Complete news archive

  • 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

  • Irish mortgage restructurings 'credit positive'

    Persistent high levels of late-stage arrears indicate that Ireland's mortgage arrears crisis is not yet resolved, according to Moody's. Nonetheless, the agency believes that the expansion of restructuring methods and introduction of restructuring targets have helped address borrowers' payment problems - a credit positive for Irish RMBS, covered bonds and banks.

    "Borrowers are benefitting from the strong economic recovery in .......

    News Round-up 16 September 2015

  • CLO 2.0 A2E mulled

    The issuer for Cairn CLO III - the first-ever European CLO 2.0 deal - intends to make a number of amendments to the transaction to bring it line with market developments, including risk retention requirements. If executed, the proposal would effectively refinance the deal and extend the non-call, reinvestment and maturity dates of the notes.

    CRNCL 2013-3 priced before European .......

    News Round-up 16 September 2015

  • CSP update supplied

    The FHFA has released an update on the Common Securitisation Platform (CSP), detailing progress made in the development of a new infrastructure for the securitisation of single-family mortgages by Fannie Mae and Freddie Mac. The update includes details on the organisational structure of Common Securitisation Solutions and the various modules that comprise the CSP and their functions.

    The update also .......

    News Round-up 16 September 2015

  • Capital markets group adds three

    Wilmington Trust has expanded its global capital markets structured finance group with three new hires. Rick D'Emilia has been hired as business development officer, Ben Jordan as head of transaction management and Steve O'Neal as asset servicing manager.

    D'Emilia will seek to develop new client relationships, while maintaining existing relationships in the structured finance industry. Prior to joining Wilmington Trust, D'Emilia was .......

    Job Swaps 16 September 2015

  • Euro secondary lull continues

    The European securitisation secondary market's summer lull has morphed into a September one with liquidity still very thin across the board.

    "There's still very little going on other than a few BWICs," says one trader. "For September it's bad and we can't even blame the summer anymore."

    The trader continues: "What little secondary activity there's been has focused around prime .......

    SCIWire 16 September 2015

  • Swaps collusion settlement reached

    A dozen banks have agreed to pay a US$1.87bn settlement to investors in a case accusing them of rigging the CDS market by deterring and delaying credit derivatives products from reaching open and regulated platforms. ISDA and Markit have also agreed to their involvement in the settlement after supposedly colluding in blocking competitor providers from entering the market.

    The case, which came before .......

    News 15 September 2015

  • Large Trups list circulating

    The largest and most diverse Trups CDO BWIC seen for a while is circulating for trade today at 12:00 New York time.

    Despite reduced liquidity because of the Jewish holiday and impending Miami conference the list is likely to attract plenty of attention in a sector that often lacks significant numbers of widely seen price points. The 16 line $274.878m .......

    SCIWire 15 September 2015

  • LBA pay-outs begin

    Former clients of Lehman Brothers Australia (LBA) who sustained losses on CDO investments received initial pay-outs earlier this month from the liquidation of LBA. According to Amicus Advisory, the amounts received represented 11% of the total admitted claim and came exclusively from the Scheme Fund, a pool of monies from insurance policies held by LBA that were triggered when there .......

    News Round-up 15 September 2015

  • Marketplace reps and warranties assessed

    The issue of representations and warranties for marketplace lending ABS should not be considered alone in a transaction's ratability, suggests Morningstar. The agency adds that positive originator and servicer operational assessments, coupled with robust credit enhancement can help mitigate concerns over the strength of reps and warranties.

    Approximately 250 marketplace lenders are in operation, but securitisation of loans originated through these .......

    News Round-up 15 September 2015

  • NAIC MBS assumptions 'mixed'

    The NAIC's structured securities group (SSG) last week released recommendations for macroeconomic assumptions, scenarios and probability weightings for use in this year's annual surveillance of insurer-owned CMBS and RMBS. Morgan Stanley analysts believe these are mixed for CMBS but positive for RMBS.

    For CMBS, the probability weights across the four modelled scenarios remain consistent in 2015 with those used in .......

    News 15 September 2015

  • Aussie auctions progress

    The AOFM has released details of its sixth RMBS auction, to be held on 23 November. Securities up for bid comprise the Apollo 2010-1 A2 (with a face value of A$300m), Progress 2012-1 A (A$128.75m), REDS 2010-1 A (A$250m) and Torrens 2009-1 A2 (A$190m) tranches. Settlement is due on 26 November.

    Separately, the results of the AOFM's fourth auction - .......

    News Round-up 15 September 2015

  • CMBS pay-offs dip

    Trepp reports that the percentage of US CMBS loans paying off on their balloon date slid modestly last month. The August reading stands at 73.8%, less than one point below the July percentage, but above the 12-month moving average of 67.1%.

    By loan count as opposed to balance, 61.7% of loans paid off in August. On this basis, the pay-off .......

    News Round-up 15 September 2015

  • SF head resurfaces

    Mediobanca has hired Philippe Dufournier as md and head of lending and structured finance. He reports to Mediobanca ceo Alberto Nagel and executive chairman Stefano Marsaglia, both co-heads of the bank's corporate investment banking group.

    Prior to Mediobanca, Dufornier was most recently head of global finance for EMEA at Nomura. He has also held senior roles at Deutsche Bank and Lehman .......

    Job Swaps 15 September 2015

  • ILS vehicle launched

    Hiscox Re has launched Cardinal Re, a Bermuda-based special purpose insurer designed to transform collateralised insurance and reinsurance risk into securities suited for capital market investors. The launch  takes parent company Kiskadee Investment Managers' AUM to over US$600m.

    Cardinal Re is a platform that will attempt to quickly create sidecars and managed accounts in a segregated cell. The first external .......

    Job Swaps 15 September 2015

  • Risk analytics pro recruited

    Yaacov Mutnikas has been appointed as co-head of Markit's solutions division focusing on risk analytics, portfolio management and enterprise data management solutions. He will report to ceo Lance Uggla.

    Mutnikas was previously senior advisor at the Bank of England, where he focused on financial networks and systemic risk. He has over 30 years of experience across software engineering, systems architecture, .......

    Job Swaps 15 September 2015

  • Loan-level data reveals GSE differences

    The loan-level data recently disclosed by Fannie Mae (SCI 4 August) reveals similarities between historical loss severities for liquidated Fannie Mae mortgages and fixed loss severity schedules used in Connecticut Avenue Securities (CAS) risk transfer deals, notes Fitch. However, there are still differences in the loss severities among Fannie Mae and Freddie Mac loans.

    All CAS risk-sharing transactions issued so .......

    News Round-up 15 September 2015

  • CDS trading platform mooted

    ICE is said to be exploring the launch of an anonymous single name CDS trading platform as part of industry efforts to revive the credit derivatives market. The clearinghouse is understood to have circulated such a proposal among a number of buy- and sell-side players as one solution to the lack of liquidity in the sector.

    It is believed that ICE's .......

    News 15 September 2015

  • Mixed outlooks for Dutch CMBS

    Recoveries from remaining Dutch CMBS 1.0 loans are expected to be limited. Dutch 2.0 loans are expected to perform better and risks are skewed toward prepayment.

    There remains high structural vacancy across the country, with vacancy rates of 13%-24% across the four major cities, according to CBRE. Deutsche Bank analysts note that there is also a significant number of old buildings .......

    News 15 September 2015

  • Euro ABS/MBS keeps BWIC focus

    The European ABS/MBS secondary market is continuing to revolve around BWICs

    "We've been fairly busy with a quite a few BWICs going through last week and this," says one trader. "Most seem to have traded reasonably well even though the macro backdrop remains challenging."

    The trader continues: "As with other markets we've softened a little but paper is still going .......

    SCIWire 15 September 2015

  • Slight return for US CLOs

    The US CLO secondary market is making something of a return but remains hidebound by thin liquidity.

    "It feels like the market is coming back a little bit, but volumes are still very low," says one trader. "It's going to be another tough week this week with the Jewish holiday today and tomorrow combined with the Miami conference from Wednesday."

    That said, the .......

    SCIWire 14 September 2015
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