Complete news archive

  • Time to review

    Asset reviewer relevant beyond mandated role

    Public securitisations in the US will soon require an asset reviewer - as mandated by Reg AB 2 (SCI passim) - but the benefits of such a role may see it also included in both private and international deals. However, concerns remain that the function will not be used in the sector that led to its creation.

    "One of the .......

    News Analysis 25 August 2015

  • Second NPL pool sold

    Fannie Mae has announced Lone Star as the winning bidder for its second NPL sale that it began marketing last month (SCI 20 July). The transaction is expected to close on 25 September and includes approximately 3,900 loans totalling US$765m in UPB for the two larger pools.

    The cover bid price for the first pool is 51.04% of UPB (69.67% .......

    News Round-up 24 August 2015

  • US CLOs tick over

    Despite seasonal illiquidity and wider credit concerns, the US CLO secondary market continues to tick over.

    Generic secondary spreads held fairly steady last week on low volumes once again. However, market tone is inevitably softening amid broader market volatility.

    Sellers are still appearing though activity is scrappy thanks to the time of year as well as market nervousness. There are .......

    SCIWire 24 August 2015

  • Short loan MBS debuts

    Amicus has issued what is believed to be the first UK MBS to be backed entirely by short-term property loans. Three of the four tranches in the unrated Amicus Mortgage Finance 2015-1 were privately placed last week, amounting to £95m of the £100m transaction.

    The £78m class A notes feature 22% credit enhancement and were sold at par. The junior £5m .......

    News 24 August 2015

  • CDS trading edges down

    Average daily CDS index trade counts rose by 22.2% in 2Q15 compared with the same period in 2014, according to ISDA's latest quarterly index results. However, the number fell by 11.8% versus 1Q15.

    SEF trades represented 71% of the total CDS average daily trade count during the last quarter, which is up from the 68.1% figure in 2Q14 but down .......

    News Round-up 24 August 2015

  • SCI Start the Week - 24 August

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

    Pipeline
    Primary market activity was limited last week, with three new ABS and a single CLO added to the pipeline. The ABS were UniCredit's Consumer Three, Volkswagen's R$808m Driver Brasil Three FIDC and John Deere Capital Corp's John Deere Owner Trust 2015-B. The CLO was Invesco's US$513.5m Recette CLO.

    Pricings
    The week also brought five ABS prints, as .......

    News 24 August 2015

  • CMBS property incomes improve

    The NOI of Fitch-rated US CMBS improved 3.2% year-over-year in 2014, compared to 2.5% growth in both 2012 and 2013. Led by hotel and multifamily properties, approximately 65% of the commercial properties by loan count in Fitch's portfolio reported an increase in NOI between 2013 and 2014.

    Year-on-year increases for the major property types in 2014 from their 2013 figures were: .......

    News Round-up 24 August 2015

  • APAC ILS issuance to rise

    Fitch expects catastrophe bond issuance to increase in Asia-Pacific - particularly for catastrophe-prone countries, such as Japan and China - as the region strengthens its resilience to disasters. At the same time, insurers are seeking alternative sources of funding to reduce their heavy dependence on reinsurers.

    The high catastrophe exposure and significant gap between insured losses and economic losses mean .......

    News Round-up 24 August 2015

  • MERS case dismissed

    The US District Court for the Middle District of Tennessee has granted MERSCORP a motion for dismissal over a borrower lawsuit challenging its role in a Tennessee deed of trust. In Johnson v. Broker Solutions, the plaintiffs identified 11 causes of action attacking the securitisation of their mortgage loan and claimed that MERS cannot be a real party of interest in a .......

    Job Swaps 21 August 2015

  • Capital plan

    Definitional issues weigh on HQS progress

    The European Commission is set to unveil proposals to reduce capital charges on high quality securitisations (HQS) next month. However, the lack of cohesiveness among different regulatory authorities means that concern over definitional issues remains.

    "There is somewhat of an irony in that inconsistency between definitions of qualifying securitisation slides in the face of the goal of creating more simplicity .......

    News Analysis 21 August 2015

  • Agency lowers tobacco ratings

    S&P has lowered its ratings on 14 maturities of Tobacco Settlement Financing Corp Series 2015A and removed them from creditwatch negative. There is an action plan in place to address an issue that could affect some of the series 2015A bonds, but the rating agency is increasingly unsure that the process will conclude successfully.

    The ABS is backed by the .......

    News Round-up 21 August 2015

  • Debut ABS for marketplace lender

    Marketplace lending platform Avant has completed its first securitisation, which provides US$139m in debt financing. The deal has three tranches and was placed by Jefferies.

    Further deals could follow, as Avant says its inaugural ABS "sets a strong precedent for future transactions". The company has also closed a US$200m revolving warehouse facility, with JPMorgan and Credit Suisse serving as senior .......

    News Round-up 21 August 2015

  • Pledge accounts mechanism welcomed

    The introduction of pledge accounts is one of the most significant developments in Russian securitisation stemming from the July 2014 law, according to Moody's. Credit Europe Bank's recent Special Financial Organisation Europa 14-1A ABS was the first Russian transaction to feature such a mechanism.

    The pledge accounts mechanism allows noteholders to enforce the funds in their favour if an issuer .......

    News Round-up 21 August 2015

  • Trups defaults steady

    The number of US bank Trups CDO combined defaults and deferrals remained at 18.8% at the end of July compared to the previous month, according to Fitch. One issuer representing US$3m of collateral in one CDO was closed by the FDIC in July and was marked as defaulted in Fitch's bank Trups universe - the first FDIC bank closure in .......

    News Round-up 21 August 2015

  • REIT bolsters tech capability

    Two Harbors Investment Corp has appointed Jeffrey Hurley as md and chief technology officer. He has over 25 years of experience in technology management and has previously held leadership positions with Canada Pension Plan Investment Board, Nomura Holdings and Lehman Brothers.

    .......

    Job Swaps 21 August 2015

  • SF team expands

    Morgan Lewis continues to expand its global structured transactions capability in London with the addition of structured finance partner Theresa Kradjian, who joins the firm this month, and corporate tax partner Paul Beausang, who will join in October. The pair will become part of the structured finance team formed last month, led by Matthew Duncan, Julian Goodman and Paul Matthews .......

    Job Swaps 21 August 2015

  • Euro secondary fades further

    The European securitisation secondary market continues to be weighed down by seasonal illiquidity and macro concerns causing the hitherto positive tone to fade further.

    Activity remains extremely patchy with only small pockets of trading surrounding CMBS and prime ABS/RMBS. Elsewhere, a selling bias is emerging with wider market volatility beginning to bite and bid-offers are widening as even more participants .......

    SCIWire 21 August 2015

  • Waiting game for US RMBS

    The US non-agency RMBS secondary market is waiting on greater clarity in broader markets.

    "It's very quiet and everyone seems to be in wait and see mode," says one trader. "Today is the busiest day of the week, but there's less than $500m on BWIC and the bulk of that comes from a $200m 23 line item list of subprime .......

    SCIWire 20 August 2015

  • Structured real estate sale inked

    Sabal Financial Group has retained Holliday Fenoglio Fowler (HFF) to market and sell a US$541m portfolio of real estate and performing, sub-performing and non-performing loans in a structured sale. The offering consists of 11 different geographically diverse sub-pools, which is designed to provide investors with flexibility to pursue specific pools to meet their investment objectives.

    The portfolio consists of three .......

    News Round-up 20 August 2015

  • Hedge fund adds ABS trader

    Scott Eichel has joined Brevan Howard as a partner in its New York office. He will focus on senior fixed incomes securities for the firm, specifically ABS. Prior to joining, Eichel was head of securitised debt at RBS.

    .......

    Job Swaps 20 August 2015

  • Marketplace lender hires Zinn

    ApplePie Capital has appointed Jeff Zinn as head of capital markets. He joins from Jefferies, where he was md, specialising in structured product sales that included ABS, MBS and CLOs.

    Zinn will now be responsible for accelerating ApplePie Capital's growth and expanding the company's relationships with institutional investors. He has also held roles at The PrinceRidge Group, Bank of America .......

    Job Swaps 20 August 2015
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