Complete news archive

  • Lull for US CMBS

    The secondary US non-agency CMBS market is currently going through something of a lull.

    "Yesterday was slow and today is reasonably quiet, though a few more BWICs are coming out now," says one trader. "There doesn't appear to be any significant reason why."

    At the same time, CMBS spreads are holding steady with no dramatic drivers to disturb them. "Right .......

    SCIWire 4 February 2015

  • Record ratings settlement agreed

    The US Department of Justice and 19 states and the District of Columbia have entered into a US$1.375bn settlement agreement with S&P along with its parent McGraw Hill Financial. The agreement resolves allegations that S&P had engaged in a scheme to defraud investors in RMBS and CDOs.

    Each of the lawsuits allege that investors incurred substantial losses on RMBS and .......

    Job Swaps 4 February 2015

  • Sales team beefed up

    Bryan Bushnell has joined TwentyFour Asset Management to help develop its sales capabilities with discretionary wealth managers and multi-managers. He arrives from Jupiter, where he was business development manager for wealth management. Kimberley Cuthbertson is also set to join TwentyFour in a sales support role later this month.

    .......

    Job Swaps 4 February 2015

  • Ratings group bolstered

    Peter Simon has joined Fitch as a director in its CMBS ratings group in New York, with a focus on new conduit deals. He had previously been with Moody's since October 2010, most recently as a CMBS analyst.

    .......

    Job Swaps 4 February 2015

  • Exemption extension recommended

    The European Commission has published a report that recommends granting pension funds a two-year exemption from central clearing requirements for their OTC derivative transactions. The report explains that central counterparties need this time to find solutions for pension funds and encourages CCPs to continue working on finding technical solutions on the matter.

    The Commission says the objective is that pension .......

    News Round-up 4 February 2015

  • Structured finance group poached

    Alston & Bird has expanded its finance practice with the hiring of four new partners and four additional attorneys in Dallas. The group brings with it considerable real estate and structured finance experience.

    The new partners are Mark Harris, Charles Marshall, Peter McKee and Patrick Sargent. Also joining the firm are three counsel - Michael Jewesson, Jonathan Rini and Karen .......

    Job Swaps 4 February 2015

  • Valuation firm acquired

    Duff & Phelps is set to acquire valuation and fixed asset management advisor American Appraisal Associates. The transaction includes the company's Real Estate Advisory Group, a real estate advisor with principal operations in Europe. The agreement will add professionals in more than 50 offices globally for Duff & Phelps and significantly expand its geographic footprint in Europe and Asia.

    The transaction .......

    Job Swaps 4 February 2015

  • RFC issued on global CMBS

    S&P has requested comments on its proposed methodology and assumptions for rating CMBS transactions outside of jurisdictions with specific CMBS criteria (the US, Canada, Europe and Japan). The agency expects the proposals to have no effect on any outstanding ratings.

    The criteria of the proposal would apply to all new and existing CMBS transactions. In jurisdictions where S&P has published .......

    News Round-up 4 February 2015

  • Securitisation to boost Indian economy?

    Moody's says that India's securitisation market can provide funds needed to finance housing, infrastructure and urbanisation projects as the country's economy grows. Since coming to power last year, the new Indian government of prime minister Narendra Modi has set a goal of lifting economic growth through polices to stimulate the construction of housing, infrastructure and other urbanisation initiatives.

    "Securitisation can .......

    News Round-up 4 February 2015

  • CMBS delinquencies down again

    The Trepp delinquency rate for US CMBS loans is now 5.66%, down by 9bp in January and 159bp from the level a year ago. This drop marks the eighteenth time the rate has decreased in the last 20 months.

    In January, US$1.2bn in previously delinquent CMBS loans paid off either at par or with a loss and over US$500m in .......

    News Round-up 4 February 2015

  • Master trusts to remain 'strong'

    The performance of UK RMBS master trusts will remain strong in 2015, according to Moody's. This trend is supported by the country's robust economic recovery and improving affordability.

    "Rising house prices will support the collateral performance of UK RMBS master trusts by leading to lower severities and enhancing borrowers' refinancing abilities," says Emily Rombeau, a Moody's analyst.

    Home price appreciation .......

    News Round-up 4 February 2015

  • CLO par building examined

    A Wells Fargo analysis of US and European post-crisis CLOs indicates that the 2012 vintage has posted the highest average quarterly increase in equity par NAV and minimum OC cushion. The data also shows that 2013 broadly-syndicated loan CLOs have built less par per period than 2014 CLOs.

    "We believe that a combination of loan market technicals and CLO issuance .......

    News Round-up 4 February 2015

  • GG9 auction relisted

    Auction.com and RealCapitalMarkets.com data indicates that 45 properties backing US$417m distressed US CMBS loans are up for auction in February and March. Barclays Capital CMBS analysts note that some of the loans, primarily securitised in GCCFC 2007-GG9, were previously out for bid in the US$250m year-end auctions and appear to be relisted.

    The largest exposure in the latest auctions is .......

    News Round-up 4 February 2015

  • INFIN SOPR trades up

    A flash BWIC on INFIN SOPR A traded up this morning.

    The 10:00 London time auction saw €8m of INFIN SOPR A circulated for a quick sale as market prices had started to reverse on the CMBS deal previously hit by valuation concerns. The piece covered at VL93 versus market levels that had moved from 92a at yesterday's open to .......

    SCIWire 4 February 2015

  • MBO for trading platform

    The Guggenheim Global Trading (GGT) multi-strategy trading platform has been acquired by an investor group led by GGT management. The new business will operate under the name of Deimos Asset Management.

    Deimos will retain the current GGT senior management team led by Loren Katzovitz and Patrick Hughes. Former co-ceo of RBC Capital Markets Mark Standish will also join Deimos as .......

    Job Swaps 4 February 2015

  • Floodgates open

    Quelle case sparks further negligent valuation claims

    The recent landmark Titan Europe 2006-3 ruling affirmed that an issuer can have a legal basis for a negligence claim against a property valuer. The decision may prompt further cases to come forward and encourage a fresh set of standards for CMBS 2.0 deals.

    In the Titan case, the UK High Court found that Colliers International negligently overvalued the Quelle .......

    News Analysis 4 February 2015

  • US CLOs continue double-B focus

    US CLO secondary activity continues to lean toward double-B paper in both 2.0 and 1.0 form.

    "We're seeing a continued flurry of 2.0 double-Bs on BWIC today and tomorrow," says one trader. "And we've got the same theme going on around them of sector tiering particularly with regard to energy exposure, but there's also now some healthcare impact."

    The trader reports .......

    SCIWire 3 February 2015

  • BPF undertakings transferred

    The partnership between Banque PSA Finance (BPF) and Santander Consumer Finance (SCF) is expected to have no impact on the ratings of the five French BPF transactions rated by Fitch. France and the UK are the first countries to implement the global cooperation between BPF and SCF, with all the administrative and regulatory tasks and consents finalised yesterday (2 February). .......

    News Round-up 3 February 2015

  • 'Diversified' fund launched

    Nomura Asset Management has launched its Global Dynamic Bond Fund, designed to provide investors with a more diversified approach to fixed income investing. It seeks to generate attractive total returns by investing across a full range of fixed income securities.

    The fund utilises top-down analysis of macroeconomic and market themes to construct a strategic core portfolio of cash bonds, accounting .......

    News Round-up 3 February 2015

  • Director swaps vendors

    Paul Whitmore has joined Fitch Solutions as regional business manager for EMEA and a senior director. He will report to md and global product head Brian Filanowski.

    Whitmore arrives from S&P Capital IQ, where he worked in a variety of commercial and product management roles, most recently in the business development area. Prior to this, he worked as a data .......

    Job Swaps 3 February 2015

  • Hires spark multi-asset initiative

    Assenagon has made two appointments in an initiative to start offering multi-asset portfolio management and risk expertise. The effort will be led by Thomas Romig, who will join the firm as md in March, and Thomas Handte, who will follow in April as senior portfolio manager.

    Romig was most recently head of multi-asset management at Union Investment, with re¬sponsibility for .......

    Job Swaps 3 February 2015
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