Complete news archive

  • 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

  • US CLOs still soft

    Tone in the US CLO secondary market has remained soft into this morning's open, but that could change later today as the BWIC calendar cranks up once more.

    "There has been a degree of illiquidity and it's hard to say where it's coming from - it could be Greece, it could be the Fed," says one trader. "There is no .......

    SCIWire 23 June 2015

  • Chinese expansion completed

    Intex Solutions has opened an office in Shanghai, which the firm hopes will further enhance its ability to support its worldwide client base and enable it to proactively meet the demands of the emerging Chinese securitisation market. Yunwen Zeng has been appointed general manager of the new location.

    She comments: "The recent surge in government support and market interest has .......

    Job Swaps 23 June 2015

  • UK arrears diverging

    Fitch reports that UK residential mortgage arrears trends diverged in 1Q15. While prime three-months plus arrears fell by 27% during the quarter to 1% of the outstanding collateral balance, the redemption of two large Leek RMBS portfolios led to an artificial increase of 2.7% in non-conforming late-stage arrears. Meanwhile, buy-to-let arrears were flat at 1.4%.

    With low interest rates likely .......

    News Round-up 23 June 2015

  • Spanish SME CLOs scrutinised

    Scope Ratings has published a research report that compares and contrasts a pair of Spanish SME CLOs it recently rated - FTA PYMES SANTANDER 10 and FTA PYMES SANTANDER 11. In particular, PYMES 11 is backed by weaker obligors than PYMES 10, yet has been assigned a lower mean lifetime default rate.

    In terms of Santander's internal probabilities of default, .......

    News Round-up 23 June 2015

  • EXOR 'material risks' outlined

    PartnerRe has made available additional shareholder information relating to what it describes as the "significant walk-away, regulatory and timing risks" posed by EXOR's unsolicited and "opportunistic" bid for the firm. PartnerRe claims that EXOR has refused to address such material risks inherent in its offer.

    "In addition to a wholly inadequate price, the EXOR offer presents an unacceptable level of .......

    Job Swaps 23 June 2015

  • RFC on tobacco ABS approach

    Fitch has published an exposure draft with respect to its criteria for rating US tobacco settlement ABS. The agency expects about 64 notes to be downgraded due to the proposed changes.

    The main proposals include: the application of the most recent MSA payment received as the starting point on Fitch's cashflow model; and revising the rating floor to triple-C from .......

    News Round-up 23 June 2015

  • Business development team bolstered

    Leadenhall Capital Partners has appointed Edward Johnson to its business development team, reporting to business development head Lorenzo Volpi. Johnson was previously at Aon Benfield in London, where he advised on and structured catastrophe bonds, collateralised reinsurance and sidecars. Before that, he worked at Lane, Clark & Peacock and JPMorgan.

    .......

    Job Swaps 23 June 2015

  • Default rate hits post-crisis low

    The default rate for global structured finance securities rated by S&P fell for the third successive year to 4.2% in 2014, the lowest level since 2008. The downgrade rate also declined to an eight-year low of 10% in 2014, while the upgrade rate increased to 8.4%.

    "Overall global structured finance credit quality declined again in 2014, with the number of .......

    News Round-up 23 June 2015

  • Direct lending JV inked

    Ares Capital and Varagon Capital Partners have established a new joint venture that will make senior secured loans to middle-market companies. Dubbed the Senior Direct Lending Program (SDLP), the JV follows the success that Ares Capital enjoyed with its previous senior loan joint venture - the Senior Secured Loan Program (SSLP) - with GE Capital.

    The SDLP will underwrite and .......

    Job Swaps 23 June 2015

  • Ukreximbank credit event called

    ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a restructuring credit event occurred in respect of The State Export-Import Bank of Ukraine. The move follows the approval by holders of the US$750m 8.375% loan participation notes due 2015 issued by Biz Finance approved a three-month extension of the notes to 27 July. ISDA says it will publish further information, .......

    News Round-up 23 June 2015

  • NSFR disclosure standard agreed

    The Basel Committee has issued the final net stable funding ratio disclosure standards, following the publication of the NSFR standard in October 2014 (SCI passim). Similar to the LCR disclosure framework, this requirement aims to improve the transparency of regulatory funding requirements, strengthen market discipline and reduce uncertainty in the markets as the NSFR is implemented.

    The Committee notes that .......

    News Round-up 23 June 2015

  • SLABS review expanded

    Moody's has placed on review for downgrade the ratings of 106 tranches across 57 FFELP student loan ABS transactions. The move impacts approximately US$34bn of securities.

    The reviews for downgrade are a result of the increased risk that the tranches will not fully pay down by their respective final maturity dates. Failure to repay a note on the final maturity .......

    News Round-up 23 June 2015

  • Euro secondary turns positive

    The European securitisation secondary markets are taking a positive turn albeit at a statelier pace than broader markets.

    "Sentiment is a little bit better though our markets are slower to come back than others," says one trader. "Spreads haven't moved much this week so far, but are slightly tighter since Barcelona and there's definitely more liquidity around."

    Activity remains patchy, .......

    SCIWire 23 June 2015

  • US CLOs ease back in

    The US CLO secondary market looks to be easing its way into this week.

    After a surprisingly active week last week in terms of the number of bonds in for the bid despite significant absences due to Barcelona, the start of this week appears more circumspect. Last week's high proportion of DNTs and weakening tone proved little other than the .......

    SCIWire 22 June 2015

  • Senior delinquencies decline

    The 12-month rolling loan maturity default rate for S&P-rated European CMBS increased to 24.6% from 23.7% at end-May, according to the agency's latest EMEA CMBS monthly bulletin. However, the senior loan delinquency rate decreased to 50.2% from 51.1%.

    The delinquency rate for continental European senior loans decreased slightly to 63.6% from 63.7%. The rate for UK loans decreased to 21.4% .......

    News Round-up 22 June 2015

  • CLO investment disclosed

    Fair Oaks Income Fund has entered into binding contracts to acquire in the primary market US$26.4m notional of equity notes of Neuberger Berman CLO XIX. The purchase represents 75% of the transaction's total equity.

    The CLO's current target portfolio has a principal value of US$400m across an expected 160 unique bank loan issuers, with an expected weighted average exposure per issuer .......

    Job Swaps 22 June 2015

  • Regulatory capital rules finalised

    The US Fed, the FDIC and the OCC have finalised revisions to the regulatory capital rules adopted in July 2013. The final rule applies only to large internationally active banking organisations that determine their regulatory capital ratios under the advanced approaches rule.

    The agencies published changes to the rules affecting such organisations on 18 December 2014 and the final rule .......

    News Round-up 22 June 2015

  • Scratch and dent fund launched

    Värde Partners has announced the final close of its Real Estate Credit Fund with US$500m of committed capital. Described by the firm as a 'scratch and dent' fund, the offering will focus on performing and sub-performing credit in the US$2.8trn US commercial real estate market. Through both secondary purchase and new origination strategies, it will target loans with unpaid principal .......

    News Round-up 22 June 2015

  • QS hearing scheduled

    The EBA is set to hold a public hearing on its draft report on qualifying securitisation on 26 June at its premises in Canary Wharf. The objective of the hearing is to gather views from all concerned stakeholders on its recommendations on the matter.

    The EBA draft report on qualifying securitisation will inform EU policymakers in their legislative process and .......

    News Round-up 22 June 2015

  • SCI Start the Week - 22 June

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

    Pipeline
    Ten new transactions entered the pipeline last week, with each asset class represented. Three CMBS and three RMBS began marketing, together with two ABS, one CLO and one catastrophe bond.

    The newly-announced RMBS comprise CFHL-2 2015, US$334m New Residential Mortgage Loan Trust 2015-1 and US$950m STACR 2015-DNA2, while the CMBS consisted of US$723.3m CGCMT 2015-GC31, US$715m Great Wolf .......

    News 22 June 2015
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