Complete news archive

  • 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

  • US CLOs stay slow

    The US CLO secondary market remains quiet despite a few BWICs appearing on this week's schedule.

    "Things are pretty slow," says one trader. "It's not all negative - there are no forced sellers and things have improved in terms of market tone, it's just there's not a lot of secondary activity."

    The lack of activity is a result of a .......

    SCIWire 21 July 2015

  • Collateral supply leads CLO concerns

    Reduced collateral supply is considered a bigger risk to US CLO issuance than risk retention requirements, according to a recent survey by Citi. In comparison, sticky CLO spreads and reduced arbitrage worry European CLO players most.

    Risk retention still ranks as the second biggest risk in both US and European markets, followed by reduced arbitrage in the US and reduced .......

    News Round-up 21 July 2015

  • Crossover tranchelet trades touted

    Investors are increasingly looking to trade slices of the 0%-10% equity tranche of the on-the-run iTraxx Crossover S22 portfolio. With the opportunity to express views either through a 0%-5% tranchelet or 5%-10% tranchelet, Bank of America Merrill Lynch credit derivative analysts recommend going short 0%-5% and long 5%-10%.

    High dispersion on the wide end of the tail and low dispersion .......

    News 21 July 2015

  • EXOR offer increased again

    EXOR is offering PartnerRe common shareholders a pre-closing dividend of US$3 per share in addition to its confirmed US$137.5 per share all-cash offer in relation to a potential deal to purchase PartnerRe. The offer is in response to AXIS' enhancements to its rival offer for the firm (SCI 20 July) and brings EXOR's total consideration to US$140.5 per share.

    EXOR says it has added the US$3 .......

    Job Swaps 21 July 2015

  • Derivatives targets set out

    ISDA says that although significant progress has been made in implementing derivative market reforms - five years on from the signing into law of the Dodd-Frank Act - a number of outstanding issues remain unresolved. As a result, the organisation has put forward a number of targeted amendments that could help tackle the outstanding challenges.

    Most of the requirements contained within derivatives-related .......

    News Round-up 21 July 2015

  • SLABS rating corrections made

    Moody's recently placed on review for downgrade one US FFELP student loan ABS tranche and corrected erroneous review actions on three other tranches, affecting in total approximately US$1.1bn of securities. The agency's amendments reflect the correction of an error in assessing the risk that the tranches will not fully pay-down by their respective final maturity dates.

    Moody's says that it used .......

    News Round-up 21 July 2015

  • CPUK note exchange due

    A tender offer for CPUK Finance class B notes has been launched in connection with the acquisition of the Center Parcs group by an affiliate of Brookfield Asset Management. The move is considered a change of control under the class B note issuer/borrower loan agreement and, following the acquisition, the borrowing group is required to offer to repurchase the class .......

    News Round-up 21 July 2015

  • Hertz acceleration avoided

    Hertz has filed its 2014 10-K, including restated financials for 2012-2013 and some restated financial information for 2011. In addition, the company filed its 1Q15 financials and is now up-to-date on all filings with the US SEC.

    The filings cure Hertz's filing deficiency notice from the NYSE and bring the company back into compliance with NYSE listing requirements (SCI 7 .......

    News Round-up 21 July 2015

  • REIT ceo replaced

    Kevin Keyes has been appointed ceo of Annaly Capital Management, while retaining the title of president. Annaly co-founder, chairman and current ceo Wellington Denahan will remain chairman of the board and will also serve as executive chairman, focusing on strategic and capital allocation decisions. Keyes will officially replace Denahan in September.

    .......

    Job Swaps 21 July 2015

  • Madden ruling fuels ABS doubt

    A recent federal appeals court decision in Madden v. Midland Funding could have negative implications for ABS backed by bank-originated marketplace lending loans, reports Moody's. If interpreted broadly, interest rates on some loans backing marketplace lending transactions could be reduced, or the loans themselves made void.

    The US Court of Appeals for the Second Circuit ruled in the case in .......

    News Round-up 21 July 2015

  • CMBS delinquencies dip

    The European CMBS 12-month-rolling loan maturity default rate increased slightly to 25% from 24.6%, according to S&P. However, the delinquency rate for continental European senior loans decreased to 63.1% from 64%, with the rate for UK loans decreasing to 20.6% from 21.4%.

    Overall, the senior loan delinquency rate decreased to 49.8% from 50.5%. The total number of delinquent loans decreased .......

    News Round-up 21 July 2015

  • Refinancing relief confirmed

    The US SEC last week issued a no-action letter clarifying that CLOs originally issued before December 2014 can be refinanced and remain exempt from risk retention requirements. The letter is in response to a request for no-action relief in connection with a proposed refinancing of one or more classes of pre-existing CLO securities submitted by Cleary Gottlieb on behalf of .......

    News Round-up 21 July 2015

  • Euro ABS/MBS coming back to life

    The European ABS/MBS secondary market is slowly coming back to life.

    Yesterday saw a continuation of the recent increasingly positive sentiment across most European ABS/MBS deal types and jurisdictions. Consequently secondary spreads remained robust aside from UK non-conforming RMBS, which is still experiencing some softness thanks to primary activity. At the same time, buying interest continues to increase from recent .......

    SCIWire 21 July 2015

  • Second batch of NPLs offered

    Fannie Mae is marketing the sale of its second round of NPLs, which includes two large pools of approximately 3,900 loans totalling US$777m in UPB. The GSE is also offering a smaller community impact pool to encourage participation by non-profits, and minority- and women-owned businesses.

    The community pool is focused in the Tampa, Florida-area and totals US$11m in UPB. The sale of the NPLs is being .......

    News Round-up 20 July 2015

  • Axis amends PartnerRe terms

    AXIS Capital and PartnerRe have agreed to enhanced merger terms, providing common shareholders with an increased special dividend of US$17.5 per common share prior to the closing of their potential amalgamation agreement. The response follows EXOR's own recent enhancements to its rival bid for PartnerRe (SCI 8 July).

    PartnerRe and AXIS have also agreed to match the terms contemplated by EXOR's .......

    Job Swaps 20 July 2015

  • Record MBS settlement reached

    JPMorgan has agreed to pay US$388m to settle a suit of investors represented by Robbins Geller Rudman & Dowd, who accused the bank of misleading them when it sold nine 2007 RMBS offerings worth a total of US$10bn. The settlement represents, on a percentage basis, the largest recovery ever achieved in an MBS purchaser class action and is more than 2.5 times greater than .......

    Job Swaps 20 July 2015

  • Survey suggests bearish stance

    The results of JPMorgan's latest international ABS survey - which gauges both investor and issuer attitudes towards the European and Australian securitisation markets - suggests an overall marginally bearish stance from respondents. The most significant change between the previous 1H15 and the latest 2H15 surveys appears to be the large proportion of respondents who believe that conditions are merely neutral .......

    News Round-up 20 July 2015

  • Dock Street continues CDO grab

    Cambridge Place Investment Management is set to be replaced as collateral manager for the Camber 3 ABS CDO, after CPIM revealed its intention to retire from the role. Subject to the satisfaction of conditions set out in the collateral management agreement, Dock Street Capital Management will be appointed as its replacement, with details expected to be finalised in August.

    For other recent CDO manager transfers, see .......

    Job Swaps 20 July 2015

  • Energy pro brought in

    Khalil Qasimi has joined Empower Energies as senior director, structured finance. Working with Empower cfo John Clapp, Qasimi manages the company's corporate capital initiatives, as well as mergers and acquisitions. He will also take a lead role in the development and deployment of Empower's integrated finance facilities.

    Qasimi most recently served as principal in corporate development at Exelon, where he .......

    Job Swaps 20 July 2015

  • Housing scheme chief revealed

    Venn Partners has hired Roger Bright as chairman of its subsidiary Private Rented Sector Operations. This follows Venn's recent appointment as delivery partner to the UK government's PRS housing guarantee scheme (PRSGS).

    Bright was most recently ceo and board member of The Crown Estate. Prior to this, he was head of the investment business department at the UK FSA, following a .......

    Job Swaps 20 July 2015
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