Complete news archive

  • Spanish SME performance improving

    Spanish SME loan performance is improving upon a better economic outlook, less exposure to real estate and construction, easier access to credit and legal changes, says Fitch. The agency recently reduced the annual average default expectation on typical Spanish SME loan portfolios to 5% from 6.25%.

    The reduction reflects the falling default rates in loans to SMEs in the real .......

    News Round-up 8 April 2015

  • Actual loss STACR prepped

    Freddie Mac intends to pre-market its inaugural actual loss STACR offering, STACR 2015-DNA1, beginning 13 April. The RMBS will be similar to recent STACR deals, but instead of allocating losses to the debt notes based upon a fixed severity approach, losses will be allocated in this transaction based on the actual losses realised on the related reference obligations.

    Freddie Mac .......

    News Round-up 8 April 2015

  • CMBS market cuts froth

    Despite accelerating last month, US CMBS 2.0 B-piece BWIC volumes remain significantly lower than they were this time last year. As demand remains high, this change of pace appears to reflect the secondary market becoming more negotiated.

    Morgan Stanley CMBS analysts welcome this more negotiated nature, noting that an increase in BWIC volumes is often a cautionary signal for frothy .......

    News 8 April 2015

  • Special servicing universe shrinking

    The US CMBS special servicing universe continues to shrink, dropping to levels not seen since 2010, according to Fitch's latest index results for the sector. CMBS loans in special servicing fell to US$38bn through end-2014, less than half the size of the US$91.7bn high-water mark observed in 2010.

    "Transfers out of special servicing are still more than doubling the rate .......

    News Round-up 8 April 2015

  • CMBS liquidations stay low

    For the second consecutive month, Trepp reports that US CMBS liquidation volume was below US$1bn in March and fewer than 50 loans were liquidated with a loss. Overall, nine of the last 12 months have registered less than US$1bn in CMBS liquidations and have averaged US$1.4bn in liquidation volume overall.

    The US$190m Pickwick Plaza, which took a 1% loss, was .......

    News Round-up 8 April 2015

  • Corporate strategy head named

    Julian Weldon has joined CIFC as head of corporate strategy. In this newly-created role, Weldon will lead the expansion of the firm's non-CLO businesses, reporting to co-presidents Steve Vaccaro and Oliver Wriedt.

    Weldon's experience includes investments across structured credit, direct lending and distressed corporate credit. He arrives from Garrison Investment Group, where he was general counsel and chief compliance officer. .......

    Job Swaps 8 April 2015

  • Euro secondary slowly picking up

    As expected yesterday was quiet in the European secondary securitisation markets, but there are signs that the market is slowly picking up.

    "Yesterday was very quiet with few flows or many BWICs to give any guidance," says one trader. "Hopefully it will pick up today and there are a few more BWICs circulating; but some people are still out so .......

    SCIWire 8 April 2015

  • Slow supply for US CLOs

    The US CLO secondary market is currently experiencing a drop in activity.

    "It's relatively slow right now," says one trader. "We're not seeing much supply from BWICs and there are only a few new deals being worked on."

    At the same time, the trader adds: "People don't seem to be grabbing for bonds in the same was as they were .......

    SCIWire 7 April 2015

  • Premium recruits for multifamily push

    Premium Point Investments has hired Stephen Jones as md to lead its investments in multifamily opportunities. Jones joins from Capmark Finance, where he led a team that managed over 30 REO properties.

    Prior to this, he was md with RBS Greenwich Capital, where he was involved in the completion of a number of highly leveraged and structured transactions. He also .......

    Job Swaps 7 April 2015

  • Bouncing back

    The US CLO equity market is rebounding from a spate of volatility. Regulatory changes are squeezing out short-term players, while reduced issuance has helped improve loan pricing and structuring.

    David Wishnow, a principal at Tetragon, says that the recent volatility was perpetuated by investors buying CLO equity in search of short-term gains, as opposed to underwriting the exposure. "With the .......

    News 7 April 2015

  • CMBS delinquencies dip

    US CMBS delinquencies fell by 4bp in March to 4.73% from 4.77% a month earlier, according to Fitch's latest index results for the sector. Additionally, the dollar balance of late-pays fell slightly to US$17.8bn from US$17.9bn in February.

    New CMBS delinquencies finished March at US$357m, up slightly from US$327m in February. The largest new delinquency was the US$58m Collin Creek .......

    News Round-up 7 April 2015

  • Hertz deadline extended

    Hertz last month disclosed that it received a notice from the NYSE regarding its failure to timely file its 2014 annual report. The company now has until 17 September to file its 10-K, although the NYSE can extend this deadline for another six months at its discretion.

    With its ongoing accounting review, Hertz still expects that it will be unable .......

    News Round-up 7 April 2015

  • Single-borrower issuance rising

    S&P says that US single-borrower CMBS issuance volumes have been rising over the past few years and will likely continue to do so in 2015. During 1Q15, new issuance in the sector stood at US$12bn, and is on pace to exceed 2014's full-year total of US$26bn.

    Single-borrower offerings accounted for roughly 46% of CMBS issuance through 1Q15, up from just .......

    News Round-up 7 April 2015

  • MBS legal vet poached

    Lender Service Provider has hired Sonny Abassi as chief compliance officer. In this role, he will primarily be responsible for compliance of daily and periodic operations of various residential mortgage lenders, as well as providing Home Mortgage Disclosure Act reporting for multiple medium-sized mortgage originators.

    Abassi joins the firm from the Structured Finance Industry Group, where he was director of .......

    Job Swaps 7 April 2015

  • Post-crisis performance issues highlighted

    US$1.9bn of post-crisis CMBS loans were newly watchlisted in March, according to Barclays Capital figures. The major contributing vintage for watchlisted loans last month was 2014, while new 2011 vintage watchlists decreased month-on-month.

    WFRBS 2013-C15 and WFRBS 2013-C12 face the highest new watchlist exposure, each with 10% of current balance watchlisted in March. A property in the US$116m RHP Portfolio .......

    News Round-up 7 April 2015

  • Seritage spin-off prepped

    Sears has filed an S-11 Registration for Seritage Growth Properties, its REIT spin-off (SCI 4 March). The transaction will be sold through a rights offering that is expected to close by end-Q2.

    Including possible debt issued by the REIT, the transaction is anticipated to generate proceeds of over US$2.5bn. The sale includes 254 Sears-owned anchor pads, 158 of which have .......

    News Round-up 7 April 2015

  • Quiet start for European secondary

    It looks set to be a reasonably quiet start for European secondary securitisation markets after the long weekend, but the overall tone remains positive.

    Broader credit has started the week strongly and secondary ABS/MBS spreads have opened this morning unchanged on last Thursday's broadly firm levels. Unsurprisingly this week's European BWIC calendar is currently very limited with only two small .......

    SCIWire 7 April 2015

  • US CLOs heading tighter?

    The US CLO secondary market remains busy on the last trading day of the week, but is taking its cues from new issue activity.

    "Secondary tone remains very positive as we look towards primary for direction," says one trader. "The Carlyle print showed tightening and I think the market is getting increasingly concerned about the lack of new issue loans, .......

    SCIWire 2 April 2015

  • RMBS case dismissal denied

    A US District Judge has granted in part and denied in part a motion to dismiss a complaint filed by HSH Nordbank against several RBS affiliates with regard to RMBS issued or underwritten by RBS. Judge Paul Gardephe of the Southern District of New York has allowed the fraud and aiding and abetting fraud claims to proceed, while dismissing claims for .......

    News Round-up 2 April 2015

  • CFTC swap exemptions outlined

    The US CFTC has issued no-action relief stating that swap dealers involved with certain legacy SPV swaps are exempt from complying with particular regulations. The regulations relate to external business conduct standards and swap trading documentation that swap dealers would otherwise be required to adhere to.

    When a swap dealer is required to take remedial action following the withdrawal, qualification .......

    News Round-up 2 April 2015

  • Oil causes Canada CMBS concerns

    The negatives of a sustained period of low oil prices seem likely to outweigh the positives for assets in Canadian CMBS, notes Fitch. Canadian CMBS conduit performance could diverge sharply between oil-focused areas in Alberta, such as the cities of Calgary, Edmonton and Fort McMurray, and the rest of the country.

    This is in contrast to US CMBS, where Fitch .......

    News Round-up 2 April 2015
×