Complete news archive

  • ILS team reinforced

    SCOR Investment Partners has recruited Sidney Rostan and Pierre Mouilhade as portfolio managers for its ILS team. Both will report to Vincent Prabis, who heads the ILS team.

    Rostan will focus on collateralised reinsurance and private transactions for SCOR. He joins after being head of Natixis' ILS business, where he worked on origination, structuring and placement of catastrophe bonds and .......

    Job Swaps 24 July 2015

  • US RMBS elevates

    The US non-agency RMBS secondary market is seeing elevated trading volumes this week.

    "Things have really swung back from the last couple of weeks and it's been very busy this week," says one trader. "We've seen elevated volumes with $1bn going through on Tuesday, $800m yesterday and over a $1bn today."

    The trader goes on to explain: "Many people are .......

    SCIWire 23 July 2015

  • ABS syndicate head appointed

    Lloyds Bank Commercial Banking has promoted Kristan Gochee to head of North America ABS syndicate. She will report to Wesley Fallan, director of US bond syndicate in the US, and Bob Patterson, md and head of ABS syndicate in the UK.

    Gochee joined Lloyds last year (SCI 11 April 2014) and will be replaced as credit trading svp by Thomas Oh, who will .......

    Job Swaps 23 July 2015

  • Blockchain adoption polled

    Global financial services firms are exploring ways to adopt the technology behind Bitcoin for use in institutional finance, according to a new report from Greenwich Associates. Settlement, counterparty and custodial risk reduction are identified as key drivers for adoption, while OTC derivatives, repo and loan markets are viewed as the asset classes most likely to benefit from distributed ledger technology .......

    News Round-up 23 July 2015

  • RWA consistency considered

    The EBA has published two reports covering the consistency of risk weighted assets (RWAs) across large EU institutions for large corporate, sovereign and institutions' IRB portfolios. The reports also cover the calculation of counterparty credit risk exposures under the internal model method and credit value adjustments according to the advanced approach (ACVA).

    The analysis in the reports explains how much of the .......

    News Round-up 23 July 2015

  • Final STC criteria published

    The Basel Committee and IOSCO have released their final criteria for identifying simple, transparent and comparable securitisations, following the proposals they set out last year (SCI 11 December). The organisations have amended certain aspects to the proposals that were considered overly prescriptive and have clarified other issues that raised doubts about interpretation or implementation.

    The two organisations note that criteria .......

    News Round-up 23 July 2015

  • A&P bankruptcy stirs CMBS

    Kroll Bond Rating Agency says it is monitoring the potential impact that Great Atlantic & Pacific Tea Company (A&P) store closures could have on CMBS that the agency has rated. A&P filed for chapter 11 protection on 19 July, just three years after emerging from a previous bankruptcy filing.

    The company operates 296 grocery stores under several brands, including A&P, Food .......

    News Round-up 23 July 2015

  • Credit enhancement upped for marketplace ABS

    Citi is in the market with a US$376.7m marketplace lending securitisation, dubbed Citi Held for Asset Issuance 2015-PM1 (CHAI 2015-PM1). Moody's has assigned a preliminary rating to the senior tranche that is three notches higher than that of the inaugural public marketplace lending deal - Consumer Credit Origination Loan Trust 2015-1 (CCOLT 2015-1) - from February.

    CHAI 2015-PM1 comprises three .......

    News Round-up 23 July 2015

  • CRE rating approach inserted

    Moody's has revised its approach to rating EMEA CMBS transactions. The  methodology has been extended to include the approach to rating CRE loans that are not part of a securitisation structure.

    Main considerations in Moody's analysis are the cashflow assessment based on the property quality, the in-place tenancy quality and lease terms, and property cost expectations. The agency's cashflow projection is the .......

    News Round-up 23 July 2015

  • European CLO team boosted

    Tikehau has hired Alison Goold as a portfolio manager for its European CLO business. She will be part of the firm's London-based team, headed by Debra Anderson.

    Goold arrives from BNP Paribas, where she was a director in the leveraged syndications team. Prior to that, she was head of corporate credit and a portfolio manager at AgFe.

    .......

    Job Swaps 23 July 2015

  • Capital markets vet hired

    Patrick Beranek has joined Mischler Financial Group's capital markets division as md, structured products. In this newly-created role, he will oversee structured products primary market activities and report to Robert Karr, Mischler's head of capital markets.

    Beranek moves from RBS, where he was head of asset-backed trading. He has also run asset-backed trading and syndicate for Mizuho and Bank of .......

    Job Swaps 23 July 2015

  • Sterling effort

    European CLOs testing creative palette

    European CLOs remain an attractive option for yield-hungry investors, but a shortage in quality collateral persists. As managers attempt to broaden the investor universe, a fresh phase of innovation has expanded the structural scope of new transactions.

    The current new issue European CLO pipeline seems to have been temporarily interrupted by the uncertainty surrounding Greece and the evolving situation in .......

    News Analysis 23 July 2015

  • Euro secondary improves again

    The European securitisation secondary market volume again saw a little improvement yesterday as spreads remain firm.

    Secondary trading activity continues to improve across the board with each session. Yesterday saw continuing investor interest in the prime segment and 1.0 CLOs. UK non-conforming had a better day than of late, but the primary market continues to weigh heavily on the sector, .......

    SCIWire 23 July 2015

  • Volatility may hit NPL ratings

    Volatile and uncertain cashflows may prevent Fitch from rating new Italian NPL securitisations for timely payment of interest on the notes in the absence of substantial cash reserves or liquidity lines. This could subsequently deter the agency from assigning such transactions high investment grade ratings.

    Based on comments from market participants, Fitch says that new deals may limit or minimise .......

    News Round-up 22 July 2015

  • US CMBS drifts

    US non-agency CMBS secondary market tone is improving but spreads and activity levels appear to be drifting.

    "The CMBS market has definitely improved from where it was a few weeks back," says one trader. "Overall tone is better thanks to the big headwinds of China and Greece abating for now."

    However, the secondary market still has no strong sense of .......

    SCIWire 22 July 2015

  • Italian ABS legal risks identified

    Fitch says that Italian ABS issuers are exposed to legal risks when the securitised pools contain loans that finance insurance policies in addition to the product purchased with the loan agreement. An example scenario could be a theft and fire protection contract combined with the purchase of a car.

    The agency explains that the insurance premiums are typically paid upfront by the .......

    News Round-up 22 July 2015

  • Business development pro poached

    Mt Logan RE has hired Chris Caponigro as head of business development. He joins from Platinum Underwriters, where he served as head of North American catastrophe lines, prior to its acquisition by Renaissance Re. Previous to this, Caponigro was involved in a number of roles at St Paul Re, covering property, specialty and structured underwriting.

    .......

    Job Swaps 22 July 2015

  • PartnerRe opens EXOR talks

    PartnerRe has responded to a revised proposal from EXOR offering a special dividend of US$3 per common share (SCI 21 July). The offer is the sixth revised proposal by EXOR in its attempt to outbid AXIS for the acquisition of PartnerRe (SCI passim).

    In response to the offer, the PartnerRe board has determined that the proposal would reasonably be likely .......

    Job Swaps 22 July 2015

  • Financial risks head tapped

    RKH Specialty, a subsidiary of Hyperion Insurance Group, has appointed Gert Schlossmacher as co-md of its financial risks division. Schlossmacher will join the firm in January 2016, reporting to Barnaby Rugge-Price, ceo of RKH.

    Schlossmacher will contribute to all key product lines, which includes political risks and structured credit. He joins from Euler Hermes, where he was most recently group head of global .......

    Job Swaps 22 July 2015

  • SFR substitution risks outlined

    Provisions that allow single-family rental operators to replace properties in securitised portfolios with those from unsecuritised portfolios add risks to SFR transactions, according to Moody's. Voluntary substitution provisions may lead to a reduction in the use of premium release and to the replacement of more valuable properties with less valuable ones.

    "The option to substitute properties in SFR transactions could .......

    News Round-up 22 July 2015

  • Euro secondary sees slow progress

    The European securitisation secondary market continues to see improvement, but progress is still slow.

    "Activity has picked up over the last few days," says one trader. "But we're definitely in summer mode now - it's not improving as quickly as we'd hoped."

    Nevertheless, the trader adds: "In Dutch and UK prime two way flows keep strengthening and spreads are grinding tighter. .......

    SCIWire 22 July 2015
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