Complete news archive

  • Fund expertise bolstered

    Lars Hunsche has joined AHP Capital Management as a partner. Hunsche arrives from Moody's Analytics, where he was a general manager and product specialist for CreditEdge, a tool used by the firm for credit risk assessment and default prediction. AHP says it will be shortly launching a long/short credit fund optimised for CreditEdge as a joint venture with a German .......

    Job Swaps 3 March 2015

  • Irish roll rates imply improvement

    A recent DBRS analysis indicates that the Irish RMBS market is likely to continue stabilising, as underlying roll rates have improved significantly. However, the agency notes that at this stage it is difficult to project the extent to which that improvement will take place, as many of the delinquent loans in Irish portfolios are long-term delinquent borrowers for whom lenders .......

    News Round-up 3 March 2015

  • Portfolio manager promoted

    Third Avenue Management has promoted Ryan Dobratz to co-lead portfolio manager of the Third Avenue Real Estate Value Fund, which has over US$3bn in AUM. Dobratz previously served as a portfolio manager of the fund and will now share full responsibility for managing the fund with co-leads Michael Winer and Jason Wolf. Prior to joining Third Avenue, Dobratz was a .......

    Job Swaps 3 March 2015

  • Defeasance hits seven-year highs

    US CMBS defeasance activity reached its highest level in 2014 since 2007, Moody's reports. The agency expects defeasances will continue to increase as borrowers take advantage of low interest rates and increased liquidity to trade in older loans for new loans.

    CMBS defeasance activity rose to US$20.9bn at end-2014, increasing by 58% year-over-year, in line with the 2005 level of .......

    News Round-up 3 March 2015

  • 'Robust' outlook for Chinese ABS

    Moody's outlook for China's securitisation market is robust, given the authorities' initiatives to develop the country's capital markets. This is exemplified in the recent raft of reforms, the market's expansion and associated regulatory developments.

    Moody's sees broad recognition that securitisation is playing a key role in deepening the country's credit market and notes that issuance jumped to approximately CNY280bn in .......

    News Round-up 3 March 2015

  • Non-monetary EOD criteria published

    S&P has published its global methodology for analysing structured finance transactions that include provisions for changing the payment priority or sale of collateral, following a non-monetary EOD. A non-monetary EOD is caused by a reason other than a failure of the transaction's issuer to make timely interest and/or principal payments on the rated notes.

    Certain transactions provide that the payment .......

    News Round-up 3 March 2015

  • Post-crisis CLOs outperform

    The total amount of CLOs paid down in JPMorgan's Collateralized Loan Obligation Index (CLOIE) since the January rebalance was US$1.55bn in par outstanding, split between US$1.514bn and US$340m of pre-crisis and post-crisis deals respectively. The post-crisis CLOIE added US$3.2bn of assets across 48 tranches from eight deals at the February rebalance.

    The post-crisis CLOIE last month experienced strong outperformance, specifically .......

    News Round-up 3 March 2015

  • Costco impact gauged

    Costco has entered into a new co-brand credit card programme agreement with Citibank and an acceptance and co-brand incentive agreement with Visa (SCI 16 February). Bank of America Merrill Lynch ABS analysts expect any resultant widening in American Express credit card ABS to be temporary and an opportunity to add exposure to the trusts.

    The implementation of the Costco agreements .......

    News Round-up 3 March 2015

  • Euro ABS/MBS keeps support

    Spreads remain well-supported in European ABS/MBS secondary markets, but activity has declined dramatically from last week.

    "It's very, very quiet this week," says one trader. "The market is well-supported at these levels, but there's no real impetus to do anything."

    The trader continues: "ABSPP is still slowly happening - ECB announced €470m for last week, which is one of their bigger weeks, .......

    SCIWire 3 March 2015

  • AG actions disclosed

    Morgan Stanley has disclosed in its latest Form 10-K that the New York Attorney General's Office last month indicated that it intends to file a lawsuit under the Martin Act related to approximately 30 subprime RMBS sponsored by the firm. The lawsuit is expected to allege that Morgan Stanley misrepresented or omitted material information related to the due diligence, underwriting .......

    Job Swaps 3 March 2015

  • Trustee drops Ocwen

    Ocwen Financial says it has received notice from a trustee that a majority of certificate holders of two RMBS trusts - SABR 2006-FR1 and 2006-FR3 - have voted to terminate Ocwen as servicer. The move follows an EOD triggered when its servicer ratings were downgraded in October 2014.

    The two pooling and servicing agreements (PSAs) represent US$260m of unpaid principal balance, .......

    News Round-up 2 March 2015

  • Triple-Bs take the lead

    Triple-B paper is currently at the forefront of US CLO secondary market activity.

    Overall, triple-B tranches saw the strongest tightening in the CLO capital stack last week. Today sees the sector dominating a quiet BWIC calendar and also making up a significant proportion of the burgeoning auction schedule for the rest of this week.

    There are currently only two CLO .......

    SCIWire 2 March 2015

  • Brazilian RMBS criteria updated

    Fitch has updated its rating criteria for assessing credit risk in Brazilian residential mortgage loan pools that are used as collateral for structured finance transactions. The revised assumptions include increased market value decline (MVD) assumptions for lower stress scenarios, longer foreclosure timing expectations and higher expected prepayments, but also lower expected foreclosure frequencies (FOF) for loans in higher original loan-to-value .......

    News Round-up 2 March 2015

  • Delinquency decline projected

    S&P forecasts a 50bp-100bp decline in the US CMBS delinquency rate this year, after analysing historical and distressed loan data, vintage characteristics, maturity schedules and regression testing against the national unemployment rate. Based on the 6.69% delinquency rate in December 2014, which was down by 123bp year-over-year, the agency expects the rate to be in the 5.6%-6.1% range by end-2015.

    News Round-up 2 March 2015

  • Bank ceo named

    Bill Winters has joined Standard Chartered as ceo and will officially begin in his role on 1 May. He replaces Peter Sands, who will step down from the board.

    Winters was previously ceo at Renshaw Bay, an asset manager that specialises in real estate and structured finance. He was also formerly co-ceo of JPMorgan and served on the UK Independent .......

    Job Swaps 2 March 2015

  • GFI takeover completed

    BGC Partners has completed its tender offer for outstanding GFI shares. As of the expiration of the tender offer on 26 February, approximately 54.6 million shares were tendered pursuant to the offer.

    The 54.6 million tendered shares, together with the 17.1 million shares of GFI common stock already owned by BGC, represent approximately 56.3% of GFI's outstanding shares. BGC has .......

    Job Swaps 2 March 2015

  • ABCP appetite varied

    US money fund investments in ABCP conduits have been declining in line with outstanding supply in the market, according to Fitch. During the 12 months ending in January, US ABCP outstandings fell by US$22.5bn to a total of US$234.6bn, while money fund investments in ABCP shrank by US$1.8bn to a total of US$91bn - representing a 1.9% drop versus the .......

    News Round-up 2 March 2015

  • Euro auto ABS outperforming

    Fitch says that European consumer ABS remains one of the most stable structured finance asset classes. This is largely due to the favourable payment profile of the underlying assets, which are mostly amortising quickly, as well as the absence of a subprime market and a limited pre-crisis 'originate-to-distribute' model.

    As the European economy starts to recover, some of the most .......

    News Round-up 2 March 2015

  • Russian RMBS downgraded

    Moody's has downgraded 22 tranches and confirmed one tranche in 16 Russian RMBS transactions and concluded its review for downgrade for four transactions. The rating actions follow the weakening of Russia's credit profile, as reflected in Moody's recent decision to lower Russia's government bond rating to Ba1 and the lowering of the country's local-currency bond and deposit ceilings to Baa3 .......

    News Round-up 2 March 2015

  • SCI Start the Week - 2 March

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

    Pipeline
    Many of last week's pipeline additions priced briskly, leaving only a short list of new additions at the week's end. These consisted of five ABS, one RMBS and two CMBS.

    The ABS were: US$350m California Republic Auto Receivables Trust 2015-1; US$280.725m Flagship Credit Auto Trust 2015-1; US$964.65m Hyundai Auto Lease Securitization Trust 2015-A; US$1.021bn John Deere .......

    News 2 March 2015

  • Euro secondary quieter

    It's a quieter start to the week and month in European secondary markets today.

    February closed out quietly too after hectic activity earlier in the week, but Friday's UK non-conforming list was in the end joined by another and both traded well. There was patchy but strong trading elsewhere in other sectors including CLOs Italian RMBS and that overall positive .......

    SCIWire 2 March 2015
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