Complete news archive

  • US CLOs closing out

    Year-end is at the forefront of US CLO traders' thoughts, but that's not to say the market is quiet.

    "We saw robust volume yesterday and it's very busy for a Friday today, especially in 1.0 deals, with a high proportion of lists overall from non-bank entities," says one trader. "We're also seeing sales of quite a few tranches that are .......

    SCIWire 21 November 2014

  • Cutwater integration underway

    Cutwater Asset Management Corp will continue to manage its eight CDOs, despite a change in control being triggered by the purchase of ownership interests in Cutwater Holdings by Bank of New York Mellon. Fitch confirms that Cutwater will operate as part of BNY Mellon Investment Management and will be administered by Insight Investment Management.

    Cutwater is the collateral manager for .......

    Job Swaps 21 November 2014

  • TMF expands in SA

    TMF Group has acquired 100% of the share capital of South Africa-based GMG Trust Company, a provider of trustee services to the banking and structured finance industries. All senior GMG management and client relationships will remain with the business post completion of the acquisition, which is expected by end-November.

    The acquisition positions TMF Group as one of the largest providers .......

    Job Swaps 21 November 2014

  • Sears closures hit loss severity

    Sears Holdings is set to close over 100 underperforming Sears and Kmart stores in the US - on top of more than 100 that were shut during 1H14 - after a net loss attributable to shareholders of US$573m for 2Q14. Of the 107 store closure announcements since late August, Trepp has identified loans in CMBS deals on about a fourth .......

    News Round-up 21 November 2014

  • Voluntary liquidation approved

    Primus Guaranty's shareholders have approved a proposal to wind up the company by way of a members' voluntary liquidation, after it held a special general meeting of shareholders (SCI 28 October). Mark Smith, of Deloitte, has been appointed by the shareholders as the company's liquidator.

    With the commencement of the voluntary liquidation, the powers and authorities of the company's directors .......

    Job Swaps 21 November 2014

  • Collateral management collaboration inked

    Genpact has integrated its collateral agreement and reference data services (CARDS) with Lombard Risk's collateral, clearing, inventory management and optimisation solution COLLINE. The firms say that the collaboration will enable both buy- and sell-side firms to automatically digitise and capture the terms and conditions of various collateral agreements across asset classes, counterparties and business silos, resulting in a margin and .......

    Job Swaps 21 November 2014

  • Data platform re-launched

    Ocwen Financial Corp has re-launched a free database of loan-level data for mortgages serviced by Ocwen in private label RMBS. Powered by the REALPortal platform, the database provides mortgage investors with access to accurate data, as well as analytical tools and details on processes, procedures and loan performance.

    The re-launch addresses a variety of requests from investors to enhance functionality, .......

    News Round-up 21 November 2014

  • CLO team formed

    Lupus Alpha has expanded its team with the addition of four members from Main First Asset Management. Norbert Adam, Klaus Ripper, Michael Hombach and Stamatia Hagenstein will form a specialised fund management team in January, focused on CLOs. Lupus Alpha intends to issue several CLO strategies for institutional investors, as well as policy-compliant mutual funds.

    .......

    Job Swaps 21 November 2014

  • BGC breach resolved

    BGC Partners has resolved matters with the UK FCA regarding exceeding a 10% stake in GFI Group without first informing and seeking the approval of the authority. This is a breach of UK regulatory law.

    BGC acknowledges the breach and says it is working with the FCA to ensure that changes are made to its systems and controls to ensure .......

    Job Swaps 21 November 2014

  • First Names branches out

    First Names Group has formed a global structured finance services unit in the US. Orlando Figueroa and Mark Ferraris have been appointed as mds to drive the business.

    Ferraris and Figueroa will be responsible for global strategy in delivering services through both First Names' existing network - including the UK, Luxembourg, Ireland, the Netherlands and Switzerland - and new jurisdictions. .......

    Job Swaps 21 November 2014

  • GSE update on life-of-loan exclusions

    Fannie Mae and Freddie Mac have released an official update to the representations and warranties framework outlined last month (SCI 21 October), providing details and clarity on life-of-loan exclusions. The framework details what remedial actions the GSEs will take and explicitly favours the re-pricing of risk over repurchase.

    Life-of-loan exclusions have been characterised under six categories: misrepresentations, misstatements and omissions; .......

    News 21 November 2014

  • Can't test our way to trust

    Mike Manning, co-founder and ceo of DealVector, argues that...

    We may be working on the wrong issues. And when you're in a hole, stop digging.

    Those were two thoughts I took from SFIG's very well-designed conference on reforming private label RMBS last week. Three moments stood out in particular:
    • Treasury's Michael Stegman announcing that the government has decided it is not appropriate to create an "unambiguous fiduciary standard" for .......

    Talking Point 21 November 2014

  • Spanish seniors catch the eye

    As European ABS/MBS traders continue to wait for ABSPP buying to start, the focus remains on BWICs today - in particular a list of Spanish senior RMBS names is attracting market interest.

    The 19 line list is due at 13:00 London time and totals €733.7m of original face and €183+m of current. 12 of the line items are ECB eligible.

    SCIWire 21 November 2014

  • Broker expands into ILS

    Alwen Hough Johnson has established AHJ Capital Markets, which has been authorised by the UK Financial Conduct Authority. The new company will provide clients with access to risk transfer and capital products available in the financial markets.

    Initially, the company will help insurers to manage risk through reinsurance backed by ILS and to finance risk through debt and equity capital. .......

    Job Swaps 21 November 2014

  • Busy week continues in US RMBS

    Today sees another day of heavy volumes in the US non-agency RMBS secondary market, but bonds continue to trade well.

    "This week has been one of the busiest weeks of the year with very high BWIC volumes," says one trader. Yesterday saw US$1.4bn in auction paper, while today sees even more with in excess of $1.8bn in for the bid.

    SCIWire 20 November 2014

  • US CMBS resurgent

    The US non-agency CMBS market is seeing a resurgence in activity this week.

    "Last week was very quiet, but this week we're seeing plenty of activity in both the primary and secondary market," says one trader. "BWIC volume is strong, so there's definitely an element of people taking money off the table. We've $300m out for bid already scheduled for .......

    SCIWire 20 November 2014

  • ABSPP decision published

    The implementation of the ABSPP has entered into force, following yesterday's publication of the ECB's decision regarding the programme. The decision outlines the scope and eligibility criteria of the central bank's outright purchases.

    The decision confirms that, under the ABSPP, the ECB may instruct its agents to purchase eligible ABS on its behalf in the primary and secondary markets from .......

    News Round-up 20 November 2014

  • RMBS loss criteria updated

    Fitch has updated its criteria for estimating losses on US mortgage pools for RMBS transactions. It expects the updates to have no impact on recently issued pools, modestly negative rating pressure for some pre-2005 legacy prime RMBS and generally positive rating momentum for legacy subprime RMBS.

    The core principle of the framework remains the interaction between borrower equity and market .......

    News Round-up 20 November 2014

  • Call for ring-fencing clarity

    Questions remain over whether Chinese securitised assets under the Asset Backed Specific Plan (ABSP) can be ring-fenced for the ABSP's creditors in a bankruptcy ruling, Moody's reports. This is despite proposed changes by the China Securities Regulatory Commission (CSRC) in September.

    "Although the proposed changes have provisions suggesting that securitised assets should be ring-fenced from the bankruptcy estate of the .......

    News Round-up 20 November 2014

  • Economy supports Aussie outlook

    Moody's expects Australian RMBS, ABS and covered bonds to continue performing well in 2015. This is in spite of deteriorating collateral quality in new transactions in an environment of rising house prices.

    The agency says that steady performance will be supported by Australia's GDP growth - expected to be in the range of 2.5% to 3.5% in 2015 - similar .......

    News Round-up 20 November 2014

  • Consulting director recruited

    4sight Financial Software has hired Edward Cockram as North American product consulting director. Based in New York, he will provide client consultation and business analysis services to North American clients.

    Prior to 4sight, Cockram was vp of securities finance at ABN AMRO, where he established and ran the collateral finance trading desk. Cockram has also worked in collateral finance at .......

    Job Swaps 20 November 2014
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