Complete news archive

  • 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

  • Spanish house prices stabilising

    Recent data indicates that the decline in Spanish home prices has bottomed out, according to Fitch. However, a persistently low level of recoveries from properties taken into possession by lenders supports the agency's view that national home price growth will be slow and uneven.

    The Spanish National Institute of Statistics revealed last week that the Spanish Housing Price Index (HPI) rose .......

    News Round-up 14 September 2015

  • Nevada rulings support FHFA position

    The US District Court for Nevada recently issued three rulings that Moody's believes are credit positive for US RMBS because they further support the FHFA's position that federal law prevents a home owner association (HOA) foreclosure from extinguishing a mortgage owned by a GSE while the GSE is under conservatorship (SCI 27 April). The new cases make it clear that .......

    News Round-up 14 September 2015

  • SLABS clean-up calls continue

    Navient has exercised it 10% call option on four more FFELP student loan ABS trusts, following its decision to call three trusts last month (SCI 11 August). US$636m of outstanding bonds across the four trusts - SLM Student Loan Trust 2004-6, 2004-9, 2005-1 and 2005-2 - will be repaid on 26 October.

    Navient has repaid US$1.1bn so far this year across .......

    News Round-up 14 September 2015

  • Advisory spin-off date set

    Blackstone's board of directors has set the record and distribution dates for the spin-off of its financial and strategic advisory services, restructuring and reorganisation advisory services, and Park Hill Group businesses. They will combine to form PJT Partners, a plan that the Blackstone board approved last year (SCI 13 October 2014).

    PJT will be an independent company led by founder Paul .......

    Job Swaps 14 September 2015

  • Interest capitalisation mods scrutinised

    The increasing use of interest capitalisation modifications is credit negative for US RMBS due to the poor performance of these modifications, according to Moody's latest ResiLandscape publication. The agency adds that many borrowers receiving modifications that increase their monthly payments do not have the ability to make the higher payments, resulting in higher re-default rates on the modified loans.

    Of .......

    News Round-up 14 September 2015

  • CMBS vintage delinquencies vary

    US CMBS delinquencies were nearly unchanged again in August, while rates varied widely by vintage, according to Fitch's latest index results for the sector. Loan delinquencies inched down to 4.52% from 4.53% a month earlier and the dollar balance of late-pays fell US$224m to US$16.9bn last month from US$17.1bn in July.

    Loans from legacy transactions continue to dominate the index, .......

    News Round-up 14 September 2015

  • Credit opportunities fund launched

    Touchstone Investments has launched the Touchstone Credit Opportunities Fund, which aims to take advantage of market inefficiencies and relative value opportunities in the global fixed income market. Ares Management will sub-advise the fund.

    The fund seeks to generate absolute returns by investing primarily in global debt securities and identifying opportunities that offer attractive relative value when compared to their fundamental credit .......

    News Round-up 14 September 2015

  • SCI Start the Week - 14 September

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

    Pipeline
    It was another active week for the pipeline, with four new ABS and six CMBS added. There were also four RMBS announced - one from the UK, one from Canada and two from Australia.

    US$300m CPS Auto Receivables Trust 2015-C, €750m Driver Espana Two, US$1.05bn Ford Credit Auto Owner Trust 2015-C and A$500m Series 2015-1 REDS .......

    News 14 September 2015

  • CLO manager acquired

    Rothschild Merchant Banking (RMB) has acquired West Gate Horizons Advisors, combining the latter's expertise in US leveraged loan credit with its focus on European senior leveraged loan credit products. The transaction leaves RMB with €3.3bn in private debt under management.

    West Gate becomes a wholly owned subsidiary of RMB's parent company, Rothschild North America, as part of the deal. However, the firm will continue .......

    Job Swaps 14 September 2015

  • US, European issuance forecast

    S&P projects that US securitisation issuance levels for 2015 and 2016 will experience moderate year-over-year growth, but will not reach the pre-crisis levels of 2006 and 2007. The agency forecasts issuance of US$474bn and US$537bn in 2015 and 2016 respectively, up from a total of US$462bn in 2014.

    "Although many securitisation products are benefiting from an improving economy and are likely to see increased issuance, .......

    News Round-up 14 September 2015

  • CDO manager steps in again

    Dock Street Capital Management has replaced Vanderbilt Capital Advisors as the collateral manager for Lakeside CDO II. Fitch was notified that the holders of at least 66% of the aggregate outstanding amount of the controlling class agreed to the new appointment.

    Given that Lakeside II is a static pool transaction, Fitch does not expect the manager replacement to have any .......

    Job Swaps 14 September 2015

  • Euro secondary stays stable

    The European securitisation secondary market closed out Friday fairly quietly but with spreads still appearing stable after a mixed week.

    Transparency was hampered by a higher than normal proportion of DNTs or colour not released on BWICs, but overall market tone remains positive and secondary spreads are broadly unchanged at this morning's open. CLOs and prime ABS/MBS continue to be the main .......

    SCIWire 14 September 2015

  • Madden impact put to test

    The recent Madden Ruling by the US Court of Appeals for the Second Circuit could have a limited, but negative, credit impact on Moody's-rated securitisations backed by bank-originated consumer marketplace lending loans. The ruling holds that non-bank debt collectors that purchase written-off credit card accounts from a bank cannot benefit from the bank's federal pre-emption of state usury laws (SCI .......

    News Round-up 11 September 2015

  • Mobile carriers tapping into ABS

    US mobile carriers are boosting their liquidity by tapping into account receivable securitisation to finance equipment instalment plans, reports Moody's. The agency notes that these facilities bolster the reported results of mobile carriers because the cash proceeds from the securitised receivables are reported as operating cashflow.

    As a result of the net proceeds, AT&T and Verizon both reported higher free cashflow .......

    News Round-up 11 September 2015

  • Marketplace lending ABS on the up

    US marketplace lenders are increasingly looking at ABS as a viable funding source, according to Fitch. Nonetheless, key challenges need to be addressed before the product moves into the mainstream.

    Fitch says the rising popularity of marketplace lending among consumers and small businesses is due to the ability of marketplace lenders to connect with their customers directly. Borrowers in turn find .......

    News Round-up 11 September 2015

  • CMBS loans enter special servicing

    The US$61.8m Phoenix Airport Marriott loan has returned to special servicing, having previously gone into special servicing last year (see SCI's CMBS loan events database). The loan is securitised in BACM 2006-3.

    The Phoenix Airport Marriott loan has enjoyed improved performance. It is now covering debt service - DSCR NOI is 1.21x in the 12 months .......

    News 11 September 2015

  • Reinsurer hires for ILS push

    Sequant Re has hired Victor Baillargeon as chief underwriting officer. He is tasked with leading the development of the firm's underwriting strategies as the company pushes to provide greater access for investors to ILS.

    Baillargeon's expertise includes the casualty and specialty lines of business. The company plans to use his presence as a support for its strategy of building customised and diversified ILS .......

    Job Swaps 11 September 2015

  • Dutch RMBS delinquencies drop

    The Dutch RMBS market saw a continued decrease in delinquencies but a modest increase in cumulative defaults during a three-month period ending in June, says Moody's. The 60-plus day delinquencies of Dutch RMBS fell to 0.81% in June from 0.85% in March, while defaults moved up to 0.76% from 0.65% in the same time - in comparison to 0.43% in June 2014.

    News Round-up 11 September 2015

  • Servicer integration announced

    Värde Partners has acquired Trimont Real Estate Advisors as it plans to integrate operations between Trimont and subsidiary FirstCity Financial (FCSC). Värde will create a new Dallas office for Trimont as part of the process, and will retain the brand name for the acquired firm.

    Under the agreement, Värde will be majority owners while Trimont will hold a minority investment .......

    Job Swaps 11 September 2015

  • CLO co-head appointed

    Natixis has appointed Alex Zilberman as co-head of US CLOs and structured credit in its global structured credit and solutions (GSCS) Americas operations. He will jointly manage the group alongside Mike Hopson, with both reporting to deputy head of GSCS Americas, Hank Sandlass.

    Zilberman will focus on increasing Natixis' presence in the CLO broadly syndicated loan market. His experience ranges .......

    Job Swaps 11 September 2015
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