Complete news archive

  • 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

  • US RMBS busy again

    The US non-agency RMBS secondary market is busy again today, having had a relatively quiet Wednesday, although BWIC volume is a little off as year-end approaches.

    "We're busy today, though BWICs are on the low side of normal for a Thursday at $800m," says one trader. "It's predominantly money managers selling with the types of lists we've been used to .......

    SCIWire 4 December 2014

  • Morning rush for US CLOs

    The US CLO BWIC market is continuing its volume upswing with 56 line items already scheduled for auction this morning.

    "The market has certainly turned round in the last couple of days in terms of the number of BWICs scheduled," says one trader. "The turnaround doesn't appear to be driven by anything more than managers looking capture some earnings before .......

    SCIWire 4 December 2014

  • Sales coverage bolstered

    Tikehau IM has added Emmanuelle Hsu to its Paris sales office. She will be in charge of covering asset managers, banks and multi-managers.

    Hsu joins Tikehau from Cedrus AM, where she spent a year as head of sales and marketing for France. Prior to that, she was at Global Financial Services in charge of the development of multi-managers and institutional .......

    Job Swaps 4 December 2014

  • CLO performance to remain strong

    The performance of CLOs in the US, Europe and Asia will remain strong as a result of the improving global economy, according to Moody's. This is in spite of weaker leveraged loan underwriting, expected rising interest rates and new regulation.

    The agency says that US broadly syndicated loans (BSL) and US SME CLOs will benefit from historically low leveraged loan .......

    News Round-up 4 December 2014

  • RFC issued on RV approach

    Moody's is seeking comments from market participants on its proposed rating approach for assessing residual value (RV) risk in auto lease transactions in EMEA and on its proposal to adopt the EMEA approach also for rating transactions in the Asia Pacific region. The proposed approach includes three key changes: introducing a Aaa haircut for RV transactions that incorporates the benefit .......

    News Round-up 4 December 2014

  • Delinquency rates drop

    The Trepp US CMBS delinquency rate posted its biggest drop in 10 months in November after falling by 34bp, which contrastingly follows the largest monthly gain in over two years at an 11bp increase in October. In the process, the delinquency rate fell below 6% and hit its lowest level in five years.

    The delinquency rate for US CMBS is .......

    News Round-up 4 December 2014

  • ILS pro joins AQR

    Greg Habay has joined AQR as a vp in the firm's business development group. He moves from JLT Re, where he was svp and a senior broker. Habay, who will be based in AQR's Greenwich, Connecticut headquarters, will focus on raising capital for existing and future reinsurance funds.

    .......

    Job Swaps 4 December 2014

  • Reporting connectivity enabled

    Data connectivity between the DTCC derivatives repository and TriOptima's triResolve portfolio reconciliation service is now live and operational. The service enables daily reconciliation of OTC derivatives trades reported to DTCC's European trade repository, as mandated by the European Market Infrastructure Regulation.

    The new connectivity allows derivatives dealers and end-users to compare and match DTCC trade records with their internal trade .......

    News Round-up 4 December 2014

  • CLO portal debuts

    US Bank Global Corporate Trust Services has launched Pivot, a specialised client portal built for CLO managers. Pivot streamlines daily cash activity and monthly reconciliation processes, allowing clients to focus on managing their portfolio.

    With a single access point for all data, pivot includes critical alerts about deal milestones, pending trades and unexpected changes to clients' portfolios. Core Pivot features .......

    News Round-up 4 December 2014

  • Post-crisis names dominate

    US CMBS bid-list volume fell to around US$44m yesterday, with generic spreads remaining mostly unchanged during the session. Supply was dominated by post-crisis names, many of which made their debut in SCI's PriceABS archive.

    Of these debutants, a trio were Ares bonds: ACR 2014-FL2 B, C and D. All three tranches were talked at 100 area, with the .......

    Market Reports 4 December 2014

  • Euro ABS/MBS slow further

    Activity in European ABS/MBS secondary markets has continued to slow throughout this week.

    "We did see some decent customer flows at the start of the week, but it's got quieter since - yesterday was very, very quiet," says one trader. "Today isn't much better, but there are some BWICs here and there."

    ABSPP-eligible ABS/MBS are for now at least holding .......

    SCIWire 4 December 2014

  • Stable investment

    Low-risk option attracting investors

    The overlap between stable value (SV) funds and securitisation is increasing, given that high grade ABS offers the benefits of low risk and steady, predictable returns. However, SV strategies remain somewhat constrained by the conservative nature of their financial objectives.

    SV funds are capital preservation investment options available in 401(k) and other types of savings plans. Douglas Trevallion, md at .......

    News Analysis 4 December 2014

  • US CLOs on the up

    The US CLO market is seeing increased BWIC volume and tighter spreads so far today.

    "Things are picking up a bit today with a handful more bid lists," says one trader. "In terms of price action, everything feels a little stronger across the board, but spreads are only actually moving tighter in specific areas where there is strong buying interest."

    SCIWire 3 December 2014

  • China auto ABS performance reviewed

    Moody's has released its first-ever performance review of the burgeoning Chinese auto loan ABS market, published in its latest Structured Thinking: Asia Pacific newsletter. The report finds that delinquency and default rates were low in 2014, alongside record issuance.

    The agency says that China's auto loan ABS market has scaled new heights in 2014, with record levels of issuance achieved. .......

    News Round-up 3 December 2014

  • Services centre announced

    Calypso Technology is to establish a managed services centre in Dublin, with plans to create up to 150 skilled roles. The investment is supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland.

    The managed services centre will be the basis of a new professional service model that Calypso will offer for its customers globally. It is expected .......

    Job Swaps 3 December 2014

  • Tech initiative launched

    NewOak has launched a new technology innovation programme (TIP). The firm believes the initiative will help address the growing technology skills gap by offering an intensive training course tuition-free that will elevate participants' job skills and marketability.

    Students accepted to the programme will participate in a 16-week immersion course where they will study and apply modern computing languages, tools and .......

    Job Swaps 3 December 2014

  • CLO specialist moves

    Ross Heller has joined RBC Capital Markets as a director, structured credit sales. He will work in CLO marketing and distribution.

    Heller arrives after five years at Nomura Securities, where he was an executive director for leveraged credit sales. He has also held roles as md at NewOak Capital and executive director at JPMorgan.

    .......

    Job Swaps 3 December 2014

  • Higher guidance boosts Lowe's

    Five-year CDS on Lowe's Companies tightened by 28% over the past month to price at the tightest levels observed since 2007, according to Fitch Solutions. After pricing at double-A levels for much of the past year, credit protection on Lowe's debt is now pricing in the triple-A space.

    CDS liquidity for Lowe's has decreased in recent months, dropping by 10 .......

    News Round-up 3 December 2014

  • FLS extended further

    The Bank of England and HM Treasury have extended the Funding for Lending Scheme (FLS) by one year. The extension is designed to provide lenders with continued certainty over the availability of cheap funding to support lending to SMEs during 2015, even in the event of stress in bank funding markets.

    The FLS extension complements other longer-term initiatives to improve .......

    News Round-up 3 December 2014

  • Mezz focus for European CLOs

    Today sees two substantial primarily mezzanine tranche BWICS in the European CLO market reflecting most active part of the capital stack so far this week off-BWIC. Both auctions are due at 15:00 London time and will be watched closely given recent spread widening in the sector.

    One list totals €36.8m of original face across ten line items. It consists of: .......

    SCIWire 3 December 2014
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