Complete news archive

  • Global RMBS recovering

    Moody's notes that US economic growth has driven RMBS arrears lower, while GDP growth and servicers' loss mitigation activities will support the performance of legacy subprime RMBS in 2015. In Europe, stabilising unemployment could help to steady collateral performance, as prime RMBS have seen double-digit decreases in severe arrears of more than 90 days.

    The credit quality of new private-label .......

    News Round-up 20 April 2015

  • Mall performance hit

    April remittances indicate that the US$50.1m Hudson Valley Mall loan, securitised in CFCRE 2011-C1, has transferred to special servicing. This represents the largest CMBS 2.0/3.0 loan to move into special servicing so far, according to Barclays Capital CMBS analysts.

    JC Penney announced in January that it would be closing its store location at the mall (see SCI's CMBS loan events .......

    News Round-up 20 April 2015

  • SCI Start the Week - 20 April

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

    Pipeline
    The number of deals joining the pipeline was steady last week, with more RMBS than the week before and less emphasis on ABS and ILS. At the final count there were five new ABS, one ILS, four RMBS and two CMBS added to the pipeline.

    The ABS were: A$210m Flexi ABS Trust 2015-1; US$240m HERO Funding .......

    News 20 April 2015

  • LLPA changes unveiled

    The US FHFA has announced the results of its comprehensive review of guarantee fees charged by Fannie Mae and Freddie Mac. The move is not expected to have a significant effect on mortgage valuations, prepayment speeds or agency RMBS issuance volumes.

    The FHFA has determined that current fees, on average, are at an appropriate level and that modest adjustments to .......

    News 20 April 2015

  • Euro ABS/MBS stays in range

    The European ABS/MBS secondary market stayed range-bound on Friday and opened little changed this morning.

    Broader market volatility meant that Friday saw a drop in ABS/MBS liquidity and bid-offer spreads move out. Both the Street and the buy-side were looking to sell peripheral paper weakening the tone there still further, but core assets remained firm.

    BWIC activity slowed on Friday, but .......

    SCIWire 20 April 2015

  • MBS sales pro tapped

    Joseph Bevilacqua has joined Robert Baird & Co as a director. He arrives from Stifel Financial, where he worked in institutional sales for fixed income securities, with a particular focus on RMBS. He has also held senior sales roles at firms such as Piper Jaffray, First Empire Securities and Cantor Fitzgerald.

    .......

    Job Swaps 17 April 2015

  • Broker hires RMBS director

    Madison Paige Capital has appointed Dan Lichtenberg as md. He arrives from Bank of America Merrill Lynch, where he was a director, focusing on RMBS trading.

    .......

    Job Swaps 17 April 2015

  • Euro CLOs stay strong

    The European CLO secondary market appears to continue to be insulated from broader market concerns.

    Yesterday saw strong prints across all the BWICs due and broader secondary activity was similarly buoyant. Today, overall European CLO market tone remains positive and demand for paper continues to be high.

    There are two European CLO BWICs scheduled for today so far. Both are .......

    SCIWire 17 April 2015

  • Slow pay-downs spur SLABS default risk

    Some FFELP student loan ABS are at risk of default because certain tranches are not amortising fast enough to pay off by their final maturity dates, Moody's reports. The slow pay-down speed is a result of loan repayment trends that began during the financial crisis and have been accelerated by newer programmes to ease burdens on borrowers.

    The percentage of .......

    News Round-up 17 April 2015

  • GE sales spark servicing concerns

    Moody's says that General Electric's divestiture of most of its GE Capital unit will impact ABS that the unit sponsors, due to the potential transfer of servicing in the transactions to other entities. The asset sales are expected to affect three ABS sectors, in particular - asset-based loans, floorplan loans and equipment loans/leasing.

    GE Capital has issued about US$4.8bn in .......

    News Round-up 17 April 2015

  • ILS president recruited

    TigerRisk Partners has hired Tony Ursano as president. In his new role, he will seek to help grow the firm's business, identify and source the most efficient forms of capital available for TigerRisk's clients and build the firm's M&A advisory business.

    Previously, Ursano was ceo of Willis Capital Markets and Advisory. He began his career at Donaldson, Lufkin and Jenrette .......

    Job Swaps 17 April 2015

  • Structuring heads on the move

    Citi has hired Olivier Renault as head of financial institutions solutions for EMEA. He was formerly head of structuring and advisory at Stormharbour Securities and has been subsequently replaced in this role by Francesco Dissera.

    Before Stormharbour, Renault was a director in global structured credit products at Citi and was also previously associate director for S&P's risk solutions services.

    Dissera .......

    Job Swaps 17 April 2015

  • SEF names director

    Robert Pickel has been hired as non-executive director of Tradition SEF's board. Pickel stepped down as ISDA ceo last year (SCI 22 April 2014). He also held a number of other positions at the association, including evp and general counsel.

    .......

    Job Swaps 17 April 2015

  • CMBS team reinforced

    Walker & Dunlop has added Chris Charboneau and Randy Efron to its commercial property funding team. Charboneau joins the Chicago office as svp, while Efron joins the firm's New York office as vp. Both are responsible for originating commercial financing opportunities for clients nationwide and will be reporting to Geoff Smith, md and head of originations for the firm's commercial .......

    Job Swaps 17 April 2015

  • Work-out vet poached

    Case Property Services has recruited David Balaj as director and work-out project manager, responsible for assisting clients in addressing distressed commercial real estate and CMBS loans. He joins Case as the firm increases its caseload to address the many underwater loans that are at risk of being unable to refinance upon maturity within the next 36 months.

    Balaj was previously .......

    Job Swaps 17 April 2015

  • 'Positive momentum' for Euro CRE

    DBRS expects positive momentum generated by an up-tick in investment and lending to translate into increased European CMBS issuance. However, legacy transactions are likely to continue to struggle as the slow economic recovery maintains pressure on performance.

    "Upcoming maturities are likely to put some pressure on the market as older vintage transactions roll off and either move into special servicing .......

    News Round-up 17 April 2015

  • REO properties up for bid

    Auction.com data indicates that 49 properties with US$320m in balance across 37 CMBS loans are out for the bid in late April and May. WBCMT 2006-C24 has the largest exposure to the auctions, accounting for three properties totalling US$63m, according to Barclays Capital CMBS analysts.

    The three properties are the US$18.6m Towamencin Shopping Village, the US$23.5m Park Plaza II and .......

    News Round-up 17 April 2015

  • Euro peripherals weaken

    Concerns over Greece have finally fed into the European ABS/MBS secondary market.

    Amid a short spike in activity on- and off-BWIC yesterday the bulk of peripheral bonds saw a weaker tone. Greek assets inevitably led the way with GRIF 1 A dropping two points before recovering by a half to close in the 65 area.

    Portuguese and Spanish spreads have also .......

    SCIWire 17 April 2015

  • US RMBS looks for direction

    The US non-agency RMBS secondary market is still relatively quiet, but one big list tomorrow could help to give the market some direction.

    "Things are still a little slow as they have been since the end of March," says one trader. "However, it is reasonably busy today, as is normally the case on a Thursday, with just under $700m in .......

    SCIWire 16 April 2015

  • Corporate trust survey launched

    SCI's 2015 European Corporate Trust Survey is open for participation (click here to take part). The survey is an in-depth questionnaire that seeks to identify which corporate trust service providers offer the best-in-class services across a number of key delivery areas focused on the ABS market.

    The aim of this exercise is to enable clients of trustees to .......

    News Round-up 16 April 2015

  • Boost for Spanish housing

    An increase in mortgage lending in Spain over the last year could help the housing market to recover in 2015, Moody's suggests. Rising mortgage origination will likely improve the demand for housing, which in turn could help lift house prices.

    "Historically, there has been a high positive correlation between mortgage origination and changes in house prices. In our opinion, the .......

    News Round-up 16 April 2015
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