Complete news archive

  • CDO claims set for distribution

    Cambridge Place Investment Management (CPIM) has disclosed that all claims relating to its allegation that certain financial institutions mis-sold approximately 140 US RMBS bonds to the Camber 3 ABS CDO have now been settled. In respect of these settlements, a distribution amount of US$13.09m is currently held for the account of the transaction. A reconciliation amount of approximately US$420,106 may .......

    Job Swaps 20 January 2015

  • Europe stays quiet

    Ahead of the ECB meeting and Greek general election European secondary markets have, as expected, remained for the most part quiet through yesterday and into today.

    Yesterday's BWICs all traded with reasonable participation, but again today the schedule is limited, with only a three line Granite mezz list and a 100,000 piece of Arkle in the ABS/MBS space currently doing .......

    SCIWire 20 January 2015

  • SCI Start the Week - 19 January

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

    Pipeline
    Last week saw a greater variety of deals join the pipeline than had done in the week before. There were nine ABS announced along with three RMBS, four CMBS and a CLO.

    The ABS were: US$117.813m BXG Receivables Note Trust 2015-A; US$1.25bn CARAT 2015-1; US$300.6m Credit Acceptance Auto Loan Trust 2015-1; €717m Driver Thirteen; US$434m Global Container Assets 2014 Series .......

    News 19 January 2015

  • Spanish SME CLOs to re-emerge

    Scope believes that favourable conditions for a revival of placed Spanish SME CLOs are re-emerging. The significant decrease in spreads demanded for investment grade tranches allows for economically viable transactions again, the agency suggests.

    "Scope expects that the return of investors interested in the real economy may reactivate the public issuance of Spanish SME securitisations intended for placement rather than .......

    News Round-up 19 January 2015

  • Loss model updated

    Kroll Bond Rating Agency has updated its residential mortgage default and loss model. The revisions include reduced default expectations for purchase loans, revised timeline and expenses for liquidated loans and penalties for higher debt-to-income (DTI) loans.

    KBRA says that purchase loans generally have a lower default risk than refinancings because they represent an actual arms-length transaction, which yields a more .......

    News Round-up 19 January 2015

  • CMBS defeasance proliferates

    Defeasances in Fitch-rated US CMBS reached US$5.3bn in 4Q14, as borrowers took advantage of low interest rates. The 4Q14 defeasance volume brings the total in Fitch-rated deals to US$18.7bn, or nearly 5% of Fitch's total outstanding rated CMBS universe. Of this number, US$9.6bn (51%) will mature or have an expected final defeasance payment in 2015, US$5.4bn (29%) in 2016, US$2.3bn .......

    News Round-up 19 January 2015

  • Transparency boost

    Regulatory capital trades expected to flourish

    Increased transparency regarding regulatory treatment appears to have brought stability to the European regulatory capital relief transaction market. Participants report a busy year-end, but expect even more activity in 2015, with action seen from a greater set of bank sellers and jurisdictions.

    Over US$4bn has been invested in regulatory capital trades over the past two years, according to Jack Meeus, .......

    News Analysis 19 January 2015

  • Tesco CMBS lowered

    S&P has lowered to double-B plus from triple-B minus all seven of the UK CMBS transactions that are credit-linked to Tesco. The ratings have all also been removed from creditwatch negative.

    The agency's ratings on these notes are credit-linked to its long-term double-B plus corporate credit rating on Tesco. Therefore, any change to S&P's rating on Tesco affects its ratings .......

    News Round-up 19 January 2015

  • CME matches offer

    CME has increased the consideration payable to GFI stockholders under the proposed merger to US$5.60 per share from US$5.25 per share, payable in a mix of shares of CME class A common stock and cash. The new offer represents more than an 80% premium above the closing price of US$3.11 per share of GFI common stock on 29 July 2014, .......

    Job Swaps 19 January 2015

  • CDO manager transferred

    Cairn Capital has replaced Cambridge Place Investment Management as collateral manager for the Camber 4 ABS CDO. Moody's has determined that the substitution will not cause the current ratings of the notes to be reduced or withdrawn.

    For other recent CDO manager transfers, see SCI's database.

    .......

    Job Swaps 19 January 2015

  • Investment vet added

    Permira Debt Managers has appointed Dan Hatcher as investment director to lead the UK origination of opportunities for its direct lending fund. The hire brings the total team size to 17.

    Hatcher arrives after seven years in mid-market private equity with Gresham Private Equity and Palatine Private Equity, as well as seven years in EY's transaction advisory services team. He .......

    Job Swaps 19 January 2015

  • Data partnership agreed

    A new partnership between Misys and Intex Solutions will see the former's FusionInvest tool connecting with the latter's ABS, RMBS, CMBS and CLO global cashflow models to expand its fixed income coverage. The agreement will allow access to prepayment research, cashflow and deal data, providing asset managers with a wide range of functionality. This includes deal pricing and portfolio management, .......

    News Round-up 19 January 2015

  • Equipment ABS exceed expectations

    Moody's has lowered its original cumulative net loss expectations for recent vintages of US equipment ABS. The move follows the performance of the related underlying collateral now meeting or exceeding the agency's initial expectations.

    Losses for the 2011-2012 equipment ABS vintages - which Moody's anticipated reaching similarly high levels as those during the recession - outperformed its expectations by 0.5% .......

    News Round-up 19 January 2015

  • 'CMBS-like' deal debuts

    Gatehouse Bank has launched what it describes as a CMBS-like structure, which will be known as a commercial rental-backed security (CRBS). In this transaction, Gatehouse will act as sole structuring agent, arranger and lead manager to an acquisition facility relating to a commercial office property in the Paris region, worth over €100m.

    The two-tranche fixed rate certificates will be backed .......

    News Round-up 19 January 2015

  • Risk transfer targets upped

    The FHFA last week released its 2015 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions (CSS). Of note, the GSEs' risk transfer targets have been increased to US$150bn for Fannie and US$120bn for Freddie, using at least two types of structures.

    Last year the GSEs exceeded their goals of US$90bn each, with Fannie transferring US$222.2bn and Freddie US$147.5bn .......

    News Round-up 19 January 2015

  • Unusual list dominates RMBS session

    Friday's US non-agency RMBS session was dominated by a large pre-announced US$891m legacy BWIC which was being presented in a highly unconventional way. The list came with an uncertain notional amount, as five of the 14 line items out for bid carried the option to upsize.

    For those five securities, the seller owned the entire tranche size and would sell .......

    Market Reports 19 January 2015

  • CPO relief for ILS

    The US CFTC last month issued two letters - No. 14-145 and No. 14-152 - affecting ILS vehicles. The former letter affords relief to ILS issuers from certain disclosure and periodic reporting requirements, while the latter provides them with no-action relief from commodity pool operator (CPO) registration, subject to specific conditions.

    In addition to meeting the operational and substantive conditions .......

    News Round-up 19 January 2015

  • Europe awaits ECB again

    European secondary spreads ground tighter into the end of last week amid positive sentiment and lighter volumes than of late. This week looks set to continue that direction and pattern of activity, especially given the US holiday today and anticipation of a QE announcement from the ECB on Thursday.

    The European BWIC schedule for today currently stands at two mixed .......

    SCIWire 19 January 2015

  • ISDA reshuffles senior roles

    ISDA has made several organisational changes in its public policy and regulatory and legal teams to reflect the next phase of regulatory reform and to support cross-border harmonisation efforts. Among the changes, Steven Kennedy has been appointed global head of public policy.

    Kennedy is tasked with coordinating and managing ISDA's regional policy and advocacy efforts, as well as developing a .......

    Job Swaps 16 January 2015

  • CMBS defaults, delinquencies differ

    The 12-month-rolling loan maturity default rate for European CMBS increased to 30.5% from 29.5% at the close of December 2014, according to S&P. This is due to the decrease in loans that were not in default in the 12-month-rolling period versus the previous month.

    In addition, the delinquency rate for continental European senior loans decreased slightly to 63.2% from 63.9%, .......

    News Round-up 16 January 2015

  • CDS spike on oil price decline

    Globally, CDS spreads widened by 16% in 4Q14, according to S&P Capital IQ's latest Global Sovereign Debt Report. The report highlights the dramatic fall in oil prices during the quarter, which affected the credit default swaps and bond spreads of major oil producing sovereigns.

    In particular, Venezuela, Russia, Ukraine, Kazakhstan and Nigeria sovereign CDS spreads widened as the price of .......

    News Round-up 16 January 2015
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