Complete news archive

  • Slow start for US CLOs

    US CLOs are starting the year slowly with relatively low levels of activity, but thus far are only slightly impacted by broader market volatility.

    "It's been slow since New Year, but CLOs seem to be holding in despite the volatility elsewhere over the last few days," says one trader. "In primary deals are currently being talked at tighter levels than .......

    SCIWire 7 January 2015

  • Decline in delinquency rate continues

    The Trepp US CMBS delinquency rate fell by 5bp in December to 5.75%, down by 168bp from 7.43% in December 2013. CMBS loans that were liquidated with losses totalled almost US$700m last month.

    Removing these previously distressed assets from the numerator of the delinquency calculation helped move the rate down by 13bp. Over US$700m in loans were cured last month, .......

    News Round-up 7 January 2015

  • Reps and warranties remain 'challenging'

    The US RMBS sector has seen some substantial improvements of late, though the pace of progress remains slow and challenges remain, according to Fitch's latest structured finance progress report.

    Residential mortgage loan underwriting has improved dramatically since the financial crisis, with Fitch md Rui Pereira noting that the performance of recent vintage mortgage loans is the best on record thus .......

    News Round-up 7 January 2015

  • Rating error corrected

    S&P has corrected by reinstating its triple-A rating on the Harbourmaster CLO 8 class A1 notes. The agency last month withdrew its rating on the notes due to what it describes as an error.

    .......

    News Round-up 7 January 2015

  • Cat bond fluctuations highlighted

    Lane Financial's 4Q14 statistical review of the ILS market highlights the price fluctuations of two catastrophe bonds during the quarter.

    First, the firm notes that price indications for the MultiCat Mexico series 2012-I class C notes were marked down to around 52 in Q4 on speculation that Hurricane Odile had triggered the parameters of the bond by its coastal landing .......

    News Round-up 7 January 2015

  • Sales director appointed

    BlueBay Asset Management has hired Katherine Wentrup-Estupinan as a sales director to support the growth of the firm's alternatives business. She joins from Strategic Investments Group, where she led the business development and investor relations effort within Southern Europe. Previously, she held a variety of business development roles at Alpha4x Asset Management, HSBC Global Asset Management and HSBC Securities Inc.

    .......

    Job Swaps 7 January 2015

  • APAC specialist recruited

    Algomi has recruited Jesper Bruun-Olsen as head of Asia-Pacific operations, responsible for establishing the firm's presence in Singapore and Hong Kong and expanding the Algomi Honeycomb network to facilitate APAC bond market liquidity. He previously spent 11 years at Tradeweb, most recently as md, Asia-Pacific. Before that, he was responsible for fixed income sales to international institutional investors at Nordea's .......

    Job Swaps 7 January 2015

  • Corporate trust head hired

    Helena Nathanson has joined Bryan Cave as partner, head of corporate trust in London. She was previously a partner in structured finance at Reed Smith.

    .......

    Job Swaps 7 January 2015

  • Special counsel named

    Schulte Roth & Zabel has promoted associate Jacob Preiserowicz to special counsel in its Washington, DC office. His practice focuses on advising hedge and private equity fund managers with respect to futures and swaps trading, the US CFTC's reporting requirements and compliance with its exchange rules concerning OTC and listed derivatives. He also provides guidance on regulatory, compliance and risk .......

    Job Swaps 7 January 2015

  • External review for Caesars question

    ISDA's Americas Determinations Committee has voted to send a credit event request in connection with Caesars Entertainment Operating Company Inc to an external review panel. The DC will reconvene tomorrow (8 January) to review progress and continue discussions.

    The request - regarding a failure to pay credit event - was first submitted on 22 December. The move follows the reference .......

    News Round-up 7 January 2015

  • ILS partnership realigned

    Third Point Reinsurance has realigned its partnership with Hiscox Insurance Company (Bermuda) in the catastrophe reinsurance fund management business. The firm intends to contribute certain resources of Third Point Reinsurance Investment Management to Hiscox's Kiskadee ILS platform while winding down any remaining exposure in its Third Point Reinsurance Opportunities Fund.

    Specifically, Third Point Re intends to make an investment in .......

    Job Swaps 7 January 2015

  • Fitch bolsters risk management

    Fitch Group has named John Olert group chief risk officer in an effort to pursue a more integrated approach to how it manages various types of risk. His team is responsible for reviewing, monitoring and addressing the risks that could impact the firm's performance and reputation.

    Olert was previously chief credit officer for Fitch Ratings, responsible for credit ratings and .......

    Job Swaps 7 January 2015

  • Servicer acquisition agreed

    Stone Point Capital is set to acquire Situs from Ranieri Partners and WL Ross & Co, subject to regulatory approvals. The transaction is expected to close in 1Q15.

    Situs has over US$100bn of assets under management, with operations in North America, Europe and Asia. The acquisition will provide funding to capitalise on growth opportunities.

    As part of the transaction, Situs .......

    Job Swaps 7 January 2015

  • Capital markets vet added

    Florian von Hartig has been appointed by Investec as head of debt capital markets (DCM). He joins the firm from Standard Bank, where he was global head of debt primary markets. This included work on securitisation, debt capital markets, ratings advisory and transaction execution groups and global bond syndicate.

    .......

    Job Swaps 7 January 2015

  • Agency examines CMBS prospects

    Meaningful growth in the US economy through 2014 bodes well for CRE fundamentals, says Kroll Bond Rating Agency. Improving property fundamentals have fuelled CMBS appetite and the trends of increased leverage and decreased debt service are expected to continue in 2015.

    Total US CMBS issuance for 2014 is expected to fall around US$10bn short of Kroll's initial prediction of US$100bn, .......

    News Round-up 7 January 2015

  • Robust CRE market expected

    Commercial real estate (CRE) lenders see a strong year ahead with ample credit and capital available to meet borrower demand, according to a survey of CREFC members. Loan volumes in 2015 are expected to top those in 2014 as loan maturities rise, property fundamentals improve and investor demand remains strong.

    While 74% of survey respondents expect benchmark interest rates to .......

    News Round-up 7 January 2015

  • CMBS data tool debuts

    Fairview Real Estate Solutions has introduced a new tool designed for CMBS traders and investors. The tool will attempt to provide immediate access to verified loan data, 24/7 analysis and local market intelligence.

    Fairview says its new trader tool expects to complement existing systems such as Bloomberg, Intex and Trepp by delivering an easy-to-use interface that features comprehensive data on .......

    News Round-up 7 January 2015

  • Euro SME CLOs 'stable'

    Fitch says the outlook for European SME CLO asset performance has improved to stable. The Portuguese and Italian markets are the two exceptions, but their outlooks have also improved - to stable/declining and to declining, respectively.

    Despite the declining asset performance outlook for Italian SME CLOs, the rating outlook is stable as Fitch mainly rates the most senior tranches that .......

    News Round-up 7 January 2015

  • Margin requirements cause concern

    Derivatives end users are concerned about the impact of new margin requirements for non-cleared derivatives, according to a new survey by ISDA. A large number of users are also unsure whether they will even have to comply with the rules.

    The current proposals set a phase-in schedule for the posting of initial margin, starting with the largest derivatives users from .......

    News Round-up 7 January 2015

  • ILS affecting reinsurance trends

    There has been no respite for reinsurers at the 1 January 2015 renewal season, according to the latest renewals report from Willis Re, as fully collateralised sources of reinsurance and ILS capacity continued to make headway. Relentless rate reductions, low investment returns and the ongoing influx of alternative capital from ILS investors continue to reshape the industry.

    Willis Re believes .......

    News Round-up 7 January 2015

  • Spanish RMBS delinquencies up

    Severe delinquencies that last more than 90 days in Spanish RMBS peaked at 6.18% in 3Q14 following a decrease in 2Q14, according to S&P. The rating agency adds that high unemployment and low household income could offset positive macroeconomic indicators, thus constraining the RMBS sector's nascent recovery.

    S&P believes that economic growth prospects are now more positive as conditions have .......

    News Round-up 7 January 2015
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