Complete news archive

  • Auto ABS sets 'poor benchmark'

    An international rating - assigned by Moody's - for the Rongteng Individual Auto Mortgage Backed Securitization 2015-1 transaction has set a global precedent, according to Fitch, as the deal does not have an initial liquidity facility available to protect against any payment disruption nor back-up servicing arrangements in place. Liquidity facilities or reserve funds that are available or pre-funded at closing are .......

    News Round-up 10 June 2015

  • CLO manager brought in

    Pim van Schie has joined Neuberger Berman as svp and portfolio manager on its floating rate loans team. He will primarily focus on the continued expansion of the firm's CLO business, in addition to helping build a strategy platform centered on investing in CLO liabilities.

    Prior to joining Neuberger Berman, Schie was an executive director within CLO banking at Morgan Stanley. Before .......

    Job Swaps 10 June 2015

  • CMBS divide emerging

    Fitch reports that a number of recent US CMBS deals have seen credit enhancement levels drop, despite the fact that collateral credit quality did not improve and in some cases declined. The agency notes that this goes against the conventional theory that credit enhancement rises as loan quality slips.

    The transactions in question, not rated by Fitch, are: COMM 2015-CCRE23; CSAIL .......

    News Round-up 10 June 2015

  • AOFM auctions announced

    The Australian Office of Financial Management (AOFM) has announced details of its first two RMBS auctions (SCI 9 June), to be held on 24 June and 14 July. The results of the sale will be announced on the same day as the auctions, with settlement due on 29 June for the first auction and on 17 July for the second.

    News Round-up 10 June 2015

  • Euro ABS/MBS hindered

    The risk-off attitude across the European ABS/MBS secondary market is continuing to hinder activity.

    "Liquidity is pretty terrible at the moment," says one trader. "The tone of the market is generally weak with concerns about Greece hampering broader markets and ABS specific issues around the disappointment over the ABSPP."

    BWICs continue to be churned out however and are going through .......

    SCIWire 10 June 2015

  • Post-auction headache

    HUD NPL post-sale changes increase complexity

    The US Department of Housing and Urban Development (HUD) has been an increasingly significant source of NPL supply, but recent changes to its loan auction post-sale requirements make purchasing and securitising loans more challenging and expensive. Although the HUD is far from the only source of NPL supply, these changes are likely to have significant implications for the NPL securitisation .......

    News Analysis 9 June 2015

  • US CLOs pick up

    Volumes in the US CLO secondary market have picked up today and focus continues its shift towards senior paper.

    "The market has really picked up today after a typically quiet Monday and a low to medium week last week," says one trader. "At the same time, focus has moved to the top of the capital structure."

    The trader continues: "There .......

    SCIWire 9 June 2015

  • Spanish legal exceptions highlighted

    Scope believes that the new Spanish corporate finance promotion law (Ley 5/2015 de fomento de financiación empresarial) governing changes to corporate financing allows for more flexible financing of Spanish SMEs and, in certain cases, may positively affect their creditworthiness. The main purpose of the new law is to promote financing of Spanish SMEs by making it both more accessible and .......

    News Round-up 9 June 2015

  • ABS, RMBS principal losses drop

    Moody's expects the resilience of senior European ABS and RMBS tranches to deterioration in collateral performance and counterparty risk to continue this year. None of the European ABS and RMBS bonds that the agency has rated triple-A have incurred principal losses to date.

    "On the back of macroeconomic re-balancing, we expect the number of notes that are likely to incur .......

    News Round-up 9 June 2015

  • IRP updated

    The CRE Finance Council has updated its CMBS investor reporting package (IRP), with the aim of providing more comprehensive information. CREFC IRP version 7.1 will be effective from 30 June and includes updated servicer watchlist and portfolio review guidelines, as well as an updated loan modification report sample. Additionally, the IRP best practices now cover special servicer transfers, loan/REO liquidation .......

    News Round-up 9 June 2015

  • Dealer contraction dampens CDS activity

    The notional amount of outstanding OTC derivatives contracts fell by 9% between end-June and end-December 2014, from US$692trn to US$630trn, according to the latest BIS Quarterly Review. Exchange rate movements exaggerated the contraction of positions denominated in currencies other than the US dollar, but even after adjusting for this, notional amounts were down by about 3%.

    The gross market value .......

    News Round-up 9 June 2015

  • Special offer

    Investors set to gain from Australian triple-A auctions

    The first of the Australian Office of Financial Management's (AOFM) planned series of RMBS auctions is expected this month. The sales present investors with an attractive opportunity.

    The AOFM has been instructed to sell off the Australian government's A$4.551bn triple-A rated RMBS holdings. Monthly sales of A$300m-A$500m are planned (SCI 13 May).

    "Conversations I have been having have revealed a .......

    News Analysis 9 June 2015

  • EXOR publishes shareholder letter

    EXOR has sent a letter to PartnerRe preferred shareholders as part of an ongoing process to ensure all PartnerRe shareholders have the information needed to make an informed decision with regard to the future of the company. The letter follows an ongoing battle over the future control of PartnerRe between EXOR and AXIS Capital (SCI passim).

    EXOR continues to solicit common and .......

    Job Swaps 9 June 2015

  • Transitional relief extended

    The European Commission has adopted an implementing act that will extend the transitional period for capital requirements for EU banking groups' exposures to central counterparties (CCPs) under the Capital Requirements Regulation for six months to 15 December. The Commission says the move aims to give the market the legal certainty it needs while "continuing to work hard on solving the .......

    News Round-up 9 June 2015

  • OTC service goes live

    SunGard's new service for post-trade futures and cleared OTC derivatives operations has gone live, with Barclays as its anchor customer. Barclays has completed the migration of specific futures and OTC derivatives clearing operations and technology processes to the platform, as well as the transfer of a number of the bank's employees to SunGard following a commitment earlier this year (SCI 10 March).

    News Round-up 9 June 2015

  • Sabine auction scheduled

    An auction to settle the credit derivative trades for Sabine Oil & Gas Corporation CDS will be held on 23 June. The firm last month filed a Form 8-K in respect of its entry into a forbearance agreement, which triggered a credit event (SCI 2 June).

    .......

    News Round-up 9 June 2015

  • Catastrophe risk division launched

    Guy Carpenter has launched CAT Risk Studio (CRS), a new division that will support the company's Model Suitability Analysis (MSA) initiative and will work closely with GC Securities on the development of parametric products for catastrophe risk transfer. The CRS division will be based in Dublin.

    Headed by global head of CAT risk research Guillermo Franco, Guy Carpenter's MSA initiative provides .......

    Job Swaps 9 June 2015

  • Loan-loss data added to mix

    Morningstar's loan-loss data is now available to subscribers of the agency's CMBS ratings and surveillance service via TreppAnalytics, TreppTrade and TreppDerivative services. In addition, Morningstar's monthly DealView surveillance analysis and loan calculation report - which highlights multiple property valuation approaches, valuation assumptions and loan-loss forecasts - are available on the Trepp deal snapshot. This follows the integration of Kroll Bond .......

    News Round-up 9 June 2015

  • Originator influx weakening CMBS

    Fitch says it is finding disparities in the underwriting metrics of US CMBS loans based on originator type, having measured 30 originators that range between large banks, small banks and non-banks. Against the five credit metrics it measured, the agency notes an overall decline in credit quality in recent months.

    "CMBS investors are becoming increasingly concerned about the ability of .......

    News Round-up 9 June 2015

  • Balloon date pay-offs slip

    The percentage of US CMBS loans paying off on their balloon date dipped sharply in May after an impressive April reading, reports Trepp. The latest reading is 69.8%, more than 10 points below the April rate, which was the highest reading since November 2013. The May rate is a little above the 12-month moving average of 66.1%.

    By loan count as .......

    News Round-up 9 June 2015

  • ILS taskforce holds first meeting

    An ILS industry taskforce established by the London Market Group held its first official meeting with representatives from HM Treasury on 5 June. The task force was established with the purpose of working with the UK government to investigate ways in which it can attract ILS business to London, following a commitment made by Chancellor of the Exchequer George Osborne .......

    News Round-up 9 June 2015
×