Complete news archive

  • Broker-originated mortgages scrutinised

    Fitch expects new Spanish broker-originated residential mortgages to suffer much larger credit losses than prime loans over the medium term, if the economy deteriorates or interest rates rise sharply, despite improved underwriting standards since the financial crises. The agency says this is because it may be in some brokers' economic interest to submit weak loan applicants to the lender. Broker .......

    News Round-up 22 May 2015

  • CDQ activity picking up

    The Italian Cessione del Quinto (CDQ) market will remain active in 2015 based on cheap available funding and an improved macroeconomic forecast for Italy, says Moody's. Most CDQ transactions are currently either performing in line with, or exceeding, the agency's expectations and arrears are low in absolute terms.

    "CDQ financing represents about 17% of the Italian consumer lending market," says .......

    News Round-up 22 May 2015

  • UCITS changes suggested

    ESMA has published an opinion to the EU institutions on the impact of EMIR on UCITS. In the opinion, ESMA calls for a modification of the UCITS Directive to take into account the clearing obligations for certain types of OTC financial derivative transactions under EMIR.

    ESMA says it is seeking to find out how the limits on counterparty risk in .......

    News Round-up 22 May 2015

  • Private debt pro moves

    Eiffel Investment Group has hired Mathias Choussy as part of its credit team. He arrives from Federis Gestion d'Actif, where he was responsible for private placements activity, particularly with co-managing investments in private credit instruments issued by European mid-caps.

    Choussy has also held a number of senior roles that encompassed portfolio management and research in the investment grade, high yield and securitisation markets. The firms .......

    Job Swaps 22 May 2015

  • Matching engine launched

    ICAP e-Commerce has launched a US agency securities matching engine, powered by the company's US agency securities desk. ICAP says that the matching engine brings together buyers and sellers in the US agency securities marketplace by using both traditional and new execution methods to provide a liquid user experience for new and existing customers. 

     

    .......

    News Round-up 22 May 2015

  • Financing portal debuts

    Auction.com has introduced its CRE Financing Portal, which enables investors to apply for financing on qualified assets via the Auction.com site. The portal provides investors with the opportunity to complete financing applications, view their loan application status in real time, upload documents from their desktop, laptop or tablet, access their term sheet and communicate with lenders directly.

    Financing options will be .......

    News Round-up 22 May 2015

  • CMBS 2.0/3.0 watchlistings continue

    US$1.2bn across 92 US CMBS 2.0/3.0 loans were newly watchlisted this month, mostly from the 2013 and 2014 vintages, according to Barclays Capital figures. The first 2015-vintage watchlisting also contributed to the overall balance.

    MSBAM 2013-C8 has the largest exposure to May's watchlistings at 10%, or US$120m, primarily from the largest watchlisted loan this month - the US$115m The Crossings .......

    News Round-up 22 May 2015

  • Euro BWICs ease

    The BWIC-led week in European securitisation secondary markets is easing to a close today.

    BWICs dominated ABS/MBS secondary trading once again yesterday and the bonds that traded did so in line with expectations. Flow trading was patchy once more, but broadly spreads remained unchanged though Italian and Portuguese paper continued to weaken.

    At the same time, European CLO secondary activity .......

    SCIWire 22 May 2015

  • US RMBS winds down

    The US non-agency RMBS secondary market is winding down ahead of the holiday weekend, but the week has had its talking points.

    "It's been an interesting week," says one trader. "We've seen a lot of hedge fund selling in an effort to shed some assets to raise cash for calendar-based opportunities. They're now beginning to look for paper both in .......

    SCIWire 21 May 2015

  • Euro CLOs stay strong

    European CLO secondary spreads are remaining firm in the face of continuing heavy supply.

    "CLO secondary price levels are still strong across the board," says one trader. "We're seeing good two-way flows and BWIC supply remains heavy."

    In particular, the trader says: "There's still a lot of demand in 2.0 mezz even though more new transactions are coming market. At .......

    SCIWire 21 May 2015

  • Agency beefs up board

    Scope Ratings has expanded its executive board by appointing Stefan Bund. In his current role as chief analytical officer, Bund directs rating and analysis in the agency's four current active areas - banking, corporate bonds, structured finance and alternative investment funds. Prior to Scope, Bund held senior roles at Portigon, WestLB, Fitch and Landesbank Baden-Wuerttemberg.

    .......

    Job Swaps 21 May 2015

  • CDO manager takes over

    Vanderbilt Capital Advisors has resigned from its role as collateral manager for six transactions, with Babson Capital Management designated as the replacement manager. The transactions are: Dunhill ABS CDO, Lakeside CDO I, Streeterville ABS CDO, Burnham Harbor CDO 2006-1, Highgate ABS CDO and Monroe Harbor CDO 2005-1.

    Fitch says that terms of the proposed replacement collateral manager agreement have remained almost identical, .......

    Job Swaps 21 May 2015

  • Corporate derivatives usage growing

    The use of derivatives is growing in anticipation of a hike in global interest rates, according to a report by Greenwich Associates. The firm suggests that increased demand for hedging instruments is placing a strain on dealers, which are facing rising derivatives trading costs as a result of recent regulation.

    The report finds that corporate use of derivatives has climbed since the .......

    News Round-up 21 May 2015

  • PartnerRe readies negotiations

    PartnerRe's board of directors says it is prepared to engage in discussions with EXOR to determine whether its cash offer to acquire all of the outstanding common shares of PartnerRe for US$137.5 per share (SCI 13 May) can be improved so that it is compelling, on price and terms, to PartnerRe's shareholders. AXIS Capital has provided PartnerRe with a waiver, .......

    Job Swaps 21 May 2015

  • SSFA guidance released

    The US Fed has issued guidance indicating when a banking organisation that determines its risk-based capital using the advanced approaches may apply the simplified supervisory approach (SSFA) rather than the supervisory formula approach (SFA) when determining the risk weight of a securitisation exposure. The guidance modifies the previous 2013 guidance and sets forth more general guidelines as to when the .......

    News Round-up 21 May 2015

  • Euro ABS/MBS holds up

    European ABS/MBS secondary spreads are mostly holding up despite a heavy BWIC calendar and a general risk-off attitude.

    "There were a lot of BWICs yesterday and nearly all line items traded well," says one trader. "The calendar is quieter today, but overall volume in BWICs significantly up."

    This contrasts with the rest of the secondary market, the trader adds. "Elsewhere .......

    SCIWire 21 May 2015

  • US CLOs shift up

    The US CLO secondary market has shifted up a gear this week in terms of trading volumes and pricing levels.

    "There's been a lot of pressure to push lists out before the end of what will be a short week ahead of Monday's public holiday," says one trader. "So today, like the last couple of days, is very busy with .......

    SCIWire 20 May 2015

  • Swiss house prices to stabilise

    Signs of house price stagnation in Switzerland herald a soft landing for the market rather than a residential property crash, Fitch suggests. Sustained demand is expected to offset the downward pressure from Swiss franc appreciation, macro-prudential regulation and possible restrictions on immigration. The agency believes that prices will stabilise in the medium term.

    Nationally, residential property price growth slowed in .......

    News Round-up 20 May 2015

  • Dubai SF platform set up

    SG has strengthened its presence in the Middle East by launching a new structured finance platform in Dubai. Charles Emmanuel de Beauregard will assist in spearheading the group as director of structured finance and will be responsible for export, infrastructure and asset-based finance.

    Additionally, Karim El Zein has been appointed vp for debt capital markets. He joins from Credit Suisse, .......

    Job Swaps 20 May 2015

  • TRID to raise loss risk?

    Moody's says that the risk of losses for RMBS trusts have been raised by the initial operational challenges for lenders to implement and comply with the new TILA-RESPA Integrated Disclosure Rule (TRID). Lenders could also be challenged with the potential for increased costs in the event of non-compliance.

    TRID expands and replaces the current disclosure requirements of the Truth in .......

    News Round-up 20 May 2015

  • Qualitative underwriting examined

    Greater insight into how US prime RMBS perform can be achieved by observing the qualitative mortgage loan underwriting factors that supplement quantitative measures in a pool, says Moody's. The agency believes these measures would be useful to examine during an economic downturn.  

    In general, RMBS pools backed by loans with similar quantitative measures but weaker qualitative measures will perform worse than pools backed .......

    News Round-up 20 May 2015
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