Complete news archive

  • RMBS recoveries revealed

    August non-agency RMBS remittances show cash payouts for three DBALT deals in relation to the Monarch Alternative Capital representations and warranty settlement. A few HVMLT deals also received chunky subsequent recoveries during the month.

    The DBALT settlement was finalised in July between HSBC, which is trustee on the affected deals, and Deutsche Bank. The payouts came to US$29.26m, US$52.52m and .......

    News Round-up 1 September 2015

  • Earliest peak vintage paying down

    The earliest of the peak US CMBS vintages is coming to the end of its ten-year life. Fitch rated 34 conduit transactions totalling US$79bn in 2005 and the transactions have so far paid down approximately 15% since issuance, including 4% in realised losses.

    Fitch's expected losses for this vintage total 7.6% of the original balance. Much of the remaining expected .......

    News Round-up 1 September 2015

  • US CLO shift

    The US CLO secondary market is still refusing to completely give in to the summer doldrums and today sees BWIC supply shift up the capital stack albeit with low volumes persisting.

    Yesterday's flurry of mezz paper on BWIC traded reasonably well although there were a relatively high proportion of DNTs. Today sees sellers focusing on senior tranches with only two fairly .......

    SCIWire 28 August 2015

  • Credit team merged

    Nomura's European credit teams have been combined in the wake of the firm recently cutting up to 60 positions in its fixed income and credit derivatives departments (SCI 12 August). As part of a streamlining process, Nomura executive director Peter Chung will head the trading desk for the firm's newly formed high yield, loan and distressed team, while Nick Oxlade will .......

    Job Swaps 28 August 2015

  • Structured settlements 'under-rated'

    New issuers entering the market could help to grow structured settlements ABS, which Morningstar Credit Ratings says are generally easier to service than other ABS receivables and are less prone to default. The rating agency believes class B notes in these transactions can achieve higher ratings than are presently awarded.

    An analysis of a hypothetical transaction with two rated tranches suggests .......

    News Round-up 28 August 2015

  • SF approach confirmed

    Scope has updated its structured finance rating methodology following the conclusion of its request for comment (SCI 17 July). The approach emphasises a fundamental analysis of structured finance instruments in a European context, as well as applying rating stability through a longer-term adjustment of assumptions.

    Scope says that it provides larger credit differentiation because it uses a fundamental bottom-up analysis .......

    News Round-up 28 August 2015

  • A&P sell-off underway

    A&P is set to auction its remaining 153 stores in October after the bankrupt grocer received bids for 118 of its 296 stores. Bids have come in from competitors Albertsons, Royal Ahold and Key Food.

    A&P initially announced in July that 25 stores would close while the company reorganised (see SCI's CMBS loan events database). However, reports suggest .......

    News 28 August 2015

  • ECB 'behind OWIC increase'

    OWICs have been circulating in the European ABS secondary market in growing numbers. While their source has not been confirmed, one London-based portfolio manager strongly suspects they are coming from the ECB.

    "It could be anybody, but it is probably a reasonable bet that it is the agents of the ECB. The market is generally quiet right now, but the work .......

    News 28 August 2015

  • Freddie loans swap servicer

    Marix Servicing, an affiliate of Walter Capital Opportunity (WCO), has been approved by Freddie Mac to hold MSRs relating to a pool of approximately US$3.3bn in UPM of the GSE's residential mortgage loans. Walter Investment subsidiary Green Tree Servicing will sub-service the loans on its behalf.

    WCO ceo Denmar Dixon says that the transaction represents approximately half of the MSRs associated with US$6.75bn in .......

    News Round-up 28 August 2015

  • Term default risk 'not a concern'

    Morgan Stanley's latest review of CMBS 2.0 remittance reports shows a wide variety of activity. This month the first-ever 2015-vintage loans turned delinquent, a borrower requested an A/B-note modification and multiple loans were watchlisted as a result of vacancies.

    In total, eight loans with a balance of US$69.5m became delinquent in August, including the US$23.9m La Gran Plaza (securitised in .......

    News 28 August 2015

  • SF advisors tapped

    Ldger has hired Peter Morgan and John Meserve as advisors to its structured finance platform. Advising independently, Morgan is a private practice attorney who focuses on securitisation, while Meserve focuses particularly on regulation.

    Morgan's practice specifically focuses on advising financial firms, credit providers, investors, rating agencies and intermediaries on the formation and capitalisation of financial products. He also assists on the structuring, negotiation and .......

    Job Swaps 28 August 2015

  • Greek upgrades follow sovereign action

    Following the upgrade of the Greek sovereign's issuer default rating to triple-C and revision of the country ceiling to single-B minus, Fitch has upgraded 18 tranches of seven Greek RMBS. It has also taken action on one credit-linked Greek ABS tranche.

    The 18 RMBS, originated by Piraeus Bank, Consignment Deposit & Loans Fund and Eurobank Ergasias, have all been upgraded .......

    News Round-up 28 August 2015

  • Euro secondary lacks conviction

    Despite an improving overall tone, the European securitisation secondary market continues to lack conviction.

    Even though broader market concerns are shelved for now yesterday was extremely quiet thanks to month-end and the summer lull. What small pockets of activity there were revolved around short-dated prime assets, some peripheral paper and a few major CMBS names.

    With a UK bank holiday .......

    SCIWire 28 August 2015

  • Credit head poached

    Joshua Baumgarten is set to join Angelo Gordon next year as senior md and head of credit, reporting to co-founder and cio Michael Gordon. In his new role, Baumgarten will oversee the firm's credit strategies, including US and European distressed, RMBS/ABS/whole loans and CMBS.

    Baumgarten is currently a senior md at Blackstone Group, which he joined in 2007, and prior .......

    Job Swaps 28 August 2015

  • US CLO flurry

    Today is set to see a flurry of activity in the US CLO secondary market after an extremely quiet few days, but it could be the last gasp of the summer.

    "It's been very quiet, but we saw a seller bring out a buy-it-now list yesterday, which attracted some interest," says one trader. "However, only one line traded straight away .......

    SCIWire 27 August 2015

  • Solar regulatory risks highlighted

    Moody's suggests that contract renegotiations could dent cashflows of existing solar ABS deals following the recent adoption of a new electric rate structure for residential customers of California's three major investor-owned utilities. The agency notes that outstanding solar deals have large concentrations of obligors in the most populous US state.

    "Existing solar customers in California entered into contracts with solar providers who promoted long-term .......

    News Round-up 27 August 2015

  • US CMBS loss severities normalise

    The weighted average loss severity of US CMBS loans liquidated at a loss rose to 41.6% in 2Q15, up from 24.5% in the prior quarter. Moody's notes that the 1Q15 figure was highly unusual, so last quarter's figure represents a return to historical levels.

    There were 234 loans liquidated with an average disposed balance of US$11.5m in 2Q15, compared to .......

    News Round-up 27 August 2015

  • Instalment sales plan 'credit positive'

    Proposed amendments to Japan's Instalment Sales Law are credit positive for credit card ABS, according to Moody's latest 'Structured Thinking: Asia Pacific' report. The agency notes that the planned changes require greater scrutiny of merchants that accept credit cards and are expected to result in fewer problem credit card loans caused by fraudulent or unscrupulous sales practices.

    The Industrial Structure .......

    News Round-up 27 August 2015

  • FHA to provide PACE update

    The FHA will soon issue guidance on residential property-assessed clean energy (PACE) financing. Kroll Bond Rating Agency says there should be no negative credit effect on the senior PACE lien asset class, although borrowers may be encouraged to refinance and subordinate their PACE liens to mortgage liens, in which case prepayments could increase.

    The FHFA has already voiced its opposition .......

    News Round-up 27 August 2015

  • Aussie delinquencies diverging

    Fitch reports that Sydney's mortgage performance has benefitted the most from the rise in house prices. Metropolitan regions, including the historically worst-performing ones in western Sydney, appear not to have experienced the usual deterioration in mortgage delinquency rates caused by Christmas spending.

    Budgewoi (2262), on New South Wales' (NSW) Central Coast, has topped Fitch's list of worst-performing postcodes in Australia .......

    News Round-up 27 August 2015

  • Product director drafted in

    Mark Demo has joined AcadiaSoft as product director. Demo will assume responsibility for directing the company's response to regulatory changes, as well as leading AcadiaSoft's product and industry working groups. He will report to AcadiaSoft ceo Chris Walsh.

    Demo arrives from JPMorgan, where he was vp of business architecture and transformation. He was additionally responsible for collateral market infrastructure planning in .......

    Job Swaps 27 August 2015
×