Complete news archive

  • Tax impact 'limited' on Japan auto ABS

    A 50% increase in Japan's ownership tax for mini-vehicles from April to ¥10,800 (US$90) a year will have a limited impact on the performance of new auto loan ABS, says Moody's. Although mini-vehicles account for approximately 40% of new car sales in 2014 in Japan, the agency says that the tax amount is still relatively low.

    Furthermore, Moody's says that .......

    News Round-up 25 March 2015

  • US refinancing opportunities restricted

    Voluntary prepayments on modified re-performing US residential loans will remain low, says Moody's, with few refinancing opportunities available for the borrowers of these loans. This is because previously offered loan modifications have significantly reduced the interest rates on the re-performing loans, despite borrowers performing on their mortgages.

    In all, Moody's expects that less than 15% of borrowers with modified re-performing .......

    News Round-up 25 March 2015

  • Manager hired for OTC phase-in push

    The DTCC has appointed Oliver Williams as global trade repository (GTR) business manager in Sydney. Williams will oversee GTR on-boarding and regulatory collaboration.

    The appointment is part of the DTCC's push to encourage institutions to act ahead of the third phase of OTC derivatives reporting requirements to be implemented by the Australian Securities & Investments Commission next month. Beginning 13 .......

    Job Swaps 25 March 2015

  • Oil prices mildly positive for Euro ABS

    The sharp fall in oil prices will have a positive, yet limited, credit impact for most European ABS collateralised by loans granted to SMEs, Moody's says. However, the agency observes that securitised portfolios have very low direct exposure to the oil and gas industries, for which lower prices are credit negative.

    For pools where borrowers are indirectly exposed to these .......

    News Round-up 25 March 2015

  • Further MSR sale agreed

    Ocwen Loan Servicing has agreed in principle to sell to Nationstar Mortgage the residential mortgage servicing rights on a portfolio consisting of approximately 142,000 loans owned by Freddie Mac and Fannie Mae with a total principal balance of approximately US$25bn. Subject to a definitive agreement, approvals by Freddie Mac, Fannie Mae and FHFA and other customary conditions, Ocwen and Nationstar .......

    News Round-up 25 March 2015

  • Euro ABS/MBS supply keeps coming

    The European ABS/MBS secondary market is continuing to see healthy BWIC supply and to absorb it well.

    "We've seen plenty of supply from BWICs every day this week including today, but secondary ABS tone is still firm," says one trader. "Primary has been active too, but we're seeing no real softening as a result."

    ABS/MBS secondary has also remained insulated .......

    SCIWire 25 March 2015

  • US CLO buyers hold sway

    US CLO secondary tone remains positive as buyers continue to outweigh sellers.

    "The market continues to price things pretty firmly and bid lists are trading well for the most part," says one trader. "We're seeing customer demand for CLO paper including from investors new to the sector."

    While demand remains broad-based there is one area the trader highlights. "Double-As are .......

    SCIWire 24 March 2015

  • Ocwen posts rebuttal to trustees

    Ocwen has sent a letter of rebuttal to trustees and master servicers for 119 RMBS trusts. This is in response to a notice of alleged non-performance issued by Gibbs & Bruns, on behalf of a group of RMBS investors (SCI 27 January).

    Ocwen's letter claims that this is the latest effort in a long campaign by a number of RMBS .......

    News Round-up 24 March 2015

  • Risk transfer head brought aboard

    Willis Group has appointed Marc Paasch as global head of alternative risk transfer (ART) solutions. He will report to John Merkovsky, Willis' global head of risk and analytics.

    Paasch joins from Marsh, where he was md, head of analytics and co-head of risk consulting in Europe, as well as a member of the Marsh France executive committee. Before that, he .......

    Job Swaps 24 March 2015

  • Japanese wage increase 'RMBS positive'

    Japan's annual spring wage negotiations between employers and unions are expected to deliver the highest pay increases in 21 years, averaging around 3% in 2015 for workers of large companies, says Moody's. This situation will be credit positive for Japanese RMBS, because it will increase borrower ability to make loan repayments.

    Japanese Prime Minister Shinzo Abe has been pushing Japanese .......

    News Round-up 24 March 2015

  • Euro CLOs stay firm

    European secondary CLO market activity has dropped from last week, but pricing levels are staying firm.

    "Overall, secondary volume has picked up, but it's a lot quieter this week than last week, which was very, very, busy," says one trader. "However, we're not seeing any softening of pricing levels."

    The shift in activity levels is a reaction to events in .......

    SCIWire 24 March 2015

  • ILS manager poaches marketing director

    Adam Maloney has joined Elementum Advisors as director of marketing and investor relations. He will also support the firm's business development efforts. Maloney joins the firm from JPMorgan Asset Management, where he was a portfolio manager in its global multi-asset group.

    .......

    Job Swaps 24 March 2015

  • CDS vet moving up

    LCH Clearnet Group has appointed Frank Soussan as global head of CDSClear, effective from 1 July. He will lead the group's continued expansion of the service, which is the only EMIR-authorised CCP for the clearing of CDS.

    Soussan is currently head of in-business risk for CDSClear. He takes on his new role as a replacement for Gavin Wells, who will .......

    Job Swaps 24 March 2015

  • Mortgage pro takes the reins

    Tony Ward has been appointed as president and ceo of Clayton Euro Risk and will take up this role from the start of April. Co-ceo Michael Bolton is leaving the firm.

    Ward joins Clayton Euro Risk from Home Funding, where he was ceo. Before that he founded Kleinwort Benson's mortgage origination and securitisation business Mortgage Funding Corporation and has also .......

    Job Swaps 24 March 2015

  • Dutch RMBS prepayments improve

    The number of properties sold in the Netherlands in December 2014 increased to a record high, according to Fitch's latest index results for the sector. This is due to a number of factors, which have also had an impact on prepayments in Fitch's portfolio of RMBS transactions.

    These factors include the expiry of a temporary exemption in the gift tax .......

    News Round-up 24 March 2015

  • Card ABS to withstand slow rate rise

    US credit card ABS performance should remain stable during a gradual interest rate rise, says Fitch. The agency expects the US Federal Reserve to start raising interest rates in mid-2015 and to follow a gradual tightening path, leading to 2% at year-end 2016.

    Credit card ABS metrics for the February reporting period could weaken slightly in line with seasonal trends, .......

    News Round-up 24 March 2015

  • Euro ABS/MBS themes continue

    Recent themes in the European ABS/MBS secondary markets are continuing.

    "Overall yesterday was very quiet, but where there was activity we saw a continuation of recent trading themes," says one trader. "For example Dutch prime moved in another 1-2bp, so it's very tight now - we're heading towards the mid-to-high teens for three-year bonds."

    Elsewhere, activity was patchy, the trader .......

    SCIWire 24 March 2015

  • US CLOs refocus

    After a distracted end to last week, the US CLO secondary market is beginning to refocus.

    The combined distractions of the Fed meeting, new issuance activity and 'March Madness' led to a softening of secondary CLO tone if not prices into Friday's close. It's too early to tell whether there is appetite to reignite the rally of recent weeks, but .......

    SCIWire 23 March 2015

  • SCI Start the Week - 23 March

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

    Pipeline
    The pipeline saw a variety of deals added last week, including four ILS. There were also five ABS, three RMBS and eight CMBS.

    The ABS were: US$987m Ally Auto Receivables Trust 2015-SN1; Asset-Backed European Securitisation Transaction Eleven; E-CARAT 5; Penarth 2015-1; and €715.4m Purple Master Credit Card Note Series 2015-1. The ILS were: US$150m Citrus Re .......

    News 23 March 2015

  • Spanish housing to recover slowly

    Recent data suggests that Spain's protracted house price correction is coming to an end, observes Fitch. Improving credit supply will support the housing market, but weak fundamentals in certain regions mean the recovery will be slow.

    The Spanish National Institute of Statistics' (INE) data showed that house prices rose by 1.8% year-on-year in 4Q14, the largest increase since the start .......

    News Round-up 23 March 2015

  • Granite call more likely?

    UK Chancellor George Osborne announced in last week's Budget that the UK government would look to sell £13bn of mortgage assets from the bailouts of Northern Rock and of Bradford & Bingley. This amount matches the current outstanding size of the legacy Granite RMBS programme.

    JPMorgan analysts note that the Granite trust currently stands at £13.4bn, of which £1.5bn is .......

    News 23 March 2015
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