Complete news archive

  • ABSPP underwhelms again

    The ECB's latest ABSPP number is likely to underwhelm the market once again.

    The ECB has confirmed that the total outstanding amount under ABSPP at 9 January was €1,792m. Meaning that last week saw a net settled volume of €48m, which is likely to further shift traders' focus away from ABSPP and build further anticipation around broader QE and hoped .......

    SCIWire 12 January 2015

  • Enbridge CDS outpace sector

    Freefalling oil prices may have contributed to wider credit default swap (CDS) spreads on Enbridge Inc, according to Fitch Solutions latest CDS case study snapshot. Five-year CDS on the Canadian energy company have widened by 53% over the past month to levels not seen in over five years.

    Spreads on North American Oil and Gas companies on the whole have .......

    News Round-up 12 January 2015

  • Slow stabilisation for SME credit

    Credit availability for European SMEs is slowly stabilising, according to a Fitch report that compares SME funding conditions across the region. The agency notes that funding conditions slightly improved over the past year in Germany and France, while credit contraction is slowing in Italy and Spain.

    German and French SMEs are benefiting from robust returns on assets (RoA) and record .......

    News Round-up 12 January 2015

  • CMBS resolutions outpace delinquencies

    US CMBS delinquencies finished 2014 at US$18.4bn, down US$5.4bn from US$23.8bn at year-end 2013, according to Fitch's latest index results for the sector. The overall delinquency rate finished the year at 4.62%, only 2bp lower than the previous month, but a 136bp drop from 5.98% one year ago.

    Overall, resolutions in 2014 outpaced new delinquencies by nearly 2:1. Resolutions ended .......

    News Round-up 12 January 2015

  • Tesco CMBS hit

    Moody's has downgraded from Baa3 to Ba1 the ratings of seven classes of notes issued by Tesco-linked CMBS. Approximately £3.89bn of debt (initial outstanding) is impacted by the move.

    The affected transactions are Delamare Finance and Tesco Property Finance 1-6. The move reflects Moody's downgrade from Baa3 to Ba1 of the long-term senior unsecured rating of Tesco. The CMBS are .......

    News Round-up 12 January 2015

  • US Trups list due today

    Today sees the first widely circulated Trups CDO BWIC of 2015.

    The six line $46.963m list is due at 11:30 New York time. It consists of: ALESC 9A A1, ALESC 15A A1, PRETSL 21 A1, PRETSL 24 A1, PRETSL 27 A2 and PRETSL 28 A2. Only PRETSL 21 A1 has covered on PriceABS in the last three months, doing so .......

    SCIWire 12 January 2015

  • CRE prices, employment correlated

    The recent increase in US commercial property prices closely corresponds to the national increase in employment, with the strength of the price-employment relationship lasting for over a decade, according to the latest Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index. This correlation is also strong in the six metro areas that Moody's designates 'major', although the closeness of .......

    News Round-up 12 January 2015

  • CMBS pay-offs plunge

    The percentage of US CMBS loans paying off on their balloon date plunged in December to 49.6%, according to Trepp. The latest reading is 26 points lower than the November rate of 75.6% and is the lowest reading since July 2012.

    "A downward trend in the rate in 2015 would not be all that surprising," the firm notes. "Most of .......

    News Round-up 12 January 2015

  • SFR methodology clarified

    Moody's has finalised its methodology for rating single-family rental (SFR) securitisations in the US, following a request for comment on its approach to single-borrower and multi-borrower transactions in the sector (SCI 7 March 2014). The report clarifies certain aspects of the RFC.

    "In the RFC, we mentioned that there could be variations if the SFR transaction included more than one .......

    News Round-up 12 January 2015

  • Catlin acquisition agreed

    XL Group has agreed to acquire all of the capital stock of Catlin Group to form a combined business that is expected to have a leading presence in the global specialty insurance and reinsurance markets (SCI 19 December 2014). Under the terms of the transaction, XL will acquire all of Catlin's common shares for a consideration of 388 pence in .......

    Job Swaps 12 January 2015

  • SCI Start the Week - 12 January

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

    Pipeline
    A number of US ABS deals have been announced for the start of the year. An ILS and an RMBS have also joined the pipeline.

    The ABS are: US$1.1bn AmeriCredit Automobile Receivables Trust 2015-1; US$2.4bn DB Master Finance Series 2015-1; US$1.351bn Ford Credit Auto Owner Trust Series 2015-REV1; US$100m Global SC Funding One Series 2015-1; US$130m .......

    News 12 January 2015

  • Loan trading vet added

    Golub Capital has hired Kenneth Selle as head of loan trading in its broadly syndicated loans group. He will be based in the firm's Chicago office and is responsible for sourcing and trading all broadly syndicated loan transactions.

    Selle has over 28 years of credit investment experience, most recently as md and head trader in Deerfield Capital Management's corporate credit .......

    Job Swaps 12 January 2015

  • Mid-market capabilities strengthened

    The York Street Capital Partners team, including co-heads and co-founders Robert Golding and Christopher Layden, have joined Star Mountain Capital. The move is expected to further Star Mountain's capabilities as a value-added investor in SBIC funds, as well as other small- and medium-sized business-focused fund managers.

    Golding and Layden have sourced and underwritten over US$750m of investments over the past .......

    Job Swaps 12 January 2015

  • Ocwen to unload agency MSRs

    Ocwen last month disclosed in a shareholder conference call that it will sell its entire agency MSR portfolio as part of a plan to raise capital and focus on the non-agency business. Citi agency RMBS analysts note that the impact on prepayment speeds from these MSR transfers will depend on which servicer acquires the assets. Buyouts on Ginnie loans serviced .......

    News Round-up 12 January 2015

  • European ABS/MBS stays firm

    Despite a volatile end to the week in broader markets, European ABS/MBS is staying firm into this morning.

    Activity levels across secondary are continuing to edge higher albeit with a little to see on the BWIC schedule for now. The main focus remains on UK and Dutch prime, where spreads have tightened over the last week, as well as UK .......

    SCIWire 12 January 2015

  • Euro CLO pipeline builds

    Amid healthy activity across the capital structure off-BWIC, the European CLO auction pipeline is building up after a very quiet week this week.

    There are already three lists scheduled with the first due at 14:00 London time on Tuesday 13 January. The €8.4m seven line list consists of: CELF 2006-1X C, CORDA 2007-1X C, EUROC VII-X B, HARBM 10X A4, HARBM .......

    SCIWire 9 January 2015

  • Sovereigns added to clearing roster

    ICE Clear Credit and ICE Clear Europe have introduced CDS clearing for additional sovereign single names. ICE Clear Credit has added Portugal, Ireland, Italy and Spain to its suite of sovereign single names (bringing the total to 11), while ICE Clear Europe has added Austria and Belgium (six). ICE's CDS clearinghouses clear over 500 single name and index CDS instruments .......

    News Round-up 9 January 2015

  • CLO index returns forecast

    The total amount of CLOs paid down in JPMorgan's Collateralized Loan Obligation Index (CLOIE) since the last rebalance through 31 December was US$1.9bn in par outstanding, split between US$1.26bn and US$640m of pre-crisis and post-crisis deals respectively. The post-crisis CLOIE saw the addition of US$10.2bn at the December rebalance, comprising 129 tranches from 25 deals.

    Monthly pre-crisis CLOIE returns were .......

    News Round-up 9 January 2015

  • Relief at TRIA renewal

    The US Senate voted yesterday to re-authorise the Terrorism Risk Insurance Act (TRIA) for an additional six years, bringing an end to uncertainty in the CMBS market over whether the programme would be renewed. The bill now moves to the White House for final signature before becoming formal law.

    CREFC president and ceo Stephen Renna comments: "This quick action from .......

    News Round-up 9 January 2015

  • RFC issued on reverse mortgages

    Moody's is seeking comments from market participants on its proposed approach to assessing structured financed transactions backed by reverse mortgages. If adopted, the changes will result in upgrades ranging from one to three notches for some UK deals due to changes in the outlook for future mortality improvements and long-term house price appreciation.

    The request for comment details Moody's assumptions .......

    News Round-up 9 January 2015

  • Boost for Indian real estate

    KKR has established a non-banking financial company (NBFC) that will provide structured credit solutions to the real estate sector in India, with an investment from Singapore's sovereign wealth fund GIC. The firm has so far structured and participated in three transactions, with an aggregate amount of approximately US$190m.

    KKR says that while many lenders provide debt to the real estate .......

    Job Swaps 9 January 2015
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