Complete news archive

  • ICG pair to lead credit effort

    Jeff Boswell and Garland Hansmann are to join Investec Asset Management to lead its efforts in global credit, with a primary focus on the developed markets. Both arrive from Intermediate Capital Group (ICG), where they were directors at the firm.

    Boswell's role was head of portfolio management in Europe at ICG, while Hansmann was head of high yield. They will both join .......

    Job Swaps 16 December 2014

  • Euro secondary slows further

    European secondary markets are getting ever closer to a Christmas standstill.

    "It's definitely slowed right down today," says one trader. "There's nothing going on in the Street and no real client activity - there are a couple of BWICs due today, but that's it."

    Spreads have largely stayed steady. However, the trader notes: "On the few BWICs we've seen of .......

    SCIWire 16 December 2014

  • ABSPP volume drops again

    The ECB has announced its latest total settled ABSPP volume as €788m .

    Last week's drop in volume to only €187m is likely to increase traders' complaints over the pace of ABS purchasing by the central bank. However, some market participants remain less surprised at ECB activity levels given the internal approval difficulties that ABS purchases present, as well as .......

    SCIWire 15 December 2014

  • Flexible fund launched

    Angel Oak Capital Advisors has launched the Angel Oak Flexible Income Fund. The fund will actively allocate across higher yielding global fixed income instruments and shift among structured credit, corporate credit and emerging asset classes that may not be as sensitive to changes in interest rates. It will seek to deliver current income and total return.

    "The Flexible Income Fund .......

    News Round-up 15 December 2014

  • BAML pair tapped for Japan

    Wells Fargo Securities has added Tomomi Kikuchi as md and head of Asia RMBS trading and Japan sales. He will report to newly appointed director and president of Wells Fargo Securities Japan, Raymond Wong, and head of RMBS trading for Wells Fargo Securities US, Ari Kavour.

    Kikuchi joins from Bank of America Merrill Lynch, where he headed the non-yen sales .......

    Job Swaps 15 December 2014

  • ILF rating criteria debuts

    AM Best has released what is believed to be the first rating criteria specifically focused on insurance-linked funds (ILF). The criteria assesses an ILF's average credit quality and vulnerability to losses due to credit defaults in a portfolio constituted primarily of insurance-linked assets, and the inability of the fund to fulfil specific and direct contract obligations associated with insurance-linked assets .......

    News Round-up 15 December 2014

  • Electronic MCA service established

    Markit and Thunderhead.com have partnered to establish an online service for creating and negotiating master confirmation agreements (MCAs). Markit will integrate Thunderhead.com's ONE for Capital Markets software with its Counterparty Manager solution.

    ONE for Capital Markets automates the production, editing and execution of MCAs and other capital markets documentation. Counterparty Manager is a secure document management platform for trading account .......

    News Round-up 15 December 2014

  • Capital markets partner added

    Kramer Levin has recruited Gilles Kolifrath as partner. He was formerly general counsel and head of compliance of AXA France, as well as a member of its management committee.

    Kolifrath's practice includes drafting financial/hedge transactions, securitisation transactions and credit agreements; negotiating complex financial transactions, including credit derivatives; and real estate transactions, Luxembourg funds and corporate law. He was an ISDA .......

    Job Swaps 15 December 2014

  • Lehman placeholder reserve decided

    A US bankruptcy judge has ruled against increasing the US$5bn placeholder reserve that covers Lehman's potential RMBS rep and warranty claims (SCI passim), based on case law that regards the February 2012 Reserve Order as final. Judge Shelley Chapman also appears to have determined that all 209,000 mortgages underpinning the bonds must be reviewed individually, rather than allowing for statistical .......

    Job Swaps 15 December 2014

  • SCI Start the Week - 15 December

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

    Pipeline
    The pace of deals joining the pipeline noticeably slowed last week. At the final count there was one new ABS and one RMBS as well as three CMBS and three CLOs.

    The ABS was US$302m Edsouth Indenture No.8 Series 2014-4 and the RMBS was RUB4bn Mortgage Agent Uralsib 03, while the CMBS were US$432.6m BAMLL 2014-FL1, .......

    News 15 December 2014

  • 'Women in Securitisation' initiative formed

    SFIG is set to launch a 'Women in Securitisation' initiative with a special event at the group's annual industry conference, ABS Vegas 2015. The initiative - which is open to members and non-members of SFIG - will be co-chaired by Fitch md Wendy Cohn and Wilmington Trust vp Patricia Evans.

    Through a combination of direct industry engagement, peer mentoring and .......

    Job Swaps 15 December 2014

  • US CLOs tick over

    As trading volumes fade further into year-end across most markets, the US CLO BWIC schedule is still ticking over despite DNTs in the sector picking up last week.

    There are three lists already scheduled for today with tranches from all parts of the capital structure. First is a $20.565m six line equity list due at 10:00 New York time. It .......

    SCIWire 15 December 2014

  • RFC issued on Irish RMBS

    S&P is requesting comments on its proposed methodology and assumptions for rating Irish RMBS. The proposal aligns the methodology and assumptions for Irish RMBS closely with its global RMBS criteria.

    An S&P comment explaining the move discusses two fundamental principles of structured finance ratings and criteria: the credit quality of the securitised assets, and the payment structure and cashflow mechanics. .......

    News Round-up 15 December 2014

  • Structured credit teams integrate

    Alcentra has integrated its structured credit team with Meriten Investment Management's, in an attempt to broaden its investment platform. Both Alcentra and Meriten are specialist investment boutiques within the BNY Mellon Investment Management stable.

    The five-person Meriten team will report to Hiram Hamilton, head of structured credit at Alcentra. They will remain in Dusseldorf and continue to play an active .......

    Job Swaps 15 December 2014

  • Research effort strengthened

    Ben Rothberg and Christoph Steffan have joined Tikehau Capital in London as credit analysts. Rothberg joins from Credit Industriel et Commercial's acquisition finance team, while Steffan arrives from Morgan Stanley, where he was working in the credit lending department.

    Both analysts will report to Rodolfo Caceres, head of credit research, and will primarily cover leveraged loans from the London office. .......

    Job Swaps 15 December 2014

  • Euro CRE activity strong

    Increased activity in the CRE lending and investment markets is positive for European CMBS, says Moody's. Strong investment activity in Europe - up by 24% year on year to 3Q14 - has supported the workout of defaulted loans, with high investment levels reflecting the relative attractiveness of the CRE markets for investors seeking higher yields.

    "We expect an overall stable .......

    News Round-up 15 December 2014

  • Liquidations drive loss severities up

    The weighted average loss severity for US CMBS loans liquidated at a loss rose to 42.6% in 3Q14 from 42.1% in 2Q14, according to Moody's. This was driven by two new loans that were liquidated at high losses.

    The World Market Center II loan liquidated with a US$235.8m loss, for a loss severity of 71.8%, while the Solana loan liquidated .......

    News Round-up 15 December 2014

  • Trups credit quality improving

    The credit quality of Trups CDOs continued to improve in 3Q14, according to the latest Moody's report that tracks the aggregate performance metrics for 81 transactions backed by bank-only and bank/insurance trust preferred securities. The median deal-weighted cumulative par of bank and insurance Trups that have defaulted or are deferring interest decreased by 25bp to 21.84% of original par in .......

    News Round-up 15 December 2014

  • Resolutions outpace delinquencies

    The US CMBS delinquency rate declined for a fourth straight month as it edges closer to the 4.5% mark, according to Fitch's latest index results for the sector. CMBS delinquencies fell by 6bp in November to 4.64% from 4.70% a month earlier. November resolutions of US$539m outpaced new delinquencies of US$384m, while Fitch-rated new issuance volume of US$4.5bn edged out .......

    News Round-up 15 December 2014

  • European secondary continues to wind down

    The European ABS, MBS and CLO markets look set for another quiet day today.

    "The markets are coasting as people check out for year end," says one trader. "That combined with continued frustration over the lack of speed of ECB purchases makes for a very quiet market - there are only a couple of BWICs in ABS and CLOs today .......

    SCIWire 12 December 2014

  • CLO squeeze

    Risk retention puts manager consolidation in the spotlight

    CLO manager consolidation is expected to re-emerge as risk retention requirements bed down in the US. However, the process is unlikely to replicate the last wave of consolidation seen in 2010 and 2011.

    Oliver Wriedt, co-president at CIFC Asset Management, believes that CLO manager consolidation needs to occur in some capacity, but questions whether the opportunity is as compelling as .......

    News Analysis 12 December 2014
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