Complete news archive

  • 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

  • NewStar buys CLO manager

    NewStar Financial has agreed to acquire Feingold O'Keeffe Capital (FOC) Partners. The transaction will close in 4Q15.

    FOC Partners is an alternative asset management firm based in Boston, established in 2001 by PIMCO high yield pair Andrea Feingold and Ian O'Keeffe. The firm manages six CLOs and two hedge fund strategies.

    NewStar will retain FOC Partners' investment team and support .......

    Job Swaps 17 September 2015

  • Structuring head recruited

    Peter Nowell has joined SCOR as global head of structuring - financial solutions. He is tasked with structuring life reinsurance transactions, which includes ILS deals.

    Nowell joins from BNP Paribas, where he was head of ABS and ILS trading. Prior to that, he was a director at RBS, covering principal investment and ABS exotics trading. Nowell has also held senior roles at Nordea Bank, .......

    Job Swaps 17 September 2015

  • iTraxx S24 skew projected

    Markit iTraxx indices roll to Series 24 on 21 September. The new series is expected to trade wider than Series 23, albeit the Crossover index could open in negative territory for the first time.

    Seven constituents are due to change in the Crossover portfolio, with iTraxx Main Non-financials seeing five name-changes and Financials seeing one. For the Crossover index, Air .......

    News 17 September 2015

  • Iberian SF expert poached

    StormHarbour has appointed Yago Valderrama as md to work alongside Gonzalo Chocano in its Madrid office, focusing on coverage of Spanish institutional clients. Alejandro Gonzalez-Ruiz, md in structuring and client solutions, has also relocated from the firm's London office to Madrid to build on its structuring capabilities.

    Valderrama joins StormHarbour from SG, where he headed the Iberian institutional cross assets .......

    Job Swaps 17 September 2015

  • MMF ratings requirement removed

    The US SEC has adopted amendments to remove credit rating references in the principal rule governing money market funds and the form that they use to report on their portfolio holdings. The SEC has also adopted amendments that would subject additional securities to issuer diversification provisions in the money market fund rule.

    The amendments remove credit ratings from one of .......

    News Round-up 17 September 2015

  • Mall values 'negative' for Chinese CMBS

    Various pressures on the values of malls in China are credit negative for Chinese CMBS as the situation will make it more difficult for obligors to refinance their loans at maturity, says Moody's. However, as consumption levels in the country demonstrate large room for growth, the negative impact is expected to be moderate.

    "The supply of mall space in China .......

    News Round-up 17 September 2015

  • Non-bank lending risks noted

    Moody's says that non-banks can aid European policymaker initiatives to fund small businesses by packaging their loans into structured deals. However, the agency warns that information asymmetry can expose such deals to a potential misalignment of interest between investors and portfolio managers.

    In light of recent efforts by European policymakers' efforts to grow the non-bank lending market, Moody's expects securitisation .......

    News Round-up 17 September 2015

  • RMBS losses case settled

    RBS had agreed to pay US$129.6m to the NCUA over a case involving losses related to RMBS that the bank sold to Members United and Southwest corporate credit unions. The latest settlement means the NCUA has now obtained more than US$1.9bn in legal recoveries from institutions linked to the corporate crisis.

    The government agency says it uses the net proceeds .......

    Job Swaps 17 September 2015

  • Euro CMBS defaults inch up

    The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated universe increased slightly to 20% at end-August from 19.6% a month previously. The delinquency rate for continental European senior loans decreased to 60.3% from 63.3%, while the rate for UK loans increased slightly to 21.2% from 20.6%. Overall, the senior loan delinquency rate decreased to 48.1% .......

    News Round-up 17 September 2015

  • US auto concerns flagged

    A reduction in the easing of US auto loan lending underwriting terms has not averted concerns over underperforming new loan vintages in US auto ABS, reports Fitch. The agency says that a quarterly drop in eased underwriting from 1Q15 to 2Q15 is positive, but the persistent relaxation of terms may eventually prompt asset quality to revert to historical averages over the medium term.

    Nonetheless, .......

    News Round-up 17 September 2015

  • Defeasance firm expands

    Waterstone Defeasance has opened a new office in Irvine, California, to better meet the needs of its clients in the region. Director Addison McMillan has relocated from the firm's Charlotte office and will focus on business development activities, specifically in connection with CMBS defeasance transactions. He reports to John Felter, md, who will continue to oversee the firm's presence in .......

    Job Swaps 17 September 2015

  • Structured solutions pair appointed

    Mizuho International has appointed Andrew Feachem and Juan Carlos Martorell as co-heads of structured solutions within the investment bank's fixed income unit. The pair join from Lazard, where they established the derivatives and credit advisory business.

    Feachem and Martorell have both also worked at ABN Amro. At Mizuho they will be responsible for developing the EMEA structured solutions business with .......

    Job Swaps 17 September 2015

  • Further Navient ABS amended

    Navient has amended the transaction agreements for 16 of its FFELP student loan ABS trusts, allowing it to purchase up to 10% of the trusts' initial pool balance, as well as to provide loans to the trusts under a subordinated revolving credit agreement (RCA). The loan purchases and any borrowings under the RCA are designed to help ensure payment obligations .......

    News Round-up 17 September 2015

  • CLO equity acquired

    Fair Oaks Income Fund has entered into binding contracts to acquire, in the primary market, US$26m notional of Ares XXXV CLO equity notes. The investment represents 68.5% of the Ares Management transaction's total equity.

    This CLO's current target portfolio has a principal value of US$400m across an expected 177 unique bank loan issuers, with an expected weighted average exposure per .......

    Job Swaps 17 September 2015

  • Euro secondary stalemate

    The European securitisation secondary market stalemate is continuing as participants stay on the sidelines apart from for selected assets.

    "Things haven't changed much despite the better tone in global markets," says one trader. "In particular, off-the-run assets, such as CMBS and UK non-conforming, remain difficult to move, though UK non-conforming liquidity has slightly improved on the back of further pricing details .......

    SCIWire 17 September 2015

  • PACE ABS supported?

    DBRS expects the PACE market to grow rapidly once certain regulatory overhangs are fully addressed, citing rated ABS issuance as one potential funding source. This is in light of an FHA announcement last month, stating its intent to allow borrowers to use single-family FHA financing for properties with existing PACE loans that meet certain conditions.

    "The legislation has caused some .......

    News 16 September 2015

  • Liquidations lead to CMBS losses

    September remittance shows seven liquidated loans for JPMCC 2006-LDP7. The loans had US$133.7m in total balance and were liquidated at a severity of 63%, with losses wiping out the deal's G and H tranches.

    The largest property to be liquidated was the US$50.7m Shoreview Corporate Center, which was liquidated with a 96% severity. Barclays analysts note that the loan's performance .......

    News 16 September 2015

  • RMBS comparison tool debuts

    Fitch has launched the SA RMBS Compare, an Excel tool that provides access to the agency's surveillance and index data on South African RMBS transactions. The tool allows users to review the performance of transactions in comparison with macroeconomic indicators, such as arrears, defaults, recoveries and loss severity.

    .......

    News Round-up 16 September 2015

  • Capital solutions unit launched

    Tokio Millennium Re (TMR) has established a capital solutions unit, tasked with developing new capital markets products and leveraging the use of technology to transact business with the firm's capital markets partners. The unit will be led by Edwin Jordan, current head of Bermuda for Tokio Solution.

    TMR says the the unit should provide a more holistic underwriting and retrocession .......

    Job Swaps 16 September 2015

  • SF co-heads appointed

    ING Americas has appointed Bill James and Pieter Puijpe as co-heads of structured finance Americas. They take over from Chuck O'Neil, who retired in July.

    Both James and Puijpe will report to Rudolf Molkenboer, ceo of ING Americas, and Krista Baetens, global head of the specialised financing group. They will be on the ING Capital board and will be members of the .......

    Job Swaps 16 September 2015
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