Complete news archive

  • 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

  • Opportunities fund prepped

    Deer Park Road is set to launch the SBF Opportunities Fund, a long/short fixed income fund focused on investing in a variety of MBS and ABS. Sam Barron-Fox will act as leading portfolio manager for the fund, while Deer Park Road ceo Michael Craig-Scheckman and cio Scott Burg will provide risk oversight.

    The fund is intended to complement the firm's .......

    News Round-up 22 June 2015

  • Euro ABS/MBS slow return

    The European ABS/MBS secondary market is slowly returning to life following the Barcelona conference.

    Friday was slow with only a few trades going through and a handful of line items on BWIC. Today's open sees most ABS/MBS participants seemingly content to sit on the sidelines awaiting news on the Greece-EU meetings despite the emerging more positive tone in broader markets.

    SCIWire 22 June 2015

  • STC clarification underway

    Plans are underway for European policymakers to homogenise the various European securitisation acronyms to the simple, transparent and comparable (STC) framework, according to the Bank of England's executive director of prudential policy David Rule. In the second keynote address at IMN's Global ABS conference on Wednesday, Rule outlined the plan to bring together a single set of criteria to European .......

    News 19 June 2015

  • Euro survey predicts growth

    European structured finance issuance is expected to rise this year compared to 2014, according to the results of a Fitch survey. Asked how publically-placed issuance would compare to last year, 59% of respondents said it would increase.

    That 59% consists of 46% of survey respondents replying that issuance would rise 10%-25% and 13% of respondents replying it would rise by .......

    News Round-up 19 June 2015

  • Marketplace lending line-up revealed

    Panellists have been announced for SCI's Marketplace Lending Securitization Seminar, which is taking place on 25 June in New York. The event is being held at Kaye Scholer's offices at 250 West 55 Street.

    The seminar will provide an in-depth examination of the sector, with overviews of transaction structuring/credit considerations and the biggest platforms involved, as well as panel discussions .......

    News Round-up 19 June 2015

  • New manager for ABS CDO

    Dock Street Capital Management has been appointed as successor collateral manager to Fort Sheridan ABS CDO. Under the terms of the appointment, Dock Street will assume all responsibilities, duties and obligations of the collateral manager.

    Moody's says there will be no rating impact on the notes. For other CDO manager transfers, see SCI's database.

    .......

    Job Swaps 19 June 2015

  • CMBS 2.0 mod requested

    A 2010-vintage loan securitised in JPMCC 2010-C1 has been unable to refinance on its maturity date and the borrower has requested a modification. The US$13.7m Aquia Office Building loan accounts for 4.37% of the CMBS.

    The loan was unable to refinance at maturity at the start of this month due to its largest tenant - TASC - exercising its lease .......

    News Round-up 19 June 2015

  • Setting priorities

    Structured finance recruitment takes backseat to regulatory push

    The recruitment outlook for the structured finance sector continues to suffer from regulatory uncertainty. This state of ambivalence has dampened positivity in the European market, while resources in the US are being diverted towards other pressing needs.

    Despite relatively strong activity in broader European financial recruitment, one London-based headhunter suggests the trend has not been replicated in the structured finance .......

    News Analysis 19 June 2015

  • CLO structurer brought in

    A former GreensLedge director has moved to Deutsche Bank to take up a CLO structuring role in London. Nikunj Gupta replaces Peter Melichar, who left to join Jefferies (SCI 5 June).

    Gupta spent more than two years at GreensLedge, where his key focus was CLO structuring. He has also worked for UBS and Bank of America Merrill Lynch in indices .......

    Job Swaps 19 June 2015

  • Diverse distinction

    Aircraft ABS strengths, weaknesses weighed

    The US$1.21bn ECAF I deal, which priced this week, is notable for being the first on-the-run aircraft ABS to print since the crisis. The diversity of the transaction's lessee and country profile is one of its strengths, but replacement programmes are being introduced in the coming years for much of the collateral.

    "We've seen other aircraft deals launch since the .......

    News Analysis 19 June 2015

  • US RMBS volume dips

    The US non-agency RMBS secondary market has seen a dip in volume over this week, which could be the precursor to a longer-term trend.

    "We saw a bit of volume earlier in the week with around $800m on Tuesday, but today is quiet for a Thursday with around $400m in for the bid," says one trader. "That's primarily a result .......

    SCIWire 18 June 2015

  • US CLOs ticking over again

    After yesterday's pause the US CLO secondary market is ticking over again today with the auction schedule picking up once more.

    Yesterday saw two US CLO BWICs where nine line items out of 15 did not trade. Of the lines that did trade one had no colour released but the others all traded at or around talk, albeit with current .......

    SCIWire 18 June 2015

  • Anchorage closes 'unique' deal

    Anchorage Capital Group's newest deal - Anchorage Credit Funding 1 - has a number of unique structural features, notes Moody's. These are largely included to mitigate the additional risk brought by its ability to buy a significant amount of non-first lien senior secured loan assets.

    Anchorage Credit Funding 1, which closed last week, must buy a minimum of only 35% .......

    News Round-up 18 June 2015

  • Starwood Property promotes CRE pair

    Starwood Property Trust has promoted Adam Behlman and Isaac Pesin each to co-president for its real estate investing and servicing team. They will oversee the CMBS and real estate investment platform and also lead LNR Partners.

    Behlman has served as head of capital markets and chief risk officer for LNR since 2011. He was previously head of real estate finance .......

    Job Swaps 18 June 2015

  • Aviation ABS lawyer added

    Milbank, Tweed, Hadley & McCloy has boosted its transportation and space group with the addition of London-based partner Nick Swinburne. He has extensive ABS experience and focuses on aviation, shipping and other transportation deals.

    Swinburne will lead Milbank's London practice alongside James Cameron, who is also a partner at the firm. He joins from Clifford Chance, where he has spent .......

    Job Swaps 18 June 2015

  • Australian mortgage conditions improve

    Despite Australian property market conditions improving, Fitch's Dinkum RMBS Index increased only 2bp last quarter, to 1.17%. Sturdy issuance volume, high house prices, stable unemployment and low interest rates should keep arrears low for 2Q15, though further arrears improvements are not expected.

    The rating agency notes that Christmas and holiday spending pressures on mortgage performance were offset last quarter by .......

    News Round-up 18 June 2015

  • DTCC issues data harmonisation suggestions

    The DTCC has issued global data harmonisation recommendations to the CPMI IOSCO Harmonisation working group, with credit derivatives identified as the first step. The recommendations involve harmonising around 30 credit derivatives data fields across global trade repository providers.

    The DTCC operates a derivatives trade reporting service for brokers, buy-side firms and corporates but says data gathered thus far has not .......

    News Round-up 18 June 2015

  • US CLOs take a pause

    After a flurry of BWICS over the past two days the US CLO secondary market now looks to be taking something of a pause until participants return from Barcelona.

    "We're at last seeing a pause in the BWIC frenzy of the past few weeks with the large number of sellers putting real pressure on buyers," says one trader. "As a result spreads .......

    SCIWire 17 June 2015

  • Euro CLO retail exposure 'positive'

    The selective retail exposure of European CLO 2.0 deals is credit positive, says Moody's. While European CLO 2.0 exposure to retail is only 4.63% of collateral, two-thirds of that is exposure to UK, German or Dutch retail.

    The rating agency includes the non-durable consumer goods sector in the retail category. A preference for retail credits in more economically stable countries .......

    News Round-up 17 June 2015

  • Gap exposure gauged

    Gap has announced that it plans to close 175 Gap branded stores in the coming years, including 140 this fiscal year. Barclays Capital CMBS analysts identify 81 loans with US$6.8bn in conduit CMBS balance that have Gap listed as a top-five tenant (excluding outlet stores and closed stores).

    The store closings will not affect Gap outlet stores or other brands .......

    News Round-up 17 June 2015
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