Complete news archive

  • 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

  • Swap reporting amendments outlined

    The US CFTC has issued proposed amendments to existing regulations on swap data record keeping and reporting requirements for cleared swaps. The amendments aim to specifically address clarity over swap counterparties and registered entities regarding their reporting obligations, as well as improving the efficiency of data collections and maintenance associated with the reporting of cleared swaps.

    The proposals would modify .......

    News Round-up 20 August 2015

  • SLABS sponsor risks observed

    Slowing repayment rates on FFELP student loan ABS trusts sponsored by Navient and Nelnet will have a modest impact on their risk profile, according to Moody's. However, the sponsors could still face some risks from corporate debt and liquidity challenges.

    Repayment rates on the FFELP ABS trusts continue to slow due to growing number of borrowers opting for income-based repayment .......

    News Round-up 20 August 2015

  • UTI consultation opens

    The Committee on Payments and Market Infrastructures (CPMI) and IOSCO have published a consultative report on the harmonisation of unique transaction identifiers (UTI). The report is the latest in an agenda set out by the G20 leaders in 2009 to improve data aggregation and reporting standards for OTC derivatives reported to trade repositories.

    The regulatory bodies note that the objective .......

    News Round-up 20 August 2015

  • Liquidity boost for index rules

    Markit has updated its rules for the CDX High Yield Index, effective for the upcoming index roll in September. The move follows an industry push to reinvigorate the CDS market (SCI 17 June).

    As part of the index roll process, Markit will compile a liquidity list after each publication of the DTCC's 'Six-month Analysis Top 1,000 Single Names' report, which .......

    News Round-up 20 August 2015

  • Monroe, Channel form partnership

    Monroe Capital and Channel Partners have entered into a joint venture relationship. Monroe has additionally acted as sole lead arranger and administrative agent for a US$50m senior credit facility to support the growth of Channel Partners.

    Channel Partners provides small business working capital loans exclusively through partnerships with equipment leasing and finance companies. It will look to utilise Monroe's capital .......

    Job Swaps 20 August 2015

  • Further NSFR, LR analysis underway

    The EBA is set to incorporate additional analysis into its calibration reports on net stable funding requirements (NSFR) and the leverage ratio (LR). The move follows a request by the European Commission to obtain further advice, so as to ensure its possible future policy actions in this area are well informed.

    As such, the EBA will conduct further analysis on .......

    News Round-up 20 August 2015

  • Trading vet brought in

    Luca Favero has joined Numen Capital as portfolio manager and research analyst. He arrives from SG, where he was director - credit trading, and was European head of credit derivatives trading for Calyon prior to this. Favero's experience spans CDS and structured finance, with roles also at Nomura, Credit Suisse and Lehman Brothers.

    .......

    Job Swaps 20 August 2015

  • Transforming risk

    CRT securitisation innovation continues

    The differing approaches of the GSEs to credit risk transfer have resulted in a number of innovations in the RMBS market. Freddie Mac's latest transaction contained several new features, while Fannie Mae intends to launch its first actual loss deal before year-end.

    The senior certificates of Freddie Mac Whole Loan Securities Trust Series 2015-SC01, issued last month (SCI 28 July), .......

    News Analysis 20 August 2015

  • Euro secondary sidelined

    Broader market volatility is adding to the summer doldrums in the European securitisation secondary market as it is keeping even more players on the sidelines.

    The market continues to lack conviction as activity remains patchy and very light. What little trading there was yesterday was once again mainly focused on prime assets.

    Meanwhile, BWIC activity also remains negligible and yesterday's handful of .......

    SCIWire 20 August 2015

  • More mezz for US CLOs

    The US CLO secondary market continues to be quiet overall, but mezz supply keeps coming.

    The past few days have seen a steady supply of 2.0 mezz BWICs. The lists have continued to trade reasonably well, with top tier names seeing some strong prints.

    Consequently, sellers continue to be encouraged despite typical August illiquidity across CLO secondary in general. Today .......

    SCIWire 19 August 2015

  • Fresh risk-sharing deal unveiled

    Fannie Mae has completed its latest credit risk-sharing RMBS, the first of its kind to have an international reinsurer participate in the deal. Like its predecessor, CIRT-2015-2 allows Fannie Mae to retain risk for the first 50bp of loss - this time on an US$8.1bn pool of loans.

    The GSE says that if this US$40.5m retention layer were exhausted, reinsurers would .......

    News Round-up 19 August 2015

  • ILS underwriting scrutinised

    The reinsurance sector is adapting to the influx of alternative capital by providing innovative solutions and lower prices to reinsurance purchasers, S&P notes. However, the agency warns against the growth of the ILS market coming at the expense of looser underwriting discipline and less due diligence.

    As capital enters the reinsurance market, it is creating opportunities for buyers. At the .......

    News 19 August 2015

  • Counterparty-linked review underway

    S&P has placed 70 RMBS, 10 CDO, six CLO and five ABS tranches from European transactions on credit watch negative. The agency's actions are in response to the introduction of bank resolution frameworks in the UK and Germany, and the subsequent lowering of ratings to banks that serve as counterparties to the related transactions.

    S&P lowered the ratings on Barclays, Deutsche Bank and National Westminster .......

    News Round-up 19 August 2015

  • Redemptions hit hedge fund

    Claren Road Asset Management has received around US$2bn in investor redemption notices, according to an SEC filing by parent company Carlyle Group. This figure represents approximately 48% of the hedge fund's AUM, which stood at around US$4.1bn at the end of June.

    The filing notes that the carrying value of the credit hedge funds managed by the firm was US$216m at end-June, making .......

    Job Swaps 19 August 2015

  • Non-core disposals at 'record rate'

    New research by PwC shows that European banks are disposing of their non-core portfolios at a record rate. In the first half of this year, transactions have been completed for portfolios with a face value of around €55bn, an increase of 20% on the same period in 2014.

    As well as increased volumes, higher prices are being driven by continued .......

    News Round-up 19 August 2015

  • EMEA maturity defaults dip

    The 12-month rolling loan maturity default rate for European CMBS in S&P's rated universe decreased to 19.6% from 25%, at end-July. The agency reports in its latest monthly European CMBS bulletin that the overall senior loan delinquency rate remained stable at 49.8%.

    The delinquency rate for continental European senior loans increased slightly to 63.3% from 63.1%. The rate for UK .......

    News Round-up 19 August 2015

  • Finance practice beefed up

    Allens has bolstered its banking and finance practice with the appointment of Benjamin Downie as managing associate. He joins from Gilbert + Tobin, where he was a special counsel. His experience branches into securitisation and debt capital markets.

    .......

    Job Swaps 19 August 2015

  • Origination model risks weighed

    CommonBond's first private student loan ABS transaction has credit risks similar to those of other securitisations backed by loans offered via marketplace lending platforms, reports Moody's. However, the credit quality of CommonBond's loans is of a similarly high quality to that of SoFi's student loan ABS (SCI 30 July).

    In the CommonBond Student Loan Trust 2015-A (CBSLT 2015-A) transaction, Wisconsin-based .......

    News Round-up 19 August 2015

  • ILS upgraded on sponsor action

    S&P has raised its credit ratings on Avondale Securities class A1 and A2 notes from double-B plus to triple-B minus, following a similar action taken on the support sponsor, the Bank of Ireland. The ratings on the two ILS bonds are weak-linked to the long-term rating on the Bank of Ireland due to a support agreement, which obligates it to .......

    News Round-up 19 August 2015

  • Portfolio manager steps up

    Robert Zable has been appointed as the lead portfolio manager of Blackstone/GSO's Senior Floating Rate Term Fund, Long-Short Credit Income Fund and Strategic Credit Fund. The appointment follows the retirement of the current lead portfolio manager of the three funds, Lee Shaiman.

    Zable is md at GSO Capital Partners and serves as the chairman of GSO Debt Fund Management's (DFM) investment committee. .......

    Job Swaps 19 August 2015
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