Complete news archive

  • SCI Start the Week - 1 December

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

    Pipeline
    The number of deals joining the pipeline last week was down on the week before as Thanksgiving arrived. The only newly announced ABS were NewDay Partnership Receivables Trust 2014-1 and NewDay Partnership Receivables Trust 2014-2.

    There were also two ILS - US$200m Chesterfield Financial Holdings 2014-1 and US$200m Nakama Re Series 2014-2 - and five RMBS. The RMBS .......

    News 1 December 2014

  • Italian mortgage market 'resilient'

    The Italian mortgage market has been resilient, despite the country's prolonged recession, according to Fitch. This has been aided by low interest rates and conservative lending policies.

    Fitch says that over the last 12 months late-stage arrears and the annual default rate have been little changed at 1.6% and 1.3% respectively. In contrast, income flows from loan recovery have suffered .......

    News Round-up 1 December 2014

  • ISDA elects new chairman

    ISDA has elected Eric Litvack as its new chairman, effective from January 2015. Litvack is md and head of regulatory strategy for SG's global banking and investor solutions business.

    He has worked at SG for nearly 29 years in a variety of roles and has served on the ISDA board since 2006 and was appointed vice-chair in 2012. Litvack succeeds .......

    Job Swaps 1 December 2014

  • European ABS/MBS ramps back up

    The European ABS/MBS markets are ramping back up after a relatively quiet end to last week.

    The secondary market saw patchy trading continue through Friday with spreads ending the week broadly softer. Meanwhile, the BWIC schedule slowed with the US being out, but is already building up again.

    Currently the first auction scheduled for today is an 11.9m original face .......

    SCIWire 1 December 2014

  • CVA hearing scheduled

    The EBA is holding a public hearing in London on Friday (5 December) on a draft credit valuation adjustment (CVA) report to be submitted to the EU Commission. The report covers all aspects of the CVA framework, as well as the review on the application of CVA charges to non-financial counterparties established in a third country.

    The objective of the .......

    News Round-up 1 December 2014

  • Different roads for auto ABS

    Prime auto loan delinquencies and annualised net losses (ANLs) declined in October compared to September, according to Fitch. In contrast, subprime auto ANLs increased by 13% month-over-month.

    Prime auto loan ABS ANLs dropped by 13% to 0.4%. This was in line with August's rate and represents a 2.4% improvement over October 2013. 60-plus day delinquencies moved down to 0.36%, 10% .......

    News Round-up 28 November 2014

  • Law change to affect pub deals

    Plans to give tenants of tied UK pubs the option of simply paying a market-rate rent are likely to hit pubcos' net income in the medium term, says Fitch. Higher letting and beer supply costs, combined with potentially shrinking revenues could damage earnings, with a number of whole business securitisation transactions being affected.

    Following last week's vote in the House .......

    News Round-up 28 November 2014

  • HK regulators provide OTC update

    The Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) have published the conclusions of a joint public consultation on the mandatory reporting and related record keeping obligations under the new OTC derivatives regime. The paper includes revised proposals following feedback from respondents.

    Among the revised proposals is that mandatory reporting and related record keeping obligations will commence .......

    News Round-up 28 November 2014

  • No cov-lite switch for mid-market

    A sampling of middle-market loans by Moody's suggests that a substantial majority still have financial maintenance covenants. This is credit positive because these covenants provide lenders a mechanism to manage their exposure in a deteriorating credit situation, but the average number of covenants per loan has declined over the past four years.

    Moody's sampled 30 middle-market loans for which it .......

    News Round-up 27 November 2014

  • Japanese market outlook 'positive'

    Strong credit quality and good collateral performance will remain features of Japanese securitisation markets in 2015, despite the contraction in the country's GDP, says Moody's. Performance will be underpinned by ongoing strict underwriting standards and supportive labour market conditions.

    Default rates for consumer ABS are expected to be stable at low levels, owing to already low unemployment and government policies .......

    News Round-up 27 November 2014

  • Improving economy boosts UK RMBS

    The continued revival of the UK economy underpinned strong UK RMBS collateral performance in 3Q14, according to S&P. Delinquencies of more than 90 days in non-conforming transactions fell to their lowest level since March 2008, weighted-average delinquencies declined and the outlook for UK collateral performance into 2015 remains strong.

    In the three months to October, house price growth slowed to .......

    News Round-up 27 November 2014

  • REIT promotes risk md

    Robert Rush has taken the role of chief risk officer at Two Harbors Investment Corp. Paul Richardson, who has served in that role over the past several years, will remain in his role as partner and chief risk officer for Pine River Capital Management, the parent of the company's external manager.

    Rush has served as Two Harbors' md for risk .......

    Job Swaps 27 November 2014

  • Agency issues CE RFC

    Moody's is seeking comment on proposed changes to the minimum portfolio credit enhancement levels in EMEA ABS and RMBS. The credit enhancement consistent with the highest rating achievable in a given market is currently the greater of: the model implied credit enhancement; the minimum portfolio credit enhancement; and expected loss multiple. The agency is proposing that the second of these .......

    News Round-up 27 November 2014

  • At the edge

    Peripheral RMBS prospects examined

    Representatives from Bloomberg, Prytania Group and DBRS discussed peripheral European RMBS in a live webinar hosted by SCI last month (view the webinar here). Topics included the development of the peripheral RMBS market versus core RMBS, a detailed look at the Irish and Spanish markets, pricing challenges and the impact that the ECB's ABSPP will have.

    Talking Point 27 November 2014

  • Paper trades ahead of Thanksgiving

    The US secondary markets have not shut down just yet, with SCI's PriceABS data picking up price talk and cover prices for US ABS, CLOs, CMBS and RMBS yesterday. In ABS there was more than US$100m out for the bid on BWICs, with supply divided between autos, credit card, equipment and student loan ABS.

    Each of .......

    Market Reports 26 November 2014

  • RMBS portfolio tool released

    BlackBox Logic has released a new portfolio manager that is available within their web-based RMBS analytics solution, Crystal Logic. Dubbed the Crystal Logic Portfolio Manager, non-agency RMBS investors and researchers can use it for in-depth analysis and more.

    The Crystal Logic Portfolio Manager allows users to: compare bonds across various performance metrics including prepay speeds, defaults, losses, modifications, delinquencies, servicer .......

    News Round-up 26 November 2014

  • Demica names new ceo

    Demica has appointed Matt Wreford to the role of ceo. Wreford arrives from Vernier Partners, a business he founded in early 2014. Along with further developing Demica's trade receivables securitisation franchise, he will look to broaden Demica's current supply chain finance offering.

    Prior to founding Vernier Partners, Wreford spent seven years at IPGL. He was appointed ceo of Exotix Partners .......

    Job Swaps 26 November 2014

  • CDS widens on oil price decline

    Five-year CDS on Parker Drilling widened 40% over the past month to price at the widest levels observed in over three years, according to Fitch Solutions. The widening significantly outpaced the 4% widening seen for the broader North American oil and gas sector over the same time period.

    After pricing consistently in line with single-B levels, credit protection on Parker .......

    News Round-up 26 November 2014

  • Revenue, subscriber uptick tightens CDS

    Unitymedia KabelBW's five-year CDS tightened 25% over the past month to price at all-time tight levels, according to Fitch Solutions. It says that improved investor confidence for Unitymedia likely stems from revenue growth and an uptick in subscribers reported for the third quarter, as well as parent Liberty Global's plans to expand content offered through its cable networks.

    "After pricing .......

    News Round-up 26 November 2014

  • Cautious optimism

    Fed's presence to remain after MBS purchase halt

    With the end of QE3, the US Fed has ceded the spotlight in agency MBS purchases, while staying committed to the sector through reinvestments. The timing of its taper is now seen as a significant driver of the outlook for MBS going into 2015.

    The US Fed's decision last month to halt its agency RMBS purchases followed improving US unemployment .......

    News Analysis 26 November 2014

  • US RMBS quietens down for now

    In contrast to last week's bumper levels of activity the US non-agency RMBS market is fairly quiet this week, but higher volumes are expected to return next.

    BWICs only totalled $300m yesterday and look set to be about the same today. The rest of the week is expected to continue that trend thanks to both Thursday's holiday and predictions of .......

    SCIWire 25 November 2014
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