Complete news archive

  • 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

  • CMBS maturities looming

    Approximately 35% of Fitch's performing US CMBS loan universe will mature through the end of 2017. Included is US$10.8bn that is scheduled to mature by end-2015, with US$52bn scheduled in 2016 and US$67bn scheduled in 2017.

    Through the end of July, approximately US$20bn of loans with scheduled maturities in 2015 have been repaid. Additionally, approximately US$1.3bn and US$6bn of loans .......

    News Round-up 17 August 2015

  • Review triggers examined

    A number of features in the representation and warranty (R&W) framework of Shellpoint's new RMBS deal, SCOT 2015-1, are stronger than other jumbo RMBS deals in finding and remedying loan defects. In its latest Credit Outlook publication, Moody's notes that the transaction has two new triggers for reviewing loans that can reveal breaches of R&Ws that may remain hidden in .......

    News Round-up 17 August 2015

  • SF head preps new firm

    Michael Millette is set to launch Hudson Structured Capital Management following his departure from Goldman Sachs. He will serve as managing partner for the new investment manager, as it looks to manage assets across multiple sectors, including reinsurance and transportation.

    Prior to his new venture, Millette was partner, md and global head of Goldman's structured finance group. He also served as co-chairman for the .......

    Job Swaps 17 August 2015

  • Dealer liquidity scrutinised

    PwC has compiled a report on the state of global market liquidity on behalf of the Global Financial Markets Association (GFMA) and the Institute for International Finance (IIF). The analysis highlights the important role of market-making and the roles played by different market participants that contribute to resilient market functioning, including the vital role of dealer market-makers as a source .......

    News Round-up 17 August 2015

  • ILS unit revamped

    Munich Re has established a new unit within its special and financial risks division. Launched in July, Munich Re Capital Partners has taken over the firm's risk trading, ILS and catastrophe bond activities. It is led by August Probst, who previously headed Munich Re's corporate insurance partner unit.

    Munich Re says the move is an attempt to cater for an ever-increasing demand for .......

    Job Swaps 14 August 2015

  • Real estate lender acquired

    Jones Lang LaSalle is set to acquire Oak Grove Capital. The purchase includes Oak Grove's full service platform, encompassing debt financing for multifamily and seniors housing real estate, as well as its CMBS, life and specialty finance companies.

    The acquisition will enable JLL to expand its housing and healthcare financing expertise, as well as complement its multifamily sales and equity services. The .......

    Job Swaps 14 August 2015

  • ESMA provides EMIR rethink

    ESMA has published four reports that focus on how the EMIR regulatory framework has been functioning. Three of the reports cover non-financial counterparties (NFCs), pro-cyclicality and the segregation and portability for central clearing counterparties (CCP), while the fourth responds to the European Commission's review of EMIR by providing input and recommendations.

    Among ESMA's proposals for amending EMIR is streamlining the process for determining .......

    News Round-up 14 August 2015

  • Aussie waterfalls scrutinised

    Moody's says that recent Australian RMBS transactions issued by Bendigo and Adelaide Bank and Members Equity Bank include a new principal payment waterfall feature that affords fewer protections to their senior class A1 triple-A rated notes. In contrast, the feature will provide more protections to the A2s.

    "In these transactions, the A1s and A2s rank pari-passu in relation to principal payment allocations .......

    News Round-up 14 August 2015

  • Structured credit pro tapped

    Lloyds has bolstered its financial institutions business with the appointment of Thomas Sandberg as associate director. He will join the bank's relationship solutions team, which is responsible for delivering bespoke solutions to financial institutions, as well as providing strategic advice around navigating regulatory and economic change.

    Sandberg joins from Bank of America Merrill Lynch, where he was vp of the Nordic .......

    Job Swaps 14 August 2015

  • Software firm buys rival

    Fidelity National Information Services (FIS) has agreed to acquire 100% of OTC services provider SunGard. FIS will purchase the firm through a combination of cash and stock at a value of US$9.1bn, including the assumption of SunGard debt, which FIS expects to refinance.

    The combined company will have over US$9.2bn in annual revenues. In addition, it will have more than .......

    Job Swaps 14 August 2015

  • GNMA hits record issuance

    Ginnie Mae guaranteed a record US$47.06bn of MBS last month, surpassing the previous record of US$46.1bn set in July 2009. The GSE has guaranteed more than US$346bn in MBS so far in 2015, up from US$242bn at this point of the year in 2014.

    "The scalability of our platform allows Ginnie Mae to support the shift from traditional depository institutions to new .......

    News Round-up 14 August 2015

  • Euro secondary stays calm

    The European securitisation secondary market continues to stay calm in terms of both activity and price volatility.

    Summer illiquidity along with broader market volatility, albeit reduced, kept most market participants on the sidelines again yesterday. Activity continued in pockets with autos and a handful of CLOs being the main signs of life, though spreads overall remained unmoved.

    Nevertheless, with wider .......

    SCIWire 14 August 2015

  • US RMBS oscillates

    The US non-agency RMBS secondary market has shifted around in line with broader market volatility this week.

    "Events around the yuan have seen us oscillate between risk-off and risk-on this week," says one trader. "Currency moves tend to push the market off the rails, as was the case with the Swiss franc earlier this year."

    Nevertheless, BWIC headline volume continues .......

    SCIWire 13 August 2015

  • US CLOs pick up

    Activity in the US CLO secondary market has picked up slightly over the past 24 hours.

    "Activity has ticked up a little," says one trader. "But it's still only at moderate levels for August."

    The trader continues: "We saw a bit more trading overall yesterday, but we're still range-bound. It doesn't seem like there's a lot of focus on CLO .......

    SCIWire 13 August 2015

  • Sirius sold off

    White Mountains Insurance Group has agreed to sell Sirius International Insurance to CM International, the investment arm of China Minsheng Investment. The amount of the purchase price will equal 127.3% of Sirius's closing date tangible common shareholder's equity, plus US$10m.

    Based on Sirius's tangible common shareholder's equity of nearly US$1.75bn at 31 December 2014, the price equates to over US$2.2bn. White Mountains .......

    Job Swaps 13 August 2015

  • US housing demand shifts

    A return of significant housing demand in US city centres is elevating into a countrywide demographic shift, according to Fitch. The shift in demand is occurring amid stabilising US home price growth.

    Since 2000, home prices have grown 50% faster in urban centres than in the broader MSA areas, with population growth trends beginning to favour city centres too. "This demand shift implies .......

    News Round-up 13 August 2015

  • Trade finance unit launched

    Vecron Lordstock Group has launched a new independent trade finance business. Vecron Exim is designed to provide companies with fast access to working capital for export, import and domestic trade by providing direct loans, including those aimed at structured trade finance.

    The firm will also will focus on providing loans related to pre-export/working capital finance, purchase order finance and factoring/accounts receivable .......

    Job Swaps 13 August 2015

  • 'Slotting' disparity highlighted

    CREFC Europe has submitted a response highlighting two primary concerns over the EBA's draft regulatory technical standards on assigning risk weights to specialised lending exposures. The association notes that the consultation is especially relevant to UK banks, which account for the majority of affected exposures in the EU, since the UK regulator required them to use 'slotting' for their real .......

    News Round-up 13 August 2015

  • CMBS pay-offs jump up

    Trepp says that the percentage of US CMBS loans paying off on their balloon date jumped impressively last month. The July reading is 74.5%, more than 14 points above the June rate, and well above the 12-month moving average of 65.9%.

    By loan count as opposed to balance, 72.9% of loans paid off in July. On this basis, the pay-off rate .......

    News Round-up 13 August 2015

  • US CLO credit weakening

    US CLO credit quality weakened slightly between the first and second quarters of 2015, according to Moody's latest 360-degree report on the sector. The most notable change was a rise in the number of companies rated B3 or lower with negative outlooks, which could suggest an increase in default rates.

    Although somewhat improved from last year, high-yield corporate credit standards .......

    News Round-up 13 August 2015
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