it has sold 5,208 deeply delinquent NPLs worth US$1.1bn, making it the biggest such transaction so far from the GSE. The sale was composed of Ocwen-serviced loans across five pools - three of which were bought by Lone Star - after Freddie Mac opened the auction last month (SCI 17 August).

    The other two pools were bought by Pretium Partners .......

    News Round-up 22 September 2015

  • US CLO flurry

    The US CLO secondary market is experiencing a flurry of activity today, but looks set to quieten down again for the rest of the week.

    "We're seeing a burst of activity today post-conference," says one trader. "But with the Jewish holiday over the next two days and Friday being effectively a half day I don't expect to see much more .......

    SCIWire 22 September 2015

  • US CRE market 'like 2007'

    Market participants can ill afford to forget how quickly US CRE performance can change, warns Fitch. The rating agency notes that the market is beginning to resemble 2007 in several key ways, although differences do exist.

    While weakening loan characteristics, declining underwriting quality and concerns about originator, banker and rating agency competition are not new concerns for investors, in this cycle .......

    News Round-up 22 September 2015

  • Navient forum launched

    Navient last week launched an online investor forum designed to facilitate communication with FFELP student loan ABS bondholders. The forum is provided by Navient through DealVector.

    Through the new online investor forum, ABS investors can register to receive notifications regarding their bonds and can also communicate with Navient and directly with other bondholders through identity-protected messages. "As the largest issuer .......

    Job Swaps 22 September 2015

  • CMBS loan use queried

    Following reports that proceeds from a mortgage loan securitised in Velocity Commercial Capital 2015-1 were misused by the related borrower to purchase a home as a primary residence, Kroll Bond Rating Agency has undertaken a thorough review of Velocity's credit policies, underwriting guideline, sample loan documentation and loan sale representations. As a result of this review, the rating agency is .......

    News Round-up 22 September 2015

  • SME payment delays to improve

    SME loan payments in Italy and Spain lag behind those of the UK and the Netherlands, but could improve on the back of the economic recovery, says Moody's. Data compiled by the agency show that the jurisdictions display the largest gap between contractual and actual payment timing in the business-to-business and public sectors.

    Moody's expects payment delays to improve in .......

    News Round-up 22 September 2015

  • Marketplace lender beefs up

    James Paris has joined Avant as evp in capital markets and corporate development. In this role, he will focus on optimising debt and equity capital structured and strategic acquisition strategy, as well as contributing to potential securitisation transactions. Avant completed its first securitisation last month and has hinted at further deals in the pipeline (SCI 21 August). 

    Paris arrives from BMO Capital Markets, where he was .......

    Job Swaps 22 September 2015

  • Italian mortgage refinancing rising

    Fitch has noted a strong refinancing trend in the Italian mortgage market from end-2014 to 2Q15, which continues to drive the annualised prepayment rate - up to 3.9% last quarter from 3.1% in 1Q15. Over the quarter, subrogation loans have remained the main source of new originations and constitute more than 60% of new mortgages.

    Borrowers opted to refinance mainly to .......

    News Round-up 22 September 2015

  • SFR managers set to merge

    Starwood Waypoint Residential Trust (SWAY) and Colony American Homes (CAH) are set to merge as they combine their SFR operations into a single company. The combined company is expected to own and manage over 30,000 homes and have an aggregate asset value of US$7.7bn at the closing of the transaction.

    The merger, which is expected to close in 1Q16, is estimated to achieve .......

    Job Swaps 22 September 2015

  • CDS exposure falls, remains concentrated

    Insured US commercial banks and savings institutions reported trading revenue of US$5.5bn in 2Q15, 28% lower than in the quarter before and 14% lower than 2Q14, reports the OCC. Credit exposures from derivatives also fell sharply.

    Net current credit exposure (NCCE), which the OCC uses to measure credit risk in derivatives activities, fell US$97bn (19%) to US$406bn. The notional amount .......

    News Round-up 22 September 2015

  • ILS legal pro recruited

    Michael Halsband has joined Drinker Biddle & Reath as part of its insurance transactional and regulatory team. His transactional work includes complex structured reinsurance transactions, products and entities, and ILS.

    Before joining Drinker Biddle, Halsband was the founding senior executive and president of the capital markets and ILS convergence initiative at Sirius Group, where he was responsible for the development and .......

    Job Swaps 22 September 2015

  • StuyTown settlement soon?

    A court hearing last week related to the StuyTown lawsuit was adjourned without resolution, with Morgan Stanley analysts believing a resolution may be near. This could bring forward the timing of a sale.

    The 17 September hearing on whether to dismiss the StuyTown lawsuit in the New York Supreme Court is understood to have been postponed for 30 days to .......

    News Round-up 22 September 2015
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