Complete news archive

  • 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

  • Post-crisis RMBS affirmed, upgraded

    Fitch has taken various rating actions on 791 classes from 47 US prime jumbo RMBS that were issued after 2010. The agency affirmed the ratings for 93% of the classes reviewed and upgraded the ratings for 7%.

    The rating actions reflect the high credit quality and the superior performance of the collateral. The transactions reviewed have an average FICO score .......

    News Round-up 3 July 2015

  • Blade sale affirmed

    The proposed sale of one aircraft engine from the Blade Engine Securitization transaction is unlikely to impact the ratings on the ABS, says Fitch. The issuer intends to sell a CF6-80C2A5 out of the trust to a third party.

    The proposed sale price of the engine is below the note target price, as defined by the transaction documents. But Fitch .......

    News Round-up 3 July 2015

  • RFC issued on Polish RMBS

    Moody's is seeking feedback on the methodology it is proposing for analysing the credit risk of Polish RMBS. The agency plans to use the proposed approach in conjunction with its existing methodologies to rate RMBS and covered bonds in Poland.

    To derive the calibration of the country-specific values and assumptions for Poland, Moody's benchmarked the Polish residential real estate market .......

    News Round-up 3 July 2015

  • Canadian ABCP impact highlighted

    The Canadian government last month proposed regulations restricting the use of insured mortgages as collateral in non-CMHC-sponsored securitisation vehicles and requiring mortgages that are portfolio-insured after the effective date to be funded through CMHC securitisation programmes. The stated rationale of reducing taxpayer exposure, increasing market discipline and restoring portfolio insurance to its original purpose is consistent with previous measures taken .......

    News Round-up 3 July 2015

  • Greek sovereign ceiling lowered

    Fitch has downgraded 18 tranches across seven Greek RMBS, one ABS tranche and four covered bond programmes issued by Alpha Bank, National Bank of Greece and Piraeus Bank. The move follows the downgrade of Greece's IDR to double-C and the revision of the country ceiling to triple-C, as well as the downgrade of Greek banks.

    The RMBS tranches have been .......

    News Round-up 3 July 2015

  • Risk chief recruited

    Mariner Investment Group has appointed Dmitry Green as chief risk officer, responsible for monitoring investment risk across all of the firm's businesses. Previously md and cro at Saba Capital, he will be a member of Mariner's investment and risk committees, reporting directly into the firm's operating committee.

    Prior to Saba, Green was head of risk management at BlueMountain Capital. Before .......

    Job Swaps 3 July 2015

  • Spanish structured covered bonds eyed

    Changes introduced by the new Spanish Law 5/2015 will provide increased flexibility in creating securitisations and should foster the issuance of transactions beyond RMBS, which has been the predominant transaction type in the Spanish market, according to Scope Ratings. In particular, the possibility of issuing structured covered bonds may become a widely used tool that results in significant competition for .......

    News Round-up 3 July 2015

  • Euro secondary holds up

    European securitisation secondary market spreads are holding up as the wait for the Greek referendum continues to keep most participants sidelined.

    Flows remained light yesterday and are expected to stay the same today especially given the US public holiday. Prime assets again saw the most activity though it was still very patchy and market sentiment has slightly improved in peripherals .......

    SCIWire 3 July 2015

  • Securities purchase agreement inked

    CV Holdings has entered into a securities purchase agreement and an investor rights agreement with an affiliate of Tricadia Capital Management, in connection with the sale in a private placement of shares of the firm's newly created non-convertible senior preferred stock and shares of common stock to grow its non-performing loan business and develop other business lines, as agreed with .......

    Job Swaps 2 July 2015

  • US RMBS quiet for now

    The US non-agency RMBS secondary market has had a quiet start to July, but that could change as the month moves on.

    "It's been a very low volume week - we've seen around $50m per day in for the bid over the last couple of days and today's BWIC calendar is negligible," says one trader. "There aren't a lot of .......

    SCIWire 2 July 2015

  • Post-trade unit bolstered

    ICAP has appointed Jenny Knott as ceo, post-trade risk and information services. She joins the firm from Standard Bank Group, where she was ceo of Standard Bank and CIB International, most recently serving as strategic advisor to the Group ceos. Prior to this, she worked at Nomura for nine years and at UBS for five years.

    Based in London, Knott .......

    Job Swaps 2 July 2015

  • Dock Street set to take on CDO

    Dock Street Capital Management has been put forward as successor collateral manager for Crystal Cove CDO, following the controlling class noteholder's removal of Vertical Capital without cause (SCI 25 June). Pursuant to the management agreement, the removal of the collateral manager will only be effective if preference shareholders don't object to the proposed replacement. The trustee should be notified of .......

    Job Swaps 2 July 2015

  • Auto ABS gains in LatAm

    Brazil and Mexico have become the two largest markets in Latin America for the automotive industry over the past 15 years. Demand for automobiles and their financing products is rooted in the growing stability of the countries' middle class population, S&P suggests.

    "The securitisation of auto finance assets in Mexico and Brazil seems to have been related to the total .......

    News Round-up 2 July 2015

  • Portuguese housing on the up?

    Fitch reports that recent sales of properties from the possession of lenders point to greater liquidity and transparency in the Portuguese housing market, as the economy continues to recover.

    The distressed sale discount to the indexed original valuation - the quick-sale adjustment (QSA) - has been on a declining trend, according to the agency. In 2014 the average QSA fell .......

    News Round-up 2 July 2015

  • Rater moves to sell-side

    Brad Sohl has joined Bank of America Merrill Lynch's ABS banking team as vp. He was previously a senior director in Fitch's ABS group, having joined the agency in 2004.

    .......

    Job Swaps 2 July 2015

  • Structured credit vet recruited

    Natixis has named Matthew Zola as head of fixed income Americas. Zola assumes the role previously held by Kevin Alexander, who has been appointed head of global markets Americas. He reports locally to Alexander and globally to Alain Gallois, global head of fixed income.

    Zola joins Natixis CIB Americas from UBS, where he had been head - FICC Americas and .......

    Job Swaps 2 July 2015

  • CVA consultation underway

    The Basel Committee has issued a consultative paper on its Review of the Credit Valuation Adjustment Risk Framework. In undertaking this review, the Committee says its objectives are to: ensure that all important drivers of credit valuation adjustment risk and CVA hedges are covered in the Basel regulatory capital standard; align the capital standard with the fair value measurement of .......

    News Round-up 2 July 2015

  • Manager charged with fraud

    The US SEC has charged AlphaBridge Capital Management and its two owners with fraudulently inflating the prices of RMBS in hedge fund portfolios they managed. A Commission investigation found that the firm told investors and its auditor that it obtained independent price quotes from broker-dealers for certain unlisted thinly-traded bonds, but instead gave internally-derived valuations to broker-dealer representatives to pass .......

    Job Swaps 2 July 2015

  • CLO partners tapped

    Scott Faga and Eugene Ferrer have joined Paul Hastings as partners from Ashurst, where they were respectively global co-head of the securities and derivatives group and managing partner for the US offices. The pair's practice focuses on securitisation and structured finance, with a particular emphasis on CLOs.

    Faga is based in Washington, DC, and Ferrer is based in New York. .......

    Job Swaps 2 July 2015

  • Euro secondary seeks clarity

    The European securitisation secondary markets continue to suffer poor liquidity and lack of supply as participants await further news on Greece.

    "It's still very quiet with everyone sitting on the sidelines," says one trader. "We got through quarter-end OK and had hoped things would then pick up but it looks like no one is willing to do anything until we .......

    SCIWire 2 July 2015
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