Complete news archive

  • 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

  • ABS CDO manager removed

    The controlling class noteholder of Crystal Cove CDO has directed the issuer to terminate and remove the collateral manager - Vertical Capital - without cause. The removal of the collateral manager shall not be effective unless an appropriate successor collateral manager has been appointed and it has assumed the collateral manager obligations. Further notice will be provided when a replacement .......

    Job Swaps 25 June 2015

  • Euro CLOs weaken

    European CLO secondary market activity and prices are weakening.

    "The market has become illiquid as we run in to half-year end," says one trader. "Plus obviously the volatile headlines surrounding Greece haven't helped."

    The illiquidity has softened prices across vintages, the trader says. "We've seen a weakness in client activity and interest across the capital structure in 1.0 paper. At .......

    SCIWire 25 June 2015

  • LCR standards updated

    The EBA has published its updated implementing technical standards (ITS) on supervisory reporting of the liquidity coverage ratio (LCR) for EU credit institutions. The ITS include templates and instructions to update the LCR reporting framework following the Commission's adoption of the Delegated Act on the liquidity coverage requirement (SCI 13 October 2014).

    The new templates and instructions aim to capture .......

    News Round-up 25 June 2015

  • CDO Monitor guidance released

    A new S&P report provides guidance on how to form an example spreadsheet that incorporates the formulas used in its new non-model CDO Monitor approach. The non-model CDO Monitor is used by CLO collateral managers and trustees to provide an indication as to whether portfolio changes are generally consistent with the parameters the agency assumes when initially assigning ratings to .......

    News Round-up 25 June 2015

  • ILS upgraded on final reset

    S&P has raised its rating on the US$250m Everglades Re Series 2013-1 notes to single-B plus from single-B. The action follows the final reset for the catastrophe bond.

    When S&P initially rated the notes, the baseline probability of attachment was 2.91% and the warm surface sea temperature (WSST) probability of attachment was 3.29%. At each reset, the baseline probability of .......

    News Round-up 25 June 2015

  • Euro CLO calls gather pace

    European CLO calls are gathering pace (SCI 30 April), with five redemption notices issued in the last month alone, including the first for a CLO 2.0 deal. This brings 2015 redemptions to €1.9bn across 13 transactions, compared to 14 redemptions seen in 2013 and 2014 combined, according to Deutsche Bank figures.

    So far in June, redemption notices have been issued .......

    News Round-up 25 June 2015

  • Euro ABS/MBS illiquid again

    The European ABS/MBS secondary market is once again hampered by illiquidity.

    "Flows are once again very poor," says one trader. "The bounce we saw on Tuesday, particularly in Portuguese and Spanish names, was short lived and we've been pretty flat to weaker since then."

    The trader expects little to change in the near future. "With the continued volatility surrounding Greece .......

    SCIWire 25 June 2015

  • US CLOs improve

    Sentiment in the US CLO secondary market looks to be improving.

    "Yesterday the tone was a little better, though 50% of the mezz in for the bid DNT'd," says one trader. "BWICs keep coming but we're not seeing anything significant to raise the flag that forced selling is underway. In fact, the lists that are trading are not from fast .......

    SCIWire 24 June 2015

  • Pricing service enhanced

    Thomson Reuters has launched Thomson Reuters Pricing Service Plus (TRPS Plus), a new DataScope capability for structured notes and hard-to-value OTC derivatives. The offering aims to provide transparency into the evaluated price, methodologies and market data associated with the price. TRPS Plus also provides risk analysis, such as VaR, CVA and Greeks.

    By using TRPS Plus, customers receive a tailor-made .......

    News Round-up 24 June 2015

  • Rates impact 'largely credit neutral'

    Moody's expects rising short-term interest rates in the US to have varied credit effects on new and existing mortgage-backed, asset-backed and other securitisations. The agency suggests that rising rates will be credit negative for CMBS and largely credit neutral for most consumer and commercial ABS sectors, RMBS and CLOs.

    For newly originated loans backing CMBS deals, rising interest rates are .......

    News Round-up 24 June 2015

  • Financials clearing underway

    LCH.Clearnet's CDSClear service has begun clearing Markit iTraxx Senior Financials Indices, along with all single name constituents of these indices. This marks the first time that credit default swaps (CDS) referencing banks - including some of CDSClear's clearing members - can be centrally cleared.

    The platform says that clearing the full range of senior financials single names along with indices .......

    News Round-up 24 June 2015

  • Sabine results in

    The final price for Sabine Oil Gas Corp CDS was determined to be 15.875 at yesterday's auction (SCI 9 June). Eleven dealers submitted initial markets, physical settlement requests and limit orders to settle credit derivative trades across the market referencing the entity.

    .......

    News Round-up 24 June 2015

  • RFC issued on CCP ratings

    Moody's has published a request for comment on its proposed global methodology for rating central counterparty clearinghouses. The approach considers clearing member default-management capabilities and related structural protections, as well as CCPs' business and financial fundamentals and their operating environments. The proposal also lays out the key quantitative metrics and qualitative factors the agency considers when reaching a rating determination .......

    News Round-up 24 June 2015

  • Unique covered bond structure primed

    DBS Bank has established a US$10bn global mortgage covered bond programme, a first for the Singapore market. Rated triple-A by Fitch and Moody's, the structure features a unique mechanism that increases flexibility for banks to include loans funded through the Central Provident Fund (CPF) in cover pools.

    Similar to other covered bonds structures, DBS' programme establishes an SPV to hold .......

    News Round-up 24 June 2015

  • CMBS 2.0/3.0 watchlistings highlighted

    A total of 102 CMBS 2.0/3.0 loans with an aggregated balance of US$1.7bn were newly watchlisted in the June remittance, according to Barclays figures. The majority of the watchlists involve 2012 vintage loans, with 2010 and 2015 vintages accounting for the least watchlist transfers.

    GSMS 2011-GC3 has the largest exposure to the new watchlistings at 12% (US$209m), largely driven by .......

    News Round-up 24 June 2015

  • Euro ABS/MBS firms up

    The European ABS/MBS secondary market is showing a firmer tone, but is not yet fully back up to speed.

    "Yesterday was very busy especially in peripherals with Spanish and Portuguese names the big movers," says one trader. "Overall, market tone is much better than we've seen for a while."

    However, the trader adds: "I'm not reading too much into it .......

    SCIWire 24 June 2015

  • Ocwen downgrade examined

    S&P last week downgraded Ocwen Financial's residential mortgage servicer ratings to below average from average, after they were placed on credit watch negative earlier in the month. Bank of America Merrill Lynch RMBS analysts suggest that the rating action is unlikely to lead to a large-scale movement of servicing away from the servicer, however.

    S&P cited regulatory and investor scrutiny, .......

    News Round-up 24 June 2015

  • CMBS practice strengthened

    Nelson Mullins Riley & Scarborough has opened an office in New York City and strengthened its real estate capital markets group with a pair of new hires. JPMorgan executive director Steve Hantz joins the firm as a partner, together with associate Gillian Deutch, who was previously at Watson Farley & Williams.

    Hantz has spent the past seven years in the .......

    Job Swaps 24 June 2015

  • August auction scheduled

    The AOFM's third Australian RMBS auction is to be held on 18 August. The announcement comes after the results from its first auction were published.

    The total volume sold in amortised face value in the inaugural auction was A$160.5m, with bids accepted at just over par for the IDOL 2010-1 and Progress 2011-1 A2 bonds. No bids were accepted for .......

    News Round-up 24 June 2015

  • Opportunity knocks

    ECB presence expanding ABS investor mandates

    The ECB's ABSPP was a hot topic at IMN's 2015 Global ABS Conference, as it continues to exert downward pressure on European securitisation spreads. Panellists noted an expanding mandate among many investors, with relative value opportunities shifting towards the UK non-conforming RMBS and European CLO sectors.

    Jefferies md Craig Tipping pointed to a shift in investor mandate when he admitted .......

    News Analysis 24 June 2015
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