Complete news archive

  • 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

  • GPA portfolio drives losses

    A total of 75 US CMBS loans worth US$950.26m were disposed of with a loss in June, according to Trepp. One B-note and eight other loans totalling US$142.45m took over 100% losses, including a 137% severity on the US$27m Long Island office building at 1025 Old Country Road.

    The largest loan disposed of with a loss during the month was .......

    News Round-up 2 July 2015

  • Private debt head recruited

    Hermes Investment Management has appointed Patrick Marshall as head of private debt and CLOs, responsible for establishing and building the firm's business in the leveraged loan, private debt and CLO markets globally. Based at the firm's headquarters in London, he will report to Zoe Shaw, head of fixed income.

    With over 20 years of debt market experience, Marshall joins from .......

    Job Swaps 2 July 2015

  • Data services strengthened

    Intercontinental Exchange has made two hires within ICE Data Services. Lynn Martin has been named president and coo of the business, while ICE chief strategy officer David Goone has been appointed chairman, in addition to his current roles. Martin previously served as coo of ICE Clear US and before that was ceo of NYSE Liffe US.

    .......

    Job Swaps 2 July 2015

  • CLOIE softens on volatility

    The total amount of CLOs paid down in JPMorgan's Collateralized Loan Obligation Index (CLOIE) since the May rebalance through 30 June was US$4.96bn in par outstanding, split between US$1.98bn and US$2.97bn of pre-crisis and post-crisis CLOs. The post-crisis CLOIE added US$8.4bn from 101 tranches across 18 deals at the June rebalance.

    JPMorgan CLO analysts note that CLOIE was not immune .......

    News Round-up 2 July 2015

  • ISDA SIMM tender launched

    ISDA has launched a tender process to select a third party to build and operate a crowdsourcing utility for its Standard Initial Margin Model (SIMM). The utility is intended to aggregate and compile risk data to enable market participants to implement the ISDA SIMM consistently (SCI 2 June).

    In order to ensure a consistent implementation of the model, the treatment .......

    News Round-up 2 July 2015

  • US CLOs becalmed

    The US CLO BWIC market remains becalmed as the holiday weekend hoves into view.

    Macro concerns are still keeping the majority of participants on the secondary CLO sidelines and now many traders are also away in advance of the end of the holiday shortened week. Consequently already thin market liquidity has thinned still further and supply continues to be sparse .......

    SCIWire 1 July 2015

  • EXOR modifications dismissed

    PartnerRe says that the limited modifications to EXOR's revised offer do not address the "fundamental risks and uncertainties" of the proposal (SCI passim). The firm notes that the only material modification to EXOR's offer is that it will now assume responsibility, should one of its shell subsidiaries breach the contract.

    PartnerRe adds that it had identified this as a significant .......

    Job Swaps 1 July 2015

  • Delinquencies inch higher

    The Trepp US CMBS delinquency rate moved modestly higher in June to 5.45%, up by 5bp for the month. Over the last 26 months, the delinquency rate has fallen 22 times and is now 60bp lower than the year-ago level and 30bp lower year-to-date.

    In June, US$1.4bn in loans became newly delinquent, which put 27bp of upward pressure on the .......

    News Round-up 1 July 2015

  • Euro secondary stable

    The European securitisation secondary market remained stable yesterday amid the varying Greece headlines and is holding firm for now ahead of further news from the ECB later today.

    Yesterday once again saw very light flows as the majority of both buyers and sellers remain content to sit out the wider market volatility. Consequently, spreads were broadly unchanged on the day.

    SCIWire 1 July 2015

  • CDO manager replaced

    Vanderbilt Capital Advisors has resigned from its role as collateral manager for Bristol CDO I and designated Dock Street Capital Management as the replacement manager. Terms of the proposed replacement collateral administrative advisory agreement remain almost identical, with only minor differences that are not material to the ratings of the transaction, according to Fitch. Given that Bristol is a static .......

    Job Swaps 1 July 2015

  • Cross-border swap rule proposed

    The US CFTC has voted unanimously to propose a rule that would apply margin requirements for uncleared swaps in the context of cross-border transactions. The proposed rule would apply to Commission-registered swap dealers and major swap participants that are not subject to the margin requirements of other prudential regulators. The comment period ends 60 days after the publication in the .......

    News Round-up 1 July 2015

  • Capital markets partner named

    TigerRisk Partners has appointed Jarad Madea as partner with TigerRisk Capital Markets & Advisory in New York. In his new position, he will advise insurers and reinsurers on mergers and acquisitions and capital markets products, reporting to TigerRisk president Tony Ursano.

    Madea began his career in Banc of America Securities' financial institutions investment banking group, where he executed a wide .......

    Job Swaps 1 July 2015

  • PILOT programme affirmed

    The borrower - an affiliate of Macerich - behind the single-borrower COMM 2013-GAM CMBS has entered into a payment in lieu of taxes (PILOT) arrangement with the Town of Hempstead Industrial Development Agency (IDA). The transaction is backed by a mortgage loan secured by the borrower's fee and leasehold interests in 1.7 million square-feet of the Green Acres Mall in .......

    News Round-up 1 July 2015

  • Granite reviewed on counterparty risk

    S&P has placed on credit watch negative its ratings on 90 Granite RMBS tranches. The move corrects an error made in February when the agency took various rating actions on a number of UK, German, Austrian and Swiss banks, following its review of government support. At that time, S&P placed 377 European structured finance ratings on credit watch negative, including .......

    News Round-up 1 July 2015

  • Waiting game for US CLOs

    US CLO secondary market continues to wait for risk aversion to subside and activity to pick up.

    "There's nothing going on again today," says one trader. "We just sit and wait with no clear direction for the market."

    The trader continues "The only signifier of any kind I see right now is that primary deals are getting their triple-Bs subscribed .......

    SCIWire 30 June 2015

  • Greek arrears rising

    Greek mortgage arrears have risen during the prolonged negotiations between the country's government and its official creditors, Fitch reports. The agency suggests that a deteriorating economy and almost total absence of bank credit may have combined with retail borrowers withholding loan repayments during the extended period of uncertainty.

    "Some mortgage borrowers may already be strategically entering early-stage arrears as the .......

    News Round-up 30 June 2015

  • Below-appraisal bids win

    Over US$500m in allocated loan balance from 34 properties securing 13 US CMBS was disposed of last week via Auction.com. The proceeds are anticipated to flow through to the affected trusts in the August or September remittance, likely resulting in large liquidations.

    Barclays CMBS analysts note that the majority of the properties in the auction appear to have sold, with .......

    News 30 June 2015

  • Private placement demand eyed

    Midsize companies will need to address investor demands for greater transparency in order to diversify their sources of funding away from bank loans, says S&P. In a new report, the agency examines the growth of alternative funding in Europe.

    "We estimate that mid-market companies - which we define as those with revenues below €1.5bn per year and debt below €500m .......

    News Round-up 30 June 2015

  • Insurance merger agreed

    Willis Group and Towers Watson have signed a definitive merger agreement under which the companies will combine in an all-stock merger of equals transaction, with the new company named Willis Towers Watson. Based on the closing prices of Willis and Towers Watson common stock on 29 June, the implied equity value of the transaction is approximately US$18bn.

    Upon completion of .......

    Job Swaps 30 June 2015

  • SF vet appointed

    Oppenheimer has appointed John Tonelli as md and head of debt capital markets and syndication. He brings over 20 years of fixed income experience, especially in structured credit and secured financings, first as an attorney at Cadwalader, Wickersham & Taft and later as senior md and head of international structured finance at Bear Stearns and JPMorgan.

    Tonelli most recently served .......

    Job Swaps 30 June 2015
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