Complete news archive

  • New players spurring UK RMBS

    Moody's says that new players in the UK's prime mortgage market and pre-crisis legacy assets hold the keys to deal issuance for the next 12 months. In the 18 months from January 2014 to June 2015, such pools accounted for almost half of all newly issued UK RMBS at 15 out of 33 deals, which is £8.2bn out of total .......

    News Round-up 9 July 2015

  • Distressed credit partnership formed

    Stone Point Capital has partnered with former Bank of America Merrill Lynch global credit head Graham Goldsmith to form Cross Ocean Partners. The new venture is an asset management platform that will focus on stressed and distressed credit investment opportunities in a broad range of asset classes, including structured credit, CRE, liquidations and corporate loans.

    Goldsmith will serve as the company's ceo and .......

    News Round-up 9 July 2015

  • Law firm brings in trio

    Morgan Lewis has beefed up its global structured transactions team by hiring Matthew Duncan, Julian Goodman and Paul Matthews as partners to the firm. The hirings are part of the law firm's attempt to expand its structured finance offerings to clients in the US, Europe and Asia.

    Duncan will work with Morgan Lewis clients on a variety of banking, capital markets and .......

    Job Swaps 9 July 2015

  • Greek RMBS prisoner to politics

    As well as the obvious implications of any exit from the euro, Greek RMBS could also be affected by another political decision: a fresh moratorium on home repossessions. Both political paths could be pursued, with negative RMBS consequences, say JPMorgan analysts.

    The Greek RMBS universe is around €2.2bn. There are three large shelves of €600m-€800m outstanding (Estia, Grifonas and Themelion) .......

    News 9 July 2015

  • ABSPP principles published

    The ECB has released a set of seven guiding principles with regard to purchases made under its ABS purchase programme. Rather than serving as eligibility criteria, the guidelines are provided for intensive due diligence on proposed transactions prior to purchase, with a view to safeguarding the Eurosystem's balance sheet.

    Among the guidelines, the ECB proposes that the collateral should be a .......

    News Round-up 8 July 2015

  • CLO risk retention readiness weighed

    Moody's believes that most post-crisis manager entrants into the US CLO market will be able to meet the US risk retention requirements which become effective in December 2016. This is due to many of those managers already having access to the capital necessary to retain a portion of their own deals.

    The agency notes that some post-crisis CLO managers are public companies with large, diverse .......

    News Round-up 8 July 2015

  • Taurus safeguard proceedings open

    An event of default (EOD) has led Moody's to downgrade the ratings of two classes in Taurus CMBS (Pan-Europe) 2007-1. The EOD resulted after a non-payment of interest in May on the most senior class of notes, as well as an increase in Moody's loss expectation driven by the underperformance of the pool's largest loan, Fishman JEC.

    However, due to .......

    News Round-up 8 July 2015

  • Non-cleared derivatives hub unveiled

    ICAP, the DTCC, Euroclear and thirteen global banks have teamed up with AcadiaSoft to solve one of the largest problems involving margin flows. AcadiaSoft will link its MarginSphere messaging service for OTC derivatives with ICAP TriOptima's triResolve trade reconciliation service and the Margin Transit Utility to be operated by the DTCC-Eurorclear GlobalCollateral joint venture.

    The collaboration creates an open, seamless, .......

    News Round-up 8 July 2015

  • House sales boost Dutch RMBS

    A recovery in house sales in the Netherlands will increase the proceeds that originators recover in cases of foreclosure, says Moody's. This should reinforce the stable performance of the Dutch RMBS market, with the agency forecasting a maximum house price increase of up to 5% in 2015.

    Available data shows that a 16% rise in house sales in the first five .......

    News Round-up 8 July 2015

  • EXOR sweetens offer

    EXOR held an investor meeting yesterday for PartnerRe shareholders, in which chairman and ceo of EXOR John Elkman presented further enhancements to its binding offer for the firm (SCI passim). The initial EXOR offer for PartnerRe proposed a US$137.5 per share fully financed all-cash offer, and was backed by the balance sheet of its listed parent - a public company with a .......

    Job Swaps 8 July 2015

  • Puerto Rico pushes MBIA wide

    CDS spreads on MBIA moved 19% wider last week as the risk around Puerto Rico's municipal bonds rose, according to Fitch Solutions. Although Puerto Rico and the institutions that have exposure to it have faced bouts of souring sentiment in the past, Fitch says that statements made by the Puerto Rico's governor last week likely contributed to the heightened risk.

    Meanwhile, .......

    News Round-up 8 July 2015

  • CLO vet moves west

    Laila Kollmorgen has joined PineBridge Investments, where she is md within its leverage finance group. She is responsible for managing the investments in CLOs issued by third-party managers, and is based at the firm's Los Angeles office.

    Prior to PineBridge, Kollmorgen was most recently head of European structured products trading for Raymond James Financial in London. She has also had senior roles at .......

    Job Swaps 7 July 2015

  • End-user CDS trading grounded

    Daily end-user trading volume for single-name CDS from July 2010 to end-June 2015 has been very low, according to a report by Kamakura Corporation. Only two reference names, the Federative Republic of Brazil and Republic of Italy, averaged 20 or more non-dealer trades per day in this time period.

    Of the 1,256 reference names for which CDS trades were reported by .......

    News Round-up 7 July 2015

  • EXOR makes PartnerRe plea

    EXOR has sent an open letter to all PartnerRe employees who are shareholders, urging them to vote the gold proxy card against the AXIS amalgamation agreement. The move is the latest in a number of attempts by EXOR to convince shareholders to accept its rival bid for PartnerRe (SCI passim).

    The letter reiterates EXOR's objectives in its bid, insisting that PartnerRe will .......

    Job Swaps 7 July 2015

  • Tobacco upgrades, downgrades made

    Moody's has upgraded 14 tranches in eight tobacco settlement revenue securitisations and downgraded 12 tranches in five transactions. The bonds are backed by payments of major tobacco companies to the issuer states pursuant to the 1998 Master Settlement Agreement between certain domestic tobacco manufacturers, 46 states and certain US territories.

    Moody's says that the upgraded tranches are either fully supported .......

    News Round-up 7 July 2015

  • CLO non-call periods shortening

    Moody's says that some US CLOs are shortening their non-call periods and adding make-whole provisions to give themselves an opportunity to refinance ahead of the approaching effective date of the Dodd Frank Act's risk retention rules. The agency believes that shorter non-call periods are generally credit positive to noteholders.

    Moody's has found non-call periods as short as one and a half .......

    News Round-up 7 July 2015

  • Chinese auto delinquencies edge up

    Delinquency rates for Chinese auto loan ABS increased in 1Q15 from the previous quarter, Moody's reports. The agency says the increase is due to the gradual economic slowdown in China and the rapid decline in the outstanding portfolio balance in the asset class, but delinquency levels still remain low.

    The 30-day plus delinquency rate of Chinese auto loan ABS issued .......

    News Round-up 7 July 2015

  • Sterne Agee loses two

    Michael Krull has joined Seer Capital Management as md and portfolio manager. He arrives from Sterne Agee, where he focused on CMBS trading as md. Krull has also held previous senior positions at StormHarbour, Hypo Real Estate Bank and GE Real Estate.

    David Jacob has also left his position as md at Sterne Agee, moving to Prudential Financial as a pricing and structuring team .......

    Job Swaps 7 July 2015

  • Italian insolvency reforms 'positive'

    Scope says that recent announcements to reform Italian bankruptcy procedures and fiscal treatment of loan losses could help banks' asset quality and spur new securitisation transactions in the country. The Italian government announced a decree law on 23 June containing measures aimed at facilitating the supply of credit to the real economy, via a smoother management of bad credits.

    The .......

    News Round-up 6 July 2015

  • RBS settlement losses expected

    RBS could face potential settlement fees totalling US$13bn (£8.3bn) relating to alleged violations linked to the sale of US$32bn of MBS to Fannie Mae and Freddie Mac, according to Fitch. The figure is outlined in court filings made on behalf of the US FHFA.

    Fitch says this latest round of conduct and litigation fines that may be imposed on RBS is already reflected in the bank's standalone viability .......

    News Round-up 6 July 2015

  • SCI Start the Week - 6 July

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

    Pricings
    While there were no additions to the pipeline last week, new issuance was dominated by CLOs, with seven deals pricing. Three ABS, an ILS and a CMBS also printed.

    The CLOs comprised US$512.5m Benefit Street Partners CLO VII, US$589.58m Carlyle Global Market Strategies CLO 2015-3, US$358.3m Hildene CLO IV, US$384.65m Ivy Hill Middle Market Credit Fund .......

    News 6 July 2015
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