Complete news archive

  • OTC messaging service launched

    AcadiaSoft has introduced MarginSphere Xpress, an email messaging service that allows clients to extend communications to counterparties who are currently not connected to its OTC derivatives service.  MarginSphere 2 clients can now automate their entire margin call process through the new messaging enhancements, which are expected to provide substantial cost savings. Xpress follows the recent launch of AcadiaSoft's updated MarginSphere 2 platform (SCI 3 June).

    .......

    News Round-up 7 August 2015

  • Rating correlations analysed

    S&P has published four reports illustrating how ratings on European ABS, CMBS, RMBS and structured credit transactions may change over time. The agency's analysis includes sensitivity of ratings to underlying analytical assumptions, as well as a discussion of how various market developments that move parameters built into the rating analysis may influence credit ratings.

    S&P notes that its European structured finance .......

    News Round-up 7 August 2015

  • RFC on CMBS rating enhancements

    Moody's is requesting comments on three proposed enhancements to its approach to rating multi-borrower large loan and single-asset/single-borrower (LL/SASB) CMBS transactions. One enhancement would help align Moody's collateral assessments with historical performance and would apply to LL/SASB transactions in North America, while another would refine the adjustments that the agency makes to these collateral assessments.

    For transactions in Latin America .......

    News Round-up 7 August 2015

  • HQLA impact gauged

    Global capital requirements have the potential to become impediments to providing financing via securitised products, S&P notes. Of particular focus among market participants recently are various regulators' evaluations of what actually constitute high-quality liquid assets (HQLA) in order to calculate the Basel 3 liquidity coverage ratio (LCR) and associated market value haircuts.

    "Many regulators seem to have interpreted what high-quality .......

    News Round-up 7 August 2015

  • MSA payments move up

    Fitch has completed its annual review of US tobacco ABS ratings accounting for the amount of Master Settlement Agreement (MSA) payment received by each trust in 2015. The aggregate MSA payment was 0.36% higher this year than the amount in 2014.

    Fitch is placing 66 tranches on rating watch negative due to the pending outcome of the tobacco criteria revision. .......

    News Round-up 7 August 2015

  • Mortgage insurance cat bond closed

    AIG's mortgage insurance business United Guaranty Corp (UGC) has completed a novel ILS that funds US$298.9m of indemnity reinsurance for a portfolio of mortgage insurance (MI) policies issued from 2009 through 1Q13. Dubbed Bellemeade Re series 2015-1, the Bermuda-domiciled special purpose insurer issued three classes of 10-year notes.

    The US$140.17m class M1 notes priced at one-month Libor plus 250bp, the .......

    News Round-up 7 August 2015

  • ABS lawyers promoted

    Katten Muchin Rosenman has named nineteen new partners, among them Christina Burgess and Don Macbean for structured finance and securitisation. Burgess' experience includes ABS and MBS, with an emphasis on prime and sub-prime automobile loan and lease, dealer floorplan receivable and equipment lease securitisations and warehouses. Macbean's practice encompasses structured energy and commodity-related transactions, market-value CLOs and structured derivatives transactions.

    .......

    Job Swaps 7 August 2015

  • Compliance partner named

    Dentons has appointed Joshua Jordon as a partner in its capital markets practice. He joins from American Mortgage Consultants (AMC), where he was svp, general counsel and compliance officer. In his new role, Jordon will focus on mortgage banking and consumer finance regulatory matters as part of Dentons' regulatory compliance group.

    At AMC, he regularly advised on complex mortgage banking .......

    Job Swaps 7 August 2015

  • Structured products pair recruited

    Schulte Roth & Zabel has hired Boris Ziser and Thomas Weinberger as partners in the firm's structured products and derivatives group. Both arrive from Stroock & Stroock & Lavan.

    Ziser, who will co-head the group, has expertise in public and private ABS, warehouse facilities, secured financings and commercial paper conduits. His practice encompasses a variety of asset classes, including life settlements, equipment leases, .......

    Job Swaps 7 August 2015

  • Mid-market originator tapped

    Brian Davis has joined Golub Capital as md to develop a network of non-sponsored deals in its middle market lending group. He will be responsible for originating and executing new investment opportunities from intermediaries, service providers and outbound calling efforts.

    Davis joins Golub from TPG, where he was founder, president and md of Sourcing Advisors, a business that sourced new .......

    Job Swaps 7 August 2015

  • Law firm continues SF push

    Bryan Cave has appointed Rachel Kelly as a partner in its financial services group. She arrives from Macfarlanes, where she had been head of structured finance and capital markets, having previously been a partner in Clifford Chance's structured debt group.

    Kelly specialises in structured finance and debt capital markets, particularly CLOs. She advises clients on a number of areas, including real estate finance, infrastructure and .......

    Job Swaps 7 August 2015

  • Private debt pro hired

    Intermediate Capital Group (ICG) has hired Adam Goodman as md to strengthen its US private debt investment team. He joins ICG from MetLife, where he was head of mezzanine investments and served as portfolio manager with responsibility for direct private debt, mezz and credit fund investments.

    Prior to MetLife, Goodman was principal at Allied Capital, where he sourced, structured and .......

    Job Swaps 7 August 2015

  • CRE momentum pushes on

    US CRE continued its positive momentum in 2Q15 due mainly to the strengthening US economy, according to Moody's. Though GDP growth will be constrained by the strong dollar, the agency notes that the economy is on solid ground and interest rate increases are likely to be slower than in previous monetary tightening cycles.

    Moody's base expected loss for conduit/fusion CMBS transactions .......

    News Round-up 7 August 2015

  • Euro secondary on the up

    Yesterday was another positive day in European secondary, though today looks to be quiet.

    Secondary activity improved again yesterday with higher levels of end-user involvement than in recent days. Nevertheless, volumes remain fairly light and patchy.

    In line with recent patterns prime assets led the way, but there were also pockets of activity in CLOs, CMBS, Italian ABS/MBS and UK .......

    SCIWire 7 August 2015

  • US RMBS stays respectable

    The US non-agency RMBS secondary market continues to see respectable volumes for the time of year.

    "It's been fairly quiet since month-end, which is only to be expected in August," says one trader. "We saw about $400m in for the bid on Tuesday and Wednesday, which is respectable but far from busy."

    One trend that has emerged this week is .......

    SCIWire 6 August 2015

  • PIMCO sent Wells Notice

    PIMCO has received a Wells Notice from the US SEC indicating that its staff have recommended that the regulator commence a civil action against the investment manager stemming from a non-public investigation relating to PIMCO's Total Return Active ETF. The matter principally pertains to the valuation of smaller sized positions in non-agency MBS purchased by the fund.

    The purchases that are being investigated .......

    Job Swaps 6 August 2015

  • Cairn majority stake sold

    Mediobanca has agreed to acquire RBS' 51% majority interest in Cairn Capital Group. The majority will be purchased from Cairn Capital's institutional shareholders, following which RBS will have no remaining interest.

    The acquisition is part of Mediobanca's strategy to continue developing its alternative asset management business through a number of strategic partnerships. As part of the transaction, Mediobanca will be providing .......

    Job Swaps 6 August 2015

  • Negative net issuance posted

    US CLO prepayments narrowly exceeded new issuance in July, resulting in the first negative net issuance month since January 2014. Deutsche Bank figures put new issue volumes at just under US$7bn and prepayments at just over US$7bn for the month.

    Part of the explanation for the unusually large payments in July is that many CLOs pay quarterly. But the prepayment .......

    News Round-up 6 August 2015

  • Emerging market CDS trading drops

    Emerging market CDS trading volumes stood at US$275bn in 2Q15, according to a survey by the Emerging Markets Trade Association. This represents a 29% decrease in volume compared to the US$389bn in reported transactions in 2Q14 and a 28% contraction from the US$383bn seen in 1Q15.

    Prior to the current quarter, reported volumes had remained somewhat steady, at approximately US$380bn per .......

    News Round-up 6 August 2015

  • Paying up for quality

    Sourcing seasoned US CMBS triple-B minus bonds remains challenging, but Deutsche Bank CRE debt research analysts suggest that 2014 vintage paper is worth a closer look, given its spread pick-up to the 2013 vintage and only modest pay-up versus the weaker 2015 deals. Indeed, trading activity in better quality 2014 deals seems to have picked up recently.

    The Deutsche Bank .......

    News 6 August 2015

  • Chimera internalises management

    Chimera Investment Corporation has entered into an agreement with Fixed Income Discount Advisory Company (FIDAC), a subsidiary of Annaly Capital Management, to internalise its management. In connection with the transaction, Chimera will purchase Annaly's 4.4% stake in the firm for a purchase price of US$126.4m or US$14.05 per share.

    Annaly and the independent members of the Chimera board agreed to .......

    Job Swaps 6 August 2015
×