Complete news archive

  • 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

  • Euro secondary stabilises

    After a week of softening and amid continued broader market volatility the non-peripheral European securitisation secondary markets stabilised yesterday and have opened unchanged this morning.

    "It was a bit more active yesterday and the market appears to have stabilised," says one trader. "We saw two-way flows in quite a few sectors, though mainly in prime paper - from autos, to .......

    SCIWire 9 June 2015

  • US CLOs diverge

    The US CLO secondary market continues to move along at a decent pace, but a divergence in vintages at the top of the stack is a appearing.

    "The market continues to be fairly busy and we're seeing reasonably good demand in post crisis bonds," says one trader "However, there is less in pre-crisis paper."

    Notably, the trader adds: "We've seen .......

    SCIWire 8 June 2015

  • CRA reliance remedies proposed

    IOSCO has published its final report on good practices for reducing reliance on credit rating agencies (CRAs) in asset management. The report stresses the importance of asset managers having the appropriate expertise and processes in place to assess and manage the credit risk associated with their investment decisions in addition to the influence of CRA ratings.

    IOSCO notes in its .......

    News Round-up 8 June 2015

  • SEF adds index options

    MarketAxess has expanded its SEF offering to include CDS index options and says it is the only credit e-trading platform to offer the instrument along with CDS indices and single-names. Six market-makers currently provide liquidity on the SEF platform, with more expected to be added in the coming months.

    The firm reports that it increased its year-over-year SEF volumes by .......

    News Round-up 8 June 2015

  • Values-to-appraisals trending upwards

    Kroll Bond Rating Agency (KBRA) has released a report summarising trends in KBRA values to third-party appraisals, as well as KLTVs and credit enhancements across US CMBS. The KBRA value variance to appraisal has trended upwards across the agency's rated universe since it began rating conduit transactions in 2Q12, as property prices have increased over the same period.

    The average .......

    News Round-up 8 June 2015

  • Further Mint scrutiny stressed

    Fitch suggests that the exposure of hotel profitability to changes in supply and demand for rooms would have led to lower ratings on some tranches of the recent multi-jurisdictional Mint 2015 CMBS transaction, if rated by the agency. The difference is more pronounced for senior classes denominated in euros, where Fitch would not have assigned a triple-A rating.

    Fitch says that .......

    News Round-up 8 June 2015

  • Credit profile portal integrated

    Kroll Bond Rating Agency says its CMBS credit profile (KCP) analysis is now fully integrated onto Trepp's analytics platform. Features include KBC opinions that will be available for each class, a newly created KCP snapshot (which provides the transaction's aggregate losses in all three of Kroll's loss scenarios) and the ability for clients to view deal commentary via KCP reports.

    News Round-up 8 June 2015

  • EXOR request rejected

    The Supreme Court of Bermuda has rejected a request by EXOR for PartnerRe to disclose certain customary beneficial ownership information related to PartnerRe's shareholder base (SCI 4 June). Despite PartnerRe's refusal to provide the requested information, EXOR says it will now actively solicit PartnerRe's common and preferred shareholders to vote against the AXIS transaction at the PartnerRe special general meeting on 24 July. .......

    Job Swaps 8 June 2015

  • Uplift for Tunisian RMBS

    Moody's has upgraded the global and national scale ratings of five tranches from a pair of Tunisian RMBS - FCC BIAT-CREDIMMO 1 and FCC BIAT-CREDIMMO 2. The move follows the upgrade of the Tunisian local-currency bond and deposit ceilings to Baa2 from Baa3 and further deleveraging of the two transactions. The rating agency had placed the deals on watch for .......

    News Round-up 8 June 2015

  • CLO benchmark indices launched

    Palmer Square Capital Management has teamed up with the NYSE to launch two new indices designed to benchmark the CLO markets. The Palmer Square CLO Debt Index and Palmer Square CLO Senior Debt Index are the first broadly distributed daily benchmarks for US dollar-denominated CLOs backed by broadly syndicated leveraged loans.

    Palmer Square's CLO Debt Index is a rules-based observable .......

    News Round-up 8 June 2015

  • CMBS delinquencies at year low

    US CMBS delinquencies fell by their largest margin in over a year thanks to high resolution volume and steady new issuance, according to Fitch's latest index results for the sector. Loan delinquencies fell by 19bp in May to 4.48% from 4.67% a month earlier, while the dollar balance of late-pays fell by US$646m to US$17.1bn from US$17.7bn in April.

    The .......

    News Round-up 8 June 2015

  • SCI Start the Week - 8 June

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

    Pipeline
    Another Chinese deal joined the pipeline last week. It was one of six newly announced ABS, while there was also an ILS, four RMBS, four CMBS and one CLO.

    The ABS were: CNY2.36bn Bavarian Sky China 2015-1; US$250m CPS Auto Receivables Trust 2015-B; US$410.5m Hertz Fleet Lease Funding Series 2015-1; €100m Highway 2015-I; US$300m Ford Credit .......

    News 8 June 2015

  • Business development pro recruited

    Suzanne Singer has joined Clayton Holdings as senior md of business development. She will be responsible for expanding Clayton's customer base and developing and executing strategic initiatives with its parent company, Radian Group.

    Singer most recently served as evp of sales and marketing for Litigation Guard, a provider of mortgage-lending risk management tools and technology services. She has also held .......

    Job Swaps 8 June 2015

  • CRE equity cushion restored

    Moody's says that the equity cushion for pre-crisis CRE loans originated at a 75% LTV has improved to 30% or more on average over the past year as the recovering economy has boosted property values. Loans originated at a 75% LTV in 2004-2008 now have LTV ratios of between 43% and 68% as adjusted by Moody's/RCA Commercial Property Price Indices (CPPI) .......

    News Round-up 8 June 2015

  • Spanish foreclosures stabilising

    Spanish RMBS performance will benefit from a stabilisation in mortgage foreclosures, reports Moody's. With the foreclosure rate dropping by almost 14% since the peak of the crisis in 2010, the downward pressure on the performance of residential mortgages is easing, which is credit positive for the asset class.

    "We expect that a lower number of foreclosures will be accompanied by a shortening .......

    News Round-up 8 June 2015

  • Euro ABS/MBS mixed

    Despite wider market volatility and an overall weakening tone European ABS/MBS secondary market sectors continue to see mixed fortunes.

    The latter half of last week saw an upswing in BWIC supply, but was not met with sufficient demand as many line items did not trade. Overall market tone softened on the back of Greek concerns and broader credit weakness, but some sectors .......

    SCIWire 8 June 2015

  • CLO origination head appointed

    Peter Melichar has joined Jefferies as head of European CLO origination. He moves from Maybird, where he was md, involved in fundraising, investor relations, and merger and acquisition advisory.

    Melichar has held a number of roles related to CLOs, including working in origination and structuring in European CLOs for Deutsche Bank and trading European CLOs as vp at SG. He has also .......

    Job Swaps 5 June 2015

  • Mortgage initiative impact gauged

    A recent programme set up by the Russian Agency for Housing Mortgage Lending (AHML) to support mortgage borrowers facing payment difficulties will have a limited effect on Russian RMBS, according to Moody's. This is due to the programme's restricted scope, owing to its funding constraints and tight eligibility criteria.

    The AHML's programme, which has been in effect since May, enables .......

    News Round-up 5 June 2015

  • Retail portfolio transfers mooted

    Moody's has been informed that Franklin C. Gatlin III has proposed to transfer the ownerships of Pacific Coast Plaza, Eastlake Terraces and Chula Vista II portfolios to three potential Delaware-based companies. The companies, still to be formed, will be indirectly majority owned and controlled by a real estate investment fund affiliated with Angelo, Gordon & Co.

    In connection with the transactions, affiliates of Angelo, Gordon .......

    News Round-up 5 June 2015

  • Insurance trio recruited

    Twelve Capital has made a trio of hirings to enhance its insurance debt and ILS portfolio services. The hires include Ulrich Beck, who will be responsible for sourcing within the firm's insurance private debt team.

    Beck arrives from KPMG's corporate finance team, where he focused on mergers and acquisitions, as well as strategic and transformational advisory. He was also involved in capital markets .......

    Job Swaps 5 June 2015
×