Complete news archive

  • Electronic trading pro hired

    Eugene Tutunikov has joined Morgan Stanley as a senior consultant to its credit trading unit. He joins from Citi, where he was vp of credit algorithmic trading, specialising in credit derivatives.

    .......

    Job Swaps 8 December 2014

  • CLO compliance tool introduced

    Black Mountain Systems has unveiled a new compliance management module for its Everest platform. The compliance module provides pre- and post-trade compliance analysis, including hypo and basket-trade scenarios, breach notification and cure management across all of a client's funds, as well giving the customer the ability to independently add new deals and rules.

    The tool aims to provide a number .......

    News Round-up 8 December 2014

  • Malta adopts SCC regs

    Malta's legislation on securitisation cell companies (SCC) has been initiated. The Securitisation Cell Company Regulations govern the establishment of SCCs for the purpose of securitisation transactions, including ILS.

    SCCs are companies empowered to establish within themselves one or more cells for the purpose of securitisation transactions. Each cell is a separate patrimony of the cell, although it is not endowed .......

    News Round-up 8 December 2014

  • Report calls for higher mezz charges

    A new report from the BIS states that a simple and transparent asset pool does not translate into mezzanine tranches that are simple to assess. The report sets out the view of policymakers that mezzanine securitisation tranches therefore require substantial safeguards, which should be proportionately much larger than those for the underlying assets.

    The Basel Committee is expected to disclose .......

    News 8 December 2014

  • Lender drops confidentiality lawsuit

    Monroe Capital has dismissed its lawsuit against Warren Woo and Breakaway Capital. The firm filed the lawsuit against Woo in June, alleging that he forwarded confidential client information and trade secrets to an email account at a competing firm that he had established.

    Monroe fired Woo, who was formerly an md at the firm, citing "serious violations" of its policies .......

    News Round-up 8 December 2014

  • Bounce in loss severity

    While the disposed US CMBS loan balance continued to fall in November, a bounce in loss severity countered the drop, according to Trepp. JPMCC 2007-CB19 contributed the highest severity to the end-of-month numbers, with total losses for the deal reaching almost US$99.8m out of the US$129.8m outstanding balance for the liquidated loans. Value City, Marriott-Memphis and Beaver Brook Village are .......

    News Round-up 8 December 2014

  • Office drives CRE price rise

    Gains in major markets drove an overall increase in US CRE property prices in October, according to the latest Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index. CBD office prices led the way, increasing by 12.6% over the last three months, driving a 5.4% gain in major market prices over the same timeframe.

    The gain in CBD office .......

    News Round-up 8 December 2014

  • Slower start for CDO/CLO markets

    After a busy week last week, the CDO/CLO BWIC market begins more slowly this week with focus around European and CDO names as some traders are away at a CLO conference in California for the next two days. There are currently only three auctions scheduled for today in the sector.

    At 15:00 London time there are two three line euro .......

    SCIWire 8 December 2014

  • SCI Start the Week - 8 December

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

    Pipeline
    There was a steady flow of deals into the pipeline last week as five ABS, five RMBS and five CMBS were announced. There was however only the one new CLO, which was US$400m BlueMountain CLO 2014-4.

    The ABS were: US$1bn AART 2014-3; US$540m ATLAS Series 2014-1; US$325m California Republic Auto Receivables Trust 2014-4; US$268m CPSART 2014-D; .......

    News 8 December 2014

  • Basel implementation assessed

    The Basel Committee has published a report assessing, under its regulatory consistency assessment programme (RCAP), the implementation of the Basel capital framework in the US and Europe. A key component of this programme is to assess the consistency and completeness of a jurisdiction's adopted standards and the significance of any deviations in the regulatory framework.

    For the US, the assessment .......

    News Round-up 8 December 2014

  • Euro ABS/MBS BWICs quiet pre ABSPP number

    There's little to distract the European ABS/MBS market as it awaits this afternoon's ABSPP volume update with only two BWICs currently circulating.

    There is a £6m line of GRAN 2004-1 3A due at 12:00 London and at 15:00 a three line mixed list consisting of: €32.3m of AYTPI I A, €5m of MESDG DELT A and £11m of RMAC 2003-NS4X .......

    SCIWire 8 December 2014

  • RFC issued on RMBS loan-mod impact

    S&P is requesting comments on its proposed methodology for assessing the impact of loan modifications and extraordinary expenses on US RMBS ratings. The proposed criteria seeks to incorporate into S&P's rating the credit deterioration of a pool that is manifested through the contractual reduction of an RMBS's interest payment rather than through the reduction in available credit support.

    News Round-up 5 December 2014

  • GFI bid revised

    CME Group and GFI Group have revised their definitive agreements to increase the consideration payable to GFI stockholders from US$4.55 per share in CME stock to US$5.25 per share, payable in a mix of shares of CME class A common stock and cash. The new offer price represents a 5% premium above the closing price of US$5 per share of .......

    Job Swaps 5 December 2014

  • Renewables financing firm launched

    A team of renewable energy and finance industry executives has launched Generate Capital. The firm will focus on funding small-scale, resource-efficient infrastructure, offering multiple types of financial services products, including short-term asset-based financing, equipment leasing and project finance.

    Generate's co-founders include president Jigar Shah, ceo Scott Jacobs and cio Matan Friedman. The firm has appointed Jason Fish as chairman.

    Typical .......

    Job Swaps 5 December 2014

  • Futures agreement reached

    ICE and Eris Exchange have reached a multi-year license agreement for ICE exchanges to list European and US CDS futures and European interest rate futures based on the Eris Methodology. The first product launch under the license agreement will be CDS futures based on the Markit CDX North American IG and HY indices.

    These CDS futures contracts, to be launched .......

    News Round-up 5 December 2014

  • Mid-market JV formed

    THL Credit has formed a joint venture with Perspecta Trident to create THL Credit Logan JV, which is expected to invest primarily in senior secured first lien loans to middle market companies and other corporate debt investments, consistent with THL Credit's origination and underwriting strategy. THL Credit and Perspecta have respectively committed to initially provide US$120m and US$30m of equity .......

    Job Swaps 5 December 2014

  • CDS widens on oil price drop

    Five-year CDS on Petroleos de Venezuela (PDVSA) widened by 67% over the past month to price at the widest levels observed since early 2009, according to Fitch Solutions. Growing market concern over PDVSA is attributed to the ongoing impact of the drop in oil prices on the company's credit prospects.

    At distressed levels, PDVSA's CDS curve remains inverted. "PDVSA's default .......

    News Round-up 5 December 2014

  • KLS boosts P2P platform

    A fund managed by New York-based KLS Diversified Asset Management is set to invest £132m in loans to UK small businesses through the Funding Circle UK marketplace. The fund will invest in whole peer-to-peer loans across all risk bands in order to avoid competing with any individual investors lending on partial loans.

    Funding Circle says that due to the interest .......

    Job Swaps 5 December 2014

  • European ABS/MBS hold steady

    Spreads are still holding steady in European ABS/MBS this morning, albeit on continued low volume levels.

    "It's another quiet day today and we've only got a few BWICs due," says one trader. Of those he highlights a four line €58m Spanish seniors list due at 14:30, which consists of: TDA 16 A1, TDA 19 A, TDAC 7 A3 and TDAI .......

    SCIWire 5 December 2014

  • Bakken exposure highlighted

    The recent decline in oil prices has potential implications for some US CMBS 2.0 loans secured by properties located in the Bakken formation. Morgan Stanley CMBS strategists identify 25 loans totalling US$251m securitised across 18 2013 and 2014 vintage deals with exposure to properties located in four North Dakota cities - Williston, Dickinson, Minot and Watford City.

    All but one .......

    News Round-up 5 December 2014

  • SCI conference line-up unveiled

    Final panellist line-ups have been announced for SCI's 8th Annual Securitisation Pricing, Investment and Risk Seminar, which is taking place on 12 December in London. The event is being held at Reed Smith's offices at Broadgate Tower, 20 Primrose Street, EC2A 2RS.

    This conference will focus on relative value in light of ongoing regulatory challenges and the ECB's ABSPP. The .......

    News Round-up 5 December 2014
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