Complete news archive

  • 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

  • SFR servicing scarcity underlined

    The limited number of special servicers available to administer US single-family rental (SFR) properties in the event that the operator defaults is a risk to SFR securitisations, says Moody's. The limited near-term incentive for other servicers to enter the market presents an added issue.

    There are 22 SFR transactions outstanding with two entities, Midland Loan Services and Situs Holdings, assigned .......

    News Round-up 10 September 2015

  • CRE outlook 'tempered'

    Moody's is advocating caution for the European CRE sector against the backdrop of a nascent recovery on the continent. The agency warns of potential headwinds in the form of market volatility, interest rate hikes and rising development costs.

    Following the rise in CRE activity, Moody's has rated €1.5bn of European CMBS this year so far. "Commercial property companies have also .......

    News Round-up 10 September 2015

  • Non-cat ILS vehicle launched

    Vario Partners and Guy Carpenter have teamed up to form a new ILS investment vehicle and fund that focuses on non-catastrophe products. Vario Global Capital has been established to serve long-term investor interest specifically in the insurance risks of property and casualty insurers.

    The joint venture will function on a combination of Vario Partner's portfolio modelling technology and analytical expertise and Guy .......

    Job Swaps 10 September 2015

  • Dock Street steps in for CDO

    Dock Street Capital Management is taking over as collateral manager for Kleros Preferred Funding. Vertical Capital gave notice of its intention to stand down as collateral manager in the summer (SCI 12 June).

    Moody's says there will be no impact on ratings. For other recent CDO manager transfers, see SCI's CDO manager transfer database.

    .......

    Job Swaps 10 September 2015

  • CATCo assets sold

    Markel is set to acquire CATCo Investment Management's assets in a deal that is expected to close in 4Q15. The new business will operate under the name Markel CATCo Investment Management and will see the transition of the existing CATCo management team, led by ceo Tony Belisle, into commensurate roles for the new firm.

    The management team will operate the business .......

    Job Swaps 10 September 2015

  • Equity gap

    CLO equity approaches diverging

    A two-tier system is emerging within US CLO equity as large investors competitively expand their mandate while smaller players move out of the market. This emerging gap is also manifested in a wave of manager consolidation, as risk retention remains a dominant concern.

    "BDCs are providing the most interesting story in the equity market right now," says Oliver Wriedt, co-president .......

    News 10 September 2015

  • SF practice recruits trio

    Schulte Roth & Zabel has expanded its structured finance practice by adding Boris Ziser and Thomas Weinberger as partners. The law firm has also brought in Stephen Schauder as an associate.

    Ziser will co-head the firm's structured finance and derivatives group, with his experience ranging across ABS, warehouse facilities, secured financings and commercial paper conduits. His practice encompasses a variety of asset .......

    Job Swaps 10 September 2015

  • MBS guide rules updated

    Ginnie Mae has made a number of updates to its issuer business status criteria in its MBS guide. The GSE says that the changes are in response to recent changes in the economic and regulatory environments, as well as an increase in the volume and complexity of issuer requests for approval of certain changes.

    Among the changes made, the required five days .......

    News Round-up 9 September 2015

  • New lender challenges surveyed

    A new survey by the University of Edinburgh Business School has found that 75% of experts believe alternative lenders pose a threat to banks and traditional lenders. The survey covered 200 delegates from 40 countries, with 19% describing the entrance of alternative lenders as a 'big threat'.

    Nonetheless, a majority of the respondents welcome the challenge, as 55% say that the entrance .......

    News Round-up 9 September 2015

  • Rates masking RMBS risk

    Moody's suggests that low interest rates are currently masking key drivers of Australian mortgage defaults. The agency notes that mortgages used for investment purposes and interest-only (IO) repayments will remain key drivers of future defaults, despite their strong performance in the current prolonged low rate environment.

    The default rate of investor and IO loans is currently lower than that of owner-occupied .......

    News Round-up 9 September 2015

  • UK card ABS remains strong

    The collateral performance of UK credit card ABS has remained strong in 1H15, according to S&P. A favourable UK macroeconomic environment has resulted in low delinquencies and charge-offs, while payment and yield rates have been fairly steady from quarter to quarter.

    Charge-off rates were fairly low and stable at 3.03% at the end of 1Q15 and 3.04% at the end .......

    News Round-up 9 September 2015

  • Traders charged with RMBS fraud

    The SEC has charged three traders over lying to customers with regard to pricing information on RMBS. Ross Shapiro, Michael Gramins and Tyler Peters allegedly generated millions of dollars in additional revenue for former employer Nomura Securities as a result of their supposed misconduct.

    The charges say that the three traders misrepresented the bids and offers being provided to Nomura for RMBS as well .......

    Job Swaps 9 September 2015

  • Ex-US business head hired

    Shaun Curry has joined Prytania Investment Advisors as head of business development. In this role for the specialist structured credit firm, Curry will be responsible for institutional business development across the globe, with the exception of the US.

    Prior to joining Prytania, Curry has been senior business development executive at Stenham Asset Management and director of marketing at Gottex Fund Management. Previous .......

    Job Swaps 9 September 2015

  • Real estate legal pro tapped

    Allen & Overy has appointed Lucy Oddy to its real estate finance group. Joining from Latham & Watkins, Oddy is a structured finance specialist who advises on a broad range of transactions, with a particular focus on CMBS and RMBS.

    Oddy's clients include financial institutions, funds and private equity firms. She focuses on employing new funding structures for real estate assets across .......

    Job Swaps 9 September 2015

  • Trade credit chief hired

    Aon Risk Solutions has hired Pieter van Ede as head of business development, global trade credit. Ede's responsibility will be to deliver the firm's strategy and service proposition to global clients, with an area of focus that includes structured trade finance. He will work closely with Stuart Lawson, ceo of Aon Credit International EMEA, and Steve Keogh, chief administrative officer .......

    Job Swaps 9 September 2015

  • Revolving deal sets China precedent

    Revolving structures can help Chinese banks securitise SME loans because they resolve the mismatch between the short tenor of the underlying loans and the long-term maturity of the securitisation scheme, says Moody's. The agency believes that the recent launch of the first securitisation with such a structure in the interbank bond market may have set a precedent for future transactions to follow.

    News Round-up 8 September 2015

  • UK insurer set to be sold

    Mitsui Sumitomo Insurance is set to acquire Amlin for approximately £3.47m. As part of the agreement, MSI will also gain the 75% stake that Amlin has in ILS manager Leadenhall Capital Partners.

    Under the terms of the agreement, Amlin shareholders will be entitled to receive 670 pence per Amlin share, which is a 36% premium over yesterday's closing price. Amlin shareholders .......

    Job Swaps 8 September 2015

  • SME lending deal boosted

    Prospa has brought to the market the first Australian securitisation of unsecured, online business loans. The firm secured A$60m in capital as proceeds to help both fund the loans to Australian SMEs and support Prospa's expansion in the local financial technology market, making it the largest capital raising to date by an Australian online lender.

    The co-investment is led by Carlyle Group, which .......

    News Round-up 8 September 2015

  • TICC terms revised

    TICC Capital has revised the terms over its agreed acquisition by Benefit Street Partners (BSP). The revisions include a permanent annual base management fee reduction to 1.5% from 2%, as well as a commitment by various members and affiliates of BSP and TICC Management to purchase a minimum of US$20m of TICC's common stock within twelve months following entry into the agreement.

    Job Swaps 7 September 2015

  • Aussie auto loss rise anticipated

    Fitch expects Australian auto portfolio losses to increase over coming quarters as rising unemployment and delinquencies converge by year end. This follows higher recorded auto arrears in 2Q15, with 60 plus days and 30 plus days arrears reaching 0.56% and 1.34% respectively - an increase of 7bp and 9bp over the quarter.

    The annualised loss rate remained almost unchanged at 0.6% though, .......

    News Round-up 7 September 2015
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