Complete news archive

  • 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

  • CLO administration tool unveiled

    Deutsche Bank has launched a new collateral administration tool designed exclusively for CLO managers to access their transactions via the bank's Autobahn App Market. Dubbed Deal Hub, the offering streamlines the way clients access and manage their portfolios by providing a direct online portal to CLO information, including current positions and characteristics on loans, cash balances and periodic reports, as .......

    News Round-up 3 February 2015

  • Securitisation head recruited

    Opus Capital Markets Consultants has named William Shuey as director of securitisation. He will be responsible for operational oversight of securitisation processes, with a focus on ensuring the delivery of high quality, compliant solutions to the RMBS market.

    Prior to joining Opus, Shuey was the due diligence manager at Accenture assigned to Morgan Stanley, where he was responsible for analysing .......

    Job Swaps 3 February 2015

  • Clearing obligation opinion published

    ESMA has published an opinion on the draft regulatory technical standards (RTS) on the clearing obligation on interest rate swaps. The move is in response to the European Commission's notification on 18 December of its intention to endorse, with amendments, the draft RTS submitted by ESMA on 1 October.

    In accordance with the ESMA regulation, within a period of six .......

    News Round-up 3 February 2015

  • CMBS franchise eyed

    Sandler O'Neill and Partners has appointed David Cook and Andrew Flick as mds, focusing on building a CMBS franchise at the firm. They will report to Alan Roth, a principal in Sandler O'Neill's fixed income sales and trading group.

    The pair joins the firm from Brean Capital, where they established a CMBS business. Before Brean, Cook was head of CMBS .......

    Job Swaps 3 February 2015

  • Post-crisis CLO index outperforms

    JPMorgan's latest CLO index (CLOIE) monitor report shows that US$2.8bn in par outstanding of CLOs paid down in the index since the last rebalance through 30 January, split between US$2.4bn and US$400m of pre-crisis and post-crisis CLOs respectively. The post-crisis CLOIE added US$8.8bn across 114 tranches from 22 deals at the January rebalance.

    The post-crisis CLOIE last month outperformed the .......

    News Round-up 3 February 2015

  • RFC issued on ECL framework

    The Basel Committee has issued, for consultation, guidance on accounting for expected credit losses. Comprising 11 fundamental principles, the guidance sets out supervisory expectations for banks relating to sound credit risk practices associated with implementing and applying an expected credit loss (ECL) accounting framework. It also covers supervisory expectations of how an ECL accounting framework should interact with a bank's .......

    News Round-up 3 February 2015

  • CRA technical advice prepped

    ESMA has released a call for evidence as part of the development of technical advice for the European Commission on the functioning of the credit rating industry and the evolution of the markets for structured finance instruments, as required by the regulation on credit rating agencies (CRAs). The authority is seeking evidence about how the regulation is achieving the objectives .......

    News Round-up 3 February 2015

  • Euro ABS/MBS keeps steady

    The European ABS/MBS secondary markets maintained their steady head of steam through yesterday and into today.

    While spreads continue to hold in across the board, two areas were involved in notable price action - UK non-conforming RMBS, which saw a further increase in activity and traded strongly off- and on-BWIC yesterday, and CMBS deal INFIN SOPR.

    "There was a drop in valuation .......

    SCIWire 3 February 2015

  • CME bid rejected

    CME Group and GFI Group have each determined to terminate their merger agreement following a special meeting of GFI shareholders. Preliminary results from the meeting indicate that the shareholders did not approve the proposed merger.

    As a result, the parties each determined that terminating the merger agreement and related transactions was in the best interest of the respective companies and .......

    Job Swaps 2 February 2015

  • UK BTL stays strong

    Three slices of UK buy-to-let seniors traded strongly on BWIC this afternoon.

    The results of the auction at 16:00 London time today reflect the continued demand for UK buy-to-let RMBS seen off-BWIC over the past week. The list consisted of three slices of Aire Valley bonds totalling £23.12+m of current face - AIREM 2004-1X 3A1, AIREM 2005-1X 2A1 and AIREM .......

    SCIWire 2 February 2015

  • Defeasance, prepays up for CMBS 2.0

    CMBS 2.0 borrowers continue to take advantage of low interest rates and improving property performance as the pace of defeasance and prepayments increase, Fitch notes. The agency expects this trend to continue as interest rates remain low and the CRE market remains stable.

    By securitised balance, US$9.3bn CMBS 2.0 loans have refinanced since issuance, consisting of US$7.2bn in prepayments, US$2bn .......

    News Round-up 2 February 2015

  • Record lows for auto arrears

    Fitch reports that European auto ABS performance continued to improve in 2014 as arrears reached record lows. The agency's 30-plus and 60-plus delinquency indices fell to 0.9% and 0.4% respectively, from 1.4% and 0.6% at the end of 2013, while its annualised loss index decreased slightly to 0.3% from 0.4% in the same period.

    Macroeconomic factors also showed signs of .......

    News Round-up 2 February 2015

  • HQS boost for Europe

    The European Commission last week began a project to create a capital markets union (CMU) for all 28 EU Member States with a first orientation debate at the College of Commissioners. The CMU is one of the Commission's flagship projects and ties in with efforts to boost jobs and growth in the EU.

    "It is designed to help businesses to .......

    News Round-up 2 February 2015

  • Market structure pros added

    Tradition has hired three market structure professionals to bolster its hybrid and electronic businesses, including John Wilson as md for the firm's strategy and business development unit. He will be involved in all aspects of Tradition's strategic, hybrid and electronic initiatives globally.

    Prior to joining the firm, Wilson was global head of OTC clearing at Newedge and RBS. He has .......

    Job Swaps 2 February 2015

  • CDO/CLO BWICs burst into life

    Today and tomorrow see a significant burst of CDO/CLO BWIC supply either side of the Atlantic that is notable in terms of both volume and variety of bonds on offer.

    There are ten auctions already scheduled for today and tomorrow covering 81 line items and 311.7m in original face. Tomorrow's lists look likely to provide the most interest as they .......

    SCIWire 2 February 2015

  • Origen ABS acquired

    HAS Capital has acquired interests in select ABS structured financings and manufactured housing-related assets from affiliates of Origen Financial. The assets primarily consist of equity trust certificates issued in conjunction with seven rated securitisation trusts with a current underlying asset value of US$412m.

    HAS says it co-invested in the deal with a credit-oriented investment manager that holds a majority stake .......

    Job Swaps 2 February 2015

  • CRE origination bolstered

    CCRE has expanded its loan origination team with the appointment of Christof Laputka as director. He will head operations for the San Francisco office, focusing on loan origination and expanding the firm's ability to serve clients on the West Coast.

    Laputka previously served as director at UBS, where he focused on CMBS origination, fixed and floating rate interim financing, equity .......

    Job Swaps 2 February 2015

  • SCI Start the Week - 2 February

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

    Pipeline
    A mixed bag of transactions entered the pipeline last week, with all asset classes represented. ABS accounted for the largest number of deals, as US$667m AIM Aviation Finance Series 2015, US$327m Consumer Credit Origination Loan Trust 2015-1 and a pair each of Ford Credit Floorplan Master Owner Trust A (Series 2015-1 and 2015-2) and Ally Master Owner Trust .......

    News 2 February 2015

  • Positive tone continues in European ABS/MBS

    The European ABS/MBS secondary markets held onto their positive tone into the end of last week and the start of this.

    As expected, European secondary volumes were low on Friday due to a combination of month-end and continued broader market concerns over Greece and oil prices keeping many investors on the sidelines. However, ABS/MBS spreads were either unchanged or slightly .......

    SCIWire 2 February 2015

  • US CLOs edge in

    Secondary US CLO spreads are edging in on the back of increased investor demand.

    "Secondary market technicals are definitely getting better," says one trader. "Customers seem willing to pay up a little more, so spreads are tightening."

    The trader continues: "That's mainly driven by the feeling that there won't be as much new issuance this year as there was last. So, .......

    SCIWire 30 January 2015
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