Complete news archive

  • CMBS 2.0 special servicing remains light

    Fitch says that the incidence of US CMBS 2.0 loans entering special servicing remains infrequent and will likely stay this way for the foreseeable future, at least until the loans approach maturity. This is because in-place cashflow is generally sufficient and 2.0 loans should continue to benefit from low interest rates.

    Currently 27 conduit loans, totalling US$282m from the 2010 .......

    News Round-up 27 April 2015

  • Sustained decline for Irish arrears

    Irish RMBS loans in arrears by more than three months reported a sustained decline in 2Q15 - to 17.7% - for the first time since 2005, Fitch observes. This is a drop from their peak of 19.3% in 3Q14 and 18% in the previous quarter.

    Fitch attributes the decline to ongoing servicing activities aimed at resolving long-term arrears cases and .......

    News Round-up 27 April 2015

  • APAC ratings remain stable

    Fitch reports that 243 Asia Pacific structured finance tranches were affirmed in 1Q15. Rating actions in Australia and New Zealand were once again supported by strong economic performance, with most ratings reviewed during the quarter being affirmed, contributing to 90% of the total affirmations in the region. In addition, nine Australian tranches were upgraded.

    In Japan, 11 ratings were affirmed, .......

    News Round-up 27 April 2015

  • Agency's shareholders expanded

    Scope Ratings has raised its capital base by issuing new shares totalling €7.5m so far in 2015. New shareholders include investors from Germany, the UK, Spain and Switzerland.

    In particular, Stefan Quandt is taking an 18% share in Scope through his investment holding company, AQTON. This will make AQTON the second largest shareholder in Scope after the rating agency's founder, .......

    Job Swaps 27 April 2015

  • SLABS EOD likelihood gauged

    Approximately US$7bn FFELP student loan ABS bonds tracked by JPMorgan ABS strategists have a legal final maturity date that is within the next five years. At current speeds, the strategists expect most of the outstanding bonds with final maturities that are within the next three years to pay off without triggering an EOD. Only one of the bonds in their .......

    News 27 April 2015

  • SCI Start the Week - 27 April

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

    Pipeline
    A modest number of deals remained in the pipeline at the end of last week. The new entrants consisted of two ABS, one ILS, four RMBS and three CLOs.

    C$766m Master Credit Card Trust II Series 2015-1 and €725m VCL 21 were the ABS. The sole ILS was US$200m Long Point Re III Series 2015-1.

    The .......

    News 27 April 2015

  • Super-priority warning 'credit positive'

    The US FHFA last week issued a statement warning that Federal law prohibits state courts from involuntarily extinguishing Fannie Mae and Freddie Mac liens to give precedence to super-priority liens, such as energy retrofit programmes or homeownership association (HOA) liens, while the two GSEs are under conservatorship. Moody's notes in its latest Credit Outlook that the action is credit positive .......

    News Round-up 27 April 2015

  • Euro CLO BWIC bandwagon rumbles on

    As expected Friday was a comparatively quiet day across European secondary securitisation markets, but today sees the European CLO BWIC schedule take the lead once more.

    The end of week drop in European BWIC volume had a knock on effect in flow trading - diminishing volumes there as well. Nevertheless, the usual pockets of activity surrounding autos, CLOs and prime .......

    SCIWire 27 April 2015

  • US CLOs look ahead

    Today sees a quiet end to a quiet week in the US CLO secondary market, which is giving traders the opportunity to look ahead.

    "It was a little busier yesterday, but still not enough going through," says one trader. "Today is even quieter with many people still away from their desks following the conference earlier in the week."

    Those that .......

    SCIWire 24 April 2015

  • Green Tree settlement 'credit neutral'

    Green Tree Servicing, a subsidiary of Walter Investment Management, has agreed to a US$64m settlement with the US Federal Trade Commission and the US Consumer Financial Protection Bureau over investigations into mistreating borrowers. The servicer has agreed to pay US$48m for consumer redress and a civil money penalty of US$15m, without admitting or denying any allegations to injunctive relief.

    Moody's .......

    News Round-up 24 April 2015

  • Netting tool enhanced

    Online netting analysis tool, netalytics, has been enhanced to cover ISDA clearing opinions. The tool is a joint venture between ISDA and Allen & Overy affiliate aosphere, and provides analysis on ISDA netting opinions across 63 jurisdictions.

    The opinions relate to the ISDA/Futures & Options Association client cleared OTC derivatives addendum when used in conjunction with an ISDA master agreement. .......

    News Round-up 24 April 2015

  • ISDA directors elected

    ISDA has elected 12 directors at its latest AGM in Montreal. Two new directors were added to its board, while 10 were re-elected.

    The new members of the board are Yasunobu Arima and Sam Skerry. Arima is a general manager of the global markets planning division at The Bank of Tokyo-Mitsubishi, where he is responsible for global regulatory affairs relating .......

    Job Swaps 24 April 2015

  • RMBS sets post-crisis high

    The volume of newly issued US prime jumbo RMBS during 1Q15 set a post-crisis milestone, according to Fitch's latest index results for the sector. The agency reports 13 RMBS deals coming to the market, representing the most active issuance quarter for prime jumbo RMBS since the financial crisis.

    "The roughly US$4.7bn of issuance in 1Q15 was nearly half the total .......

    News Round-up 24 April 2015

  • Loan override feature added

    A new Trepp loan override feature has been added to Kroll's credit profile (KCP) portal. The tool enables users to upload the agency's loss scenarios directly into Trepp's analytics engine to perform cashflow analysis on CMBS certificates. The overrides come in an Excel workbook that is available on the KCP portal for each CMBS deal in Kroll's coverage universe.

    Within .......

    News Round-up 24 April 2015

  • SME issuance faces obstacles

    Public issuance of European SME CLOs is currently hindered by two main obstacles, says Scope Ratings. One of these is the regulatory framework surrounding capital charges and liquidity coverage ratios, which make SME CLOs less appealing to institutional real money investors than other products, such as covered bonds.

    In addition, the ECB eligibility rules under the repo collateral framework favour .......

    News Round-up 24 April 2015

  • Shifting investor base drives supply

    Post-crisis record highs were set in both the US CLO secondary and primary markets in March. US$15bn of new issuance priced during the month (totalling US$39.2bn for the quarter, including refinancings), while BWIC volume hit US$3.5bn (US$7.5bn for the quarter), according to Citi figures. In comparison, CLO BWIC volume in 1Q14 reached US$4.9bn and the monthly average since 2013 has .......

    News 24 April 2015

  • Euro secondary staid but stable

    Yesterday was quieter in European secondary securitisation markets than previous days and spreads remained stable. Today looks set to be the same with a limited total volume on the BWIC calendar and the market opening flat this morning.

    Yesterday's quieter day was partly a result of very heavy focus on the previously mentioned 14:00 peripheral BWIC, for which the covers .......

    SCIWire 24 April 2015

  • NPL sales to deepen market

    The moves by Fannie Mae and Freddie Mac to establish programmed sales of non-performing loans (SCI passim) will increase the depth of the distressed residential mortgage market, says Fitch. This could have positive implications for US banks seeking to sell their own NPLs.

    As more NPL buyers emerge and pricing trends develop, the magnitude of the impact to banks' NPL .......

    News Round-up 23 April 2015

  • US RMBS loses focus

    The US non-agency RMBS secondary market's focus has been distracted away from legacy paper in general and BWICs in particular.

    "The new STACR deal priced yesterday which caused a flurry of activity on- and off- BWIC on those bonds, and at the same time SFR subs are continuing to tighten," says one trader. "Both of these elements are distracting the .......

    SCIWire 23 April 2015

  • Euro decline sparks SME benefits

    SMEs in the euro area are poised to reap greater potential gains from the falling value of the euro than previously thought, according to Moody's. The sectors that benefit the most could weigh up to about 10% of European SME ABS portfolios.

    "The overall effect of the euro's depreciation is limited on the euro area economy in general and subsequently .......

    News Round-up 23 April 2015

  • SEF trading catching on

    More than half of interest rate derivatives (IRD) and over 70% of CDS index average daily notional volumes were traded on SEFs in 1Q15, reports ISDA. Analysis compiled using ISDA's SwapsInfo service shows that electronic trading has continued to grow as a proportion of overall trading activity, following the introduction of the first SEF trading mandates in the US in .......

    News Round-up 23 April 2015
×