Complete news archive

  • Greek RMBS soften

    Broader market pessimism over the Greek election result and subsequent coalition formation is reflected in the European RMBS market this morning.

    Although no significant trade flow has yet been seen today dealers' offers have been reduced on Greek RMBS. For example GRIF 1A finished last week at 75 and is currently being quoted around two points lower.

    Other peripheral ABS/MBS markets .......

    SCIWire 26 January 2015

  • Manager league tables released

    Although the top 10 CLO managers in the US, Europe and globally is relatively unchanged from December 2013, the top 10 US managers' share of the market - by assets under management - slipped to 30% from 34%, according to Moody's latest CLO Interest publication. For 2014, US and European CLO issuance reached all-time and post-crisis records respectively.

    In the .......

    News Round-up 23 January 2015

  • Special servicing activity examined

    Moody's reports that the number of EMEA CMBS loans in special servicing decreased by three in December, following the removal of the loans, and there were no new transfers. At the end of the month, 142 loans were in special servicing, representing approximately 26% of the total balance of loans in Moody's sample.

    Among the highlights for the month was .......

    News Round-up 23 January 2015

  • SLABS amortisation highlighted

    Moody's reports in its latest ABS Spotlight that the College Loan Corporation Trust I Series 2007-2 class A1 Libor-based notes are behind their amortisation schedule and are at risk of failing to fully amortise by their final maturity date in 2024. The notes should have paid off in 2010, but the transaction administrator has not made any principal payments to .......

    News Round-up 23 January 2015

  • Trading partnership reaches Europe

    MarketAxess and BlackRock are expanding their Open Trading alliance into the European credit markets. The partnership seeks to improve liquidity and reduce transaction costs for European fixed income market participants, building upon the firms' existing alliance in US credit.

    The partnership will look to offer increased choice in execution options and counterparties, while providing data and market insights to better .......

    News Round-up 23 January 2015

  • Euro CLO schedule surge

    European CLOs are seeing an uptick in secondary activity thanks to broader securitisation market positivity on the back of QE and consequently there is a surge in the BWIC schedule for today.

    There are already four lists circulating covering 23 line items. First up, and attracting most market interest, is a 17 line €45.23m predominantly equity list of 1.0 bonds .......

    SCIWire 23 January 2015

  • Hertz waiver 'credit positive'

    Holders of rental car term ABS notes issued by Hertz Vehicle Financing (HVF) have extended through 31 August their waiver of a lease EOD related to Hertz's failure to timely furnish its financial statements (SCI passim). Moody's notes in its latest ABS Spotlight publication that the move is credit positive for the notes because it lifts the immediate threat of .......

    News Round-up 23 January 2015

  • Caesars decision due

    ISDA's Americas Determinations Committee anticipates that a decision in connection with the external review process in respect of the Caesars credit event will be known during the week of 9 February, following the selection of three external reviewers. Any ISDA member can submit written materials in connection with the external review process by 2 February. The DC next week intends .......

    News Round-up 23 January 2015

  • Capital markets reshuffle

    Cadwalader, Wickersham & Taft has appointed Patrick Quinn as managing partner. He specialises in securitisation and structured products, and was previously co-head of the firm's capital markets practice.

    The appointment completes a year-long transition period leading up to the retirement of chairman Chris White at the end of 2014. Quinn managed the operations of the firm during that time, sharing .......

    Job Swaps 23 January 2015

  • Euro ABS up and running

    The European ABS market has begun to pick up steam over the last week and will be further boosted by yesterday's highly anticipated QE announcement from the ECB. However, the immediate ABS spread reaction to the QE announcement has been limited, as the market started pricing it in well in advance.

    "It was a pretty slow start to the year .......

    Market Reports 23 January 2015

  • Euro ABS/MBS slips into gear

    After a brief pause to digest the ECB's QE announcement yesterday, the European ABS/MBS has slipped back into gear.

    The wholesale buying activity seen in broader markets has not been seen in ABS/MBS, but two-way flows were evident across asset classes from mid- to late-afternoon yesterday and the tone remains positive this morning. Peripherals in particular benefitted from increased activity .......

    SCIWire 23 January 2015

  • Interventions aiding Greek RMBS

    Fitch reports that lender intervention has improved Greek RMBS performance, with a significant portion of defaulted loans having reverted back to either less critical delinquency or performing status. The agency expects originator intervention to persist in 2015 as borrower affordability slowly improves.

    The pipeline of non-performing Greek mortgage loans remains stable at below 11%. In addition, the constant default rate .......

    News Round-up 22 January 2015

  • Large list dominates US RMBS

    The US non-agency RMBS secondary market has again been in the thrall of a large GSE BWIC similar to the one seen on Friday last week.

    Today's list had a hard cut off time of 10:30 New York and consisted of around $1bn of current face, though with the option to upsize, over 17 mainly subprime line items. "The rest .......

    SCIWire 22 January 2015

  • Euro ABS/MBS unmoved

    The ECB's QE announcement earlier has found favour elsewhere, but the European ABS/MBS market is unmoved.

    "There has been no ABS market reaction to the news, literally nothing," says one trader. QE was to an extent already priced into the market but there could even be an eventual adverse reaction, the trader suggests. "Obviously the fear is now that the .......

    SCIWire 22 January 2015

  • BGC ups stakes again

    BGC Partners has increased its fully financed all-cash tender offer to acquire all of the outstanding shares of GFI Group to US$6.10 per share. The firm has extended the expiration date for its tender offer to 3 February, after the previous offer was scheduled to expire on 29 January.

    The revision represents a premium of US$0.25, or approximately 4%, to .......

    Job Swaps 22 January 2015

  • Non-QM support service launched

    NewOak has launched a new Non-Qualified Mortgage Support Services platform. The programme provides a range of solutions to address the demands on originators and investors in non-qualified mortgage products to manage increasing regulatory and enforceability risks.

    Solutions include due diligence and quality assurance consulting services, customisable underwriting applications that ensure accurate and defendable data and work flows, and NewOak's mortgage .......

    News Round-up 22 January 2015

  • Rate dip buoys borrowers

    US mortgage rates have declined to near-historic lows, according to Fitch's latest quarterly index report for the sector. Coupled with recent actions by the FHA, this backdrop could create more incentive for borrowers to purchase a home or refinance their mortgage.

    The average interest rate for 30-year fixed-rate mortgages has fallen 92bp since mid-2013 and is currently at a 20-month .......

    News Round-up 22 January 2015

  • Solar ABS ready to shine

    The US rooftop solar industry has achieved the scale and maturity to tap the securitisation markets as a distinct asset class, says Moody's. The agency believes the declining cost of solar technology, along with regulatory and policy support for solar power has made securitisation viable and attracted institutional investors.

    Solar ABS are backed by pools of rooftop solar photovoltaic systems .......

    News Round-up 22 January 2015

  • Interactive CMBS tool introduced

    Fitch has launched a new offering that seeks to improve transparency on new US CMBS transactions. The Interactive Deal Tool (IDT) allows investors to view Fitch's loan-level analysis and assumptions across all properties in new CMBS deals while affording them several new features and benefits, including a sensitivity analysis tool.

    The IDT is launched via a button located at the .......

    News Round-up 22 January 2015

  • Safe harbour clarifications proposed

    The FDIC has proposed a rule that would revise certain provisions of its securitisation safe harbour rule, in order to clarify requirements as to the retention of an economic interest in the credit risk of securitised financial assets upon and following the effective date of the credit risk retention regulations adopted under Section 15G of the Securities Exchange Act. A .......

    News Round-up 22 January 2015

  • Ratings probe settled

    The US SEC, in conjunction with the New York and Massachusetts Attorneys General, has fined S&P US$77m and banned it from rating new issue conduit CMBS for one year. The move is expected to have a minimal effect on the CMBS market, however.

    The settlement resolves an investigation into six US conduit CMBS that S&P rated in 2011 and two .......

    News 22 January 2015
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