Complete news archive

  • Operational assessment urged

    Fitch says that the broad array of US CLO managers means that focusing on risks and understanding the manager are even more important in the current environment. In particular, the agency notes that assessing the operational platform of a CLO manager is valuable for investors.

    "Business concentration and a smaller investor base can make newer CLO asset managers more vulnerable .......

    News Round-up 1 May 2015

  • Macerich JV exposure gauged

    Sears is forming its third real estate joint venture, this time with Macerich (MAC), involving nine Sears properties located at MAC malls. The purchase price for the properties is US$300m, with MAC contributing US$150m in cash for its 50% interest.

    The JV will lease back existing stores to Sears under a triple-net master lease agreement, with a 10-year initial term .......

    News Round-up 1 May 2015

  • MBS trio tapped

    Cello Capital Management has recruited Toby Maitland Hudson, Scott Grabine and Kashif Akhtar. All three arrive as traders from Saba Capital Management.

    Prior to joining Cello, Maitland was md at Saba and executive director in CMBS trading at JPMorgan before that. Akhtar has also held senior roles at Saba and JPMorgan, both with an emphasis on CMBS trading. In addition, .......

    Job Swaps 1 May 2015

  • Euro secondary on hold

    The European secondary securitisation markets are now effectively on hold until Tuesday.

    With European and/or UK public holidays today and Monday and another EU-Greece meeting tomorrow, unsurprisingly yesterday saw no major change in the patterns seen in recent days and looks set to remain the same today. Flows were again light yesterday, but spreads held up with the exception of .......

    SCIWire 1 May 2015

  • Muted month-end for US RMBS

    The recent trend of muted activity in the US non-agency RMBS secondary market is continuing in to month-end.

    "We've got around $350m in for the bid today, which is low for a Thursday and overall it's fairly quiet for month-end," says one trader. "It's early and some stuff is still trickling in, but I don't expect today's pattern to change .......

    SCIWire 30 April 2015

  • Trups defaults continue falling

    The number of US bank Trups CDO combined defaults and deferrals decreased to 20% at end-March, according to Fitch's latest index results for the sector. This compares with 20.4% in February.

    In March, 12 banks representing US$150.5m of notional in 19 CDOs cured. Additionally, four previously cured issuers representing US$23m of notional in four CDO redeemed their Trups.

    There were .......

    News Round-up 30 April 2015

  • OTC market contracting

    The OTC derivatives markets contracted in 2H14, according to BIS statistics. The notional amount of outstanding contracts fell by 9% between end-June 2014 and end-December 2014, from US$692trn to US$630trn.

    The BIS notes that exchange rate movements exaggerated the contraction of positions denominated in currencies other than the US dollar. However, even after adjusting for exchange rate movements, notional amounts .......

    News Round-up 30 April 2015

  • GSA stress emerges

    The US$200.1m NGP Rubicon GSA Pool loan - which is split pari passu in the WBCMT 2005-C20 and WBCMT 2005-C21 CMBS - has transferred to special servicing with CWCapital. The move appears to be due to recent performance declines and the pending maturity of the loan in June.

    The 14 properties in the portfolio were all originally primarily leased to .......

    News Round-up 30 April 2015

  • Non-US dealer rules proposed

    The US SEC has proposed new rules on requirements related to security-based swap transactions connected with a non-US person's dealing activity. The rules require a non-US company that uses US personnel to arrange, negotiate or execute a transaction in connection with its dealing activity to include that transaction in determining whether it is required to register as a security-based swap .......

    News Round-up 30 April 2015

  • Challenger card risks examined

    The credit card pools of UK non-high street bank lenders - also known as challenger banks - entail additional risks than those of established originators, says Moody's. As a result, challenger entrants' transactions usually require additional mitigants to achieve the agency's Aaa rating.

    "We undertake a closer analysis of certain risks for the pools of new entrants, or issuers with .......

    News Round-up 30 April 2015

  • Rival BDC acquired

    PennantPark Floating Rate Capital (PFLT) is set to acquire MCG Capital for US$175m in a stock and cash transaction. The move follows MCG's exploration of strategic alternatives with the aim of maximising value for stockholders (SCI 10 February).

    PFLT's acquisition comes in at US$4.75 per MCG share, representing a 15.8% premium to MCG's closing stock price. The boards of directors .......

    Job Swaps 30 April 2015

  • Third-country CCPs recognised

    ESMA has recognised 10 third-country central counterparties established in Australia, Hong Kong, Japan and Singapore. The recognition allows these CCPs to provide clearing services to clearing members or trading venues established in the EU.

    The recognised third-country CCPs are: ASX Clear Futures, ASX Clear, HKFE Clearing Corporation, Hong Kong Securities Clearing Company, OTC Clearing Hong Kong, SEHK Options Clearing House, .......

    News Round-up 30 April 2015

  • Euro CLOs keep 2.0 focus

    The European CLO secondary market continues to focus on 2.0 assets.

    "Overall, secondary activity is down a bit this week because some of the deals in primary are getting close to pricing," says one trader. "However, market focus is still very much about 1.0 versus 2.0 and if you can't get allocation on a new deal you come to secondary for .......

    SCIWire 30 April 2015

  • Originations expert snapped up

    HAS Capital has hired Scott MacFarlane as president of originations. In the newly created position, he will be responsible for the ongoing management of the firm's current manufactured housing funding programmes, as well as for the development and expansion of its new originations platform. He will report to Stephen Wheeler, md and chairman of HAS Capital.

    MacFarlane arrives from US .......

    Job Swaps 30 April 2015

  • Risk retention agreement inked

    Kramer Van Kirk Credit Strategies has formed a strategic partnership with Public Pension Capital (PPC). Under the terms of the agreement, PPC's minority investment will allow KVK to meet anticipated risk retention requirements for new CLO issuance and expand its non-CLO investment strategies. Additionally, the investment from PPC will support the ongoing commercialisation of KVK Technology Solution's Mariana Credit Portfolio .......

    Job Swaps 30 April 2015

  • Calling it

    Euro CLO calls up sharply

    More European CLOs have been called already this year than in any previous full year. This is due to several factors, just one of which is the last legacy deals exiting their reinvestment periods.

    "The high number of calls so far this year is a function of the state of evolution of vintage CLOs and which part of the lifecycle .......

    News Analysis 30 April 2015

  • Euro ABS/MBS unsettled

    The European ABS/MBS secondary market has become unsettled as broader market volatility spikes, but for now spreads are holding firm.

    A mix of the sell-off in Bunds and month- and week-end for most of Europe limited flow trading activity across European ABS/MBS yesterday. BWICs generally traded in line with expectations though some Spanish names took a hit. Overall, spreads held .......

    SCIWire 30 April 2015

  • US CLOs drift sideways

    Activity in the US CLO secondary market has picked up today, but for the most part it is trading sideways with little conviction.

    "It's fairly busy day today, but from the week's perspective it still looks very quiet," says one trader. "Most stuff is trading sideways and everyone seems happy to follow one another."

    While market tone remains positive lack .......

    SCIWire 29 April 2015

  • CDO manager replaces two

    Rabobank International has resigned from its role as the collateral manager for Vermeer Funding and assigned Dock Street Capital Management as its replacement. Fitch says that terms of the proposed replacement collateral management agreement have remained almost identical, with only minor differences that are not material to the ratings of the transaction.

    In addition, Dock Street Capital Management has replaced .......

    Job Swaps 29 April 2015

  • Political risk exec poached

    David Callis has joined Lockton Companies as vp and producer. He will work closely with Lockton's clients and prospects on international risk issues, sharing expertise in political risk and structured credit. Previously, Callis was an associate at Rutherfoord International, where he established its political risk and structured credit practice.

    .......

    Job Swaps 29 April 2015

  • CLO refis racking up

    US CLOs are being refinanced in ever greater numbers as the risk retention deadline draws nearer. While regulatory compliance and economic benefit provide incentive to equity holders, debt investors benefit through better transparency and performance, so demand for refinanced paper should remain high.

    The previous quarter saw six 2012-2013 vintage deals refinanced and another two in the market, bringing the number .......

    News 29 April 2015
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