Complete news archive

  • Broadening the field

    Diverse issuance signals deepening primary market

    The European securitisation market has witnessed an influx of diverse primary issuance in recent weeks. Supply has bumped Q1 volumes up by nearly 50% over the same period last year and underlines the increasing depth of the sector.

    Notable recent transactions include Australian RMBS, UK buy-to-let RMBS, Dutch RMBS, Italian consumer ABS, Portuguese future flow ABS, European CLOs and the .......

    News Analysis 1 April 2015

  • Euro ABS/MBS sees pockets of activity

    Despite a generally quiet week the European ABS/MBS secondary market is continuing to see pockets of activity.

    "As you would expect for quarter-end, yesterday was quiet with most people busy with valuations and so on," says one trader. "However, we did see a couple of portfolio rebalancing BWICs from real money that mainly consisted of Dutch names and traded tight."

    SCIWire 1 April 2015

  • Corporate development head named

    Wells Fargo has appointed Julie Caperton as head of corporate development. Caperton will be responsible for supporting business leaders across the bank by managing its acquisition and divestiture process. She will report to Wells Fargo corporate treasurer Paul Ackerman.

    Caperton joins corporate finance after serving as head of wholesale banking's asset-backed finance and securitisation team at Wells Fargo Securities. In this role, she .......

    Job Swaps 1 April 2015

  • Italian NPL vehicle established

    PVE Capital has acquired a portfolio of Italian non-performing loans with a gross book value of €408m. The firm has also created a vehicle under Italian Law 130 - for which Prelios Credit Servicing will act as master servicer - that will allow it to replicate similar deals in the future.

    PVE originated the transaction as part of an ongoing .......

    News Round-up 31 March 2015

  • US RMBS focuses on re-REMIC list

    Month-end and the shortened week are reducing US non-agency RMBS secondary market activity and have heightened focus on the latest large re-REMIC list due today.

    "Much like other markets we're fairly quiet this week because of quarter-end," says one trader. "But there's been one big re-REMIC list that has been holding everyone's attention and will, as always with these kinds .......

    SCIWire 31 March 2015

  • US CDO/CLO BWIC flurry

    Secondary US CDO/CLO volumes are down this week, but a flurry of BWICs has emerged for trade today and tomorrow.

    "Due to quarter-end, trading is lighter this week, but a bunch of BWICs have popped into the schedule for today and tomorrow," says one trader. "Despite the timing they're seemingly real, not pricing exercises, and so are expected to trade."

    SCIWire 31 March 2015

  • Ratings corrections made

    S&P has taken various rating actions on 853 ratings from 111 US RMBS transactions. The move follows the agency's recent placement of 338 ratings - 173 of which are included in this review - on credit watch with negative implications due to it underestimating default probabilities of many current-paying loans with LTVs of 60% or lower (SCI 19 February).

    Of .......

    News Round-up 31 March 2015

  • Non-traditional cat coverage enhanced

    BMS Capital Advisory has appointed Steve Korducki evp of BMS Intermediaries, serving as general securities representative. Korducki currently serves on the BMS Intermediaries US executive committee as the leader of its Florida strategy. In his new role, he will assist the firm in the expansion of non-traditional catastrophe coverage solutions for BMS' clients and new business prospects.

    .......

    Job Swaps 31 March 2015

  • Regional divide in 'mortgage prisoners'

    The north-south divide persists in the UK's non-conforming mortgage market, says Moody's, as borrowers in the north are 1.9 times more likely to be 'mortgage prisoners' than borrowers in other regions. The agency describes borrowers who are unable to refinance to a better deal or move house because they fall outside lending criteria as mortgage prisoners.

    Moody's reveals that about .......

    News Round-up 31 March 2015

  • Middle market partnership formed

    Intesa Sanpaolo and GSO Capital Partners have entered into a strategic partnership to provide an alternative source of funding to Italian middle market businesses. The partnership aims to significantly expand the availability of private debt capital in Italy, enabled by favourable recent changes in the Italian legal and regulatory framework.

    The collaboration will focus on both existing corporate clients of .......

    Job Swaps 31 March 2015

  • Green bond market surging

    S&P says that corporate green bond issuance could reach up to US$30bn by the end of this year, a near 50% increase on the current size of the market - US$19.1bn. However, the agency notes that this nascent asset class will face tough challenges in the coming months, which could test the viability and durability of the entire green bond .......

    News Round-up 31 March 2015

  • Zohar fraud charges filed

    The US SEC has charged Lynn Tilton and her Patriarch Partners firms of hiding the poor performance of loan assets in three CLO funds they manage. The Commission claims that the accused breached their fiduciary duties and defrauded clients by failing to value assets using the methodology described to investors in offering documents for the CLO funds, which have portfolios .......

    Job Swaps 31 March 2015

  • CRA code of conduct revised

    IOSCO has published a final report on its code of conduct fundamentals for credit rating agencies (CRAs), which includes significant revisions and updates to the current code. The move follows the organisation's request for comment on proposed changes to the code (SCI 11 February 2014).

    The revisions to the code aim to enhance provisions protecting the integrity of the credit .......

    News Round-up 31 March 2015

  • Reinvestment opportunities limited

    The rest of 2015 will see almost €20bn repaid to European RMBS investors, with around 75% coming from UK prime and Dutch RMBS. While months with large redemptions can be expected to coincide with investors looking to reinvest, those investors are likely to remain starved of paper.

    The €20bn yet to be repaid this year excludes master trusts, with a .......

    News 31 March 2015

  • Economics professor tapped for advice

    BlueMountain Capital Management has entered into a consulting agreement with Harvard economics professor Jeremy Stein, who was a member of the Federal Reserve Board from May 2012 to May 2014. He will advise BlueMountain on a range of issues, including implications of monetary and macro-prudential policies, financial regulation and market evolution, and risk and capital management.

    Stein is the Moise .......

    Job Swaps 31 March 2015

  • Determinations Committee members named

    ISDA has announced the outcome of the annual process to determine members of its five regional Determinations Committees (DCs), which comprise the global decision-making structure around events in the credit default swap (CDS) industry. The newly-elected firms will serve on the committees from 29 April.

    Voting dealers for all regions will now consist of: Bank of America, Barclays Bank, BNP .......

    Job Swaps 31 March 2015

  • FNMA enhances Euro appeal

    Fannie Mae has listed all of its outstanding Connecticut Avenue Securities (CAS) RMBS bonds on the Irish Stock Exchange (ISE). The company plans to list each new series of CAS notes on the ISE going forward and says it will also retain sufficient credit risk in each transaction to ensure compliance with EU risk retention requirements.

    For each CAS offering, .......

    News Round-up 31 March 2015

  • Euro ABS/MBS keeps quiet

    Month-end and a lack of substantial BWIC volume are keeping the European ABS/MBS secondary market quiet, but there are still patches of activity.

    "It was very quiet yesterday as you'd expect with month-end and a short week and today looks to be more of the same," says one trader. "That said, we got quite a bit done yesterday around the .......

    SCIWire 31 March 2015

  • US CLOs hold firm

    US CLO secondary spreads are holding firm despite strong new issuance activity. However, activity levels look set to be down this week.

    "Focus is on new issuance so secondary trading is pretty quiet, though we are seeing some lists on the back of primary purchases," says one trader. "With quarter-end and school holidays combined with not a lot of vol .......

    SCIWire 30 March 2015

  • North America ceo named

    JLT Re has appointed Ed Hochberg as ceo of JLT Re in North America. Hochberg was previously global head of analytics, banking and advisory at the firm, having joined as part of the Towers Watson Re acquisition in 2013. He will report to Mike Reynolds, global ceo of JLT Re.

    Before joining Towers Watson, Hochberg was svp of financial products .......

    Job Swaps 30 March 2015

  • US lodging fundamentals supported

    Fitch suggests that accelerating US GDP growth and low levels of new supply will support strong US lodging industry fundamentals during 2015. Robust demand has boosted occupancy rates, providing hotels with material pricing power, while US RevPAR is expected to increase by 6% this year based on a 1% occupancy gain and 5% average daily room rate growth.

    Trailing 12-month .......

    News Round-up 30 March 2015
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