Complete news archive

  • 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

  • Redemption to avoid EOD

    Access Group says it intends to redeem the US$89.1m ACCSS 2004-2 A2 bond in full at its legal final maturity (25 January 2016) via a deposit of additional funds into the trust. Slow payment rates and insufficient cashflow would otherwise have resulted in a technical default on the tranche. The deal's offering memorandum allows defeasance of the notes at maturity, .......

    News Round-up 20 July 2015

  • UK SME fund prepped

    Beechbrook Capital is launching a new fund to support UK SME businesses turning over between £5m and £50m, with the target range spanning an estimated 40,000 businesses. The fund intends to raise between £100m and £200m with a first close planned for October, and will focus mainly on senior secured loans in non-private equity-backed UK companies.

    To lead the project, Beechbrook has hired Jon Herbert as md .......

    Job Swaps 20 July 2015

  • SCI Start the Week - 20 July

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

    Pipeline
    Pipeline activity continued to normalise last week. There were eight ABS, five RMBS and five CMBS additions.

    The ABS were: US$203.1m Access Funding 2015-1; US$170m Diamond Resorts Owner Trust 2015-1; US$460m Driven Brands Funding Series 2015-1; E-CARAT 8; US$650.1m Enterprise Fleet Financing Series 2015-2; US$810m Ford Credit Auto Owner Trust 2015-REV2; US$476.19m NextGear Floorplan Master Owner Trust .......

    News 20 July 2015

  • Euro secondary stays positive

    European securitisation secondary markets are remaining positive, although activity is still limited.

    Sentiment continues to improve across the board, but volumes remain light. Prime ABS/MBS and 1.0 CLO paper saw increased two-way flows on Friday, but peripherals, particularly Portuguese and Spanish names, are still lagging albeit in a tightening trend.

    The resurgent primary market is also having an impact - .......

    SCIWire 20 July 2015

  • RFC issued on SF approach

    Scope has issued a request for comment on proposed updates to its structured finance rating methodology, emphasising fundamental analysis of underlying assets in a European context and forward-looking views on economic cycles. The proposals also include no sovereign rating cap and a post-crisis counterparty risk approach.

    Scope generally uses a fundamental bottom-up analysis to capture the rating impact of different .......

    News Round-up 17 July 2015

  • FFELP repacks put forward

    The FFELP student loan ABS sector could yet fend off downgrades if refinancing solutions come forward, according to Citi consumer ABS analysts. Some novel ideas are already surfacing that expand the possible fixes beyond bondholder extensions or trust cash injections.

    Rating agencies Moody's and Fitch have collectively placed over 160 FFELP student loan ABS tranches on review for downgrade (SCI .......

    News 17 July 2015

  • Conduit leverage bumps up

    The credit quality of US conduit/fusion CMBS continues to deteriorate, according to Moody's. As measured by the agency's LTV ratio, conduit loan leverage in 2Q15 pushed past its 2007 peak, rising to 117.8% - above the pre-crisis high of 117.5%.

    In contrast, underwritten LTVs have remained substantially unchanged for the last six quarters at about 66%. Moody's says that underwritten .......

    News Round-up 17 July 2015

  • Real estate vet poached

    Rick White has rejoined Bryan Cave as a partner in the real estate capital markets team. His practice focuses on structured finance and servicing matters relating to CMBS and RMBS.

    White represents lenders, primary servicers, master servicers and special servicers in all aspects of mortgage-backed loan servicing. He also represents loan originators and issuers in securitisation matters, as well as hedge .......

    Job Swaps 17 July 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday was another solid day with spreads holding form to edging tighter across the board. Buying interest off- and on-BWIC continues to increase, while auction activity is also growing.

    Yesterday's lists saw mixed results with most line items going through at or around talk, but a handful of mezz autos failed to .......

    SCIWire 17 July 2015

  • Turnaround for US RMBS

    The US non-agency RMBS secondary market is seeing a turnaround from last week's low levels of activity.

    "After a very quiet week last week, we've turned full circle and the market is back to some kind of normality," says one trader. "With positive headlines around Greece and Puerto Rico combined with a clearer view on US interest rates paper is trading again."

    SCIWire 16 July 2015

  • Maples forms Dutch footprint

    Maples Fiduciary, a division of MaplesFS, has opened a full-service office in Amsterdam. MaplesFS svp Jan Hendrik Siemssen will lead the Netherlands office. His experience includes a number of roles within Dutch trust companies, where he had responsibility for covering various operations and divisions that covered structured finance, securities lending, risk management and corporate trust.

    .......

    Job Swaps 16 July 2015

  • European head appointed

    Willis Group has appointed Brian Shea as head of Europe for Willis Capital Markets & Advisory. He will officially join in August and report to WCMA co-ceos Rafal Walkiewicz and Michael Guo. The pair also only recently joined the firm in their current roles (SCI 16 April).

    Shea joins WCMA from SCOR, where he was chief corporate strategy officer, reporting .......

    Job Swaps 16 July 2015

  • Santander names new chair

    Blythe Masters has been appointed non-executive chairman of the board for Santander Consumer USA (SCUSA). Currently ceo of the recent crypto start-up Digital Asset Holdings (SCI 12 March), she succeeds Stephen Ferriss, who remains on the SCUSA board.

    Prior to leading Digital Asset Holdings, Masters held senior executive roles at JPMorgan, serving most recently as head of its global commodities business. .......

    Job Swaps 16 July 2015

  • FpML enhanced

    ISDA has published its recommendation for Financial products Markup Language (FpML) version 5.8. The enhancements to the standard introduce support for a variety of commercial loan processes, schema changes to improve the data quality of regulatory reporting and coverage of repos. In addition, the latest version includes coverage for the 2014 standardised credit support annex.

    "Multiple steps have been taken .......

    News Round-up 16 July 2015

  • Euro ABS/MBS continues to pick up

    The European ABS/MBS secondary market is continuing to pick up.

    "Tone continues to improve now we've finally got some stability and clarity in broader markets," says one trader. "However, while there is more activity we're not seeing lots of volume, though that could also be to do with the time of year and people heading off on vacation."

    Peripherals in .......

    SCIWire 16 July 2015

  • US CLOs stay quiet

    The US CLO secondary market remains quiet but market sentiment is improving.

    "Market tone feels much better than in recent weeks, though there are no trades to prove that yet," says one trader. "1.0 paper in particular is better bid and the bid-ask is coming in, but the market is still very quiet."

    The improving tone is being driven by .......

    SCIWire 15 July 2015

  • Special situations pro recruited

    400 Capital Management has hired Chris Schiavone as director, special situations investment management. He will be responsible for special situation credit origination and portfolio management at the firm.

    Previously, Schiavone was part of Perella Weinberg Partners' asset management business, where he was responsible for sourcing, structuring, executing and managing distressed investments in commercial and residential mortgage debt, among other related .......

    Job Swaps 15 July 2015

  • European loans team strengthened

    Intermediate Capital Group (ICG) has recruited Michael Curtis and Benjamin Edgar as portfolio managers and co-heads of its European loans business. They will join the firm's credit fund management team, which covers strategies that include senior secured credit and structured credit solutions.

    Curtis joins ICG from 3i Debt Management, where he was a portfolio manager across a number of CLO funds, separate .......

    Job Swaps 15 July 2015

  • Credit card charge-offs projected

    Revolving US credit card debt stood at US$901bn outstanding at the end of May, reports S&P. The agency has developed a regression equation to project future US securitised credit card charge-offs under a variety of economic scenarios and relative to a number of variables, such as the unemployment rate and revolving credit growth.

    "Our base-case projection, which calibrates the regression variables to .......

    News Round-up 15 July 2015

  • Further actual-loss deals expected

    Fitch expects more US GSE securitisations to be issued in 2H15. The agency says that Freddie Mac's first two actual-loss risk-sharing transactions are a sign that US RMBS investors are willing to buy more risk.

    As per Freddie Mac's first two STACR DNA transactions, losses are passed to investors based on actual recoveries at loan liquidation. All previous risk-sharing transactions from .......

    News Round-up 15 July 2015
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