Complete news archive

  • 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

  • CCP disclosure standards published

    The Committee on Payments and Market Infrastructures (CPMI) and IOSCO have published a paper on public quantitative disclosure standards for central counterparties. To help ensure that the risks of using CCPs are properly understood, the paper suggests that CCPs need to make relevant information publicly available.

    The CPSS and IOSCO published a disclosure framework in December 2012 to improve the .......

    News Round-up 27 February 2015

  • Specialist lending quality improving

    Relative to pre-2008 lending standards, the credit quality of mortgage loans in the specialist lending sector in the UK has significantly improved, according to Moody's. This is due to lenders having to comply with Mortgage Market Review (MMR) standards on affordability and income verification.

    "Aside from affordability assessments and more rigorous income checking, stronger borrower profiles have also played a .......

    News Round-up 27 February 2015

  • ILS pro hired

    Securis Investment Partners has hired Stephen Lister to work in its operations team in London. Lister joins the firm from Kane Group, where he was ILS manager, overseeing the management of clients and providing alternative reinsurance solutions in the US and Europe. He will report to Securis coo, Vegard Nilsen.

    .......

    Job Swaps 27 February 2015

  • Euro secondary absorbs BWICs

    Yesterday's spike in European BWIC volume was absorbed comfortably, but today looks to be quieter.

    "The lists yesterday traded well though many bonds were in reasonably small size so it's difficult to read too much into it," Says one trader. "It's quieter today as it's a Friday, but the overall tone remains positive."

    There are only a few BWICs circulating .......

    SCIWire 27 February 2015

  • Softening signs for US RMBS?

    The US non-agency RMBS secondary market remains active and spreads are tight, but there are small signs of potential softening around the edges.

    "In many ways it's more of the same - the market has been busy this week, especially Tuesday, as people looked to get ahead of two big lists that are due today and tomorrow," says one trader. .......

    SCIWire 26 February 2015

  • CLO secondary buying continues

    Buyers are continuing to drive activity in the US CLO secondary market.

    "General investor demand for CLOs is undiminished," says one trader. "We're being consistently lifted out of bonds and it's getting more and more difficult to replace them."

    In the last couple of days prices have only been going one way. "We've seen CLOs trade over par and that's .......

    SCIWire 26 February 2015

  • CVA recommendations proposed

    The EBA has addressed an opinion to the European Commission on several aspects related to the calculation of own funds requirements for credit valuation adjustment (CVA) risk. The 16 policy recommendations in the opinion build on an extensive technical analysis conducted by the EBA. Based on the findings of the report, the Commission may adopt a delegated act.

    The CVA .......

    News Round-up 26 February 2015

  • Transparency principles released

    ISDA has published a paper that outlines a number of key principles and initiatives that aim to further improve regulatory transparency of derivatives activity. The paper notes that a lack of standardisation within and across jurisdictions in reporting requirements remains a major challenge.

    Indeed, ISDA says that data requirements differ in different jurisdictions, while some data requirements are not clearly .......

    News Round-up 26 February 2015

  • FTA 'credit negative' for auto ABS

    Moody's says that the lower prices for new Japanese cars sold in Australia, as a result of the Australia-Japan free trade agreement (FTA), are credit negative for Australian auto loan ABS. As the prices of new cars fall, so does the demand for used cars, in turn reducing the amount that can be recovered when cars are sold to repay .......

    News Round-up 26 February 2015

  • Expanded CLO tool launched

    Thetica Systems has launched an expanded portfolio analysis tool that is designed to enable users to analyse and price lists of CLO bonds using personal insights, preferences and scenarios. New module functions include: the power to price the entire CLO universe daily per scenarios and discount margin/yield levels as customers choose; the ability to run quick risk and exposure analysis .......

    News Round-up 26 February 2015

  • California settlement disclosed

    Morgan Stanley disclosed in a recent Form 8-K filing that it has reached an agreement in principle with the US Department of Justice and the US Attorney's Office for the Northern District of California to pay US$2.6bn to resolve certain claims that they indicated they intended to bring against it. In connection with the resolution of this matter, the bank .......

    Job Swaps 26 February 2015

  • DOJ to take proactive ABS approach

    A speech this week by acting deputy US Attorney General Sally Yates has illuminated the approach the Department of Justice (DOJ) will take to US auto ABS. Yates stated that experience from mortgage lending and RMBS will form the template for the investigation into autos, as the DOJ seeks to both explore past incidents and actively head off potential threats.

    News Round-up 26 February 2015

  • Prime RMBS approach finalised

    Moody's has outlined its approach to rating and monitoring US RMBS and GSE risk-transfer transactions backed by first-lien prime mortgage loans issued after 2009. This follows the agency's request for comment last year (SCI 14 August 2014).

    Under the new approach, the MILAN model will be the main quantitative tool for collateral analysis. The methodology also incorporates Moody's approach to .......

    News Round-up 26 February 2015

  • HLSS sale welcomed

    New Residential Investment Corp is set to acquire all outstanding HLSS shares for US$18.25 per share in cash, totalling approximately US$1.3bn. The sale is expected to boost HLSS's future liquidity and capital resources and, in turn, its ability to fund future servicer advances.

    The purchase price represents a 9% premium to HLSS' closing price of US$16.76 on 20 February. John .......

    Job Swaps 26 February 2015

  • AH4R debuts structural twist

    The latest single-family rental securitisation to hit the market provides new structural features in the form of an anticipated repayment date (ARD) and a longer term than previous SFR deals. Arranged by Goldman Sachs, the U$438.8m American Homes 4 Rent 2015-SFR1 transaction is backed by a single 30-year fixed rate loan with an ARD of 10 years.

    The loan will .......

    News Round-up 26 February 2015

  • Structured product heads appointed

    Bank of America Merrill Lynch has appointed Megan Messina and David Trepanier to co-head its global structured products and credit financing team. Messina was previously global head of CLO origination for BAML, while Trepanier ran CLO trading for the bank. The pair will report to Frank Kotsen, head of global credit and special situations at BAML.

    .......

    Job Swaps 26 February 2015

  • European BWIC boom

    After a quieter day on the BWIC front yesterday European securitisation markets are set for a boom in auction activity today.

    While there were fewer BWICs yesterday than in previous days clearing levels remained strong and most recently popular sectors continue to be well-bid. However, UK non-conforming RMBS have softened a little on the back of increased primary activity.

    Today .......

    SCIWire 26 February 2015

  • Willis expands to Australia

    John Philipsz, md at Willis Capital Markets & Advisory (WCMA), has relocated from London to establish operations for the firm in Sydney, Australia. The new office will complement WCMA's existing presence in Hong Kong, led by Michael Guo, head of WCMA Asia.

    Prior to WCMA, Philipsz worked for Bank of America, where he was a director in the financial institutions .......

    Job Swaps 26 February 2015

  • CMBS 2.0/3.0 watchlistings eyed

    February US CMBS remittance data indicates a significant up-tick in the number of post-crisis loans that were watchlisted by master servicers for potential performance concerns. The rise in overall new watchlistings is a sign of deteriorating performance and is worth heeding if they lead to an increase in special servicing transfers, according to Barclays Capital CMBS analysts.

    US$2.1bn of post-crisis .......

    News 26 February 2015

  • US CLOs firm further

    Yesterday's positive moves in the US CLO secondary market have continued into today.

    "There's definitely a firmer tone - things feel tighter across the board," says one trader. "Today's lists are trading well and we're now seeing sellers testing that strength."

    Activity continues to revolve around the double-A to double-B section of the capital stack. "We're not really seeing any equity, .......

    SCIWire 25 February 2015
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