Complete news archive

  • 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

  • Euro secondary stays calm

    Tone continues to be weak across European securitisation secondary, but the market has remained calm.

    "Not much happened yesterday - as broader markets headed down volumes in ABS/MBS were very thin," says one trader. "Peripherals were better offered in the Street, but there was no panic selling from customers."

    Indeed, the trader adds: "There was very little customer activity at .......

    SCIWire 30 June 2015

  • US CLOs keep quiet

    The US CLO secondary market is sticking to the pattern seen at the end of last week.

    With wholesale selling continuing to remain absent as today wears on in the European securitisation markets, US CLO secondary for this morning at least is staying as quiet as it did on Friday. Events in Greece combined with a heavy new issue pipeline .......

    SCIWire 29 June 2015

  • QS recommendations weighed

    The EBA has adequately addressed most of the valid concerns raised by parties interested in the prudentially sound revival of the European securitisation market, according to Bank of America Merrill Lynch research analysts. In its qualifying securitisation recommendations, the Authority calls for the risk weight floor for senior tranches to be lowered from 15% to 10% under the IRB and .......

    News 29 June 2015

  • Record-keeping fine imposed

    ESMA has censured DBRS for failing to comply with corporate governance, compliance and record-keeping requirements under the Credit Rating Agencies Regulation. The rating agency has also been fined €30,000 in respect of the record-keeping failings, after it had been found to have acted negligently. ESMA's decision takes into account the steps taken by DBRS to remedy the infringement.

    The decision .......

    Job Swaps 29 June 2015

  • FFELP SLABS under review

    Fitch has placed 57 tranches from 23 US FFELP student loan ABS on rating watch negative, affecting approximately US$8bn of securities. The action is based on analysis conducted by the agency that identified trusts with tranches that have heightened risk of missing legal final maturity dates based on principal repayment to date.

    The transactions identified will be subject to additional .......

    News Round-up 29 June 2015

  • Mortgage duo recruited

    Cantor Fitzgerald has expanded its fixed income team with the appointment of John Altier and Andrew Javorsky as mds. Altier will focus on US government agency and Treasury securities, while Javorsky will focus on all mortgage products.

    Altier was previously a partner at CRT Capital Group and worked as an md at UBS before that. Javorsky was previously an md .......

    Job Swaps 29 June 2015

  • SCI Start the Week - 29 June

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

    Pipeline
    CMBS entrants dominated the pipeline last week, closely followed by ABS transactions, which included a couple of new issuers to the market. In total, five CMBS, four ABS, two RMBS and a CDO were announced.

    The CMBS comprised US$1.46bn COMM 2015-PC1, US$185m JPMCC 2015-MAR7, US$312.8m Velocity Commercial Capital 2015-1, US$914.4m WFCM 2015-NXS2 and US$200m WP Glimcher Mall Trust .......

    News 29 June 2015

  • Euro secondary hesitates

    The European securitisation secondary markets are making a hesitant start following the weekend's events surrounding Greece.

    For now at least, participants are holding off any real trading activity until there is a clearer idea of where pricing levels should now be. While the market tries to find a firmer footing few prices are being shown.

    Those that are unsurprisingly reflect .......

    SCIWire 29 June 2015

  • US CLO secondary supply stutters

    After a week of steady supply the US CLO BWIC market has stuttered to a halt today.

    Four days of poor liquidity across the US CLO secondary market has taken its toll, with sellers finally staying away today. The high percentage of DNTs seen earlier in the week continued into yesterday with buyers content to stay on the sidelines as .......

    SCIWire 26 June 2015

  • CMBS 2.0/3.0 financials analysed

    A Morgan Stanley review of the US CMBS 2.0 loans that have reported 2014 year-end financials suggests that the majority of properties are performing well compared to underwriting. However, some idiosyncratic concerns remain across property types and MSAs.

    Over 6,600 CMBS 2.0 loans totalling nearly US$121bn have now reported updated financials for FYE 2014, representing approximately 75% of the entire .......

    News 26 June 2015

  • SLABS purchase flexibility highlighted

    Navient has bought receivables from nine student loan ABS amounting to US$421.38m since it amended the servicing agreements for 17 trusts last year (SCI 27 April), two-thirds (US$284.44m) of which occurred in May, according to Citi figures. Navient has also called two transactions so far this month - SLMA 2002-4 and 2002-5 - committing US$82.61m of proceeds to redeem them.

    News Round-up 26 June 2015

  • Railcar rules impact outlined

    New regulations for railcars transporting crude oil and other hazardous material will be costly for railcar manufacturers and lessors, given their short implementation timeframes, Fitch says. Since all mandatory expenses are paid at the top of securitisation waterfalls, certain outstanding railcar ABS transactions could see decreased available funds for interest and principal, depending on their respective levels of tanker concentrations .......

    News Round-up 26 June 2015

  • RRL disclosures adopted

    Fitch is set to adopt disclosures highlighting rating agency removal language (RRL) in its rating communications for new covered bond (CVB) programmes and structured finance (SF) transactions, following a recent request for market feedback (SCI 14 April). The disclosures will show where RRL is present and what its implications could be for contractual obligations, credit protection and ratings, if exercised.

    News Round-up 26 June 2015

  • Incoming chairman named

    CREFC Europe has appointed Madeleine McDougall as its next chairman. Presently Lloyds Bank's head of institutional clients in the commercial real estate business, she has joined the CREFC Europe board and will begin her one-year term on 9 November.

    The association says that McDougall has signalled a desire to focus on: supporting education initiatives and greater diversity across the sector; .......

    Job Swaps 26 June 2015

  • TMAN 4 recoveries gauged

    A noteholder call convened by special servicer Hatfield Philips last week confirmed that the remaining loan - DT12 - securitised in the TMAN 4 CMBS won't be repaid ahead of the July legal final maturity. Ultimate proceeds are expected to be around €77m-€82m, which should be enough to pay down the class A notes at least.

    The situation regarding the .......

    News Round-up 26 June 2015

  • QS framework unveiled

    The EBA presents its recommendations on an EU framework for qualifying securitisations at a public hearing at its offices today. The European Commission last year requested the EBA's advice on criteria for identifying a prudentially sound securitisation market and its regulatory treatment. The EBA will deliver the opinion to the Commission early next month and today's hearing is intended to .......

    News Round-up 26 June 2015

  • Euro secondary stalemate

    The European securitisation secondary markets remain in stalemate as uncertainty over Greece and a consequent risk-off attitude pervades.

    Secondary spreads remained unchanged yesterday on the back of very limited liquidity and only some isolated small pockets of flow trading. Equally, the flurry of BWICs yesterday saw covers lower than earlier in the month for similar assets and a significant number .......

    SCIWire 26 June 2015

  • Valuations team beefs up

    MountainView IPS has added Alvin Hsu in a vp role and Alex Kolesnikoff in a senior analyst role. The two hires fill vacant positions while addressing a strategic plan to enhance the company's valuation processes and expand into new asset classes.

    Hsu joins MountainView IPS with over 10 years of experience in structured products and credit markets. He previously spent .......

    Job Swaps 25 June 2015

  • US RMBS slows further

    Activity in the US non-agency RMBS secondary market has slowed still further after last week's dip in volume.

    "As is the case with other sectors, it's been very slow this week and today there is barely over $300m current face in for the bid - extremely low for a Thursday," says one trader. "It seems we've hit full summer a .......

    SCIWire 25 June 2015

  • Spanish NPL decline highlighted

    Spanish bank non-performing assets (NPA) will continue to decline and even gain downwards momentum, supported by the country's ongoing macroeconomic recovery, according to a new Scope Ratings analysis. The agency estimates that the Spanish banking sector's NPA stood at €211bn, as of April 2015 - 16% below its peak of €251bn in December 2013.

    Scope calculates that if the pace .......

    News Round-up 25 June 2015
×