Complete news archive

  • Unique exchange odds increase

    Enterprise Inns' latest results show income growth across the portfolio. With portfolio performance stabilised, the likelihood that the firm will look to reduce the amortisation profile on its Unique securitisation through a tender or exchange programme has increased, say Barclays Capital analysts.

    Enterprise Inns is now having to buy back debt above par in the securitisation. It will also want .......

    News 18 November 2014

  • Large lists lift Euro CMBS

    European CMBS secondary supply is being boosted by sizeable bid-lists, with paper trading today and set to trade tomorrow as well. A degree of weakness seems to have set in, with enhanced supply likely to exacerbate that.

    "There is hardly any client activity and right now it feels pretty weak, but the BWICs keep coming in decent size. Some of .......

    Market Reports 18 November 2014

  • Master trust changes proposed

    A number of changes have been proposed to the Arkle and Permanent master trust programmes. The moves are not expected to have a negative rating impact on the rated notes of the programmes.

    Changes proposed by the issuers include the introduction of a guaranteed investment contract (GIC) account collateralised by sterling debt obligations of the UK government and an option .......

    News Round-up 18 November 2014

  • Westfield AJ losses threatened

    The US$240m Westfield Centro Portfolio, securitised in JPMCC 2006-LDP7, has received an updated appraisal at US$139m in November remittance after transferring to special servicing in May 2014. The appraisal represents a steep fall from the appraisal at origination in 2006 and threatens AJ shortfalls and heavy losses or a large hope note modification for the trust, according to Barclays Capital .......

    News Round-up 18 November 2014

  • CMBS supply keeps coming

    Sizeable European CMBS BWICs today and tomorrow are keeping the market active in the run-up to the much-anticipated announcement from the ECB. For all the activity, the central bank's update on Thursday remains the market's primary focus.

    "There is hardly any client activity and right now it feels pretty weak, but the BWICs keep coming in decent size. Some of .......

    SCIWire 18 November 2014

  • Hogg joins B2R

    B2R Finance has named Jason Hogg as ceo. He will provide strategic direction to support B2R's expansion, building a platform of products and services to accommodate the demands of residential investors.

    Hogg has held a number of senior positions, including president of American Express Serve Enterprise, coo of Medsite and chief business development officer for MBNA Canada. He is also .......

    Job Swaps 18 November 2014

  • Trups defaults down again

    The number of combined defaults and deferrals for US bank Trups CDOs has slightly decreased to 22% at the end of October, according to Fitch's latest index results. This compares with 22.1% at the end of September.

    Two deferring banks representing US$29.5m of collateral in three CDOs cured their Trups last month. Both banks have reached the end of their .......

    News Round-up 18 November 2014

  • Seasoning to stabilise credit cards

    The quality of assets underlying US credit card ABS is expected to begin normalising in 2015. This is in spite of delinquencies and charge-offs increasing from current levels, says Fitch.

    Despite the likely deterioration in asset quality, ratings assigned to US credit card lenders remain stable reflecting adequate liquidity, strong balance sheets and limited sensitivity to a rise in US .......

    News Round-up 18 November 2014

  • Abengoa CDS spikes

    Abengoa's five-year CDS spiked 128% last week, according to Fitch Solutions. This follows a results call in which the company's management said debt raised by its Abengoa Greenfield subsidiary would be considered non-recourse and would not be included in its corporate leverage metrics.

    "Investors were also likely unnerved by the company's lowered revision of consolidated revenue guidance, contributing to the .......

    News Round-up 18 November 2014

  • CDS widens on alleged scandal

    Five-year CDS on Petroleo Brasileiro SA (Petrobras) widened out 21% last week to price at the widest levels observed since early 2009, according to Fitch Solutions. This follows a number of alleged improprieties among some of Petrobras' senior management.

    After pricing consistently in-line with double-B minus levels, credit protection on Petrobras' debt is now pricing deeper in speculative-grade space, in .......

    News Round-up 18 November 2014

  • Bank bags new team

    Toronto-Dominion Bank has hired a structured products team from Scotiabank to lead a new US-based sales group for its derivatives business. The team is headed by Tim Andrews, md and head of Scotiabank notes desk.

    Andrews will join in January as a securities md. He will report to Todd Hargarten, md at TD Securities, in Toronto.

    Chris Obalde and Mark .......

    Job Swaps 18 November 2014

  • SCI Start the Week - 17 November

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

    Pipeline
    A lot of deals joined the pipeline last week, with a strong line-up of ABS leading the way. There were 11 ABS, as well as one ILS, three RMBS, three CMBS and four CLOs.

    The ABS were: US$530m American Homes 4 Rent 2014-SFR3; US$750m CIT Equipment Collateral 2014-VT1; US$1.61bn Ford Credit Auto Owner Trust 2014-C; US$145m Gold Key Resorts 2014-A; .......

    News 17 November 2014

  • ILS experts join firm

    Todd Winchel and Robert Quinn have joined Wilmington Trust's global capital markets division to lead the insurance collateral solutions business. Winchel will lead the unit's product management while Quinn will head client development.

    Winchel arrives from Wells Fargo, where he was svp in corporate, municipal and escrow services. Previously, he was vp of corporate and insurance trust services at the .......

    Job Swaps 17 November 2014

  • Bank settlements affecting US RMBS

    Recent settlements between big banks and the US Department of Justice (DOJ) have allocated billions of dollars for consumer relief. Although the settlements aim to help troubled homeowners, S&P says they may also directly affect the performance of and ratings on US RMBS.

    Performance under these settlements can affect the related US RMBS ratings, as US RMBS investors - rather .......

    News Round-up 17 November 2014

  • Quiet CLO market looks ahead

    The European CLO market has remained quiet over the last week. A sizable list due to trade on Wednesday could liven it up.

    "It has been really quiet again," says one trader. "We have been looking increasingly at US paper because the supply in Europe has been weak."

    A lot of the reduced activity in Europe's markets has been attributed .......

    Market Reports 17 November 2014

  • IOSCO consults on CDS transparency

    IOSCO has published a consultation report which seeks to analyse the potential impact of mandatory post-trade transparency in the CDS market. The report reaches a preliminary conclusion that the introduction of mandatory post-trade transparency has not had a substantial effect on market risk exposure or activity for CDS products.

    The report also says that greater post-trade transparency in the CDS .......

    News Round-up 17 November 2014

  • ECB wait continues

    While most of the market is waiting for the ECB, a European CLO list of non-eligible paper has been announced for the middle of the week. "That is a mixed bag from a legacy seller; it is not the kind of paper we normally look at, but it could be interesting," says one trader.

    Beyond that, the trader suggests BWIC .......

    SCIWire 17 November 2014

  • Possible bankruptcy hits Caesars' CDS

    Five-year CDS on Caesars Entertainment Operating Company spiked 50% yesterday to an all-time wide, says Fitch Solutions. The change follows news that the company has reached an agreement with creditors that would include bankruptcy.

    "The CDS curve remains inverted for Caesars, with the market pricing in the highest credit risk at the shortest maturities," says Fitch director Diana Allmendinger. "The .......

    News Round-up 14 November 2014

  • Green bond index unveiled

    Barclays and MSCI have launched a new green bond index family measuring the global market of fixed income securities issued to fund projects and initiatives with direct environmental benefits. This complements the existing Barclays MSCI environmental, social and governance (ESG) fixed income index family.

    Eligibility for the index family is based on an independent and objective assessment of securities by .......

    News Round-up 14 November 2014

  • ISDA stay protocol launched

    ISDA has opened the ISDA 2014 Resolution Stay Protocol for adherence. Eighteen major banks have signed it at launch, as they pledged to do last month (SCI 13 October).

    The protocol has been developed in close coordination with the Financial Stability Board by an ISDA working group that included both buy- and sell-side participation. It will come into effect on .......

    News Round-up 14 November 2014

  • AON lists boost NA

    US non-agency RMBS secondary supply climbed yesterday as BWIC volume approached US$800m. Several lists were presented all-or-none and SCI's PriceABS data reveals a significant number of covers.

    Supply captured by PriceABS was overwhelmingly from 2004-2007 vintage deals. Among these was the CWALT 2004-J11 M tranche, which traded.

    A US$17.87m piece of the CWHL 2004-R2 1AS tranche .......

    Market Reports 14 November 2014
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