Complete news archive

  • Freddie launches SB certificates

    Freddie Mac has expanded its credit risk transfer programme with the introduction of SB certificates, a new form of multifamily MBS which are backed by small balance loans underwritten by Freddie Mac and issued by a third-party trust. Approximately US$108m is expected to be guaranteed in the first series (SB1), which are anticipated to price this week and settle on or about .......

    News Round-up 4 August 2015

  • Class action MBS deal approved

    A federal court has approved a US$235m settlement over a class action lawsuit brought forward by New Jersey Carpenters Health Fund on behalf of investors in MBS that were issued by Residential Accredit Loans (RALI) in 2006 and 2007. Judge Katherine Faila of the US District Court for the Southern District of New York gave final approval to the agreed settlement made with .......

    Job Swaps 4 August 2015

  • Law firm boosts SF expertise

    Rupert Wall has joined Sidley Austin as a partner in its global finance practice. His focus is on structuring and restructuring deals across the securitisation spectrum. He advises arrangers, originators and investors on all aspects of structured finance and derivatives, while also advising counterparties with capital markets issuances, leveraged finance transactions and portfolio sales.

    Wall arrives from Weil Gotshal and .......

    Job Swaps 4 August 2015

  • Ruling requires servicer replacement rethink

    A recent UK legal ruling contradicts what had appeared to be an established precedent for European CMBS special servicer replacements. The ruling for DECO 15 - Pan Europe 6 will now add to the considerations that trustees, issuers and special servicers must make when a special servicer is being replaced.

    Last year's landmark judgement in US Bank v Titan Europe .......

    News 4 August 2015

  • RMBS loss criteria enhanced

    Fitch has updated its criteria for estimating losses on US mortgage pools for RMBS transactions. The criteria now includes a treatment for loans with mortgage insurance in risk-sharing transactions issued by GSEs.

    The core principle of Fitch's loan loss framework remains the interaction between borrower equity and market value declines in determining expected loss for each loan. In addition, the .......

    News Round-up 4 August 2015

  • Enhanced CAS data scrutinised

    Fannie Mae has begun providing an enhanced monthly single-family loan performance dataset, offering greater transparency to the market before it moves to an actual loss framework for the Connecticut Avenue Securities risk-sharing RMBS as early as 4Q15. The enhanced dataset includes credit performance information up to and including property disposition.

    "We are providing access to this data now in order .......

    News 4 August 2015

  • CMBS delinquencies resume drop

    The Trepp US CMBS delinquency rate resumed its descent in July after a brief time-out in June, inching down 3bp to stand at 5.42%. Over the last 27 months, the delinquency rate has fallen 23 times and is currently 62bp lower than the year-ago level and 33bp lower year-to-date.

    In July, US$1.4bn in loans became newly delinquent, which put 27bp of upward pressure .......

    News Round-up 4 August 2015

  • Geographic distress highlighted

    New research from 1st Service Solutions indicates that while much of the recovery in the US commercial real estate market is real, the CMBS maturity market remains on "shaky ground". From a geographic perspective, the Las Vegas, Phoenix and Chicago markets in particular are showing signs of severe distress for CMBS borrowers.

    GlobeSt.com figures illustrate this distress, in connection with .......

    News Round-up 4 August 2015

  • BTL record issuance projected

    Moody's suggests that the restriction of mortgage interest relief for UK buy-to-let (BTL) landlords will curb lending in the sector for the short term, which currently makes up 15%-16% of mortgage lending. At the same time, 2015 is on track to become the best year for BTL mortgage deal issuance since the credit crunch.

    "The government's decision to restrict BTL .......

    News Round-up 4 August 2015

  • Gap closures compared

    Gap recently released a list of 20 stores slated to close on 26 July, as part of its plans to shutter 175 of its North America specialty stores over the next few years (SCI 17 June). A Morgan Stanley analysis identifies 16 loans totalling US$1.66bn of CMBS exposure across 15 deals to 12 of the stores on the list.

    Of .......

    News Round-up 4 August 2015

  • MBS trading vet hired

    Semper Capital Management has hired Zachary Cooper as deputy cio. In this role, he will be responsible for a number of Semper's mortgage-centric funds, which focus on MBS.

    Prior to joining Semper, Cooper was md at Treesdale. He has also traded MBS and ABS for a number of firms, including Deutsche Bank.

    He brings with him the Treesdale Rising Rates Strategy Fund .......

    Job Swaps 4 August 2015

  • EXOR wins PartnerRe battle

    EXOR has agreed to acquire PartnerRe at approximately US$6.9bn, ending a long-standing bidding war with AXIS Capital in pursuit of the firm (SCI passim). The agreement involves EXOR purchasing all PartnerRe outstanding common shares for US$137.5 per share in cash plus a US$3 per share special dividend, for a total consideration of US$140.5 per share.

    PartnerRe preferred shareholders will also .......

    Job Swaps 4 August 2015

  • Euro secondary flat

    The European securitisation secondary market continues to see low levels of activity with spreads for the most part staying flat.

    "It's pretty quiet and as we head further into summer while we'll be watching for macro events it's likely that the market will continue to move sideways," says one trader. "There are now a lot of continental clients away so .......

    SCIWire 4 August 2015

  • US CLOs tick over

    After a very quiet end to the week and month on Friday the US CLO secondary CLO market is ticking over once more.

    There are currently three US CLO BWICs scheduled for trade today - relatively busy for a Monday in August. However, the calendar looks a little sparse for the remainder of the week with only a further four .......

    SCIWire 3 August 2015

  • Card delinquencies at record low

    Prime US credit card ABS delinquencies fell to record-low levels in July for a second straight month, according to Fitch's latest index results for the sector. The positive trend comes on the back of jobless claims and personal bankruptcies falling to new lows.

    The US Department of Labor's initial jobless claims for the week of 18 July fell to 255,000, reaching .......

    News Round-up 3 August 2015

  • Fed plans bulk MBS streamline

    The New York Fed's open market trading desk will begin to streamline the administration of the agency MBS held in the System Open Market Account (SOMA) on 17 August by consolidating some of these securities through Fannie Mae and Freddie Mac's CUSIP aggregation. Aggregated CUSIPs are formed by consolidating existing agency MBS with similar characteristics into larger pass-through securities.

    Although .......

    News Round-up 3 August 2015

  • CMBS 1.0 expected losses fall

    Fitch says that US CMBS expected losses for peak vintages have fallen since its last report in February. In the six months since then, expected losses for 43 transactions fell, 17 rose and nine stayed about the same.

    Expected losses have fallen due to recently resolved specially serviced loans with losses near or below Fitch's expectations. In addition, the pace of new transfers .......

    News Round-up 3 August 2015

  • Alpha alternative

    Indus Valley Partners co-founder Bijesh Amin answers SCI's questions

    Q: How and when did Indus Valley Partners become involved in the securitisation market?
    A: I co-founded Indus Valley Partners in 2000 to provide a specialist solutions firm focused exclusively on the alternative asset management industry. We are now the largest firm specialising in this field.

    We currently have 380 professionals, working across four time-zones, covering the US, India and Europe, .......

    Provider Profile 3 August 2015

  • Insurance risk project set up

    Vanbridge holdings has made a capital investment in Atlas General Holdings as part of a new partnership between the firms. Vanbridge will hold a seat on the Atlas board of managers, but other terms of the transaction have not been disclosed.

    The partnership is part of an attempt by the firms to pursue a range of projects that involve origination .......

    Job Swaps 3 August 2015

  • Reinsurer taps into Asia

    TigerRisk Partners has established its first presence in Asia by opening an office in Hong Kong. Subsidiary TigerRisk China Partners will lead the effort, with a team that will be headed by Houqin Zhu. The team will also include Michael Fung and Raymond Chen.

    Before TigerRisk, Zhu was a reinsurance broker for Willis Re, where he led its China operation. .......

    Job Swaps 3 August 2015

  • SCI Start the Week - 3 August

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

    Pipeline
    The pace of deals joining the pipeline slowed last week. At the final count there were 11 additions.

    The five ABS were: US$1bn AmeriCredit Automobile Receivables Trust 2015-3; US$1bn CarMax Auto Owner Trust 2015-2; US$255m MVW Owner Trust 2015-1; US$100m NewStar Commercial Lease Funding 2015-1; and US$123.5m SolarCity LMC Series IV Series 2015-1.

    The five CMBS .......

    News 3 August 2015
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