Complete news archive

  • 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

  • FFELP repacks examined further

    Fitch says it is evaluating a variety of proposals and alternative solutions from market participants to address the risk that certain FFELP student loan ABS tranches may extend beyond their legal final maturity dates (SCI passim). The proposals include repackaging tranches with heightened maturity risk into new transactions with significantly longer legal final maturity dates.

    In its simplest form, an existing .......

    News Round-up 19 August 2015

  • CMBS lending team boosted

    Walker & Dunlop has hired Jeffrey Taschler to its CMBS and high yield-focused commercial property funding (WDCPF) team. As coo and svp, Taschler will be responsible for originating commercial financing opportunities for clients nationwide in the US and will report to WDCPF ceo Tim Koltermann.

    Prior to his arrival, Taschler served as md at Ladder Capital, where he led a .......

    Job Swaps 19 August 2015

  • Euro secondary unchanged

    European securitisation secondary spreads remain unchanged as the seasonal lull continues.

    Yesterday once again saw very limited flows across the board. Small and patchy exceptions came in selected autos, cards and CMBS.

    Today's European BWIC schedule currently contains three lists. At 10:00 London time there is mixed sterling RMBS list involving small clips.

    In the afternoon there are two CLO .......

    SCIWire 19 August 2015

  • China accessibility expanding

    S&P says that China's securitisation market has offered international investors greater access to renminbi assets over the last three quarters, helping bridge the gap between domestic and international practices. The latest development in July saw the start of offshore investors using QFII and RQFII channels to buy securitisation notes in the interbank bond market.

    China's securitisation market is small compared with its .......

    News Round-up 18 August 2015

  • Capital markets head named

    David Myers has been appointed as Deloitte UK's head of capital markets. He is also a partner at the firm and focuses on trading, exchanges, ECNs, clearing houses and central depository systems, as well as investment bank operations, including clearing, prime brokerage and collateral management. He has worked in a variety of business lines, covering both cash and derivatives processing.

    .......

    Job Swaps 18 August 2015

  • Housing headwinds warning

    Fitch believes it is premature for the Houston housing market to be given the 'all clear' to push on following an initial market resilience to oil price pressures and related reductions in employment and capital expenditures. The agency warns that the market has similar traits to New York City in 2008-2011 when the financial services industry was retracting.

    Headwinds for the oil industry .......

    News Round-up 18 August 2015

  • BlackRock wins vendor role

    The US NAIC has selected BlackRock Solutions as sole vendor to conduct financial modelling for the next three years for both RMBS and CMBS. The association had previously issued two separate RFPs, seeking firms to model CMBS and RMBS respectively (SCI 12 February).

    The NAIC has used BlackRock Solutions to perform financial modelling of CMBS since 2010, but had previously .......

    Job Swaps 18 August 2015

  • 'High severities' for distressed CMBS

    The volume of distressed US CMBS loans up for auction in August and September is down slightly from previous months. Barclays figures show the deals with the largest exposures are BACM 2006-5 and LBUBS 2007-C6.

    BACM 2006-5 has the greatest exposure, which comes from a single US$62.5m loan. The loan is for Temecula Town Center in California and has been .......

    News 18 August 2015

  • Hedge fund fraud settled

    Two Citigroup affiliates have agreed to pay nearly US$180m to the US SEC to settle charges that they defrauded investors in two hedge funds that they claimed were safe, low-risk and suitable for traditional bond investors. The funds eventually collapsed during the financial crisis.

    The regulator's investigation found that the Citigroup affiliates made false and misleading representations to investors in .......

    Job Swaps 18 August 2015

  • Aussie sales scaled down

    The AOFM has released details of its fifth RMBS auction, to be held on 22 October. It has also clarified that, until further notice, it plans to offer bonds for sale in which its holdings are between A$350m and A$400m in amortised face value per auction.

    Securities to be auctioned on 22 October comprise: Puma P-16 A3 notes, SMHL 2009-1 .......

    News Round-up 18 August 2015

  • MBS pro recruited

    Rob Smialek has joined Wunderlich Securities as svp, capital markets. In this role, he is responsible for leading efforts in MBS sales and whole loan trading, focusing on the US residential mortgage banking community, banks and credit unions.

    Prior to his arrival, Smialek was head of trading and hedging for New Penn Financial. His duties included pricing, selling forward contracts in agency and .......

    Job Swaps 18 August 2015

  • Business development head hired

    Custom House Fund Services has appointed Richard Hale as director, business development UK. Based in the company's newly established London office, Hale will also be responsible for business development in Europe across alternative investments.

    He joins from Royal Bank of Canada, where he was most recently head of business development for the RBCIS global fund platform. Hale has also held roles at Citi, .......

    Job Swaps 18 August 2015

  • BDC acquisition approved

    PennantPark Floating Rate Capital (PFLT) and MCG Capital stockholders have voted to approve the merger agreement between the two firms (SCI 30 April). The merger is now expected to close on or about 18 August, despite HC2's previous intervention with its own rival bid for MCG (SCI 6 May).

    PFLT's stockholders approved the issuance of PFLT common stock in connection .......

    Job Swaps 18 August 2015

  • Servicing rights retained

    Ocwen has retained the servicing rights for 12 RMBS, following a noteholder vote on whether it should be replaced (SCI passim). Wells Fargo, as trustee for the deals, submitted a notice of event of default in March - due to the downgrade of Ocwen's servicer ratings - and requested noteholders vote on whether the firm should be terminated as servicer.

    News Round-up 18 August 2015

  • Euro secondary drifts

    The European securitisation secondary market continues to drift through August.

    For the most part secondary spreads remain unchanged since last week and volumes are extremely light. There are occasional flurries of activity notably, as ever, in prime assets, but also in a few major CMBS names.

    There are no BWICs on the schedule for today so far, but summer inertia .......

    SCIWire 18 August 2015

  • Latest agency auction opens

    Freddie Mac is continuing its marketing of deeply delinquent NPLs from its mortgage investment portfolio by putting up for auction a further US$1.2bn in standard pool offerings. The Ocwen-serviced assets are being marketed as five geographically diversified pools and are the GSE's sixth NPL offering this year. 

    Bids from qualified bidders are due by 9 September, with the sale expected to settle in October. All .......

    News Round-up 17 August 2015

  • US CLOs on the up?

    While still quiet the US CLO secondary market appears to be on the up.

    Market sentiment looks to be improving on the back of some stronger trading levels in secondary and tighter pricing in primary over the past week. However, secondary volumes remain typically low for August and the BWIC calendar is currently sparse for the remainder of this week.

    SCIWire 17 August 2015

  • SCI Start the Week - 17 August

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

    Pipeline
    There were fewer additions to the pipeline last week than there had been the week before. The final count consisted of two ABS, an RMBS, a CMBS and two CLOs.

    The ABS were US$210.52m First Investors Auto Owner Trust 2015-2 and US$1.06bn Santander Drive Auto Receivables Trust 2015-4, while the RMBS was A$500m PUMA Series 2015-3. US$716.3m WFCM .......

    News 17 August 2015

  • Resolution protections suggested

    The EBA has issued an opinion which responds to the European Commission on how to define what arrangements should be protected in a partial property transfer of a bank in resolution. The opinion aims to ensure full protection of well-established sources of refinancing, such as secured debt - including securitisations - and means of risk mitigation.

    The Bank Recovery and Resolution Directive lists .......

    News Round-up 17 August 2015

  • ILS chief replaced

    Adam Szakmary has been appointed ceo and portfolio manager of Blue Capital Management. He replaces Bill Pollet, who has stepped down from his positions as ceo and president at the ILS investment manager.

    Szakmary was promoted from his role as portfolio manager for Blue Capital. Previously, he was both an underwriter of the US property treaty portfolio and vp of risk management .......

    Job Swaps 17 August 2015
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