Complete news archive

  • 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

  • SCI Start the Week - 30 March

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

    Pipeline
    The pace of deals joining the pipeline slowed slightly last week. At the final count there was one new ABS, two RMBS, three CMBS and three CLOs.

    The ABS was US$250m Jamaica Merchant Voucher Receivables Series 2015-1, while the RMBS were US$297.17m Citigroup Mortgage Loan Trust 2015-A and US$604m IHSFR 2015-SFR2. The CMBS consisted of US$1.1bn .......

    News 30 March 2015

  • Direct lending exec added

    The Carlyle Group has appointed Kunal Soni as md, based in Los Angeles. In his new role, he will lead West Coast origination efforts for its Carlyle GMS Finance BDC and affiliated investment vehicle NF Investment Corp. The two vehicles are primarily focused on lending to private US middle market companies, many controlled by private equity firms.

    Soni joins Carlyle .......

    Job Swaps 30 March 2015

  • Unified registration system 'credit positive'

    Moody's says that China's unified real estate registration system, once operational, will be credit positive for Chinese RMBS. The system is expected to make transferring ownership of mortgage assets from loan originators to RMBS trustees more efficient, as well as improve the accuracy and consistency of registered information.

    "The unified system will enable originators to conduct mortgage transfers through one .......

    News Round-up 30 March 2015

  • Italian RMBS ratings reviewed

    Moody's has upgraded the ratings of nine notes, kept two of these notes on review for upgrade, confirmed one note and downgraded six others across six Italian RMBS. The affected transactions are: Sestante Finance, Sestante Finance - Series 2004, Sestante Finance - Series 2005, Sestante Finance - Series 2006, Berica 6 Residential MBS and Capital Mortgages Series 2007-1.

    The agency's .......

    News Round-up 30 March 2015

  • Law firm adds four more

    Winston & Strawn has hired four finance and securities attorneys to its New York office from Pillsbury Winthrop Shaw Pittman. This includes leveraged finance attorney Mats Carlston, who will serve as Winston's co-chair of global finance.

    Carlston represents lead arrangers, agents, lenders, investors and borrowers in domestic and cross-border financings, with an emphasis on leveraged buyouts and recapitalisations of private .......

    Job Swaps 30 March 2015

  • Multi-borrower SFR deal debuts

    Blackstone affiliate B2R Finance is prepping what is believed to be the first multi-borrower single-family rental securitisation. The transaction is expected to consist of US$230m pass-through certificates rated by at least two rating agencies and backed by 144 mortgage loans secured by single-family residential properties, two- to four-unit properties, condominium properties, town homes, multifamily properties and mixed-use properties. The subordinate .......

    News Round-up 30 March 2015

  • Green bond principles updated

    The executive committee of the green bond principles (GBP) initiative has published a second edition of the GBP, with the support of the International Capital Market Association. The GBP are voluntary process guidelines that recommend transparency and disclosure to promote integrity in the development of this market by clarifying the approach for issuance of a green bond (SCI 14 January .......

    News Round-up 30 March 2015

  • Basinghall acquisition completed

    Macquarie's commodities and financial markets group has assisted Bluestone Group in the acquisition of Basinghall Finance, the UK mortgage lending and servicing platform. The bank provided funding, structuring and distribution expertise to facilitate both acquisition finance and capital markets transactions in connection with the purchase.

    The acquisition involved the purchase of mortgage assets and securities-related servicing contracts, along with the transfer .......

    Job Swaps 30 March 2015

  • Equity investment disclosed

    Fair Oaks Income Fund has acquired, in the primary market, US$19m notional of the equity notes issued by Arrowpoint CLO 2015-4. The acquisition represents 56% of the transaction's total equity.

    Managed by Arrowpoint Partners, the CLO's current target portfolio has a principal value of US$400m across an expected 174 unique bank loan issuers, with an expected weighted average exposure per .......

    Job Swaps 30 March 2015

  • CCP stability enhanced

    The ECB and the Bank of England have announced a series of measures aimed at enhancing financial stability in relation to centrally cleared markets within the EU. In particular, the central banks have agreed enhanced arrangements for information exchange and cooperation in connection with UK central counterparties (CCPs) with significant euro-denominated business.

    Under the arrangements, the ECB and the BoE .......

    News Round-up 30 March 2015

  • Institutional fundraising pro hired

    Mark Smith has joined Medley Management as md in its institutional fundraising group. Based in New York, he will cover institutional investors for Medley's private funds and separately managed accounts and will also be involved in product development.

    Smith joins the firm with over 25 years of institutional fundraising experience. Prior to joining, he was md and head of North .......

    Job Swaps 30 March 2015

  • Liquid loan JV formed

    Capitala Finance Corp has established a joint venture with Kemper subsidiary Trinity Universal Insurance Company to create Capitala Senior Liquid Loan Fund I. The vehicle is expected to invest primarily in senior secured loans to middle market companies.

    Capitala and Trinity have committed to provide US$25m of equity to the joint venture, with Capitala providing US$20m and Trinity providing the .......

    Job Swaps 30 March 2015

  • Euro ABS/MBS slows

    The European secondary securitisation market appears to be slowing into month- and quarter-end.

    Friday saw a late flurry of activity after a sizeable mixed BWIC went through at 15:00 and drove some activity off the back of it. This went some way to redressing the slightly softer tone that had been emerging in ABS/MBS secondary, albeit without any major spread .......

    SCIWire 30 March 2015

  • Bank names team leader

    Miray Muminoglu has joined Barclays' treasury capital markets execution team to head up its long term unsecured funding and capital issuance capability. He will begin in April and will replace Jennifer Moreland, who was promoted to head of capital and leverage management.

    Muminoglu moves from his position as director on the fixed income syndicate desk for Barclays, where he focused .......

    Job Swaps 27 March 2015

  • US CMBS delinquencies just up

    The 60-plus day US CMBS delinquency rate for pre-2009 vintages increased slightly to 8.6% in March, according Barclay Capital securitisation research analysts. Increasing payoffs of 2005 vintage loans may push up pre-2009 delinquencies in the coming months.

    Liquidations continued to fall to a multi-year low as liquidations with losses larger than 3% measured only US$261m, while those with losses below .......

    News Round-up 27 March 2015

  • Eastland auction to increase LBUBS losses

    The US$38.5m Columbus, Ohio, Eastland Mall in LBUBS 2007-C1 has been bid at US$9.25m at auction. The mall was previously listed in auction last May (SCI 22 April 2014) but failed to meet the reserve price.

    The property appears to have been sold well below its most recent appraisal of US$18.6m in June 2014. This follows recent deterioration in the .......

    News Round-up 27 March 2015

  • Greek RMBS tiering witnessed

    Market attention is back on Greece as reform negotiations continue. Performance from 4Q14 suggests that fundamental trends in Greek RMBS remain soft, with Morgan Stanley analysts noting significant transaction tiering.

    Among Greek RMBS, ESTIA 2 has the most serious arrears, with 12.7% of the pool thus classified. KION 2006-1 and THEME 1 are the best performers, with 90-plus day delinquencies .......

    News Round-up 27 March 2015

  • Delayed draw securities 'credit neutral'

    Some US CLOs are issuing delayed draw securities at closing that they can use in the future for refinancings, re-pricings and issuing additional securities. Although delayed draw securities add some complexity to CLO structures, Moody's believes this new feature is credit neutral.

    Some recent CLOs have issued one or several classes of delayed draw securities corresponding to each class of .......

    News Round-up 27 March 2015

  • SFR trust management changes

    Starwood Waypoint Residential Trust has appointed Doug Brien as ceo and Charles Young as coo. Brien was previously co-ceo for the firm and is a co-founder and md of Starwood Waypoint, while Young was west division svp and has also served as regional director and division vp.

    Additionally, Gary Beasley has resigned as both co-ceo and a member of the .......

    Job Swaps 27 March 2015

  • Spanish spending to boost ABS

    Stronger household spending will contribute to Spain's economic recovery and support SMEs, says Moody's. This, in turn, should benefit ABS backed by SME loans.

    Household spending grew by 2.4% in 2014, outpacing economic growth, notes Moody's. Consumer confidence is also at its highest peak in a decade.

    The rating agency notes that a positive consumer outlook is likely to keep .......

    News Round-up 27 March 2015
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