Complete news archive

  • 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

  • Lehman payments due

    Liquidators PPB Advisory has made a final call for claims from potential CDO creditors of the Lehman Brothers Australia (LBA) estate prior to the payment of the first dividend under the scheme of arrangement (SCI 6 November 2013). The final date for claims to be lodged is 24 June and payment is expected to occur after 8 July, the date .......

    News Round-up 17 June 2015

  • CLO recovery rates compared

    S&P has published a case study on recovery rates in European CLOs, following the incorporation of additional information on loan recoveries into its analysis of CLO transactions (SCI 4 August 2014). In the analysis, the agency considered the top 100 publicly-rated obligors with the highest exposure in 25 European CLO 2.0 deals it rates.

    S&P found similarities between the weighted-average .......

    News Round-up 17 June 2015

  • CDO holdings divested

    Zions Bancorporation says it has sold the remainder of its CDO holdings. The move is expected to substantially reduce its modeled risk to capital, particularly under severely adverse economic scenarios.

    The company sold US$574m (amortised cost) of CDOs for proceeds of US$437m during 2Q15, generating a realised pre-tax loss of US$137m. Prior to these sales, it received pay-downs and pay-offs .......

    Job Swaps 17 June 2015

  • Private debt hedge fund launched

    Rob Allard and Jonathan Egol, both former mds at Goldman Sachs, have launched a dedicated private debt hedge fund named Firebreak Capital. The firm aims to be an alternative balance sheet in the illiquid lending and investment sector, leveraging the emerging trends in consumer and commercial direct lending, as well as providing private credit, asset-backed and structured finance solutions predominantly .......

    Job Swaps 17 June 2015

  • Revival instincts

    Push to reinvigorate CDS market gaining traction

    Credit derivatives notional amounts fell to US$16trn at end-December from US$19trn at end-June 2014 and a peak of US$58trn at end-2007, according to the latest BIS Quarterly Review (SCI 9 June). As concern over potential liquidity shocks grows, industry attempts to revive the CDS market appear to be gaining traction.

    "I believe there are a number of issues the CDS .......

    News Analysis 17 June 2015

  • New dawn

    Trustees continue to address ongoing issues in the European...

    The European securitisation market continues to develop and the trustee's role is evolving as it does so. While certain perennial challenges remain, new opportunities have also presented themselves.

    Although the trustee's role is essentially the same as it has always been, lessons have been learnt and adaptations made. Trustees' experiences during and after the crisis have provided a significant level .......

    News Analysis 16 June 2015

  • US CMBS widening

    US non-agency CMBS secondary spreads are heading wider.

    "Spreads are generally backing up and the market feels weaker overall," says one trader. "However, it's not universal and there are no fire sales going on."

    Market sentiment is also being impacted by activity in primary. "The new issue market is only really limping along at the moment," says the trader. "For .......

    SCIWire 16 June 2015

  • Appeals ruling 'credit negative'

    Moody's says that the recent New York Court of Appeals ruling that representations and warranties in most RMBS and CMBS transactions have a life span of only six years, beginning on the closing date of the securitisation (SCI 12 June), is credit negative. This is because some R&W breaches may only be apparent much later than six years after a .......

    News Round-up 16 June 2015

  • Aussie structural differences analysed

    Fitch has published a special Q&A report highlighting key differences in Australian RMBS structures and the impact that structural features can have on the risk profile of both senior and junior investors. Over the past 12-18 months, the market has seen some notable changes in Australian RMBS structures as issuers adapt to changing market conditions.

    "No longer do we find .......

    News Round-up 16 June 2015

  • CRE pro poached

    Jonathan Pollack has joined Blackstone as a senior md in its real estate group. He will be the cio for Blackstone Real Estate Debt Strategies (BREDS), reporting to global head of BREDS Mike Nash. Pollack was previously md and global head of CRE for Deutsche Bank, as well as head of risk for structured finance.

    .......

    Job Swaps 16 June 2015

  • Leverage ratio standards updated

    The EBA has updated its implementing technical standards (ITS) on disclosure and supervisory reporting of the leverage ratio for EU institutions. The standards aim at harmonising reporting and disclosure of the leverage ratio across the EU by providing institutions with uniform templates and instructions.

    The updated disclosure framework consists of four templates: a table reconciling the figures of the leverage ratio denominator .......

    News Round-up 16 June 2015

  • Online CRE loans offered

    RealtyMogul.com says it has received US$250m in direct fincial commitments from large institutional investors. The commitments will allow the online marketplace to offer two new products to CRE borrowers, including a three- to five year-floating rate bridge product priced in the 4% to 6% range.

    The other product is a fixed rate programme - which is priced in the 4% range - .......

    News Round-up 16 June 2015

  • Solutions director recruited

    Aidan McKeown has bolstered Lloyds' financial institutions relationship solutions team by joining as a director. He joins from StormHarbour Securities, where he was md and a founding member of the firm's structuring & advisory team, with a specific focus on bespoke market-driven solutions to assist financial institutions with their regulatory capital and funding requirements. McKeown has also previously held roles with .......

    Job Swaps 16 June 2015

  • Peripheral RMBS strengthening

    Fitch says that the features of new RMBS in Italy, Spain and Ireland have strengthened, thanks to improved credit standards of their underlying portfolios and simpler capital structures, which have better alignment of interest between issuers and investors. However, uncertainties remain regarding ongoing legislative changes and implications of an evolving interest rate environment.

    More stringent underwriting standards by lenders have improved the .......

    News Round-up 16 June 2015

  • Global RMBS prepays 'steady'

    Moody's expects CPRs to remain steady in RMBS globally for several region-specific reasons. This could support ongoing stable collateral performance in RMBS throughout the world.

    "In the UK, the number of homeowners taking out new mortgages or refinancing existing mortgages will likely rise in 2016, nudging CPRs gradually upward," says Moody's structured finance md Annabel Schaafsma. "In the euro area .......

    News Round-up 16 June 2015

  • Structuring vet returns

    Paul Levy has rejoined GreensLedge as md. He arrives from Hayfin Capital Management, where he worked in structured credit investment.

    Before Levy's previous stint at GreensLedge, he was European co-head of FICC structuring at UBS. He has also held senior roles at Prytania Investment Advisers, Bank of America Merrill Lynch and Deutsche Bank.

    .......

    Job Swaps 16 June 2015

  • Successful ED project 'requires support'

    While the European DataWarehouse (ED) has continued to make strides over the last 12 months, data shortcomings in the market which are beyond the ED's power to address threaten to derail further progress. For this reason, it may be necessary for the ED's mandate to be expanded.

    The ED tracks loan-level data for 890 deals, backed by more than 40 .......

    News 16 June 2015

  • Trustee enhances online platform

    US Bank Global Corporate Trust Services has enhanced its online platform, Pivot, by expanding access to CLO managers that outsource middle office services. The platform will attempt to help these clients gain cost efficiencies and improve the process of managing their loan portfolios.

    US Bank's middle office group expects to grow its presence as a result of this upgrade. The .......

    News Round-up 16 June 2015

  • Euro secondary quiet

    With the Barcelona conference getting fully underway today it is expected to be very quiet in the European securitisation secondary markets over the next couple of days.

    The participants that remain at their desks are likely to maintain the risk-off stance of the past week as Greece and broader credit market volatility continue to dominate attention. However, there is one .......

    SCIWire 16 June 2015

  • US CLOs still seeing sellers

    In the face of expected limited liquidity for the bulk of this week the US CLO secondary market is already seeing a healthy number of line items in for the bid.

    Despite Barcelona and the swathe of DNTs on last week's heavy auction schedule the US CLO BWIC calendar is already growing for this week. For the most part the .......

    SCIWire 15 June 2015
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