Complete news archive

  • SFR vacancies trending up

    Vacancy rates are generally trending higher across single-family rental (SFR) securitisations, according to Morningstar Credit Ratings. The agency says that this was anticipated based on the higher number of lease expirations seen in recent months.

    For example, a slight increase in vacancy rates for five Invitation Homes transactions corresponds to higher levels of lease expirations in the summer months. In .......

    News Round-up 30 July 2015

  • Euro secondary slows again

    The European securitisation secondary market has slowed down again.

    "We had a relatively busy start to the week, but yesterday was a bit slower and today looks to be the same," says one trader. "It's typical for high summer except we're still in July!"

    The trader continues: "We're once again mainly seeing activity round prime assets - particularly autos and .......

    SCIWire 30 July 2015

  • RMBS exit?

    Mortgage portfolio sales driving European supply

    An estimated €99bn of assets remains earmarked for sale by European bad banks, dominated by NAMA, SAREB and UKAR. RMBS is providing an exit for many legacy mortgage portfolio acquisitions, but whole loan funding is expected to become increasingly common in the future.

    The main drivers of mortgage portfolio sale activity in Europe are banks deleveraging and increasing regulatory constraints, .......

    News Analysis 30 July 2015

  • US CLOs stay murky

    Despite this week's upswing in auction activity the US CLO secondary market is still not getting much in the way of price clarity.

    "This week looks to be the busiest since June, but we're not seeing forced sellers it's more about people trying to wrap things up ahead of month-end," says one trader. "However, yesterday saw quite a few DNTs .......

    SCIWire 29 July 2015

  • Commercial lending vet hired

    Jon Trauben has been hired by Hunt Mortgage Group as senior md. He will focus on expanding the company's capital markets activities and its overall commercial lending business.

    Trauben comes to Hunt from Barclays, where he was md, holding positions that included head of large loan origination and head of subordinate debt origination and distribution. Prior to Barclays, he was with Cantor Fitzgerald's .......

    Job Swaps 29 July 2015

  • CMBS duo recruited

    Butler Burgher Group (BBG) has made a number of hires in an attempt to enhance its advisory, financial reporting and appraisal review services. Among the new recruits are Andrew Babienco and Helen Peng, who join as directors.

    Having both arrived from Deutsche Bank, Babienco and Peng will provide appraisal review services for CMBS and other loan types on behalf of .......

    Job Swaps 29 July 2015

  • Real estate team boosted

    Brian Olasov has joined Carlton Fields Jorden Burt as executive director, financial services consulting. He will be a member of the firm's real estate and commercial finance practice group as a non-attorney professional.

    Olasov will work closely with the law firm's clients and attorneys to provide financial due diligence on mortgage loan portfolios, credit restructuring, valuation challenges, mortgage loan servicing .......

    Job Swaps 29 July 2015

  • OTC intermediary review released

    IOSCO has published a review of the implementation progress in regulation of derivative market intermediaries. The report sets out the findings on the progress that jurisdictions have made in adopting legislation, regulation and policies in relation to derivatives market intermediaries in the six reform areas addressed in IOSCO's 2012 report (SCI 6 June 2012).

    The DMI standards are for the regulation of .......

    News Round-up 29 July 2015

  • CLO 2.0 overlap highlighted

    European CLO issuance levels in 2015 have surpassed end-2Q14 levels, according to S&P. So far, 12 new European transactions have brought total issuance for 2015 to €8.62bn from 21 transactions, compared with €6.92bn of issuance from 16 transactions during the same period last year. Four new managers - Oak Hill Advisors, Partners Group, Tikehau Capital Europe and Black Diamond Capital Management .......

    News Round-up 29 July 2015

  • Euro CLOs stand still

    The European CLO secondary market remains very quiet.

    "Nothing is going on - it's been a long time since there's been any real activity," says one trader. "There's been a couple of deals in primary, but secondary is at a standstill."

    Spreads have come in slightly from where they were earlier in the month, however. "There's been little bit of .......

    SCIWire 29 July 2015

  • RMBS reviewed on Countrywide settlement

    Fitch has placed 48 US RMBS classes on rating watch positive in anticipation of potential future upgrades related to pending payouts from the US$8.5bn settlement between Countrywide and Bank of America (SCI passim). The agency's actions reflect the potential for increased credit enhancement resulting from payments of the pending settlement.

    Each trust's share of the US$8.5bn settlement is expected to .......

    News Round-up 29 July 2015

  • Solar tax partnership prepped

    SolarCity is in the market with its fourth residential distributed generation solar ABS. The US$123.5m SolarCity LMC Series IV Series 2015-1 is the firm's inaugural securitisation structured as a tax partnership.

    The transaction is secured by distributions to the managing members of the related financing funds - Blue Skies Solar I, Solar Integrated Fund I and II, and Visigoth Solar .......

    News Round-up 29 July 2015

  • Legacy LLF risks flagged

    A review by Fitch of large loan floating-rate (LLF) CMBS deals issued between 2005 and 2007 shows that sponsors' business plans require careful evaluation and that the risks of downside performance remain. The agency says that LLF deals, often backed by transitional assets, could be an important indicator as more than U$300bn of CRE loans will need to be refinanced from .......

    News Round-up 29 July 2015

  • CLO commodity defaults growing

    The number of defaults and impacted US CLOs increased in 2Q15, with 19 of 142 CLOs affected by defaults at the end of the quarter, according to Fitch. Five new defaults were reported in the agency's index, including two distressed debt restructuring events.

    One of the defaulted issuers, Sabine Oil & Gas, was held by eight CLOs. However, the exposure .......

    News Round-up 29 July 2015

  • Cyber-catastrophe linked securities mooted

    A new Z/Yen Group report explores how a public-private cyber-catastrophe reinsurance scheme could help secure information and communication technology (ICT) prosperity in the UK by creating cyber-catastrophe linked securities. Such a scheme would provide cover to a group of insurers above a catastrophic loss threshold; in effect, creating a pool funded by the insurance industry.

    Z/Yen Group says that in .......

    News Round-up 29 July 2015

  • Macro trader tapped

    Marinus Capital Advisors has hired Aaron Garvey as a senior macro trader. Garvey will focus particularly on structured products portfolios for the firm's investment team, reporting to Marinus cio and managing partner Najib Canaan.

    Garvey was formerly a senior portfolio manager and partner at MKP Capital Management. Following his time at MKP, he was a senior portfolio manager at Brevan .......

    Job Swaps 29 July 2015

  • Credit risk pro moves east

    Moody's Analytics has appointed David Hamilton as md, stress testing and credit risk analytics for the Asia Pacific region. Based in Singapore, Hamilton will be responsible for business development across the region, providing insight into solving the practical challenges of credit risk measurement and management.

    Prior to his new role, Hamilton worked as md for Moody's Analytics' capital markets research .......

    Job Swaps 29 July 2015

  • Synthetic sale agreed

    Raiffeisen Bank International (RBI) has agreed to sell part of a €705m loan portfolio composed predominately of seasoned CRE loans and select corporate loans to Mariner Investment Group. The International Infrastructure Finance Company Fund, managed by Mariner, has agreed to purchase notes corresponding to the junior credit risk in the RBI portfolio as part of the agreed synthetic risk transfer.

    RBI says .......

    News Round-up 29 July 2015

  • Error corrected for PF CDO

    S&P has taken a number of credit rating actions in relation to the Stichting PROFILE Securitisation I project finance CDO. The move follows the agency's review of the transaction's performance and the withdrawal of its recovery estimates for investment grade project finance loans for which it provides credit estimates.

    Specifically, S&P has: lowered to triple-C from triple-C plus its rating .......

    News Round-up 29 July 2015

  • Euro ABS/MBS mixed

    The European ABS/MBS secondary market continues to see a mixed tone and levels of trading activity.

    Yesterday saw a continuation of the patchy activity seen of late with Dutch prime seeing some signs of softness for once. Peripherals continue to garner increasing interest and consequently spreads closed flat to very slightly tighter. However, liquidity remains extremely thin across the board .......

    SCIWire 29 July 2015

  • US CLOs seek clarity

    As the US CLO BWIC calendar continues to build strongly this week, market participants are hoping for clarity on pricing levels.

    "It's looking like the most active week in several," says one trader. "That's partially thanks to month-end, but it is also due to sellers sensing that a bid has developed in mezz, which is teasing out higher numbers of .......

    SCIWire 28 July 2015
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