Complete news archive

  • MBS mis-selling case concluded

    A US district court has ruled that Nomura made false statements in selling MBS to Freddie Mac and Fannie Mae prior to the 2008 financial crisis. The court's opinion cites figures stating that the GSEs' conservator, the US FHFA, is entitled to US$624.4m in compensation.

    However, the court has set out an order for the FHFA to submit a proposed judgment with updated damages figures. The .......

    Job Swaps 12 May 2015

  • Law firm taps CMBS vet

    Ropes & Gray has appointed Partha Pal to its finance group. He will focus on structured finance transactions and related restructurings, regulation and dispute resolution, with particular emphasis on matters that involve CRE assets with real estate lending and CMBS transactions.

    Prior to joining Ropes & Gray, Pal was a partner at Chadbourne & Parke. He has also held roles .......

    Job Swaps 12 May 2015

  • REIT preps risk transfer

    PennyMac disclosed in its 1Q15 results that it has entered into a credit risk transfer structure with Fannie Mae in relation to the REIT's correspondent mortgage production. Under the programme, PennyMac will continue to produce conventional conforming loans and securitise up to US$1bn of them on a flow basis through a new SPV, dubbed PMT CRT 2015-1.

    The REIT will .......

    News Round-up 12 May 2015

  • Origination head recruited

    Demica has hired Tim Davies as head of origination for Europe. In the newly created role, he will seek emerging opportunities in the trade receivables finance landscape by forming new customer relationships, originating, structuring and placing structured finance and securitisation transactions, and helping Demica's clients to optimise their working capital positions. Davies will report directly to the firm's ceo Matt Wreford.

    Job Swaps 12 May 2015

  • Second Spanish portfolio acquired

    Sankaty Advisors has acquired a €560m portfolio of secured loans from BFA-Bankia Group. The portfolio is made up of defaulted bilateral and syndicated Spanish loans to real estate developers and SMEs, secured primarily on a variety of real estate collateral.

    The purchase is Sankaty's second loan portfolio transaction in the Spanish market during the past six months. Sankaty and Starwood Capital .......

    News Round-up 12 May 2015

  • Transparency recommendations released

    The Joint Committee of the three European Supervisory Authorities has published a report detailing its findings and recommendations regarding the disclosure requirements and obligations relating to due diligence, supervisory reporting and retention rules in existing EU law on structured finance instruments (SFIs). The report's recommendations include the need to harmonise due diligence requirements across EU sectorial legislation.

    The report says that, irrespective .......

    News Round-up 12 May 2015

  • Euro ABS/MBS holds steady

    European ABS/MBS secondary spreads are holding steady despite broader market weakness.

    As expected, volumes on- and off-BWIC picked up yesterday and look set to continue to do so today. Market tone is improving and secondary spreads are holding steady initially unfazed this morning by the overnight sell-off in rates.

    The focus of activity still surrounds autos, UK non-conforming and UK .......

    SCIWire 12 May 2015

  • US CLOs pick up

    Activity in the US CLO secondary market looks to be picking up.

    "Activity picked up at the end of last week and looks to be doing the same this week," says one trader. "We're seeing paper from all parts of the structure in for the bid and given the recent lack of supply most BWICs are likely to be well-received."

    SCIWire 11 May 2015

  • Hotel price growth outperforms

    Hotel price growth has surged by 33% in the last 12 months to within 1% of its 2007 pre-crisis peak, observes Moody's. The surge in prices is nearly double that of the apartment, retail, industrial and office sectors.

    "Although hotels are not among the sectors that comprise the Moody's/RCA Commercial Property Price Indices national all-property composite index, their price growth .......

    News Round-up 11 May 2015

  • Secured finance group beefs up

    Pritesh Solanki has joined Insight Investment's secured finance group. He arrives from MKP Capital Management, where he served as vp. Prior to MKP, Solanki was an associate at HSBC, focusing on UK and European RMBS, global consumer cash structured credit and US private student loan ABS.

    .......

    Job Swaps 11 May 2015

  • CRE bridge lender launched

    Sutherland Asset Management has launched Ready Capital Structured Finance (RCS), a commercial bridge lending division. The new division will attempt to strengthen Sutherland's existing nationwide direct commercial lending platform by providing non-recourse, bridge and mezzanine CRE debt financing to its clients.

    RCS will originate, manage and finance non-recourse floating and fixed rate loans of up to five years on transitional, value-add .......

    Job Swaps 11 May 2015

  • CMBS delinquencies fall again

    The US CMBS delinquency rate fell again last month, fuelled by strong new issuance led by hotels, according to Fitch's latest index results for the sector. Loan delinquencies fell 6bp in April to 4.67% from 4.73% a month earlier, while the dollar balance of late-pays fell just slightly to US$17.75bn from US$17.80bn in March.

    Fitch says the delinquency drop was mostly due .......

    News Round-up 11 May 2015

  • Loss severities drop dramatically

    Trepp says that US CMBS loss severity came in at 18.14% during April, which is 26 percentage points below the 44.17% 12-month average. In total, monthly severity reduced by 18%, as 16 loans and 61% of the monthly disposed balance liquidated with less than 2% loss.

    The US$375m Belnord loan, backed by a large multifamily property in Manhattan, along with the US$115.8m 1818 .......

    News Round-up 11 May 2015

  • SCI Start the Week - 11 May

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

    Pipeline
    Additions to the pipeline last week were mainly new ABS deals. As well as six of those there was a single ILS, one RMBS and four CLOs.

    The ABS were: US$1.064bn Capital Auto Receivables Asset Trust 2015-2; US$450m Exeter Automobile Receivables Trust 2015-2; US$601m GMF Floorplan Owner Revolving Trust Series 2015-1; US$180m New Jersey Student Loan .......

    News 11 May 2015

  • Slow return for European secondary

    European securitisation secondary markets look set to return to life this week, but progress is slow.

    Wider market positivity on the back of the UK election and US non-farm payrolls has improved the tone in European ABS/MBS secondary markets. However, spreads remain broadly unchanged for now as activity is only slowly picking up again.

    Many buy-side participants are still sitting .......

    SCIWire 11 May 2015

  • Credit assessment practices proposed

    IOSCO has published a consultation report on alternatives to the use of credit ratings to assess creditworthiness. The report proposes 13 'sound practices' for large market intermediary firms to consider in the implementation of their internal credit assessment policies and procedures.

    IOSCO believes that identifying sound practices should help reduce the potential overreliance of large intermediaries on credit rating agencies. .......

    News Round-up 8 May 2015

  • UTI prefix service launched

    ISDA has launched a service that enables counterparties to obtain a unique trade identifier (UTI) prefix in order to create UTIs for the reporting of derivatives trades. UTIPrefix.org provides derivatives users with the ability to apply a standard methodology to generate a 10-character UTI prefix using their 20-character legal entity identifier (LEI) code.

    A UTI prefix is designed to be .......

    News Round-up 8 May 2015

  • Sharp increase in CMBS pay-offs

    Trepp reports that the percentage of US CMBS loans paying off on their balloon date increased sharply in April. The latest reading of 80% is more than 15 points above the March rate, resulting in the highest reading since the 81.3% pay-off total in November 2013. The April rate of 80% is also well above the 12-month moving average of .......

    News Round-up 8 May 2015

  • Structured credit platform bolstered

    Fifth Street Asset Management has hired David Heilbrunn as md and a member of its management committee. He will be responsible for expanding the firm's growing structured credit products platform, developing its institutional client relationships and optimising its various financing arrangements.

    Heilbrunn arrives from The Carlyle Group, where he was md. Prior to that, he was a senior md and .......

    Job Swaps 8 May 2015

  • Transport pro to head new team

    Bill Bowers has joined Winston & Strawn as chair of transportation structured finance. In this newly created team, he will represent underwriters, placement agents, issuers, lessors, lenders and liquidity providers in a variety of structured finance and securitisation transactions.

    The team will focus on transactions on a full range of transportation assets, including aircraft, aircraft engines, ships, railroad rolling stock .......

    Job Swaps 8 May 2015

  • Agency banks credit officer

    Kroll Bond Rating Agency (KBRA) has appointed Ira Powell as chief credit officer. He will report to Jim Nadler, president and coo of KBRA.

    Powell joins from Goldman Sachs, where he was vp and head of money market origination within the investment banking division. Prior to Goldman Sachs, he was vp at Merrill Lynch.

    Powell has also held roles at .......

    Job Swaps 8 May 2015
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