Complete news archive

  • 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

  • CRE firm bolsters SF group

    Michael Poe has joined NGKF Capital Markets' debt and structured finance group as senior md. His expertise spans CRE finance, including DUS/agency finance via Fannie Mae and Freddie Mac CMBS execution. Poe's most recent roles include being president of Inland Commercial Mortgage Group and principal at Mid-North Financial Services.

    .......

    Job Swaps 22 September 2015

  • Euro secondary solid

    The European securitisation secondary market is staying solid despite distractions from elsewhere.

    Broader market volatility thanks to the Volkswagen story failed to feed through into the ABS market as autos for the most part held firm yesterday. VCL bonds edged wider by only a couple of points while spreads across the remainder of the auto sector were unchanged with buyers .......

    SCIWire 22 September 2015

  • Ford debuts Reg AB 2 compliance

    Ford Motor Credit last week priced the first Reg AB 2-compliant ABS - the US$1.05bn Ford Credit Auto Owner Trust 2015-C prime auto loan transaction. New data disclosures under the filing include weighted average LTV, subvented receivables and commercial use percentages, delinquencies, losses and prepayment charts, according to JPMorgan ABS analysts.

    Further, a required process for 'asset representation review' was .......

    News 21 September 2015

  • SCI Start the Week - 21 September

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

    Pipeline
    Fewer deals joined the pipeline last week. At the final count there were three new ABS, two RMBS, four CMBS and one CLO.

    US$1bn Drive Auto Receivables Trust 2015-D, Eagle Credit Card Trust Series 2015-1 and US$807.98m Shenton Aircraft Investment I accounted for the ABS. The RMBS were US$1.97bn JPMMA L Street Securities Series 2015-CH1 and .......

    News 21 September 2015

  • German auto loans to 'remain strong'

    Moody's expects the credit quality of German auto loans to "remain very strong". The agency notes that German consumers have avoided excessive loan-funded spending, despite the lure of low interest rates and positive economic sentiment.

    "Higher consumer loan volumes have not been accompanied by a deterioration in credit quality. Data show that the current economic environment has not triggered excessive .......

    News Round-up 21 September 2015

  • ABS CDO transferred

    Dock Street Capital Management is set to replace Chotin Group as collateral advisor to Saturn Ventures 2004 - Fund America Investors III. Under the terms of the appointment, Dock Street agrees to assume all the responsibilities, duties and obligations of the collateral advisor under the applicable terms of the indenture.

    Moody's has determined that the execution of an amended and .......

    Job Swaps 21 September 2015

  • Loan stats enhanced

    The ECB has published new statistical series on loans adjusted for sales and securitisation, based on an enhanced adjustment method. The new method provides for a more comprehensive view of developments in loans originated by euro-area banks by taking into account, on an ongoing basis, stocks and repayments of loans that are no longer recorded on bank balance sheets as .......

    News Round-up 21 September 2015

  • Strategic partnership formed

    OppenheimerFunds has formed a strategic partnership in which Apollo Credit Management will serve as sub-sub-advisor to the Oppenheimer Global Strategic Income Fund (GSIF). The agreement will provide OppenheimerFunds investors with access to Apollo's liquid alternative credit solution, offering yield advantages and diversification to the individual investor.

    GSIF provides current income from diversified sources of fixed income investments while maintaining low .......

    Job Swaps 21 September 2015

  • MBS director appointed

    SFIG has hired Dan Goodwin as director of mortgage policy to focus on MBS policy issues. He will report directly to SFIG executive director Richard Johns.

    Before joining the association, Goodwin was group head at Hilltop Holdings and Southwest Securities. Prior to that, he was head of ABS and principal investing at Bank of America, as well as vp in .......

    Job Swaps 21 September 2015

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes amid thin liquidity.

    It was another mixed day on Friday with some ABS/MBS sectors, notably Portugal, ending the week softer as broader market tone weakened, while CLOs continued to lack direction. However, relatively strong flows were seen in UK prime and Greek RMBS benefitted from pre-election interest. This morning's open .......

    SCIWire 21 September 2015

  • Mexican upgrades outweigh downgrades

    S&P reports that last year there were more upgrades than downgrades among its national-scale ratings on Mexican structured finance securities, for the first time since 2007. The downgrade rate fell from 13.8% in 2013 to 8.6% in 2014 - the lowest rate in seven years - while the upgrade rate increased to 17.3% from 10.9% over the same period. In addition, .......

    News Round-up 18 September 2015

  • Mexican model replacement mooted

    Moody's is requesting comments on a proposal to replace its rating methodology on Mexican RMBS with its MILAN model. The agency explains that the MILAN framework provides a more refined approach to monitoring RMBS in Mexico.

    Under the existing methodology, Moody's estimates projected lifetime net losses on a portfolio. The agency then compares these to each note's credit enhancement, with .......

    News Round-up 18 September 2015

  • Derivatives ID initiative underway

    ISDA has launched a new industry data project, which aims to develop an open-source standard derivatives product identification system. The system will be applied consistently across all derivatives facilities, including trading venues, clearinghouses, repositories and other infrastructures.

    ISDA is overseeing the symbology project, which involves a consortium of buy- and sell-side market participants, vendors, platforms and trade associations. Capital markets .......

    News Round-up 18 September 2015

  • Liquidations hit LBUBS CMBS

    There were 13 loans with a balance of US$100.7m securitised in LBUBS 2006-C4 liquidated at 53.6% severity last month, according to September remittance data. All 13 loans were under US$20m, but the timing of the liquidations resulted in large cash outflows.

    Barclays analysts note that the liquidations were not a surprise, as they were all listed for auction in the .......

    News Round-up 18 September 2015

  • Russian control agent 'aids performance'

    The presence of a control agent will reinforce independent performance and asset eligibility monitoring for future Russian ABS deals, says Moody's. The independent entity will reduce dependency on the originator and servicer and lessen the link between those parties and loan collateral performance.

    A note trustee can also improve the ways in which an ABS can adapt to operational challenges, .......

    News Round-up 18 September 2015

  • Platinum programme streamlined

    Ginnie Mae is amending its Platinum programme's guaranty fee structure and lowering the minimum amount necessary to create a Ginnie Mae Platinum security, effective for October settlements and thereafter. The move is designed to: reduce the administrative fee associated with creating these securities; allow Ginnie Mae MBS certificateholders to aggregate smaller pools into larger, more fungible pool sizes; achieve superior .......

    News Round-up 18 September 2015

  • RFC issued on Aussie benchmark

    Analysis undertaken by a number of market participants suggests that a more diverse range of interest rate benchmarks could be beneficial in Australia, particularly reference rates that are closer to risk-free, as this may better suit financial transactions like RMBS. The Australian Financial Markets Association (AFMA) is consequently working with the Australian regulatory authorities to develop a near-risk free benchmark .......

    News Round-up 18 September 2015

  • Alpha CDS settled

    The final price for Alpha Appalachia Holdings CDS has settled at six. During yesterday's auction, 11 dealers submitted initial markets, physical settlement requests and limit orders to settle trades across the market referencing the entity.

    .......

    News Round-up 18 September 2015

  • Euro secondary keeps quiet

    The European securitisation secondary market was once again quiet yesterday and looks likely to stay the same today.

    Secondary spreads remained fairly stable yesterday, though some softening of tone continues in the peripheral space. Volumes remained low in both flow and BWIC trading across the board in advance of the Fed announcement. On a Friday amid slightly weaker broader markets .......

    SCIWire 18 September 2015

  • US RMBS halted

    Activity in the US non-agency RMBS secondary market has halted this week, but is expected to pick up again next.

    "There's been very little trading in the last few days," says one trader. "Tuesday was the last day with any BWIC activity and even then there was less than $50m in for the bid."

    However, the inactivity is only to .......

    SCIWire 17 September 2015
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